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Subsequent Events | 6 Months Ended
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Jun. 30, 2021
Subsequent Events [Abstract] |
Subsequent Events | 16. Subsequent Events On July 28, 2021 we entered into the Baxter Transaction. Under the terms of the Baxter Transaction, Baxter will pay an aggregate of up to $60.0 million in consideration (we will receive up to $45.0 million and SMI will receive up to $15.0 million), consisting of (i) $25.0 million at closing, of which $19.0 million was paid to us and $6.0 million was paid to SMI; (ii) up to $25.0 million upon our receipt of PMA approval from the FDA for PerClot and our transfer of the PMA to Baxter, of which $19.0 million is payable to us and $6.0 million is payable to SMI, subject to certain reductions for delay in PMA approval; and (iii) up to $10.0 million upon Baxter’s achievement of certain cumulative worldwide net sales of PerClot prior to December 31, 2026 and December 31, 2027, of which up to $7.0 million is payable to us and $3.0 million is payable to SMI. In addition, at the conclusion of our manufacturing and supply services for Baxter, Baxter shall pay approximately $800,000 upon transfer of our PerClot manufacturing equipment. Under the terms of the Baxter Transaction, we will continue to be responsible for efforts and costs related to the FDA approval process at least until December 31, 2022 and will provide to Baxter certain transition and manufacturing and supply services relating to the sale of SMI PerClot outside of the US and manufacture and supply of PerClot to Baxter, post PMA approval. As of June 30, 2021 we had approximately $5.0 million of total assets and $120,000 of total liabilities recorded on our Condensed Consolidated Balance Sheets related to the PerClot product line. Total assets as of June 30, 2021 included approximately $1.5 million in prepaid royalties, $1.6 million in intangible assets, net, $1.3 million in property and equipment, net, and $600,000 of other assets. The results of operations of the PerClot product line are included in our Medical devices segment. We are currently evaluating the impact of the Baxter Transaction on our consolidated financial position, results of operations and cash flows and expect to include relevant disclosures for the three and nine months ended September 30, 2021. ‎

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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