v3.25.2
Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination [Abstract]  
Business Combination
The initial aggregate purchase price of this transaction was funded with cash on hand as shown in the table below:
Milestone contingent consideration$15,910 
Royalty based contingent consideration7,000 
Cash paid to Sherlock5,000 
Legal expenses389 
Insurance policy expense50 
Initial aggregate purchase price$28,349 
Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date:
Assets Acquired
Other current assets$2,570 
Property, plant, and equipment, net9,244 
Other noncurrent assets462 
Operating right-of-use assets4,080 
In-process research and development technology intangible asset17,000 
Goodwill6,382 
Total assets acquired39,738 
Liabilities Assumed
Accounts payable2,449 
Current liabilities3,621 
Deferred revenue1,641 
Operating lease liability4,080 
Total liabilities assumed11,791 
Net Assets Acquired27,947 
Estimated fair value of contingent consideration(22,910)
Net Cash Paid (net of cash acquired of ($402)
$5,037 
Business Combination, Pro Forma Information
The unaudited pro forma results presented below include the results of the Sherlock acquisition as if it had been consummated as of January 1, 2024. The unaudited pro forma results include depreciation of the acquired property plant and equipment and the estimated tax effect of adjustments to income before income taxes but do not include changes in the fair value of the Company's contingent consideration obligations. Material nonrecurring charges, directly attributable to the transactions, including direct acquisition costs, are also excluded. In addition, the unaudited pro forma results do not include any expected benefits of the acquisitions. Accordingly, the unaudited pro forma results are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2024.


For the Three Months Ended June 30,For the Six Months Ended June 30,
20242024
Net revenues $54,575 $109,038 
Net loss$(9,865)$(24,203)