XML 43 R31.htm IDEA: XBRL DOCUMENT v3.25.2
Discontinued operations (Tables)
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations The Company recognized a loss on disposal of Global Cooling, calculated as follows:
(In thousands)
Selling price: $1
$— 
Cash to Global Cooling funded by Company(6,652)
Costs to sell Global Cooling(1)
(582)
Negative selling price(7,234)
Global Cooling carrying basis as of April 17, 2024, inclusive of assumed liabilities(3,589)
Assumed liabilities: Accounts payable(2)
2,643 
Assumed liabilities: Debt(3)
2,596 
Less: Global Cooling carrying basis as of April 17, 20241,650 
Less: Release of Global Cooling currency translation adjustment(13)
Net loss on disposal$(8,897)
(1) Represents the costs incurred in connection with the Global Cooling Divestiture, including fees to be paid to the broker, attorneys, and other external parties.
(2) As a closing condition, the Company assumed certain accounts payable and accrued expenses from Global Cooling, totaling $0.5 million and $2.1 million, respectively.
(3) As a closing condition, the Company repaid the outstanding indebtedness of Global Cooling as of the date of the Global Cooling Divestiture.
The Company recognized the following charges in connection with the RIF and stock compensation expense acceleration:
(In thousands)SeveranceStock CompensationTotal
RIF employee costs$291 $1,255 $1,546 
Former Global Cooling employees— 1,925 1,925 
Total employment related divestiture expenditures$291 $3,180 $3,471 
The Company recognized a gain on disposal of SciSafe, calculated as follows:
(In thousands)
Cash proceeds received from Buyer$71,291 
Cash proceeds from escrow483 
Costs to sell(1)
(506)
Total proceeds71,268 
Less: SciSafe carrying basis as of November 12, 202442,507 
Less: Release of SciSafe currency translation adjustment622 
Net gain on disposal$28,139 
(1) Gross costs to sell incurred by the Company amounted to $2.1 million. This was offset by additional costs to sell paid on behalf of the Company by the SciSafe Buyer, which amounted to $1.6 million.
The Company recognized a loss on disposal of CBS, calculated as follows:
(In thousands)
Cash proceeds received from Buyer$2,785 
Cash proceeds from escrow615 
Net price adjustment(1)
179 
Costs to sell(2)
(148)
Total proceeds3,431 
Less: CBS carrying basis as of November 14, 20246,796 
Net loss on disposal$(3,365)
(1) As defined within the CBS Purchase Agreement, the final purchase price was subject to working capital adjustments upon the closing of the CBS Divestiture.
(2) Gross costs to sell incurred by the Company amounted to $1.4 million. This was offset by additional costs to sell paid on behalf of the Company by the CBS Buyer, which amounted to $1.3 million.
The table below summarizes the key components of loss from discontinued operations as follows:
Three Months Ended June 30, 2024
(In thousands)Global CoolingSciSafeCBSTotal
Revenue$2,209 $5,279 $3,335 $10,823 
Cost of revenue1,789 4,205 2,722 8,716 
Gross profit420 1,074 613 2,107 
Operating expenses(5,105)(1,853)(1,320)(8,278)
Other income (expense), net9 (69)(31)(91)
Loss on disposal(8,897)— — (8,897)
Loss before income taxes(13,573)(848)(738)(15,159)
Income tax expense— 4 (4)— 
Loss from discontinued operations, net of income taxes$(13,573)$(844)$(742)$(15,159)
Six Months Ended June 30, 2024
(In thousands)Global CoolingSciSafeCBSTotal
Revenue$7,157 $10,414 $6,545 $24,116 
Cost of revenue8,389 7,930 5,370 21,689 
Gross profit(1,232)2,484 1,175 2,427 
Operating expenses(9,418)(3,516)(2,495)(15,429)
Other expense, net(25)(87)(56)(168)
Loss on disposal(8,897)— — (8,897)
Loss before income taxes(19,572)(1,119)(1,376)(22,067)
Income tax expense(10)(95)(9)(114)
Loss from discontinued operations, net of income taxes$(19,582)$(1,214)$(1,385)$(22,181)
Below is a summary of incurred depreciation, amortization, interest expenses, capital expenditures, and other noncash related costs for discontinued operations:
Three Months Ended June 30, 2024
(In thousands)Global CoolingSciSafeCBSTotal
Depreciation$— $718 $— $718 
Amortization$— $227 $— $227 
Stock-based compensation$3,243 $732 $759 $4,734 
Interest expense, net$3 $5 $32 $40 
Capital expenditures$— $735 $149 $884 
Six Months Ended June 30, 2024
(In thousands)Global CoolingSciSafeCBSTotal
Depreciation$— $1,384 $— $1,384 
Amortization$— $453 $— $453 
Stock-based compensation$4,191 $1,438 $1,161 $6,790 
Interest expense, net$42 $7 $58 $107 
Capital expenditures$26 $990 $149 $1,165