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Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2025
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 condensed consolidated statements of operations for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue, net

 

$

19,655

 

 

 

49,643

 

 

$

59,472

 

 

$

80,181

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

4,290

 

 

 

5,038

 

 

 

9,692

 

 

 

9,448

 

Research and development

 

 

542

 

 

 

1,746

 

 

 

1,301

 

 

 

3,650

 

Selling, general and administrative

 

 

6,074

 

 

 

7,370

 

 

 

13,538

 

 

 

13,475

 

Total operating costs and expenses

 

 

10,906

 

 

 

14,154

 

 

 

24,531

 

 

 

26,573

 

Income from operations

 

 

8,749

 

 

 

35,489

 

 

 

34,941

 

 

 

53,608

 

Interest and other, net

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(2,964

)

 

 

(2,915

)

 

 

(5,915

)

 

 

(5,819

)

Interest income and other income (expenses), net

 

 

(1,367

)

 

 

(2,181

)

 

 

(2,649

)

 

 

(1,846

)

Total interest and other, net

 

 

(4,331

)

 

 

(5,096

)

 

 

(8,564

)

 

 

(7,665

)

Income before income taxes

 

 

4,418

 

 

 

30,393

 

 

 

26,377

 

 

 

45,943

 

Provision for income taxes

 

 

—

 

 

 

19

 

 

 

—

 

 

 

45

 

Investment income in unconsolidated variable interest entity

 

 

1,662

 

 

 

1,177

 

 

 

1,108

 

 

 

1,766

 

Income from discontinued operations, net of tax

 

$

6,080

 

 

$

31,551

 

 

$

27,485

 

 

$

47,664

 

The carrying value of the assets and liabilities of the discontinued operations with respect to FibroGen International on the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024 were as follows (in thousands):

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

96,474

 

 

$

51,696

 

Accounts receivable, net

 

 

22,143

 

 

 

18,443

 

Inventories

 

 

10,871

 

 

 

15,547

 

Prepaid expenses and other current assets

 

 

3,162

 

 

 

25,163

 

Total current assets held for sale

 

 

132,650

 

 

 

110,849

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

4,670

 

 

 

7,041

 

Equity method investment in unconsolidated variable interest entity

 

 

8,115

 

 

 

6,864

 

Operating lease right-of-use assets

 

 

1,122

 

 

 

1,716

 

Other assets

 

 

987

 

 

 

990

 

Total long-term assets held for sale

 

 

14,894

 

 

 

16,611

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Accounts payable

 

$

123

 

 

$

26,974

 

Accrued and other current liabilities

 

 

7,486

 

 

 

10,679

 

Operating lease liabilities, current

 

 

849

 

 

 

1,264

 

Total current liabilities held for sale

 

 

8,458

 

 

 

38,917

 

 

 

 

 

 

 

 

Operating lease liabilities, non-current

 

 

156

 

 

 

356

 

Total long-term liabilities held for sale

 

 

156

 

 

 

356

 

 

The significant non-cash items and capital expenditures for the discontinued operations with respect to FibroGen International included in the condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 were as follows (in thousands):

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Depreciation

 

$

530

 

 

$

753

 

Investment loss (income) in unconsolidated variable interest entity

 

 

(1,108

)

 

 

(1,766

)

Impairment of property and equipment

 

 

2,062

 

 

 

—

 

Stock-based compensation

 

$

943

 

 

$

884