Quarterly report pursuant to Section 13 or 15(d)

Collaboration and Stock Purchase Agreements (Tables)

v3.19.3
Collaboration and Stock Purchase Agreements (Tables)
 9 Months Ended
Sep. 30, 2019
Collaboration And Stock Purchase Agreements  
Schedule of assets and liabilities of Caelum

The Company deconsolidated its holdings in Caelum immediately prior to the execution of the DOSPA. Following the DOSPA execution, the Company owns approximately 40% of the issued and outstanding capital stock of Caelum. The following table provides a summary of the assets and liabilities of Caelum impacted by the deconsolidation:

 

 

 

 

 

 

 

January

($ in thousands)

    

2019

ASSETS

 

 

  

Current assets

 

 

  

Cash and cash equivalents

 

$

1,201

Prepaid expenses and other current assets

 

 

 6

Total current assets

 

$

1,207

 

 

 

 

LIABILITIES

 

 

  

Current liabilities

 

 

  

Accounts payable and accrued expenses

 

$

2,246

Interest payable

 

 

198

Interest payable - related party

 

 

106

Note payable - related party

 

 

929

Note payable

 

 

9,914

Warrant liability

 

 

991

Total current liabilities

 

 

14,384

Net liability impacted by deconsolidation

 

$

13,177

 

Schedule of gain from deconsolidation of Caelum

In connection with this transaction the Company recorded a gain resulting from the deconsolidation of Caelum on its condensed consolidated financial statements for the nine months ended September 30, 2019:

 

 

 

 

 

 

 

Gain on

 

 

deconsolidation of

($ in thousands)

    

Caelum

Fair value of Caelum

 

$

11,193

Net liabilities deconsolidated

 

 

13,177

Non-controlling interest share

 

 

(4,849)

Write off of MSA fees due Fortress

 

 

(1,000)

Gain on deconsolidation of Caelum

 

$

18,521