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Note 3 - Merger Between Seneca and LBS - Consideration Asset Allocation and Purchase Price Allocation (Details) - Merger Agreement with Leading Biosciences, Inc. [Member]
$ / shares in Units, $ in Thousands
Apr. 27, 2021
USD ($)
$ / shares
shares
Number of shares of the combined company issued to Seneca's stockholders (i) (in shares) | shares 2,884,375 [1]
Multiplied by the fair value per share of Seneca's common stock (in dollars per share) | $ / shares $ 9.96 [2]
Total share value consideration $ 28,728
LBS transaction costs 4,670
Total purchase price 33,398
Cash and cash equivalents 3,279
Accounts receivables 24
Prepaid and other current assets 1,270
Accounts payable and accrued expenses (927)
Accrued compensation (165)
Warrant liabilities, at fair value (200)
In-process research and development (IPR&D) 30,117 [3]
Purchase price $ 33,398
[1] Represents the actual post reverse stock split effected number of shares of Seneca common stock outstanding immediately prior to the merger.
[2] The purchase price was based on the closing price as reported on the Nasdaq Capital Market on April 27, 2021 (i.e., the Merger close date).
[3] Represents the research and development projects of Seneca which were in-process, but not yet completed as of the date of the acquisition. 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.