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Merger (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Fair Value of Consideration | The total fair value of the consideration of $168.5 million as of the Closing Date is summarized as follows (in thousands):
Forward contract to issue common stock | $ | 2,713 |
Forward contract to issue Series A Preferred Stock | 155,308 |
Stock options allocated to consideration paid | 10,444 |
Total consideration | $ | 168,465 |
Schedule of Assets Acquired and Liabilities Assumed | The following table presents the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed as of the Closing Date (in thousands):
Assets acquired: | As of November 13, 2023
Cash and cash equivalents | $ | 6,561 |
Prepaid expenses and other current assets | 309 |
Property and equipment, net | 215 |
Right-of-use asset, net | 915 |
In-process research and development assets | 150,600 |
Goodwill | 48,163 |
| $ | 206,763 |
Liabilities assumed |
Accrued expenses and other current liabilities | $ | 2,530 |
Lease liability | 292 |
Lease liability, net of current portion | 623 |
Deferred tax liability | 34,853 |
| $ | 38,298 |
Net assets acquired | $ | 168,465 |
Schedule of Intangible Assets Acquired | The following summarizes the Company’s intangible assets acquired in the Merger (in thousands):
|  | Acquisition Date Fair Value |  |  |  |
Descartes-08 for MG |  | $ | 93,900 |  |  |  |  |
Descartes-08 for SLE |  | 56,700 |  |  |  |  |
Total in-process research and development assets |  | $ | 150,600 |  |  |  |  |

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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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