computationally-enhanced preclinical drug discovery, ADME predictions, toxicology research and molecule featurization. In March 2020, we completed the acquisition of certain assets used to conduct early stage hit identification and hit to lead discovery activities related to the identification, screening, and validation of compounds in early drug discovery from Forma Therapeutics Inc., or the Forma Acquisition. We have integrated the DNA-encoded library, high-throughput screening library and drug discovery capabilities acquired in the Forma Acquisition into our existing in silico capabilities to create a high-capacity, high-efficiency platform. We do not have any products approved for commercial sale and have not generated any revenues from product sales or our Opal platform. In May 2021, we completed the acquisition of Courier Therapeutics, Inc., or Courier, a preclinical biotechnology company, pursuant to the exercise of an option to acquire Courier for an additional payment of $5.0 million and future milestone obligations. We had previously funded research and development efforts undertaken by Courier via a note payable of $5.0 million, which we recorded as research and development expenses over the period the costs were incurred. Courier’s technology consists of a cell targeting technology for protein therapeutics along with a protein therapeutic candidate in IND-enabling studies.
As of June 30, 2021, we had cash and cash equivalents of $237.5 million. Since inception, we recorded no income tax benefitshave incurred significant operating losses. Our net losses were $82.0 million for the net operating losses incurred orsix months ended June 30, 2021 and $76.3 million for the research and development tax credits generated in each year due to the uncertainty of realizing a benefit from those items. We have no foreign operations and therefore, have not provided for any foreign taxes. As of December 31, 2020, we had net operating loss carryforwards for federal income tax purposes of $80.5 million, which do not expire but are limited in their usage to an annual deduction equal to 80% of annual taxable income. As of December 31, 2020, we had net operating loss carryforwards for state income tax purposes of $48.8 million which begin to expire in 2038. As of December 31, 2020, we also had U.S. federal and state research and development tax credit carryforwards of $0.6 million and $0.4 million, respectively, which may be available to offset future tax liabilities and begin to expire in 2039 and 2034, respectively.
Due to our history of cumulative net losses since inception and uncertainties surrounding our ability to generate future taxable income, we have recorded a full valuation allowance against our net deferred tax assets at each balance sheet date. For each of the three months ended March 31, 2021 and 2020, we recorded deferred tax expense of less than $0.1 million and, for the years ended December 31, 20202020. As of June 30, 2021, our accumulated deficit was $192.5 million. We will not generate revenue from product sales unless and 2019,until we recorded deferred tax expense of $0.1 millionsuccessfully complete clinical development and less than $0.1 million, respectively,obtain regulatory approval for deferred tax liabilities thatour product candidates, if ever. In addition, if we obtain regulatory approval for our product candidates and do not enter into a third-party commercialization partnership, we expect to incur significant expenses related to developing our commercialization capability to support product sales, marketing, manufacturing and distribution activities. As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until we can generate significant revenue from product sales or our Opal platform, if ever, we expect to finance our operations through a combination of public or private equity offerings and debt financings or other sources, such as potential collaboration agreements, strategic alliances and licensing arrangements. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on acceptable terms, or at all. Our failure to raise capital or enter into such agreements as, and when, needed, could have corresponding deferred tax assets to reverse in the same period.a negative effect on our business, results of operations and financial condition.
Results of Operations
Our entire activity from inception through June 30, 2021 related to our formation, the preparation for the initial public offering, and since the closing of the initial public offering, the search for a prospective initial business combination. We have neither engaged in any operations nor generated any revenues to date. We will not generate any operating revenues until after completion of a business combination, at the earliest. We will generate non-operating income in the form of interest and investment income on cash and cash equivalents and investments. We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
For the period from January 15, 2021 (inception) through June 30, 2021, we had a net loss of $4,651,699, which consisted of $2,239,443 in general and administrative expenses, $30,000 in formation costs and $100,000 of franchise tax expense, offset by $5,244 in interest income on funds held in the Trust Account, $12,137,500 in financing expenses on Class K Founder Shares liability, and $9,850,000 in change in fair value of Class K Founder Shares liability.
Liquidity and Going Concern
On March 8, 2021, we consummated the initial public offering of 34,500,000 public shares, inclusive of the underwriters’ election to fully exercise their option to purchase an additional 4,500,000 public shares, at a price of $10.00 per public shares, generating gross proceeds of $345,000,000. Substantially concurrently with the closing of the initial public offering, we consummated the private placement of 990,000 private placement shares at a price of $10.00 per private placement share to the Sponsor, generating gross proceeds of $9.9 million.
Following the initial public offering, the exercise of the over-allotment option in full and the sale of the private placement shares, a total of $345,000,000 was placed in the Trust Account. We incurred offering costs of approximately $19.7 million, inclusive of approximately $12.1 million in deferred underwriting commissions.
As of June 30, 2021, we had $787,378 in our operating bank accounts and working capital of $(552,204) to fund our working capital requirements, subject to an annual limit of $500,000, and/or to pay our taxes, if any.
In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the KVSA’s founding team or any of their affiliates may, but are not obligated to, loan KVSA funds as may be required (“Working Capital Loans”). If KVSA completes a business combination, KVSA would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a
