Quarterly report pursuant to Section 13 or 15(d)

Relief Acquisition

Relief Acquisition
9 Months Ended
Jun. 30, 2020
Relief Acquisition  
Relief Acquisition
  (4) Relief Acquisition


In August 2019, the Company executed a Share Exchange Agreement with Relief Holdings, in which the Company agreed to acquire the outstanding shares of Relief. The Company issued 757,933 shares of common stock upon closing of the transaction on April 1, 2020.


For accounting purposes, the Company determined that the acquisition of Relief did not meet the definition of a business and was accounted for as an asset acquisition since substantially all of the fair value of the assets acquired was concentrated in a single identified intangible asset, atexakin alfa.


Fair value of common stock issued:   $ 6,700,128  
Assets acquired:        
Cash   $ 16,194  
Prepaid expenses and other current assets     29,311  
In-process research and development (IPR&D)     6,826,495  
Total assets acquired   $ 6,872,000  
Liabilities assumed        
Accounts payable     45,757  
Accrued expenses     126,115  
Total liabilities assumed   $ 171,872  
Net assets acquired   $ 6,700,128  


The Company expensed the acquired IPR&D as of the acquisition date since further development and regulatory approval are required.