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Discontinued Operations (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2024 and 2023:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(In thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating expenses from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods manufactured

 

$

—

 

 

$

11

 

 

$

—

 

 

$

33

 

Research and development

 

 

481

 

 

 

32,262

 

 

 

6,910

 

 

 

94,692

 

Selling, general and administrative

 

 

—

 

 

 

13,073

 

 

 

—

 

 

 

29,219

 

Total operating expenses from discontinued operations

 

 

481

 

 

 

45,346

 

 

 

6,910

 

 

 

123,944

 

Operating loss from discontinued operations

 

 

(481

)

 

 

(45,346

)

 

 

(6,910

)

 

 

(123,944

)

Income tax benefit from discontinued operations

 

 

(67

)

 

 

(1,550

)

 

 

(1,076

)

 

 

(8,317

)

Net loss and comprehensive loss from discontinued operations

 

$

(414

)

 

$

(43,796

)

 

$

(5,834

)

 

$

(115,627

)
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 nine months ended September 30, 2023:

 

 

 

Nine Months Ended

 

(In thousands)

 

September 30, 2023

 

OPERATING ACTIVITIES:

 

 

 

Depreciation

 

$

365

 

Share-based compensation expense

 

 

5,119

 

Right-of-use assets

 

 

4,289

 

Operating lease liabilities

 

 

(4,391

)

 

 

 

INVESTING ACTIVITIES:

 

 

 

Additions of property, plant and equipment

 

$

(655

)