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Discontinued Operations | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | 4. Discontinued Operations On May 11, 2023, the Company entered into the Purchase Agreement with Tisento for Tisento’s acquisition of substantially all of the assets comprising the Company’s zagociguat and CY3018 programs, in exchange for consideration at closing of $8.0 million, the reimbursement of employee expenses or R&D expenses of $2.4 million that Tisento reimbursed the Company for upon closing, and 10% of the issued and outstanding shares of Tisento Parent (Note 5). Upon closing of the transaction, the Company transferred certain fully depreciated software included within property and equipment to Tisento. The carrying value of the disposal group was lower than its fair value, less costs to sell, and accordingly, a gain on disposal was recorded during the year ended December 31, 2023. The operations of the Transferred Assets are presented as discontinued for all periods presented. The transaction closed on July 28, 2023. The following table presents the results of the discontinued operations for the year ended December 31, 2023 (in thousands):
|  |  |  | Year Ended December 31, 2023 |
Revenues: |  |  |  |  |
Revenue from grants |  |  |  | $ | 50 |
Total revenues |  |  |  |  | 50 |
Cost and expenses: |  |  |  |  |
Research and development |  |  |  |  | 4,439 |
General and administrative |  |  |  |  | 4,033 |
Total cost and expenses |  |  |  |  | 8,472 |
Loss from operations |  |  |  |  | (8,422 | )
Gain on disposal of discontinued operations |  |  |  |  | 15,752 |
Net gain from discontinued operations |  |  |  | $ | 7,330 |
The following table presents the significant non-cash item for the discontinued operations that are included in the accompanying consolidated statements of cash flows (in thousands):
|  |  |  | Year Ended December 31, 2023 |
Cash flows from operating activities: |  |  |  |  |
Share-based compensation expense |  |  |  | $ | 505 |
The transaction consideration received from the sale of the Transferred Assets were as follows (in thousands):
|  | Amount |
Closing payment |  | $ | 8,000 |
Expense reimbursement |  |  | 2,402 |
Investment in Tisento Parent |  |  | 5,350 |
Gross transaction consideration from the sale |  |  | 15,752 |
Net assets sold |  |  | — |
Gain on disposal of discontinued operations |  | $ | 15,752 |
During the year ended December 31, 2023, the Company incurred $1.3 million in closing costs associated with the sale of the Transferred Assets. The Company also incurred $0.9 million in transaction costs associated with the sale of the Transferred Assets during the year ended December 31, 2023, respectively. All of the closing and transaction costs were recognized as part of discontinued operations - general and administrative.

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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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