Business Combination (Tables)

9 Months Ended

Sep. 30, 2017

The following table lists the various securities of PharmAthene which were outstanding as of May 4, 2017 and whose rights and obligations were assumed by Altimmune following the Mergers:


Outstanding PharmAthene common stock		6,883,498
Outstanding PharmAthene stock options		123,003
Outstanding PharmAthene stock warrants		4,658
Per share fair value of PharmAthene common stock	$	6.50
Weighted average per share fair value of PharmAthene stock options	$	0.26
Per share fair value of PharmAthene stock warrants	$	0.01
Aggregate fair value of consideration	$	44,757,910
Less fair value of unvested common stock options		(15,173	)

Total fair value of consideration	$	44,742,737

Schedule of Purchase Price Allocation

The adjusted allocation of the purchase consideration to the assets acquired and liabilities assumed of PharmAthene in these financial statements is still preliminary and subject to change as management gathers information regarding these items. The adjusted allocation of the purchase consideration was as follows:


Cash and cash equivalents	$	13,684,535
Accounts receivable		1,124,462
Prepaid expenses and other current assets		597,172
Tax refund receivable		2,047,234
Property and equipment		75,779
IPR&D		22,389,000
Goodwill		15,573,822

Total assets acquired		55,492,004

Accounts payable and accrued expenses		(2,193,785	)
Deferred tax liability		(8,555,482	)

Total liabilities assumed		(10,749,267	)

Net assets acquired	$	44,742,737

Summary of Unaudited Pro Forma Information

The following unaudited pro forma information for the nine months ended September 30, 2017 and 2016 gives effect to the acquisition of PharmAthene as if the Mergers had occurred at the beginning of the respective full annual reporting period:


	Nine Months Ended September 30,
	2017			2016
Pro forma revenue and grants and contracts	$	9,035,435		$	6,262,748
Pro forma net (loss) income attributable to common stockholders	$	(39,277,568	)	$	111,784,503
Pro forma weighted average common shares outstanding, basic		15,218,542			14,268,717
Pro forma net (loss) income per share, basic	$	(2.58	)	$	7.83
Pro forma weighted average common shares outstanding, diluted		15,218,542			15,107,312
Pro forma net (loss) income per share, diluted	$	(2.58	)	$	7.40