Business Combination (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Summarizes the Purchase Price in the Merger

The following summarizes the purchase price in the Merger (in thousands, except share and per share amounts):

Fair value of common stock shares of the combined company    owned by resTORbio stockholders (1)	$	83,516
Fair value of contingent consideration liability with respect to CVR (2)		2,880
Estimated fair value of modified stock options and    restricted stock units attributable to pre-combination services (3)		626
Purchase price	$	87,022

Schedule of Estimated Share Consideration of Combined Company

(1) Represents the share consideration of the combined company that the resTORbio stockholders own as of the closing of the merger calculated as follows:

Number of shares of the combined company owned by resTORbio    stockholders (a)		5,207,695
Multiplied by the fair value per share of resTORbio common    stock (b)	$	16.59
Acquisition date fair value of resTORbio		86,396
Less: portion of the fair value to be distributed as CVR (c)		(2,880	)
Fair value of shares of the combined company  owned by resTORbio    stockholders	$	83,516

Schedule of Summarizes the Allocation of the Purchase Price to the Net Tangible and Intangible Assets Acquired

The following summarizes the allocation of the purchase price to the net tangible and intangible assets acquired (in thousands):

Net assets acquired:
Cash and cash equivalents	$	63,869
Prepaid expenses and other current assets		2,505
Property and equipment		318
IPR&D		3,490
Restricted cash		245
Accounts payable		(1,316	)
Accrued and other current liabilities		(2,421	)
Other liabilities		(40	)
Deferred tax liability		(367	)
Goodwill		20,739
Purchase price	$	87,022

Schedule of Supplemental Unaudited Pro Forma Information

The following supplemental unaudited pro forma information represents the Company’s financial results as if the acquisition of resTORbio had occurred on January 1, 2019 (in thousands).

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
Revenue	$	3,028		$	(7,047	)	$	12,493		$	(974	)
Net loss	$	(9,791	)	$	(53,794	)	$	(26,424	)	$	(100,142	)