Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies

Schedule of property and equipment, net

Property and equipment, net, as of September 30, 2024 and December 31, 2023 (unaudited) are as follows (in thousands):

	September 30,		December 31,
	2024		2023
Furniture and fixtures	$	199	$	199
Equipment		237		237
Leasehold improvements		66		66
Property and equipment		502		502
Accumulated depreciation		(244)		(170)
Property and equipment, net	$	258	$	332

Schedule of other accrued expenses

Other accrued expenses were as follows (in thousands):

		September 30,		December 31,
		2024		2023
Legal expenses	$	1,779	$	1,867
Excise tax liability		569		569
Operating lease liability - short term portion		128		278
Daewoong vial usage		444		33
Remaining other accrued expenses		240		843
Total other accrued expenses	$	3,160	$	3,590

Schedule of basic and diluted net income (loss) per share

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

Period from January 1, 2023 to July 21, 2023 (Predecessor)
Net loss	$	(60,678)
Weighted average shares of common stock outstanding, basic and diluted		138,848,177
Net loss per share, basic and diluted	$	(0.44)

Period from July 1, 2023 to July 21, 2023 (Predecessor)
Net loss	$	(27,661)
Weighted average shares of common stock outstanding, basic and diluted		138,848,177
Net loss per share, basic and diluted	$	(0.20)

Basic and diluted net (loss) income per share for the Successor periods from July 22, 2023 to September 30, 2023, and the three and nine months ended September 30, 2024 were calculated as follows (in thousands, except share and per share amounts) (unaudited):

Period from July 22, 2023 to September 30, 2023 (Successor)
Net loss	$	(297,711)
Weighted average shares of common stock outstanding, basic and diluted		37,159,600
Net loss per share, basic and diluted	$	(8.01)

Three months ended September 30, 2024 (Successor)
Net loss	$	(6,171)
Weighted average shares of common stock outstanding, basic and diluted		39,515,292
Net loss per share, basic and diluted	$	(0.16)

Nine months ended September 30, 2024 (Successor)
Net income	$	39,923
Weighted average shares of common stock outstanding, basic		38,545,882
Net income per share, basic	$	1.04
Weighted average shares of common stock outstanding, diluted		41,318,831
Net income per share, diluted	$	0.97

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

	Three Months Ended			Nine Months Ended
	September 30,			September 30,
	2024	2023		2024	2023
	Successor	Successor July 22 to September 30	Predecessor July 1 to July 21	Successor	Successor July 22 to September 30	Predecessor July 1 to July 21
Warrants	3,988,952	14,479,999	14,479,999	3,988,952	14,479,999	14,479,999
Contingent consideration	16,000,000	16,000,000	16,000,000	16,000,000	16,000,000	16,000,000
Contingent founder shares	3,450,000	3,450,000	3,450,000	3,450,000	3,450,000	3,450,000
Common stock options and restricted stock units	8,966,962	4,888,537	4,888,537	6,194,013	4,888,537	4,888,537
	32,405,914	38,818,536	38,818,536	29,632,965	38,818,536	38,818,536