XML 20 R9.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Discontinued Operations | 3 Months Ended
--- | ---
Mar. 31, 2024
Discontinued Operations [Abstract] |
Discontinued Operations | 2. Discontinued Operations As discussed in Note 1, we changed our business in 2022 by licensing our products to receive royalties and future sales related milestone payments, after granting an exclusive license to commercialize our IMVEXXY, BIJUVA, and prescription prenatal vitamin products sold under the BocaGreenMD and vitaMedMD brands in the United States and assigning our exclusive license to commercialize ANNOVERA to Mayne Pharma. This plan represented a strategic shift having a major effect on our operations and financial results. Upon our conversion from a commercial pharmaceutical company to a licensing only company with the consummation of the Mayne Transaction, we classified all direct revenues, costs and expenses related to commercial operations, within income (loss) from discontinued operations, net of tax, in the condensed consolidated statements of operations for all periods presented. We have not allocated any amounts for shared general and administrative operating support expense to discontinued operations. Additionally, the related assets and liabilities have been reported as assets and liabilities of discontinued operations in our condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. As described in Note 1, the acquisition of net working capital by Mayne Pharma was determined in accordance with the Transaction Agreement and included significant estimates which could change materially for a period of up to two years following the Closing Date. Our estimate of net working capital at closing was determined in accordance with the Transaction Agreement which establishes the process for the determination of final net working capital. Refer to Note 6 for a further discussion of net working capital contingencies. The following table presents results of discontinued operations (in thousands):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
General and administrative expenses |  | $ | 55 |  |  | $ | 335 |
Total operating expenses |  |  | 55 |  |  |  | 335 |
Operating loss from discontinued operations |  |  | (55 | ) |  |  | (335 | )
Other income (expense), net |  |  | 130 |  |  |  | (958 | )
Total other income (expense), net |  |  | 130 |  |  |  | (958 | )
Income (loss) from discontinued operations, net |  | $ | 75 |  |  | $ | (1,293 | )
The following table presents the carrying amounts of the classes of assets and liabilities of discontinued operations as of March 31, 2024 and December 31, 2023 (in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
Assets: |  |  |  |  |  |
Accounts receivable |  | $ | 94 |  |  | $ | 344 |
Liabilities: |  |  |  |  |  |  |  |
Accrued expenses and other current liabilities |  | $ | 3,609 |  |  | $ | 3,694 |

X
- References No definition available. + Details
Name: | us-gaap_CashIncludingDiscontinuedOperationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration