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Renovacor Acquisition (Tables)

3 Months Ended

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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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.

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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.

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