Renovacor Acquisition (Tables)

12 Months Ended

Dec. 31, 2023

Renovacor Acquisition [Abstract]

Total Consideration for Acquisition

The total consideration for the acquisition of Renovacor of $72.3 million consisted of the following:

	Shares		Value		Total
Stock consideration		3,391,976	$	18.39	$	62,378
Cash consideration(1)						29
Stock options		367,852				2,163
Time-vesting RSUs		28,798				512
Assumed warrants(2)		1,503,229				7,183
Total consideration		5,291,855			$	72,265

(1)Represents consideration paid for cash in lieu of fractional shares.

(2)Assumed Renovacor Warrants of $7,183 with $5,671 classified as equity and $1,512 classified as liabilities.

Purchase Price allocation of Assets Acquired and Liabilities Assumed

The purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the acquisition date based on their respective fair values summarized below:

Working capital(1)	$	(5,210	)
Cash and cash equivalents		42,755
Property and equipment		1,414
Operating lease right-of-use assets		1,161
Other non-current assets		113
IPR&D		25,150
Other intangible asset		574
Operating lease liability		(970	)
Deferred tax liability		(1,061	)
Net assets acquired		63,926
Goodwill		8,339
Purchase consideration	$	72,265

(1)Includes other receivables, prepaid expenses, account payable and accrued liabilities