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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2025

Acquisitions

Schedule of preliminary purchase price and allocation

The preliminary purchase price consideration consists of the Company’s shares of common stock issued as of the Closing Date and the additional stock-based compensation related to the fair value of replacement awards attributable to pre-combination services, and is calculated as follows (in thousands, except share and per share data):

​	​	​	​
Implied shares of common stock issued to holders of ACELYRIN common stock	​	​	48,653,549
Closing price per share of common stock as of Closing Date	​	$	4.78
Consideration transferred for share exchange	​	$	232,564
Fair value of replacement awards attributable to pre-combination services	​	$	5,513
Total preliminary purchase price consideration	​	$	238,077

The following table presents the preliminary purchase price allocation of the fair value of the net assets acquired and liabilities assumed as of the Closing Date (in thousands):

​	​	​	​
Assets Acquired		​
Cash and cash equivalents	​	$	49,155
Restricted cash	​		367
Marketable securities	​		333,436
Research and development prepaid expenses	​		958
Prepaid credit voucher for clinical manufacturing	​	​	11,376
Other prepaid expenses and current assets	​		8,081
Restricted cash, non-current	​		220
Property and equipment, net	​		420
Intangible assets	​	​	50,959
Operating lease right-of-use assets, net	​		4,349
Other assets, non-current	​		744
Total assets	​	$	460,065
Liabilities Assumed	​
Accounts payable	​	$	(6,518)
Research and development accrued expenses	​		(3,546)
Other accrued expenses and current liabilities	​		(5,688)
Operating lease liabilities, current	​		(1,390)
Operating lease liabilities, non-current	​		(6,238)
Deferred income tax liability	​		(10,701)
Total liabilities	​		(34,081)
Fair value of net assets	​	$	425,984
Purchase consideration	​	​	238,077
Gain on bargain purchase	​	$	187,907

Schedule of pro forma information

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Three Months Ended September 30,

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Nine Months Ended September 30,

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2025

​

2024

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2025

2024

Total revenue

​

$

2,066

​

$

—

​

$

22,121

​

$

—

Net income (loss)

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(104,452)

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(141,667)

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(380,973)

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(222,102)

X

- Definition

Tabular disclosure of pro forma revenue and earnings for business combination or aggregate of series of individually immaterial business combinations.

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Tabular disclosure of asset acquired and liability assumed in business combination and recognized at acquisition date.

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