Business Acquisition (Tables)

3 Months Ended

Mar. 31, 2023

Business Acquisition

Schedule of purchase price consideration

(In thousands)
Common stock issued to Aceragen stockholders	$	2,809
Series Z issued to Aceragen stockholders (Note 8)		25,085
Series X liability in connection with Aceragen Acquisition (Note 6)		31,900
Stock options, restricted stock and warrants allocated to consideration paid		5,822
Total Consideration paid	$	65,616

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

(In thousands)
Assets acquired:
Cash and cash equivalents	$	5,482
Receivables		1,914
Prepaid expenses and other assets		575
In-process research and development assets		71,600
Goodwill		11,100
	$	90,671
Liabilities assumed:
Accounts Payable and accrued expenses	$	7,886
Acquisition Obligation (Note 7)		7,546
Operating lease liabilities		22
Deferred tax liabilities		9,601
	$	25,055
Net assets acquired	$	65,616

Schedule of intangible assets acquired in connection with the Aceragen Acquisition

					Carrying Value
	Acquisition				as of
	Date				March 31,
(In thousands)	Fair Value		Impairment		2023
ACG-701 for Cystic Fibrosis	$	50,700	$	(2,600)	$	48,100
ACG-701 for Melioidosis		14,900		—		14,900
ACG-801 for Farber Disease		6,000		(2,000)		4,000
Total in-process research and development costs (IPR&D)	$	71,600	$	(4,600)	$	67,000

Schedule of pro forma financial information

	March 31,
(In thousands)	2022
Net revenues	$	5,688
Net loss	$	(7,354)