Acquisition (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of recognized identified assets acquired and liabilities assumed

The following table presents the Company's preliminary estimates of the fair value of assets acquired and liabilities assumed as of the Closing Date and subsequent measurement period adjustments recorded (dollars in thousands):

	As Initially Reported		Measurement Period Adjustments (1)		As Adjusted
			(unaudited)		(unaudited)
Cash and cash equivalents	$	90,064	$	—	$	90,064
Accounts receivable	11,156		—		11,156
Inventories	20,200		—		20,200
Prepaid expenses and other current assets	5,077		—		5,077
Property and equipment	1,254		—		1,254
Intangibles	450,100		—		450,100
Other assets(2)	6,442		(1,620)		4,822
Total fair value of assets acquired	584,293		(1,620)		582,673
Accounts payable	(4,592)		—		(4,592)
Accrued expenses and other current liabilities	(8,014)		—		(8,014)
Current debt	(138,315)		—		(138,315)
Operating lease liabilities, long-term	(5,224)		—		(5,224)
Deferred income tax liabilities(2)(3)	(56,588)		1,753		(54,835)
Total fair value of liabilities assumed	(212,733)		1,753		(210,980)
Total identifiable net assets	371,560		133		371,693
Goodwill	39,553		(133)		39,420
Total purchase price	$	411,113	$	—	$	411,113
Cash consideration paid	$	400,806	$	—	$	400,806
Fair value of contingent consideration	10,307		—		10,307
Total purchase price	$	411,113	$	—	$	411,113

______________________________

(1) Measurement period adjustments reflect changes for the nine months ended September 30, 2022 based on information related to the facts and circumstances that existed as of the Closing Date.

(2) Refinement of the estimate of fair value of the right of use asset associated with the acquired Adamas headquarters lease recorded in the first quarter of 2022. Refer to Note 13, Leases.

(3) Represents tax impact for the changes in fair value estimate of the right of use asset and changes made to finalize the accounting of certain state tax attributes which existed at the opening balance sheet date.

Finite-lived and indefinite-lived intangible assets acquired as part of business combination

The following table summarizes the preliminary purchase price allocation and the average remaining useful lives for identifiable intangible assets (dollars in thousands):

	Estimated Fair Value		Estimated Useful Life as of Closing Date (in years)
Acquired developed technology and product rights	$	450,100	3.1 - 8.1

Business acquisition, pro forma information

The following table presents the unaudited pro forma combined financial information for each of the periods presented, as if the Adamas Acquisition had occurred on January 1, 2020 (dollars in thousands):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2021		2021
Pro forma total revenues	$	174,360	$	487,904
Pro forma net loss	(10,405)		(30,905)