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Spin-off of OmniAb (Tables) | 12 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of transfers of assets and liabilities to OmniAb | The transfer of assets and liabilities to OmniAb was effected through a contribution in accordance with the Merger Agreement, as summarized below (in thousands):
| As of November 1, 2022
ASSETS |
Current assets: |
Cash and cash equivalents | $ | 1,842 |
Other current assets | 9,019 |
Total current assets | 10,861 |
Intangible assets, net | 165,422 |
Goodwill | 75,533 |
Property and equipment, net | 19,921 |
Operating lease assets | 21,290 |
Other assets | 1,449 |
Total assets | $ | 294,476 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
Current contingent liabilities | $ | 1,569 |
Deferred revenue | 8,582 |
Current operating lease liabilities | 1,610 |
Current finance lease liabilities | 1 |
Total current liabilities | 11,762 |
Long-term contingent liabilities | 4,175 |
Deferred income taxes, net | 18,978 |
Long-term operating lease liabilities | 24,823 |
Other long-term liabilities | 5,006 |
Total liabilities | 64,744 |
Net assets transferred to OmniAb | $ | 229,732 |
The following table summarizes revenue and expenses of the discontinued operations for the years ended December 31, 2022, 2021 and 2020 (in thousands):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Revenues: |  |  |  |  |
Royalties | $ | 1,289 |  |  | $ | — |  |  | $ | — |
Contract revenue | 25,275 |  |  | 35,589 |  |  | 22,857 |
Total revenues | 26,564 |  |  | 35,589 |  |  | 22,857 |
Operating costs and expenses: |  |  |  |  |
Amortization of intangibles | 10,847 |  |  | 12,945 |  |  | 11,800 |
Research and development | 38,466 |  |  | 36,907 |  |  | 18,889 |
General and administrative | 13,383 |  |  | 10,693 |  |  | 3,823 |
Total operating costs and expenses | 62,696 |  |  | 60,545 |  |  | 34,512 |
Loss from operations | (36,132) |  |  | (24,956) |  |  | (11,655) |
Other income (expense): |  |  |  |  |
Gain from short-term investments | — |  |  | 1,266 |  |  | 1,900 |
Interest expense | — |  |  | (7) |  |  | (5) |
Other income (expense), net | 554 |  |  | (1,210) |  |  | (2,070) |
Total other expense, net | 554 |  |  | 49 |  |  | (175) |
Loss before income tax | (35,578) |  |  | (24,907) |  |  | (11,830) |
Income tax benefit | 7,436 |  |  | 5,692 |  |  | 2,247 |
Net loss | $ | (28,142) |  |  | $ | (19,215) |  |  | $ | (9,583) |
The following table summarizes the assets and liabilities of the discontinued operations as of December 31, 2021 (in thousands):
| December 31, 2021
ASSETS |
Current assets: |
Other current assets | $ | 1,100 |
Total current assets of discontinued operations | 1,100 |
Intangible assets, net | 174,349 |
Goodwill | 75,533 |
Property and equipment, net | 7,320 |
Operating lease assets | 13,332 |
Finance lease assets | 6 |
Other assets | 243 |
Total assets of discontinued operations | $ | 271,883 |
LIABILITIES |
Current liabilities: |
Current contingent liabilities | $ | 2,538 |
Deferred revenue | 10,342 |
Current operating lease liabilities | 685 |
Current finance lease liabilities | 1 |
Total current liabilities of discontinued operations | 13,566 |
Long-term contingent liabilities | 4,826 |
Deferred income taxes, net | 28,239 |
Long-term operating lease liabilities | 13,238 |
Other long-term liabilities | 9,225 |
Total liabilities of discontinued operations | $ | 69,094 |
The following table summarizes the significant non-cash items, capital expenditures of the discontinued operations, and financing activities that are included in the consolidated statements of cash flows for the years ended December 31, 2022, 2021 and 2020 (in thousands):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Operating activities: |  |  |  |  |
Change in fair value of contingent consideration | $ | (554) |  |  | $ | 1,210 |  |  | $ | 2,070 |
Depreciation and amortization | 13,218 |  |  | 14,553 |  |  | 12,503 |
Stock-based compensation expense | 9,404 |  |  | 9,457 |  |  | 5,602 |
Investing activities: |  |  |  |  |
Cash paid for acquisition, net of cash acquired | $ | — |  |  | $ | — |  |  | $ | (27,127) |
Purchase of property, plant and equipment | (5,572) |  |  | (4,070) |  |  | (1,753) |
Payments to CVR Holders | (960) |  |  | (720) |  |  | — |
Financing activities: |  |  |  |  |
Payments to CVR Holders | $ | (1,545) |  |  | $ | (1,050) |  |  | $ | (2,325) |
Supplemental cash flow disclosures: |  |  |  |  |
Purchases of property, plant and equipment included in accounts payable and accrued expenses | $ | 2,310 |  |  | $ | 1,231 |  |  | $ | — |
