Business Acquisition (Tables)

9 Months Ended

Sep. 30, 2022

Business Acquisition

Schedule of purchase price consideration

(In thousands)
Common stock issued to Aceragen stockholders	$	1,672
Series Z issued to Aceragen stockholders (Note 9)		26,971
Series X liability in connection with Aceragen Acquisition (Note 8)		20,400
Stock options, restricted stock and warrants allocated to consideration paid		6,670
Total Consideration paid	$	55,713

Summary of preliminary allocation of the purchase price to the assets acquired and liabilities assumed

(In thousands)
Assets acquired:
Cash, cash equivalents and restricted cash	$	5,482
Receivables		1,914
Prepaid expenses and other assets		575
In-process research and development assets		63,067
Goodwill		9,934
	$	80,972
Liabilities assumed:
Accounts Payable and accrued expenses	$	7,827
Acquisition Obligation (Note 7)		7,476
Operating lease liabilities		22
Deferred tax liabilities		9,934
	$	25,259
Net assets acquired	$	55,713

Schedule of pro forma financial information

	Three Months Ended					Nine Months Ended
(In thousands)	September 30,					September 30,
	2022		2021		2022		2021
Net revenues	$	3,865	$	79	$	13,334	$	79
Net (loss) income	$	(10,229)	$	(2,982)	$	(27,646)	$	100,723