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Merger (Tables) | 12 Months Ended
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Dec. 31, 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 Allocation of the Purchase Price to the Estimated Fair Values of the 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 |  |  |  |  |
Schedule of Pro Forma Financial Information | The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the Merger had taken place on January 1, 2022. The unaudited pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed date (in thousands):
|  | Year Ended December 31,
|  | 2023 |  |
Revenue |  | $ | 26,004 |  |  |
Net loss |  | $ | (232,259) |  |  |

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