Discontinued Operations

12 Months Ended

Dec. 31, 2019

Discontinued Operations And Disposal Groups [Abstract]

4.	Discontinued Operations

As explained in Note 1, on April 24, 2019 and April 25, 2019, the Company completed the sale of its Cell Therapy business to Lorem and Mr. Shirahama. The following table summarizes the calculation of the loss on sale of the Cell Therapy business, which was finalized during the fourth quarter of 2019 (in thousands):

Consideration received	$	7,000
Transaction costs		(1,363	)
Net cash proceeds		5,637
Less:
Carrying value of business and assets sold		12,145
Net loss on sale of business	$	(6,508	)

There were no assets or liabilities related to discontinued operations as of December 31, 2019. Assets and liabilities related to discontinued operations or held for sale as of December 31, 2018 consisted of the following:

	December 31, 2018
Assets
Current assets held for sale:
Accounts receivable, net	$	108
Inventory, net		2,841
Other current assets		328
	$	3,277
Long-term assets held for sale:
Property and equipment, net		260
Other noncurrent assets		1,866
Goodwill		3,550
Intangible assets, net		5,957
		11,633
Total assets	$	14,910

Liabilities
Current liabilities held for sale:
Accounts payable and accrued liabilities	$	580
Long-term liabilities held for sale:
Other noncurrent liabilities		78
Deferred revenues		167
Noncurrent liabilities	$	245
Total liabilities	$	825

The following table summarizes the results of discontinued operations for the periods presented (in thousands).

	Year ended December 31,
	2019			2018
Product revenue	$	901		$	2,671
License revenue		—			1,000
Total revenues		901			3,671
Cost of revenue		857			2,373
Gross profit		44			1,298
Operating expenses:
Research and development		656			3,099
Sales and marketing		411			1,375
General and administrative		185			760
Total operating expenses		1,252			5,234
Operating loss		(1,208	)		(3,936	)
Other income (expense)		112			180
Loss from discontinued operations	$	(1,096	)	$	(3,756	)
Loss from sale of business		(6,508	)		—
Net loss from discontinued operations	$	(7,604	)	$	(3,756	)

During the year ended December 31, 2019, revenues from discontinued operations were related to the Cell Therapy business. Because of the sale of the Cell Therapy business to Lorem and Mr. Shirahama, all product revenues and costs of product revenues for these periods have been recorded in loss from discontinued operations in the consolidated statements of operations.

Included in the statement of cash flows are the following non-cash adjustments related to the discontinued operations (in thousands):

	For the year ended December 31,
	2019		2018
Depreciation and amortization	$	467	$	1,625
Provision for excess inventory	$	—	$	463
Loss on asset disposal	$	—	$	(36	)