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Discontinued Operations | 9 Months Ended
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Sep. 30, 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, respectively. The following table summarizes the calculation of the loss on the 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 September 30, 2020 or December 31, 2019. The following table summarizes the results of discontinued operations for the nine months ended September 30, 2019 (in thousands). Discontinued operations did not have an impact on the Company’s results of operations during the three months ended September 30, 2019, or the three and nine months ended September 30, 2020.
|  |  |  |  | Nine Months Ended September 30, 2019 |
Product revenue |  |  |  |  |  | $ | 901 |
Cost of revenue |  |  |  |  |  |  | 857 |
Gross profit |  |  |  |  |  |  | 44 |
Operating expenses: |  |  |  |  |  |  |  |
Research and development |  |  |  |  |  |  | 656 |
Sales and marketing |  |  |  |  |  |  | 411 |
General and administrative |  |  |  |  |  |  | 185 |
Total operating expenses |  |  |  |  |  |  | 1,252 |
Operating loss |  |  |  |  |  |  | (1,208 | )
Other income (expense) |  |  |  |  |  |  | 140 |
Loss from discontinued operations |  |  |  |  |  | $ | (1,068 | )
During the nine months ended September 30, 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 revenue and costs of product revenues for these periods have been recorded in loss from discontinued operations in the consolidated condensed statements of operations and comprehensive loss. Included in the statements of cash flows are the following non-cash adjustments related to the discontinued operations (in thousands):
|  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |
Depreciation and amortization |  | $ | — |  |  | $ | 467 |

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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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