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Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Financial Results, Carrying Value of Assets and Liabilities and Significant Non-Cash Items and Capital Expenditures of Discontinued Operations

The financial results of the discontinued operations with respect to FibroGen International reflected in the consolidated statements of operations for the years ended December 31, 2024 and 2023 were as follows (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

Revenue:

 

 

 

 

 

 

Product revenue, net

 

$

173,664

 

 

$

100,949

 

Operating costs and expenses:

 

 

 

 

 

 

Cost of goods sold

 

 

21,036

 

 

 

14,886

 

Research and development

 

 

7,375

 

 

 

16,388

 

Selling, general and administrative

 

 

32,304

 

 

 

28,769

 

Total operating costs and expenses

 

 

60,715

 

 

 

60,043

 

Income from operations

 

 

112,949

 

 

 

40,906

 

Interest and other, net

 

 

 

 

 

 

Interest expense

 

 

(11,683

)

 

 

(7,437

)

Interest income and other income (expenses), net

 

 

423

 

 

 

2,886

 

Total interest and other, net

 

 

(11,260

)

 

 

(4,551

)

Income before income taxes

 

 

101,689

 

 

 

36,355

 

Provision for income taxes

 

 

139

 

 

 

255

 

Investment income in unconsolidated variable interest entity

 

 

3,969

 

 

 

2,638

 

Income from discontinued operations, net of tax

 

$

105,519

 

 

$

38,738

 

The carrying value of the assets and liabilities of the discontinued operations with respect to FibroGen International on the consolidated balance sheets as of December 31, 2024 and 2023 were as follows (in thousands):

 

 

 

December 31, 2024

 

 

December 31, 2023

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

51,696

 

 

$

32,135

 

Accounts receivable, net

 

 

18,443

 

 

 

7,432

 

Inventories

 

 

15,547

 

 

 

24,392

 

Prepaid expenses and other current assets

 

 

25,163

 

 

 

1,817

 

Total current assets held for sale

 

 

110,849

 

 

 

65,776

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

7,041

 

 

 

8,341

 

Equity method investment in unconsolidated variable interest entity

 

 

6,864

 

 

 

5,290

 

Operating lease right-of-use assets

 

 

1,716

 

 

 

3,154

 

Other assets

 

 

990

 

 

 

1,265

 

Total long-term assets held for sale

 

 

16,611

 

 

 

18,050

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Accounts payable

 

$

26,974

 

 

$

2,182

 

Accrued and other current liabilities

 

 

10,679

 

 

 

39,904

 

Operating lease liabilities, current

 

 

1,264

 

 

 

1,430

 

Total current liabilities held for sale

 

 

38,917

 

 

 

43,516

 

 

 

 

 

 

 

 

Operating lease liabilities, non-current

 

 

356

 

 

 

1,504

 

Total long-term liabilities held for sale

 

 

356

 

 

 

1,504

 

The significant non-cash items and capital expenditures for the discontinued operations with respect to FibroGen International included in the consolidated statements of cash flows for the years ended December 31, 2024 and 2023 were as follows (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

Depreciation

 

$

1,458

 

 

$

2,559

 

Investment income in unconsolidated variable interest entity

 

 

(3,969

)

 

 

(2,638

)

Dividend received from unconsolidated variable interest entity

 

 

2,230

 

 

 

2,255

 

Stock-based compensation

 

 

1,770

 

 

 

2,391

 

Purchases of property and equipment

 

$

(357

)

 

$

(859

)