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Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Transfer of Assets and Liabilities Effected in Accordance with Separation Agreements

The transfer of assets and liabilities to Mural was effected through a contribution in accordance with the Separation Agreement, as summarized below:

 

(In thousands)

 

November 15, 2023

 

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

 

$

275,000

 

Total current assets

 

 

275,000

 

Property, plant and equipment, net

 

 

10,096

 

Right-of-use assets

 

 

14,513

 

Goodwill

 

 

7,800

 

Deferred tax asset

 

 

1,799

 

Total assets

 

$

309,208

 

LIABILITIES

 

 

 

Current Liabilities

 

 

 

Operating lease liabilities—short-term

 

$

6,036

 

Total current liabilities

 

 

6,036

 

Operating lease liabilities—long-term

 

 

9,412

 

Total liabilities

 

 

15,448

 

Net assets transferred to Mural

 

$

293,760

 

 
Summary of Discontinued Operations The following summarizes the loss from discontinued operations for the three and six months ended June 30, 2024 and 2023:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(In thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating expenses from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods manufactured

 

$

—

 

 

$

11

 

 

$

—

 

 

$

22

 

Research and development

 

 

3,913

 

 

 

32,563

 

 

 

6,429

 

 

 

62,430

 

Selling, general and administrative

 

 

—

 

 

 

9,502

 

 

 

—

 

 

 

16,146

 

Total operating expenses from discontinued operations

 

 

3,913

 

 

 

42,076

 

 

 

6,429

 

 

 

78,598

 

Operating loss from discontinued operations

 

 

(3,913

)

 

 

(42,076

)

 

 

(6,429

)

 

 

(78,598

)

Income tax benefit from discontinued operations

 

 

(613

)

 

 

(40

)

 

 

(1,009

)

 

 

(6,767

)

Net loss and comprehensive loss from discontinued operations

 

$

(3,300

)

 

$

(42,036

)

 

$

(5,420

)

 

$

(71,831

)

 
Summary of Significant Non-cash Items and Capital Expenditures of Discontinued Operations

The following table summarizes the significant non-cash items and capital expenditures of the discontinued operations that are included in the accompanying condensed consolidated statements of cash flows for the six months ended June 30, 2023:

 

 

 

Six Months Ended

 

(In thousands)

 

June 30, 2023

 

OPERATING ACTIVITIES:

 

 

 

Depreciation

 

$

240

 

Share-based compensation expense

 

 

2,937

 

Right-of-use assets

 

 

4,364

 

Operating lease liabilities

 

 

(2,927

)

 

 

 

INVESTING ACTIVITIES:

 

 

 

Additions of property, plant and equipment

 

$

(173

)