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Discontinued operations (Tables) | 12 Months Ended
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Dec. 31, 2016
Discontinued operations [Abstract] |
Summary of assets and liabilities presented as discontinued operations | The following table represents the carrying value of Aptevo's assets and liabilities distributed as part of the Separation on August 1, 2016:
(in thousands) |  | August 1, 2016 |
Assets: |  |  |
Cash and cash equivalents |  | $ | 45,000 |
Accounts receivable, net |  |  | 4,465 |
Inventories |  |  | 11,959 |
Note receivable |  |  | 20,000 |
Other current assets |  |  | 4,870 |
Current assets of discontinued operations |  |  | 86,294 |
Property, plant and equipment, net |  |  | 6,128 |
In-process research and development |  |  | 41,800 |
Intangible assets, net |  |  | 15,402 |
Goodwill |  |  | 13,902 |
Non-current assets of discontinued operations |  |  | 77,232 |
Total assets of discontinued operations |  | $ | 163,526 |
Liabilities: |  |  |  |
Accounts payable |  | $ | 6,285 |
Accrued expenses and other current liabilities |  |  | 64 |
Accrued compensation |  |  | 2,456 |
Contingent consideration |  |  | 191 |
Provisions for chargebacks |  |  | 2,341 |
Deferred revenue, current portion |  |  | 433 |
Current liabilities of discontinued operations |  |  | 11,770 |
Deferred revenue, net of current portion |  |  | 3,232 |
Other liabilities |  |  | 91 |
Non-current liabilities of discontinued operations |  |  | 3,323 |
Total liabilities of discontinued operations |  | $ | 15,093 |
The following table represents Aptevo's assets and liabilities presented as discontinued operations and classified as held-for-disposition as of December 31, 2015:
(in thousands) |  | December 31, 2015 |
Assets: |  |  |
Cash and cash equivalents |  | $ | 4,492 |
Accounts receivable, net |  |  | 6,861 |
Inventories |  |  | 16,049 |
Prepaid expenses and other current assets |  |  | 1,880 |
Current assets of discontinued operations |  |  | 29,282 |
Property, plant and equipment, net |  |  | 4,046 |
In-process research and development |  |  | 41,800 |
Intangible assets, net |  |  | 16,617 |
Goodwill |  |  | 13,902 |
Non-current assets of discontinued operations |  |  | 76,365 |
Total assets of discontinued operations |  | $ | 105,647 |
Liabilities: |  |  |  |
Accounts payable |  | $ | 8,134 |
Accrued expenses and other current liabilities |  |  | 22 |
Accrued compensation |  |  | 2,684 |
Contingent consideration, current portion |  |  | 306 |
Provisions for chargebacks |  |  | 2,238 |
Deferred revenue, current portion |  |  | 3,964 |
Current liabilities of discontinued operations |  |  | 17,348 |
Deferred revenue, net of current portion |  |  | 3,163 |
Other liabilities |  |  | 71 |
Non-current liabilities of discontinued operations |  |  | 3,234 |
Total liabilities of discontinued operations |  | $ | 20,582 |
Summarized results of discontinued operations included in consolidated statements of income | The following table summarizes results from discontinued operations of Aptevo included in the consolidated statements of operations:
|  | Years ended December 31, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Revenues: |  |  |  |  |  |  |  |  |
Product sales |  | $ | 21,183 |  |  | $ | 27,947 |  |  | $ | 30,036 |
Collaborations |  |  | 187 |  |  |  | 5,511 |  |  |  | 15,636 |
Total revenues |  |  | 21,370 |  |  |  | 33,458 |  |  |  | 45,672 |
Operating expense: |  |  |  |  |  |  |  |  |  |  |  |
Cost of product sales |  |  | 11,556 |  |  |  | 16,809 |  |  |  | 16,449 |
Research and development |  |  | 18,024 |  |  |  | 34,811 |  |  |  | 46,108 |
Selling, general and administrative |  |  | 23,792 |  |  |  | 27,313 |  |  |  | 14,248 |
Loss from operations |  |  | (32,002 | ) |  |  | (45,475 | ) |  |  | (31,133 | )
Other income (expense), net: |  |  | (41 | ) |  |  | (472 | ) |  |  | - |
Loss from discontinued operations before benefit from income taxes |  |  | (32,043 | ) |  |  | (45,947 | ) |  |  | (31,133 | )
Benefit from income taxes |  |  | (21,295 | ) |  |  | (17,401 | ) |  |  | (13,608 | )
Net loss from discontinued operations |  | $ | (10,748 | ) |  | $ | (28,546 | ) |  | $ | (17,525 | )
Summary of disposal groups including discontinued operations cash flows | The following table summarizes the cash flows of Aptevo included in the years ended December 31, 2016, 2015 and 2014 consolidated statements of cash flows:
|  | Years ended December 31, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Net cash (used in) provided by operating activities |  | $ | (10,299 | ) |  | $ | (12,716 | ) |  | $ | (14,683 | )
Net cash used in investing activities |  |  | (1,926 | ) |  |  | (1,518 | ) |  |  | (48,822 | )
Net cash provided by (used in) financing activities |  |  | 7,733 |  |  |  | 15,012 |  |  |  | 67,219 |
Net increase (decrease) in cash and cash equivalents |  | $ | (4,492 | ) |  | $ | 778 |  |  | $ | 3,714 |

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