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Business Combination (Tables)

9 Months Ended

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	)		$	—

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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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)
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- References

No definition available.

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X

- 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.

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- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463

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