Equity Method Investment

9 Months Ended

Sep. 30, 2022

Equity Method Investment

Equity Method Investment

5. Equity Method Investment

As of September 30, 2022 and December 31, 2021, the Company’s ownership interest in Angel was approximately 49.7%, excluding 7% of Angel’s equity reserved for issuance under the Angel ESOP. The Company recognized its share of losses in Angel for the total amount of $2.7 million and $5.4 million as loss from equity method investment on the consolidated statement of operations for the three and nine months ended September 30, 2022, respectively.

Summary Financial Information

Summary financial information for Angel Pharmaceuticals is as follows:

		As of		As of
Balance Sheet Data (unaudited)	September 30, 2022		December 31, 2021
	(In thousands)
Current assets	$	30,879	$	38,608
Non-current assets		1,477		1,818
Current liabilities		3,236		2,119
Non-current liabilities		945		105
Stockholders' equity		28,175		38,202

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Statement of Operations Data (unaudited)	2022		2021		2022		2021
	(In thousands)
Net loss	$	(3,204)	$	(2,005)		(6,402)		(2,667)
Share of loss from investments accounted for using the equity method		(2,730)		(1,709)		(5,367)		(2,272)