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Business Combination (Tables) | 9 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Schedule of Summarizes the Purchase Price in the Merger | The following summarizes the purchase price in the Merger (in thousands, except share and per share amounts):
Schedule of Estimated Share Consideration of Combined Company | (1) Represents the share consideration of the combined company that the resTORbio stockholders own as of the closing of the Merger calculated as follows:
Number of shares of the combined company owned by resTORbio stockholders (a) |  |  | 5,207,695 |
Multiplied by the fair value per share of resTORbio common stock (b) |  | $ | 16.59 |
Acquisition date fair value of resTORbio |  |  | 86,396 |
Estimated fair value of modified stock options and restricted stock units attributable to pre-combination services (3) |  |  | 626 |
Less: portion of the fair value to be distributed as CVR (c) |  |  | (2,880 | )
Fair value of shares of the combined company owned by resTORbio stockholders |  | $ | 84,142 |
Schedule of Summarizes the Allocation of the Purchase Price to the Net Tangible and Intangible Assets Acquired | The following summarizes the allocation of the purchase price to the net tangible and intangible assets acquired (in thousands):
|  | As of December 31, 2020 |  |  | Measurement Period Adjustments |  |  | Final Purchase Price Allocation |
Net assets acquired: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 63,869 |  |  | $ | — |  |  | $ | 63,869 |
Prepaid expenses and other current assets |  |  | 3,059 |  |  |  | 615 |  |  |  | 3,674 |
Property and equipment |  |  | 318 |  |  |  | — |  |  |  | 318 |
IPR&D |  |  | 3,490 |  |  |  | — |  |  |  | 3,490 |
Restricted cash |  |  | 245 |  |  |  | — |  |  |  | 245 |
Accounts payable |  |  | (1,316 | ) |  |  | — |  |  |  | (1,316 | )
Accrued and other current liabilities |  |  | (2,365 | ) |  |  | 12 |  |  |  | (2,353 | )
Other liabilities |  |  | — |  |  |  | — |  |  |  | — |
Deferred tax liability |  |  | (367 | ) |  |  | — |  |  |  | (367 | )
Goodwill |  |  | 20,089 |  |  |  | (627 | ) |  |  | 19,462 |
Purchase price |  | $ | 87,022 |  |  | $ | — |  |  | $ | 87,022 |
Schedule of changes in the Company’s IPR&D and CVR since the Merger | The following tables present changes in the Company’s IPR&D and CVR since the Merger (in thousands):
|  | Acquisition Date Fair value as of September 15, 2020 |  |  | Change in Fair value |  |  | As of December 31, 2020 |  |  | Change in Fair value |  |  | As of September 30, 2021 |
In-process research and development |  | $ | 3,490 |  |  | $ | (2,300 | ) |  | $ | 1,190 |  |  | $ | (1,190 | ) |  | $ | — |
Contingent Value Rights |  | $ | 2,880 |  |  | $ | (1,900 | ) |  | $ | 980 |  |  | $ | (980 | ) |  | $ | — |

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- Definition Tabular disclosure of transactions that are recognized separately from the acquisition of assets and assumptions of liabilities in the business combination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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