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BUSINESS ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions | The major classes of assets and liabilities to which we have allocated the total fair value of the consideration transferred, based on the preliminary estimated fair values were as follows (in thousands):
Cash and cash equivalents | $ | 97 |
In-process research and development | 55,000 |
Goodwill | 52,287 |
Other assets, current | 153 |
Deferred income tax liability | (11,338) |
Liabilities assumed | (2,191) |
Total consideration transferred | $ | 94,008 |
Unaudited Pro Forma Financial Information | The following table summarizes the unaudited pro forma financial information:
| Years Ended December 31,
(in thousands, except per share amounts) | 2021 |  | 2020
Pro forma total revenue | $ | 130,513 |  |  | $ | 78,893 |
Pro forma net (loss) income | $ | (278,451) |  |  | $ | 17,510 |
Pro forma net (loss) income per share - basic and diluted | $ | (1.27) |  |  | $ | 0.09 |
Total Consideration Transferred for Acquisition | Total consideration transferred for the acquisition is as follows (in thousands):
Total cash paid | $ | 315,703 |
Fair value of share consideration | 249,435 |
Fair value of contingent consideration | 168,574 |
Less: Share-based compensation expense excluded from consideration transferred | (18,923) |
Total consideration transferred | $ | 714,789 |
Major Classes of Assets and Liabilities Allocated to Total Fair Value of The Consideration Transferred | As of December 31, 2021, the major classes of assets and liabilities to which we have allocated the total fair value of the consideration transferred were as follows (in thousands):
Cash and cash equivalents | $ | 15,338 |
Property and equipment, net | 6,123 |
Operating lease right-of-use assets, net | 18,095 |
In-process research and development | 400,000 |
Goodwill | 390,665 |
Other assets, non-current | 3,203 |
Deferred income tax liability | (91,814) |
Liabilities assumed | (26,821) |
Total consideration transferred | $ | 714,789 |
The major classes of assets and liabilities to which we have allocated the total fair value of the consideration transferred were as follows (in thousands):
Cash and cash equivalents | $ | 987 |
Property and equipment, net | 214 |
Intangible assets | 11,360 |
Goodwill | 19,309 |
Other assets, non-current | 467 |
Deferred income tax liability | (2,672) |
Liabilities assumed | (118) |
Total consideration transferred | $ | 29,547 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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