Summary of Significant Accounting Policies (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Summary of Significant Accounting Policies

Schedule of property and equipment, net

Property and equipment, net, as of December 31, 2023 and March 31, 2024 (unaudited) are as follows (in thousands):

	March 31,		December 31,
	2024		2023
	Successor		Successor
Furniture and fixtures	$	199	$	199
Equipment		237		237
Leasehold improvements		66		66
Property and equipment		502		502
Accumulated depreciation		(195)		(170)
Property and equipment, net	$	307	$	332

Property and equipment, net, as of December 31, 2022 and December 31, 2023 are as follows (in thousands):

	Successor		Predecessor
	December 31,		December 31,
	2023		2022
Furniture and fixtures	$	199	$	199
Equipment		237		237
Leasehold improvements		66		66
Property and equipment		502		502
Accumulated depreciation		(170)		(71)
Property and equipment, net	$	332	$	431

Schedule of other accrued expenses

Other accrued expenses were as follows (in thousands):

	March 31,		December 31,
	2024		2023
	Successor		Predecessor
Legal expenses	$	2,325	$	1,867
Excise tax liability		569		569
Operating lease liability - short term portion		205		278
Daewoong vial usage		25		33
Remaining other accrued expenses		988		843
Total other accrued expenses	$	4,112	$	3,590

Other accrued expenses were as follows (in thousands):

	December 31,
	2023		2022
	Successor		Predecessor
Legal expenses	$	1,867	$	—
Excise tax liability		569		—
Operating lease liability - short term portion		278		257
Daewoong vial usage		33		202
Remaining other accrued expenses		843		281
Total other accrued expenses	$	3,590	$	740

Schedule of basic and diluted net loss per share

Basic and diluted net loss per share for the three months ended March 31, 2023 (Predecessor) was calculated as follows (in thousands, except share and per share amounts) (unaudited):

Three months ended March 31, 2023 (Predecessor)
Net loss	$	(17,639)
Weighted average common shares outstanding, basic and diluted		138,825,356
Net loss per share, basic and diluted	$	(0.13)

Basic and diluted net loss per share for the three months ended March 31, 2024 (Successor) were calculated as follows (in thousands, except share and per share amounts) (unaudited):

Three months ended March 31, 2024 (Successor)
Net loss	$	(118,018)
Weighted average common shares outstanding, basic and diluted		37,268,074
Net loss per share, basic and diluted	$	(3.17)

Basic and diluted net loss per share for the year ended December 31, 2022 was calculated as follows (in thousands, except share and per share amounts):

Year ended December 31, 2022 (Predecessor)
Net loss available to common stockholders	$	(52,556)
Weighted average common shares outstanding, basic and diluted		138,848,177
Net loss per share attributable to common stockholders, basic and diluted	$	(0.38)

Basic and diluted net loss per share for the periods from January 1, 2023 to July 21, 2023 (Predecessor) and July 22, 2023 to December 31, 2023 (Successor) (As restated) were calculated as follows (in thousands, except share and per share amounts):

Period from January 1, 2023 to July 21, 2023 (Predecessor)
Net loss available to common stockholders	$	(60,678)
Weighted average common shares outstanding, basic and diluted		138,848,177
Net loss per share attributable to common stockholders, basic and diluted	$	(0.44)
Period from July 22, 2023 to December 31, 2023 (Successor) (As restated)
Net loss available to common stockholders (As restated)	$	(323,954)
Weighted average common shares outstanding, basic and diluted		37,159,600
Net loss per share attributable to common stockholders, basic and diluted (As restated)	$	(8.72)

Schedule of potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an anti-dilutive impact

	March 31,	March 31,
	2024	2023
	Successor	Predecessor
Warrants	8,276,085	—
Contingent consideration	16,000,000	—
Contingent founder shares	3,450,000	—
Convertible preferred stock outstanding	—	21,257,708
Convertible preferred stock warrants outstanding	—	342,011
Common stock options and restricted stock units	5,536,898	9,694,890
	33,262,983	31,294,609

	December 31,
	2023	2022
	Successor	Predecessor
Warrants	14,479,999	—
Contingent consideration	16,000,000	—
Contingent founder shares	3,450,000	—
Convertible preferred stock outstanding	—	21,257,708
Convertible preferred stock warrants outstanding	—	342,011
Common stock options and restricted stock units	4,888,537	9,694,890
	38,818,536	31,294,609