Discontinued Operations

12 Months Ended

Dec. 31, 2020

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, 2020 or 2019.

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

	Year ended December 31,
	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)		112
Loss from discontinued operations	$	(1,096	)
Loss from sale of business		(6,508	)
Net loss from discontinued operations	$	(7,604	)

During the year ended December 31, 2019, revenue 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 revenue 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
Depreciation and amortization	$	467
Provision for excess inventory	$	—
Loss on asset disposal	$	—