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Discontinued Operations | 9 Months Ended
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Sep. 30, 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 September 30, 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Product revenue, net |  | $ | — |  |  | $ | (833 | ) |  | $ | — |  |  | $ | (833 | )
General and administrative expenses |  |  | 42 |  |  |  | (39 | ) |  |  | 202 |  |  |  | 296 |
Total operating expenses |  |  | 42 |  |  |  | (39 | ) |  |  | 202 |  |  |  | 296 |
Operating loss from discontinued operations |  |  | (42 | ) |  |  | (794 | ) |  |  | (202 | ) |  |  | (1,129 | )
Other income (expense), net |  |  | — |  |  |  | (1,150 | ) |  |  | 195 |  |  |  | (2,108 | )
Total other income (expense), net |  |  | — |  |  |  | (1,150 | ) |  |  | 195 |  |  |  | (2,108 | )
Loss from discontinued operations, net of income taxes |  | $ | (42 | ) |  | $ | (1,944 | ) |  | $ | (7 | ) |  | $ | (3,237 | )
The following table presents the carrying amounts of the classes of assets and liabilities of discontinued operations as of September 30, 2024 and December 31, 2023 (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Assets: |  |  |  |  |  |
Accounts receivable |  | $ | - |  |  | $ | 344 |
Liabilities: |  |  |  |  |  |  |  |
Accrued expenses and other current liabilities |  | $ | 2,924 |  |  | $ | 3,694 |

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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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