| Schedule of Carrying Amounts of Major Classes of Assets and Liabilities Related to Assets Held for Sale |
We determined that the sale of Pelican meets the definition of a deconsolidation of a business. Net assets sold together with allocated goodwill and cash consideration paid were as follows (in thousands):
|
|
|
|
|
|
| Property and equipment, net |
$ |
8,250 |
|
| Intangible assets |
19,895 |
|
| Other assets |
717 |
|
| Operating lease right-of-use assets |
8,693 |
|
| Financing lease right-of-use assets |
20 |
|
| Accrued liabilities |
(630) |
|
| Deferred revenue |
(495) |
|
| Long-term operating lease liabilities |
(8,445) |
|
| Other liabilities |
(74) |
|
| Net assets sold |
27,931 |
|
| Allocated goodwill |
4,132 |
|
| Cash consideration paid |
15,000 |
|
|
$ |
47,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2022 |
|
Nine months ended September 30, 2022 |
| Revenues: |
|
|
|
| Royalties |
$ |
582 |
|
|
$ |
984 |
|
| Contract revenue |
6,285 |
|
|
22,353 |
|
| Total revenues |
6,867 |
|
|
23,337 |
|
| Operating costs and expenses: |
|
|
|
| Amortization of intangibles |
3,250 |
|
|
9,757 |
|
| Research and development |
12,797 |
|
|
34,576 |
|
| General and administrative |
2,525 |
|
|
11,279 |
|
| Total operating costs and expenses |
18,572 |
|
|
55,612 |
|
| Loss from operations |
(11,705) |
|
|
(32,275) |
|
| Other income (expense): |
|
|
|
| Other income (expense), net |
208 |
|
|
485 |
|
| Total other income (expense), net |
208 |
|
|
485 |
|
| Loss before income tax |
(11,497) |
|
|
(31,790) |
|
| Income tax (expense) benefit |
2,256 |
|
|
6,599 |
|
| Net loss |
$ |
(9,241) |
|
|
$ |
(25,191) |
|
The following table summarizes the significant non-cash items, capital expenditures of the discontinued operations, and financing activities that are included in the consolidated statements of cash flows for the nine months ended September 30, 2022 (in thousands):
|
|
|
|
|
|
|
Nine months ended |
|
September 30, 2022 |
| Operating activities: |
|
| Change in fair value of contingent consideration |
$ |
(486) |
|
| Depreciation and amortization |
12,070 |
|
| Stock-based compensation expense |
7,923 |
|
|
|
| Investing activities: |
|
|
|
| Purchase of property, plant and equipment |
(12,415) |
|
| Payments to CVR Holders |
(960) |
|
|
|
| Financing activities: |
|
| Payments to CVR Holders |
$ |
(1,545) |
|
|
|
| Supplemental cash flow disclosures: |
|
| Purchases of property, plant and equipment included in accounts payable and accrued expenses |
$ |
3,458 |
|
|