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DISCONTINUED OPERATIONS | 3 Months Ended
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Mar. 31, 2024
DISCONTINUED OPERATIONS |
DISCONTINUED OPERATIONS | NOTE 7: DISCONTINUED OPERATIONS As discussed in Note 1, on June 26, 2023, the Company completed the previously announced transaction with Cell Ready for cash consideration of $19.0 million, resulting in derecognition of the Purchased Assets and a gain on sale of approximately $8.7 million, net of $63,000 in tax. There were no remaining assets and liabilities classified in discontinued operations as of March 31, 2024 or December 31, 2023. The Company had no activity related to discontinued operations for the three months ended March 31, 2024. Net loss from discontinued operations for the three months ended March 31, 2023, was as follows: ​
​ | ​ | ​ | ​
​ |  | For the Three Months Ended
​ | ​ | March 31,
​ | ​ | ​ | 2023
Revenues: | ​ | ​ | ​
Related party service revenue | ​ | $ | 3,500,000
Total revenues | ​ |  | 3,500,000
Operating expenses: | ​ |  | ​
Research and development | ​ |  | 3,894,245
General and administrative | ​ | ​ | 348,506
Total operating expenses | ​ | ​ | 4,242,751
Loss from discontinued operations | ​ | $ | (742,751)
​ The following table summarizes our cash flows related to discontinued operations for the three months ended March 31, 2023: ​
​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended
​ | ​ | March 31,
​ |  | 2023
Discontinued operations | ​ |  | ​
Net cash used in operating activities | ​ |  | (2,790,000)
Net cash used in investing activities | ​ |  | (113,000)
Net decrease in cash and cash equivalents from discontinued operations | ​ | $ | (2,903,000)
​ Related Party Service Revenue In April 2022, the Company entered into a binding services agreement (“Wilson Wolf Agreement”) with Wilson Wolf Manufacturing Corporation (“Wilson Wolf”). Mr. John Wilson is a member of the Company’s board of directors and is serving as the CEO of Wilson Wolf. Wilson Wolf is in the business of creating products and services intended to simplify and expedite the transition of cell therapies and gene-modified cell therapies to mainstream society (the “Wilson Wolf Mission”). Pursuant to the Wilson Wolf Agreement, Wilson Wolf made a cash payment to the Company in the amount of $8.0 million, as consideration for certain training and research services. In March 2023, the Company recognized the final $2.5 million of revenue pursuant to this $8.0 million agreement and an additional $1.0 million because certain agreed milestones were met. The additional $1.0 million of service fee revenue recognized during the three months ended March 31, 2023 was received in May 2023.

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