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Merger (Tables)

9 Months Ended

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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