Acquisition of Flame Biosciences (Tables)

3 Months Ended

Mar. 31, 2023

Acquisition of Flame Biosciences

Summary of net assets acquired based on their estimated fair values as of acquisition date

The following table summarizes the net assets acquired based on their estimated fair values as of January 17, 2023 (in thousands):

Acquired IPR&D	$	29,582
Cash and cash equivalents		50,362
Accounts payable and accrued liabilities		(928)
Total acquisition value	$	79,016

Schedule of fair value assigned to each component of the purchase consideration, including direct costs of the acquisition of $1,393, as of the Effective Date

		Equivalent common
	Number of shares	shares	Fair Value
Leap common stock (par value $0.0001 per share)	19,729,010	19,729,010	$	9,805
Leap Series X Preferred Stock (1000:1)	136,248	136,248,000		67,715
Warrants on Leap common stock	65,301	65,301		13
Warrants on Leap Series X Preferred Stock (1000:1)	443	443,000		90
Direct and incremental costs of the asset acquisition				1,393
Total		156,485,311	$	79,016