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Spin-off of OmniAb (Tables) | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Carrying Amounts of Major Classes of Assets and Liabilities Related to Assets Held for Sale | We determined that the sale of Pelican meets the definition of a deconsolidation of a business. Net assets sold together with allocated goodwill and cash consideration paid were as follows (in thousands):
Property and equipment, net | $ | 8,250 |
Intangible assets | 19,895 |
Other assets | 717 |
Operating lease right-of-use assets | 8,693 |
Financing lease right-of-use assets | 20 |
Accrued liabilities | (630) |
Deferred revenue | (495) |
Long-term operating lease liabilities | (8,445) |
Other liabilities | (74) |
Net assets sold | 27,931 |
Allocated goodwill | 4,132 |
Cash consideration paid | 15,000 |
| $ | 47,063 |
The following table summarizes revenue and expenses of the discontinued operations for the years ended December 31, 2022 and 2021 (in thousands):
| Year Ended December 31,
| 2022 |  | 2021
Revenues: |  |  |
Royalties | $ | 1,289 |  |  | $ | — |
Contract revenue | 25,275 |  |  | 35,589 |
Total revenues | 26,564 |  |  | 35,589 |
Operating costs and expenses: |  |  |
Amortization of intangibles | 10,847 |  |  | 12,945 |
Research and development | 38,466 |  |  | 36,907 |
General and administrative | 13,383 |  |  | 10,693 |
Total operating costs and expenses | 62,696 |  |  | 60,545 |
Loss from operations | (36,132) |  |  | (24,956) |
Other income (expense): |  |  |
Gain from short-term investments | — |  |  | 1,266 |
Interest expense | — |  |  | (7) |
Other income (expense), net | 554 |  |  | (1,210) |
Total other expense, net | 554 |  |  | 49 |
Loss before income tax | (35,578) |  |  | (24,907) |
Income tax benefit | 7,436 |  |  | 5,692 |
Net loss | $ | (28,142) |  |  | $ | (19,215) |
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 and 2021 (in thousands):
| Year Ended December 31,
| 2022 |  | 2021
Operating activities: |  |  |
Change in fair value of contingent consideration | $ | (554) |  |  | $ | 1,210 |
Depreciation and amortization | 13,218 |  |  | 14,553 |
Stock-based compensation expense | 9,404 |  |  | 9,457 |
Investing activities: |  |  |
Cash paid for acquisition, net of cash acquired | $ | — |  |  | $ | — |
Purchase of property, plant and equipment | (5,572) |  |  | (4,070) |
Payments to CVR Holders | (960) |  |  | (720) |
Financing activities: |  |  |
Payments to CVR Holders | $ | (1,545) |  |  | $ | (1,050) |
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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