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Discontinued Operations | 3 Months Ended
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Mar. 31, 2020
Discontinued Operations And Disposal Groups [Abstract] |
Discontinued Operations |
7. | 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 March 31, 2020 or December 31, 2019. The following table summarizes the results of discontinued operations for the periods presented (in thousands.):
|  | Three Months Ended March 31, |
|  | 2020 |  |  | 2019 |
Product revenue |  | $ | — |  |  | $ | 703 |
Cost of revenue |  |  | — |  |  |  | 659 |
Gross profit |  |  | — |  |  |  | 44 |
Operating expenses: |  |  |  |  |  |  |  |
Research and development |  |  | — |  |  |  | 420 |
Sales and marketing |  |  | — |  |  |  | 314 |
General and administrative |  |  | — |  |  |  | 145 |
Total operating expenses |  |  | — |  |  |  | 879 |
Operating loss |  |  | — |  |  |  | (835 | )
Other income (expense) |  |  |  |  |  |  | 149 |
Loss from discontinued operations |  | $ | — |  |  | $ | (686 | )
During the three months ended March 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):
|  | Three Months Ended March 31, |
|  | 2020 |  |  | 2019 |
Depreciation and amortization |  | $ | — |  |  | $ | 344 |
Provision for excess inventory |  | $ | — |  |  | $ | — |
Loss on asset disposal |  | $ | — |  |  | $ | — |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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