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MERGER WITH CIBUS GLOBAL (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Purchase Price for Merger Transaction | The purchase price for Cibus Global was determined as follows:
Number of shares of Common Stock received by Cibus Global, LLC equityholders as merger consideration (1) |  | 20,150,838 |
Multiplied by the fair value per share of Cibus, Inc. Class A Common Stock (2) |  | $ | 31.50 |
Purchase price |  | $ | 634,751,397 |
___________________________________________ (1) This share number represents the aggregate number of shares of Common Stock issued to Cibus Global members in the Merger Transactions and comprises: 15,508,202 shares of Class A Common Stock and 4,642,636 shares of Class B Common Stock. This share number excludes 1,019,282 shares of Class A Restricted Stock, which are treated as issued and outstanding for financial statement presentation purposes only after such awards have vested and, therefore, have ceased to be subject to a risk of forfeiture.(2) Reflects the purchase price per share of the Company's Class A Common Stock, which was the closing price of the Class A Common Stock on May 31, 2023, the closing date of the Merger Transactions.
Schedule of Recognized the Preliminary Allocation of the Consideration | The following table sets forth the allocation of the consideration:
In Thousands |  | May 31, 2023
Cash and cash equivalents |  | $ | 59,381 |
Accounts receivable |  | 2,216 |
Due from related parties |  | 19 |
Note receivable |  | 2,500 |
Prepaid expenses and other current assets |  | 2,535 |
Property, plant and equipment |  | 10,588 |
Operating lease right-of-use-assets |  | 9,519 |
Goodwill |  | 585,266 |
Intangible assets |  | 135,429 |
Other non-current assets |  | 457 |
Accounts payable |  | (5,582) |
Accrued expenses |  | (3,477) |
Accrued compensation |  | (2,859) |
Due to related parties |  | (8) |
Deferred revenue |  | (1,186) |
Current portion of notes payable |  | (517) |
Current portion of operating lease obligations |  | (4,687) |
Current portion of financing lease obligations |  | (165) |
Other current liabilities |  | (17) |
Notes payable, net of current portion |  | (749) |
Operating lease obligations, net of current portion |  | (6,006) |
Financing lease obligations, net of current portion |  | (10) |
Royalty liability - related parties |  | (146,360) |
Other non-current liabilities |  | (1,536) |
Consideration transferred |  | $ | 634,751 |
Schedule of Finite-Lived Intangible Assets Acquired in Merger Transaction | Intangible assets acquired, and their related average useful lives, were as follows:
In Thousands, except useful life |  | May 31, 2023 |  | Weighted Average Amortization (Years)
In-process research and development |  | $ | 99,051 |  |  | Indefinite
Developed technology |  | 14,148 |  |  | 20
Trade name |  | 22,230 |  |  | 20
Total |  | $ | 135,429 |  |  |
Schedule of Indefinite-Lived Intangible Assets Acquired in Merger Transaction | Intangible assets acquired, and their related average useful lives, were as follows:
In Thousands, except useful life |  | May 31, 2023 |  | Weighted Average Amortization (Years)
In-process research and development |  | $ | 99,051 |  |  | Indefinite
Developed technology |  | 14,148 |  |  | 20
Trade name |  | 22,230 |  |  | 20
Total |  | $ | 135,429 |  |  |
Schedule of Business Acquisition, Pro Forma Information | These unaudited pro forma figures for the three and nine months ended September 30, 2023, have been prepared as though the business combination had occurred on January 1, 2022. Pro forma adjustments have been made to reflect non-recurring stock compensation expense, legal and professional fees, severance costs, and amortization of acquired intangible assets, directly attributable to the business combination. The unaudited pro forma financial information is not indicative of the results of operations that would have been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future.
|  |  |  | Three Months Ended |  |  |  | Nine Months Ended
Unaudited and in Thousands |  |  |  | September 30, 2023 |  |  |  | September 30, 2023
Pro forma revenues |  |  |  | $ | 475 |  |  |  |  | $ | 1,154 |
Pro forma net loss |  |  |  | (34,528) |  |  |  |  | (88,474) |
Pro forma net loss attributable to controlling interest |  |  |  | (24,575) |  |  |  |  | (70,855) |
Pro forma net loss attributable to redeemable noncontrolling interest |  |  |  | $ | (9,953) |  |  |  |  | $ | (17,619) |

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