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Discontinued Operations | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations On January 16, 2025, the Company entered into a Stock Purchase Agreement (the “Agreement”) with JL Projects, Inc., a Delaware corporation (“JL Projects”), pursuant to which JL Projects purchased from the Company all of the right, title, and interest in and to all of the issued and outstanding shares of capital stock of Pharmaloz Manufacturing, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“PMI”), and Pharmaloz Real Estate Holdings, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“PREH”). The transaction closed concurrently with the execution of the Agreement on January 16, 2025. As part of the transaction, JL Projects provided approximately $2 million in cash payments to the Company and extinguished approximately $10 million of the Company’s debt. Additionally, JL Projects assumed (i) the existing $3.3 million mortgage on PMI's manufacturing facility, (ii) nearly $2 million in capital leases, and (iii) approximately $3 million in current and accrued payables, and paid down $200,000 on an existing loan from affiliates of JL Projects. The transaction also resulted in the cancellation of approximately $300,000 in accrued interest related to the retired debt. Furthermore, the Company avoided approximately $3 million of upcoming capital expenditures that JL Projects will now be responsible for. The transaction also transferred over $600,000 in employee annual overhead from the Company to PMI. As a result, the Company recognized a gain on sale of PMI and PREH of approximately $8.7 million for the nine months ended September 30, 2025. The Company has reported the results of the discontinued operations as a separate component of income below the income (loss) from continuing operations in each period presented. The following table presents a reconciliation of discontinued operations for the three and nine months ended September 30, 2025 and 2024, respectively (amount in thousands):
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Revenues, net | $ | — |  |  | $ | 1,730 |  |  | $ | — |  |  | $ | 3,978 |
Cost of revenues | — |  |  | 2,110 |  |  | — |  |  | 5,052 |
Gross loss | — |  |  | (380) |  |  | — |  |  | (1,074) |
Operating expenses: |  |  |  |  |  |  |
General and administration | — |  |  | 1,077 |  |  | 102 |  |  | 1,649 |
Research and development | — |  |  | — |  |  | — |  |  | — |
Total operating expenses | — |  |  | 1,077 |  |  | 102 |  |  | 1,649 |
Loss from operations | — |  |  | (1,457) |  |  | (102) |  |  | (2,723) |
Interest expense | — |  |  | (165) |  |  | — |  |  | (360) |
Other income | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 30 |
Loss from discontinued operations, net of tax | $ | — |  |  | $ | (1,622) |  |  | $ | (102) |  |  | $ | (3,053) |
The assets and liabilities classified in discontinued operations as of September 30, 2025 and December 31, 2024 are as follows (amount in thousands):
| September 30, 2025 |  | December 31, 2024
Restricted cash | $ | — |  |  | $ | 627 |
Accounts receivable, net | — |  |  | 605 |
Inventory, net | — |  |  | 1,487 |
Prepaid expenses and other current assets | — |  |  | 3,424 |
Total current assets in discontinued operations | — |  |  | 6,143 |
Property, plant and equipment, net | — |  |  | 4,895 |
Other assets | — |  |  | 544 |
Total non-current assets in discontinued operations | — |  |  | 5,439 |
Total assets in discontinued operations | — |  |  | 11,582 |
Accounts payable | $ | — |  |  | $ | 2,432 |
Secured promissory note payable | — |  |  | 1,000 |
Finance lease liability | — |  |  | 2,356 |
Other current liabilities | — |  |  | 79 |
Total current liabilities in discontinued operations | — |  |  | 5,867 |
Secured long-term debt, net of discount of $318 | — |  |  | 2,924 |
Total non-current liabilities in discontinued operations | — |  |  | 2,924 |
Total liabilities in discontinued operations | $ | — |  |  | $ | 8,791 |

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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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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