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Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 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 table summarizes expenses of the discontinued operations for the years ended December 31, 2024, 2023 and 2022:

 

 

Year Ended December 31,

 

(In thousands)

2024

 

 

2023

 

 

2022

 

Operating expenses from discontinued operations

 

 

 

 

 

 

 

 

Cost of goods manufactured

$

—

 

 

$

39

 

 

$

40

 

Research and development

 

5,790

 

 

 

116,177

 

 

 

121,140

 

Selling, general and administrative

 

—

 

 

 

48,587

 

 

 

14,996

 

Total operating expenses from discontinued operations

 

5,790

 

 

 

164,803

 

 

 

136,176

 

Operating loss from discontinued operations

 

(5,790

)

 

 

(164,803

)

 

 

(136,176

)

Income tax benefit from discontinued operations

 

(722

)

 

 

(1,403

)

 

 

(11,061

)

Net loss and comprehensive loss from discontinued operations

$

(5,068

)

 

$

(163,400

)

 

$

(125,115

)
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 consolidated statements of cash flows for the years ended December 31, 2023 and 2022:

 

 

 

 

Year Ended December 31,

 

(In thousands)

 

 

2023

 

 

2022

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

Depreciation

 

 

$

2,319

 

 

$

1,539

 

Share-based compensation expense

 

 

 

8,188

 

 

 

6,577

 

Right-of-use assets

 

 

 

3,803

 

 

 

5,909

 

Operating lease liabilities

 

 

 

(3,938

)

 

 

(5,920

)

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

Additions of property, plant and equipment

 

 

$

(1,798

)

 

$

(5,510

)