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Discontinued Operations

9 Months Ended

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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- References

No definition available.

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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

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