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Renovacor Acquisition (Tables) | 3 Months Ended
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Mar. 31, 2023
Renovacor Acquisition [Abstract] |
Total Consideration for Acquisition | The total consideration for the acquisition of Renovacor of $72.3 million consisted of the following:
|  | Shares |  |  | Value |  |  | Total |
Stock consideration |  |  | 3,391,976 |  |  | $ | 18.39 |  |  | $ | 62,378 |
Cash consideration(1) |  |  |  |  |  |  |  |  |  |  | 29 |
Stock options |  |  | 367,852 |  |  |  |  |  |  |  | 2,163 |
Time-vesting RSUs |  |  | 28,798 |  |  |  |  |  |  |  | 512 |
Assumed warrants(2) |  |  | 1,503,229 |  |  |  |  |  |  |  | 7,183 |
Total consideration |  |  | 5,291,855 |  |  |  |  |  |  | $ | 72,265 |
(1) | Represents consideration paid for cash in lieu of fractional shares.
(2) | Assumed Renovacor Warrants of $7,183 with $5,671 classified as equity and $1,512 classified as liabilities.
Purchase Price allocation of Assets Acquired and Liabilities Assumed | The preliminary purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the acquisition date based on their respective preliminary fair values summarized below:
Working capital(1) |  | $ | (5,210 | )
Cash and cash equivalents |  |  | 42,755 |
Property and equipment |  |  | 1,414 |
Operating lease right-of-use assets |  |  | 1,161 |
Other non-current assets |  |  | 113 |
IPR&D |  |  | 25,150 |
Other intangible asset |  |  | 574 |
Operating lease liability |  |  | (970 | )
Deferred tax liability |  |  | (1,061 | )
Net assets acquired |  |  | 63,926 |
Goodwill |  |  | 8,339 |
Purchase consideration |  | $ | 72,265 |
(1) | Includes other receivables, prepaid expenses, account payable and accrued liabilities.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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