Quarterly report pursuant to Section 13 or 15(d)

Acquisitions, Licensing and Other Arrangements - Kinnate Acquisition (Details)

v3.24.3
Acquisitions, Licensing and Other Arrangements - Kinnate Acquisition (Details)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Apr. 03, 2024
USD ($)
Right
$ / shares
shares
Feb. 27, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Asset acquisition                      
Exarafenib milestone asset     $ 3,125           $ 3,125    
Exarafenib milestone contingent consideration     3,125           3,125    
Operating lease liabilities     1,028           1,028   $ 400
Purchase consideration                      
Operating lease right-of-use assets     335           335   378
Allocation of purchase consideration                      
Cash and cash equivalents     142,050           142,050   153,290
Prepaid expenses and other current assets     2,379           2,379   483
Exarafenib milestone asset     3,125           3,125    
Accrued and other liabilities     (2,451)           (2,451)   (2,768)
Operating lease liabilities     (434)           (434)   (54)
Long-term operating lease liabilities     (594)           (594)   (335)
Less: Gain on the acquisition of Kinnate                 (19,316)    
Net Income (Loss)     (17,243) $ 15,985 $ (8,595) $ (5,509) $ (5,400) $ (9,813) (9,853) $ (20,722)  
Revenues     7,197     $ 830     19,773 $ 2,925  
Kinnate                      
Allocation of purchase consideration                      
Revenues                     0
CVR Agreement | Kinnate CVR holders                      
Asset acquisition                      
Contingent consideration from the Exarafenib Sale payable from Pierre Fabre to the Company $ 30,500                    
Exarafenib milestone asset 2,900   3,100           3,100    
Contingent consideration from the Exarafenib Sale payable from the Company to the Kinnate CVR Holders under the CVR Agreement 30,500                    
Exarafenib milestone contingent consideration 2,900   3,100           3,100    
Allocation of purchase consideration                      
Exarafenib milestone asset $ 2,900   $ 3,100           3,100    
Exarafenib and related IP | CVR Agreement | Kinnate CVR holders                      
Asset acquisition                      
Contingent consideration from the Exarafenib Sale payable from Pierre Fabre to the Company   $ 30,500                  
Percentage of further net proceeds from sale   100.00%                  
Percentage of net proceeds from any license or other disposition   85.00%                  
Exarafenib and related IP | Disposed of by Sale, Not Discontinued Operations | Kinnate                      
Asset acquisition                      
Contingent consideration from the Exarafenib Sale payable from Pierre Fabre to the Company   $ 30,500                  
Exarafenib and related IP | Disposed of by Sale, Not Discontinued Operations | CVR Agreement | Kinnate CVR holders | Kinnate                      
Asset acquisition                      
Cash consideration received   $ 500                  
Kinnate                      
Asset acquisition                      
Asset acquisition, Share price (in dollars per share) | $ / shares $ 2.5879                    
Number of non-transferable contractual CVR per share of Kinnate common stock | Right 1                    
Exarafenib milestone asset $ 2,922                    
Operating lease liabilities 800                    
Purchase consideration                      
Closing cash payment 122,646                    
Estimated fair value of the Exarafenib milestone contingent consideration 2,922                    
Transaction costs 809                    
Total purchase consideration $ 126,377                    
Kinnate common stock tendered | shares 47,232,737                    
Total number of underlying shares | shares 2,510,552                    
Fair value of the IPR&D asset $ 0                    
Intangible assets 0                    
Operating lease right-of-use assets 0                    
Allocation of purchase consideration                      
Cash and cash equivalents 142,381                    
Prepaid expenses and other current assets 3,223                    
Exarafenib milestone asset 2,922                    
Accrued and other liabilities (2,009)                    
Operating lease liabilities (322)                    
Long-term operating lease liabilities (502)                    
Net assets acquired 145,693                    
Less: Gain on the acquisition of Kinnate (19,316)                    
Total purchase consideration $ 126,377                    
Severance charges                 3,600    
Severance charges paid                 3,600    
Kinnate | Pro forma                      
Allocation of purchase consideration                      
Net Income (Loss)                 9,900   25,100
Kinnate | Adjustment                      
Allocation of purchase consideration                      
Revenues                 $ 0   $ 0