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v3.22.2.2

Segments | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Segments | Segments The Company's CODM assesses the operating performance of and allocates resources for several operating segments using Segment Adjusted EBITDA as a basis. Management believes this financial metric is a key indicator of operating results since it excludes noncash revenues and expenses that are not reflective of the underlying business performance of an individual enterprise. The Company defines Segment Adjusted EBITDA as net income (loss) before (i) interest expense, (ii) income tax expense or benefit, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) loss on settlement agreements where noncash consideration is paid, (vi) adjustments for accrued bonuses paid in equity awards, (vii) gain or loss on disposals of assets, (viii) loss on impairment of goodwill and other noncurrent assets, (ix) equity in net gain (loss) of affiliates, and (x) recognition of previously deferred revenue associated with upfront and milestone payments as well as cash outflows from capital expenditures and investments in affiliates, but includes proceeds from the sale of assets in the period sold. Because the Company uses Segment Adjusted EBITDA as its primary measure of segment performance, it has included this measure in its discussion of segment operating results. The Company has also disclosed revenues from external customers and intersegment revenues for each reportable segment. Corporate expenses are not allocated to the segments and are managed at a consolidated level. The CODM does not use total assets by segment to evaluate segment performance or allocate resources, and accordingly, these amounts are not required to be disclosed. The Company's segment presentation excludes amounts related to the operations of Trans Ova and MBP Titan which are reported as discontinued operations (Note 3). For the three and nine months ended September 30, 2022, the Company's reportable segments were (i) Biopharmaceuticals and (ii) Exemplar. These identified reportable segments met the quantitative thresholds to be reported separately for the nine months ended September 30, 2022. See Note 2 for a description of the Biopharmaceuticals segment. See Note 1 for a description of the Exemplar segment. Segment Adjusted EBITDA by reportable segment was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Biopharmaceuticals | $ | (12,417) |  |  | $ | (12,661) |  |  | $ | (35,286) |  |  | $ | (34,055) |
Exemplar | 346 |  |  | 1,617 |  |  | 4,699 |  |  | 5,312 |
Segment Adjusted EBITDA for reportable segments | $ | (12,071) |  |  | $ | (11,044) |  |  | $ | (30,587) |  |  | $ | (28,743) |
The table below reconciles Segment Adjusted EBITDA for reportable segments to consolidated net loss from continuing operations before income taxes:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Segment Adjusted EBITDA for reportable segments | $ | (12,071) |  |  | $ | (11,044) |  |  | $ | (30,587) |  |  | $ | (28,743) |
Remove cash paid for capital expenditures, net of proceeds from sale of assets, and cash paid for investments in affiliates | 641 |  |  | 1,138 |  |  | 1,309 |  |  | 1,673 |
Add recognition of previously deferred revenue associated with upfront and milestone payments | 14,561 |  |  | 1,163 |  |  | 16,007 |  |  | 1,849 |
Other expenses: |  |  |  |  |  |  |
Interest expense | (2,036) |  |  | (4,765) |  |  | (6,137) |  |  | (13,902) |
Depreciation and amortization | (1,717) |  |  | (2,029) |  |  | (5,470) |  |  | (6,174) |
Gain on disposals of assets | — |  |  | (13) |  |  | — |  |  | (6) |
Impairment losses | — |  |  | — |  |  | (1,120) |  |  | (543) |
Stock-based compensation expense | (2,184) |  |  | (2,422) |  |  | (7,987) |  |  | (11,767) |
Adjustment related to accrued bonuses paid in equity awards | — |  |  | — |  |  | 1,698 |  |  | — |
Equity in net gain (loss) of affiliates | 862 |  |  | — |  |  | 861 |  |  | (3) |
Other | — |  |  | (5) |  |  | (105) |  |  | (19) |
Unallocated corporate costs | (5,744) |  |  | (7,166) |  |  | (24,718) |  |  | (24,835) |
Eliminations | (6) |  |  | (1,237) |  |  | (1,549) |  |  | (1,812) |
Consolidated net loss from continuing operations before income taxes | $ | (7,694) |  |  | $ | (26,380) |  |  | $ | (57,798) |  |  | $ | (84,282) |
Revenues by reportable segment were as follows:
| Three Months Ended September 30, 2022
| Biopharmaceuticals |  | Exemplar |  |  |  | Total
Revenues from external customers | $ | 14,624 |  |  | $ | 2,098 |  |  |  |  | $ | 16,722 |
Intersegment revenues | — |  |  | — |  |  |  |  | — |
Total segment revenues | $ | 14,624 |  |  | $ | 2,098 |  |  |  |  | $ | 16,722 |
| Three Months Ended September 30, 2021
| Biopharmaceuticals |  | Exemplar |  |  |  | Total
Revenues from external customers | $ | 129 |  |  | $ | 3,204 |  |  |  |  | $ | 3,333 |
Intersegment revenues | 1,141 |  |  | — |  |  |  |  | 1,141 |
Total segment revenues | $ | 1,270 |  |  | $ | 3,204 |  |  |  |  | $ | 4,474 |
| Nine Months Ended September 30, 2022
| Biopharmaceuticals |  | Exemplar |  |  |  | Total
Revenues from external customers | $ | 14,778 |  |  | $ | 10,368 |  |  |  |  | $ | 25,146 |
Intersegment revenues | 1,446 |  |  | — |  |  |  |  | 1,446 |
Total segment revenues | $ | 16,224 |  |  | $ | 10,368 |  |  |  |  | $ | 26,592 |
| Nine Months Ended September 30, 2021
| Biopharmaceuticals |  | Exemplar |  |  |  | Total
Revenues from external customers | $ | 723 |  |  | $ | 9,860 |  |  |  |  | $ | 10,583 |
Intersegment revenues | 1,469 |  |  | — |  |  |  |  | 1,469 |
Total segment revenues | $ | 2,192 |  |  | $ | 9,860 |  |  |  |  | $ | 12,052 |
The table below reconciles total segment revenues from reportable segments to total consolidated revenues:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Total segment revenues from reportable segments | $ | 16,722 |  |  | $ | 4,474 |  |  | $ | 26,592 |  |  | $ | 12,052 |
Elimination of intersegment revenues | — |  |  | (1,141) |  |  | (1,446) |  |  | (1,469) |
Total consolidated revenues | $ | 16,722 |  |  | $ | 3,333 |  |  | $ | 25,146 |  |  | $ | 10,583 |
For the three months ended September 30, 2022 and 2021, 41.1% and 75.6%, respectively, of total consolidated revenue was attributable to one and two customers, respectively, in the Exemplar segment. For the nine months ended September 30, 2022 and 2021, 62.4% and 60.7%, respectively, of total consolidated revenue was attributable to one customer in the Exemplar segment. As of September 30, 2022 and December 31, 2021, the Company had $3,122 and $4,463, respectively, of long-lived assets in foreign countries. The Company recognized revenues derived in foreign countries totaling $63 and $93 for the three months ended September 30, 2022 and 2021, respectively, and $217 and $296 for the nine months ended September 30, 2022 and 2021, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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