v3.22.4

Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions | The following is the estimated purchase price for the acquisition of Purigen:
Cash |  | $ | 32,034,000 |
Estimated fair value of milestone consideration |  | $ | 12,970,000 |
Estimated return of cash to buyer from escrow |  | $ | (90,000) |
Total estimated purchase price |  | $ | 44,914,000 |
The following is the purchase price for the acquisition of BioDiscovery:
Cash |  | $ | 52,291,000 |
Fair value of milestone consideration |  | $ | 9,000,000 |
Return of cash to buyer from escrow |  | $ | (694,000) |
Shares common stock issued as consideration |  | 2,723,000 |
Stock price per share on closing date |  | $ | 5.20 |
Value of common stock consideration |  | $ | 14,159,000 |
Total purchase price |  | $ | 74,756,000 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The total estimated purchase price was allocated to Purigen’s tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded as goodwill, as follows:
Cash & cash equivalents |  | $ | 290,000 |
Accounts receivable |  | 259,000 |
Inventory |  | 944,000 |
Prepaid expenses and other current assets |  | 184,000 |
Property and equipment, net |  | 805,000 |
Restricted cash |  | 400,000 |
Operating lease right-of-use assets |  | 1,636,000 |
Other long-term assets |  | 533,000 |
Intangible assets |  | 20,000,000 |
Goodwill |  | 22,651,000 |
Accounts payable and other accrued liabilities |  | (1,152,000) |
Operating lease liability (short-term and long-term) |  | (1,636,000) |
Net assets acquired |  | $ | 44,914,000 |
The total purchase price was allocated to BioDiscovery’s tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded as goodwill, as follows:
Cash and cash equivalents |  | $ | 3,205,000 |
Accounts receivable |  | 1,782,000 |
Right-of-use assets |  | 3,987,000 |
Other assets |  | 280,000 |
Intangible assets |  | 26,800,000 |
Goodwill |  | 47,466,000 |
Accounts payable and other accrued liabilities |  | (193,000) |
Right-of-use liabilities (short-term and long-term) |  | (3,987,000) |
Deferred tax liability |  | (4,016,000) |
Contract liabilities |  | (568,000) |
Net assets acquired |  | $ | 74,756,000 |
Summary of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The acquisition date fair values of identifiable intangible assets acquired are as following:
Developed technology |  | $ | 18,800,000 |
Customer relationships |  | 200,000 |
Tradename |  | 1,000,000 |
Fair value of identifiable intangible assets |  | $ | 20,000,000 |
The acquisition date fair values of identifiable intangible assets acquired are as following:
Customer relationships |  | $ | 3,000,000 |
Developed technology |  | 22,800,000 |
Tradename |  | 1,000,000 |
Fair value of identifiable intangible assets |  | $ | 26,800,000 |
Summary of Business Acquisition, Pro Forma Information |
|  | Years Ended December 31, (Unaudited)
| 2022 |  | 2021
Revenue |  | $ | 29,893,000 |  |  | $ | 24,086,000 |
Net loss |  | (143,309,000) |  |  | (91,505,000) |
Basic and diluted net loss per share |  | $ | (0.50) |  |  | $ | (0.32) |

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