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Balance Sheet Components
 9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Restricted Cash
Restricted cash primarily consists of collateral held by a bank for a letter of credit (“LOC”) issued in connection with the leased office space in Yardley, Pennsylvania. See Note 7 “Commitments and Contingencies” for additional information on the real estate lease. The following represents a reconciliation of cash in the condensed combined balance sheets to total cash and restricted cash as of September 30, 2022 and
September 30, 2021, respectively, in the condensed combined statements of cash flows:
As of September 30, 2022As of September 30, 2021
Cash$50,668 $361,699 
Restricted cash (included in other current assets)— 250 
Restricted cash (included in other assets)750 750 
Cash and restricted cash in the statements of cash flows$51,418 $362,699 

Other Current Assets
Other current assets consisted of the following:
As of September 30, 2022As of December 31, 2021
Accrued income tax receivable$11,340 $9,911 
Other632 2,121 
Other current assets$11,972 $12,032 
Property and Equipment, Net
Property and equipment, net consisted of the following:
As of September 30, 2022As of December 31, 2021
Building and land$12,297 $12,297 
Computer hardware and software1,200 1,200 
Office and lab equipment3,289 1,653 
Furniture and fixtures1,202 1,202 
$17,988 $16,352 
Accumulated depreciation(4,703)(3,342)
13,285 13,010 
Equipment not yet in service4,138 — 
Property and equipment, net$17,423 $13,010 
Depreciation expense was $230 and $718 for the three and nine months ended September 30, 2022, respectively, and $172 and $501 for the three and nine months ended September 30, 2021, respectively.
As of both September 30, 2022 and December 31, 2021, computer software costs included in property and
equipment were $760, net of accumulated amortization of $401 and $211, respectively. Depreciation and amortization expense for capitalized computer software costs were not material for the three and nine months ended September 30, 2022 or 2021.
Equipment not yet in service primarily consisted of lab equipment that had not been placed into service as of September 30, 2022.
Other Non-current Assets
Other non-current assets consisted of the following:
As of September 30, 2022As of December 31, 2021
Series A-2 Preferred Stock Investment$10,000 $6,000 
Operating lease right-of-use assets6,915 5,222 
Other968 3,216 
Other non-current assets$17,883 $14,438 
In December 2020, the Company entered into a Series A-2 Preferred Stock Purchase Agreement with Artizan Biosciences Inc. (“Artizan”). Under the agreement, the Company paid Artizan 61,494 shares of the Former Parent’s common shares valued at $6,000, which were issued in January 2021. In exchange, the Company acquired 34,472,031 shares of series A-2 preferred stock of Artizan. In June 2022, the Company entered into an Amendment to the Series A-2 Preferred Stock Purchase Agreement with Artizan. Under the Amendment, the Company made a cash payment of $4,000 in exchange for 22,975,301 additional shares of series A-2 preferred stock of Artizan. The Company determined that it was not practical to estimate the fair value of this investment as it represents Series A-2 Preferred Stock of an unlisted company. On a routine basis the Company will determine if additional preferred shares of the unlisted company have been issued and will adjust the carrying value of its Series A-2 Preferred Stock investment accordingly. See Note 6 “License
Agreements” for additional details on the Artizan Agreement.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
As of September 30, 2022As of December 31, 2021
Accrued employee compensation and benefits$7,538 $9,538 
Accrued clinical trial costs10,871 24,051 
Other accrued expenses and other current liabilities5,295 3,571 
 Accrued expenses and other current liabilities$23,704 $37,160 
Contingently Redeemable Non-controlling Interest
In September 2020, the Company's Asia-Pacific subsidiary, BioShin Limited (“BioShin”), authorized, issued and sold 15,384,613 BioShin Series A Preferred Shares at a price of $3.90 per share for a total of $60,000 to a group of investors led by OrbiMed, with participation from Cormorant Asset Management LLC, HBM Healthcare Investments Ltd, Surveyor Capital (a Citadel Company), and Suvretta Capital Management, LLC (the "BioShin Investors"). The BioShin Series A Preferred Shares contained both a call option by the Company and a put option held by the BioShin Investors. Due to the contingently redeemable features, the Company had classified the BioShin Series A Preferred Shares in mezzanine equity since the redemption was out of the Company's control.
In November 2021, the Company, Biohaven Therapeutics Ltd. (“BTL”), Atlas Merger Sub and BioShin entered into an Agreement and Plan of Merger (the “BioShin Merger Agreement”). The BioShin Merger Agreement provided for the merger of Atlas Merger Sub with and into BioShin, with BioShin surviving the merger as a wholly owned indirect subsidiary of the Former Parent, in accordance with Section 233 of the Cayman Islands Companies Act. As a result of the satisfaction of the closing conditions described in the BioShin Merger Agreement, on January 6, 2022, each Series A convertible preferred share of BioShin, no par value, other than Excluded Shares (as defined in the BioShin Merger Agreement), was converted into the right to receive 0.080121 of the Former Parent’s common shares and was removed from mezzanine equity. No Series A convertible preferred shares of BioShin were outstanding following the closing.