Schedule of discontinued operations | The transfer of assets and liabilities to OmniAb was effected through a contribution in accordance with the Merger Agreement, as summarized below (in thousands):
| As of November 1, 2022
ASSETS |
Current assets: |
Cash and cash equivalents | $ | 1,842 |
Other current assets | 9,019 |
Total current assets | 10,861 |
Intangible assets, net | 165,422 |
Goodwill | 75,533 |
Property and equipment, net | 19,921 |
Operating lease assets | 21,290 |
Other assets | 1,449 |
Total assets | $ | 294,476 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
Current contingent liabilities | $ | 1,569 |
Deferred revenue | 8,582 |
Current operating lease liabilities | 1,610 |
Current finance lease liabilities | 1 |
Total current liabilities | 11,762 |
Long-term contingent liabilities | 4,175 |
Deferred income taxes, net | 18,978 |
Long-term operating lease liabilities | 24,823 |
Other long-term liabilities | 5,006 |
Total liabilities | 64,744 |
Net assets transferred to OmniAb | $ | 229,732 |
The following table summarizes revenue and expenses of the discontinued operations for the years ended December 31, 2022, 2021 and 2020 (in thousands):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Revenues: |  |  |  |  |
Royalties | $ | 1,289 |  |  | $ | — |  |  | $ | — |
Contract revenue | 25,275 |  |  | 35,589 |  |  | 22,857 |
Total revenues | 26,564 |  |  | 35,589 |  |  | 22,857 |
Operating costs and expenses: |  |  |  |  |
Amortization of intangibles | 10,847 |  |  | 12,945 |  |  | 11,800 |
Research and development | 38,466 |  |  | 36,907 |  |  | 18,889 |
General and administrative | 13,383 |  |  | 10,693 |  |  | 3,823 |
Total operating costs and expenses | 62,696 |  |  | 60,545 |  |  | 34,512 |
Loss from operations | (36,132) |  |  | (24,956) |  |  | (11,655) |
Other income (expense): |  |  |  |  |
Gain from short-term investments | — |  |  | 1,266 |  |  | 1,900 |
Interest expense | — |  |  | (7) |  |  | (5) |
Other income (expense), net | 554 |  |  | (1,210) |  |  | (2,070) |
Total other expense, net | 554 |  |  | 49 |  |  | (175) |
Loss before income tax | (35,578) |  |  | (24,907) |  |  | (11,830) |
Income tax benefit | 7,436 |  |  | 5,692 |  |  | 2,247 |
Net loss | $ | (28,142) |  |  | $ | (19,215) |  |  | $ | (9,583) |
The following table summarizes the assets and liabilities of the discontinued operations as of December 31, 2021 (in thousands):
| December 31, 2021
ASSETS |
Current assets: |
Other current assets | $ | 1,100 |
Total current assets of discontinued operations | 1,100 |
Intangible assets, net | 174,349 |
Goodwill | 75,533 |
Property and equipment, net | 7,320 |
Operating lease assets | 13,332 |
Finance lease assets | 6 |
Other assets | 243 |
Total assets of discontinued operations | $ | 271,883 |
LIABILITIES |
Current liabilities: |
Current contingent liabilities | $ | 2,538 |
Deferred revenue | 10,342 |
Current operating lease liabilities | 685 |
Current finance lease liabilities | 1 |
Total current liabilities of discontinued operations | 13,566 |
Long-term contingent liabilities | 4,826 |
Deferred income taxes, net | 28,239 |
Long-term operating lease liabilities | 13,238 |
Other long-term liabilities | 9,225 |
Total liabilities of discontinued operations | $ | 69,094 |
The following table summarizes the significant non-cash items, capital expenditures of the discontinued operations, and financing activities that are included in the consolidated statements of cash flows for the years ended December 31, 2022, 2021 and 2020 (in thousands):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Operating activities: |  |  |  |  |
Change in fair value of contingent consideration | $ | (554) |  |  | $ | 1,210 |  |  | $ | 2,070 |
Depreciation and amortization | 13,218 |  |  | 14,553 |  |  | 12,503 |
Stock-based compensation expense | 9,404 |  |  | 9,457 |  |  | 5,602 |
Investing activities: |  |  |  |  |
Cash paid for acquisition, net of cash acquired | $ | — |  |  | $ | — |  |  | $ | (27,127) |
Purchase of property, plant and equipment | (5,572) |  |  | (4,070) |  |  | (1,753) |
Payments to CVR Holders | (960) |  |  | (720) |  |  | — |
Financing activities: |  |  |  |  |
Payments to CVR Holders | $ | (1,545) |  |  | $ | (1,050) |  |  | $ | (2,325) |
Supplemental cash flow disclosures: |  |  |  |  |
Purchases of property, plant and equipment included in accounts payable and accrued expenses | $ | 2,310 |  |  | $ | 1,231 |  |  | $ | — |

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