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Merger (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Allocation of the Purchase Price To Assets and Liabilities Acquired

The allocation of the purchase price is as follows (in thousands):


Net assets acquired (1)	$	18,956
Acquired IPR&D (2)		84,478

Purchase price	$	103,434

(1)	Net assets acquired (in thousands):


Cash and cash equivalents	$	17,143
Prepaid expenses and other assets		3,768
Accounts payable and accrued liabilities		(1,955	)

Net assets acquired	$	18,956

(2)

Represents the research and development projects of Sunesis which were

in-process,

but not yet completed. Current accounting standards require that the fair value of IPR&D projects acquired in an asset acquisition with no alternative future use be allocated a portion of the consideration transferred and charged to expense on the acquisition date. The acquired IPR&D assets did not have outputs or employees.