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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events  
Subsequent Events

15. Subsequent Events

Acquisition of Flame

On January 17, 2023, the Company acquired 100 percent of the outstanding equity of Flame Biosciences, Inc. (“Flame”). Pursuant to the terms of the agreement and plan of merger, the Company issued an aggregate of 19,794,373 shares of its common stock, par value $0.001 per share, and 136,833 shares of Series X non-voting convertible preferred stock, par value $0.001 per share (the “Series X Preferred Stock”). Subject to and upon the requisite approval of the stockholders of Leap, each share of Series X Preferred Stock shall convert into 1,000 shares of common stock. Under the terms of the merger agreement, the Company held back approximately 15,662 shares out of the aggregate number of shares of Series X Preferred Stock that the common stockholders of Flame otherwise would be entitled to receive pursuant to the Merger so that the Company can have recourse to these shares for purposes of satisfying certain claims for indemnification that the Company may have against the sellers in connection with the merger. The Company will account for the transaction as an asset acquisition.

Expiration of BeiGene Option

In March 2023, BeiGene notified the Company that it would not exercise its option under the BeiGene Agreement.