Acquisition

On December 29, 2017, the Company completed the Merger with Private SELLAS as discussed in Note 1. The Merger was accounted for as a reverse merger under the acquisition method of accounting whereby Private SELLAS was considered to have acquired the Company for financial reporting purposes because, immediately upon completion of the Merger, Private SELLAS stockholders held a majority of the voting interest of the combined company.

The following summary pro forma condensed consolidated financial information reflects the Merger with Galena as if it had occurred on January 1, 2017 for purposes of the statements of operations. This summary pro forma information is not necessarily representative of what the Company’s results of operations would have been had the Merger in fact occurred on January 1, 2017, and is not intended to project the Company’s results of operations for any future period.



	Three Months Ended September 30, 2017			Nine Months Ended September 30, 2017
Net loss	$	(9,066	)	$	(21,690	)
Basic and diluted net loss per share	$	(1.61	)	$	4.92

Pro forma combined net loss includes an adjustment to reduce historical interest expense of $0.2 million and $0.3 million for the three and nine months ended September 30, 2017, respectively, due to the conversion of the convertible notes of $5.8 million. The Company excluded a $5.2 million impairment charge incurred by the Company and $3.3 million of transaction costs related to the Merger from the pro forma financial information for the three and nine months ended September 30, 2017.