IPR&D and Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired IPR&D

In-process research and development assets (“IPR&D”) acquired in the 2016 Kairos Therapeutics Inc. (“Kairos”) business combination are classified as indefinite-lived intangible assets and are not currently being amortized. The following table summarizes the carrying value of IPR&D, net of impairment:


	Acquired IPR&D		Accumulated Impairment		Net
Balance at December 31, 2018	$	20,700	$	(2,304)	$	18,396
Change during the period	—		(768)		(768)
Balance at December 31, 2019	$	20,700	$	(3,072)	$	17,628
Change during the period	—		—		—
Balance at December 31, 2020	$	20,700	$	(3,072)	$	17,628
Change during the period	—		—		—
Balance at December 31, 2021	$	20,700	$	(3,072)	$	17,628

For the years ended December 31, 2021 and December 31, 2020, the Company did not record any impairment charge related to the fair value of IPR&D. For the year ended December 31, 2019, the Company recorded an impairment charge of $768 related to the fair value of IPR&D recognized in relation to collaboration efforts with VAR2 Pharmaceuticals ApS (“VAR2”) as the parties jointly decided not to pursue opportunities for the co-development and collaboration for antibody-based therapies. The Company performed a qualitative test and concluded that IPR&D was not impaired as of December 31, 2021.

Goodwill

The Company performed its annual impairment test of goodwill as of December 31, 2021 and concluded that no impairment existed. As part of the evaluation of the recoverability of goodwill, the Company identified only one reporting unit to which the total carrying amount of goodwill has been assigned. As at December 31, 2021, the Company performed a qualitative assessment for its annual impairment test of goodwill after concluding that it was not more likely than not that the fair value of the reporting unit was less than its carrying value. Consequently, the quantitative impairment test was not required.