Annual report [Section 13 and 15(d), not S-K Item 405]

Discontinued Operations

v3.25.1
Discontinued Operations
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Effective January 16, 2025, the Company completed the sale of the Pharmaloz Manufacturing Inc. business and Pharmaloz Real Estate Holdings, Inc. (collectively "Pharmaloz") to JH Partners (see Note 18). The occurrence of the sale of the Pharmaloz reporting unit met the criteria to be reported as a discontinued operation, as the disposal of these
components represents a strategic shift for the Company based on the quantitative benchmarks. As of December 31, 2024, the Pharmaloz reporting unit meets all the criteria for held-for-sale accounting.
The Company has reported the results of the discontinued operations as a separate component of income below the income (loss) from continuing operations in each period presented.
The following table presents a reconciliation of discontinued operations for the year ended December 31, 2024 and 2023 (amount in thousands):
For the Years Ended
December 31, 2024 December 31, 2023
 Revenues, net $ 6,442  $ 9,400 
 Cost of revenues 7,364  8,717 
 Gross (loss) profit (922) 683 
 Operating expenses:
 General and administration 2,569  1,060 
 Research and development —  16 
 Total operating expenses 2,569  1,076 
 Loss from operations (3,491) (393)
 Interest expense (378) (9)
 Other income 30  — 
 Loss from discontinued operations, net of tax $ (3,839) $ (402)
The following table presents a reconciliation of the carrying amounts of assets and liabilities of the Company that were reclassified to assets held-for-sale and liabilities held-for-sale as of December 31, 2024 and 2023 (amount in thousands):

December 31, 2024 December 31, 2023
Restricted cash $ 627  $ 540 
Accounts receivable, net 605  499 
Inventory, net 1,487  1,550 
Prepaid expenses and other current assets 3,424  200 
Total current assets held-for-sale 6,143  2,789 
Property, plant and equipment, net 4,895  2,568 
Other assets 544  — 
Total non-current assets held-for-sale 5,439  2,568 
Total assets held-for-sale $ 11,582  $ 5,357 
December 31, 2024 December 31, 2023
Accounts payable $ 2,432  $ 739 
Secured promissory note payable 1,000  — 
Finance lease liability 2,356  — 
Other current liabilities 79  96 
Total current liabilities held for sale 5,867  835 
Secured long-term debt, net of discount of $318 and $341
 2,924  2,924 
Total non-current liabilities held-for-sale 2,924  2,924 
Total liabilities held-for-sale $ 8,791  $ 3,759