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Segments
6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segments Segments
The Company's CODM assesses the operating performance of and allocates resources for several operating segments using Segment Adjusted EBITDA as a basis. Management believes this financial metric is a key indicator of operating results since it excludes noncash revenues and expenses that are not reflective of the underlying business performance of an individual enterprise. The Company defines Segment Adjusted EBITDA as net income (loss) before (i) interest expense, (ii) income tax expense or benefit, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) loss on settlement agreements where noncash consideration is paid, (vi) adjustments for accrued bonuses paid in equity awards, (vii) gain or loss on disposals of assets, (viii) loss on impairment of goodwill and other noncurrent assets, (ix) equity in net loss of affiliates, and (x) recognition of previously deferred revenue associated with upfront and milestone payments as well as cash outflows from capital expenditures and investments in affiliates, but includes proceeds from the sale of assets in the period sold.
Because the Company uses Segment Adjusted EBITDA as its primary measure of segment performance, it has included this measure in its discussion of segment operating results. The Company has also disclosed revenues from external customers and intersegment revenues for each reportable segment. Corporate expenses are not allocated to the segments and are managed at a consolidated level. The CODM does not use total assets by segment to evaluate segment performance or allocate resources, and accordingly, these amounts are not required to be disclosed. The Company's segment presentation excludes amounts related to the operations of Trans Ova and MBP Titan which are reported as discontinued operations (Note 3).
For the three and six months ended June 30, 2022, the Company's reportable segments were (i) Biopharmaceuticals and (ii) Exemplar. These identified reportable segments met the quantitative thresholds to be reported separately for the six months ended June 30, 2022. See Note 2 for a description of the Biopharmaceuticals segment. See Note 1 for a description of the Exemplar segment.
Segment Adjusted EBITDA by reportable segment was as follows:
Three Months Ended 
 June 30,
Six Months Ended 
 June 30,
2022202120222021
Biopharmaceuticals
$(11,249)$(12,540)$(22,869)$(21,394)
Exemplar795 1,889 4,353 3,695 
Segment Adjusted EBITDA for reportable segments$(10,454)$(10,651)$(18,516)$(17,699)
The table below reconciles Segment Adjusted EBITDA for reportable segments to consolidated net loss from continuing operations before income taxes:
Three Months Ended 
 June 30,
Six Months Ended 
 June 30,
2022202120222021
Segment Adjusted EBITDA for reportable segments$(10,454)$(10,651)$(18,516)$(17,699)
Remove cash paid for capital expenditures, net of proceeds from sale of assets, and cash paid for investments in affiliates172 257 668 535 
Add recognition of previously deferred revenue associated with upfront and milestone payments— 379 1,446 686 
Other expenses:
Interest expense(2,063)(4,633)(4,101)(9,137)
Depreciation and amortization(1,835)(2,071)(3,753)(4,145)
Gain on disposals of assets— — 
Impairment losses(638)(543)(1,120)(543)
Stock-based compensation expense(2,279)(3,481)(5,803)(8,768)
Adjustment related to accrued bonuses paid in equity awards— — 1,698 — 
Equity in net loss of affiliates— — (1)(3)
Other(105)(7)(105)(14)
Unallocated corporate costs(8,914)(10,052)(18,974)(18,246)
Eliminations(32)(204)(1,543)(575)
Consolidated net loss from continuing operations before income taxes$(26,148)$(30,999)$(50,104)$(57,902)
Revenues by reportable segment were as follows:
Three Months Ended June 30, 2022
Biopharmaceuticals
ExemplarTotal
Revenues from external customers$70 $2,841 $2,911 
Intersegment revenues— — — 
Total segment revenues$70 $2,841 $2,911 
Three Months Ended June 30, 2021
Biopharmaceuticals
ExemplarTotal
Revenues from external customers$416 $3,399 $3,815 
Intersegment revenues87 — 87 
Total segment revenues$503 $3,399 $3,902 
Six Months Ended June 30, 2022
Biopharmaceuticals
ExemplarTotal
Revenues from external customers$154 $8,270 $8,424 
Intersegment revenues1,446 — 1,446 
Total segment revenues$1,600 $8,270 $9,870 
Six Months Ended June 30, 2021
Biopharmaceuticals
ExemplarTotal
Revenues from external customers$594 $6,656 $7,250 
Intersegment revenues328 — 328 
Total segment revenues$922 $6,656 $7,578 

The table below reconciles total segment revenues from reportable segments to total consolidated revenues:
Three Months Ended 
 June 30,
Six Months Ended 
 June 30,
2022202120222021
Total segment revenues from reportable segments$2,911 $3,902 $9,870 $7,578 
Elimination of intersegment revenues— (87)(1,446)(328)
Total consolidated revenues$2,911 $3,815 $8,424 $7,250 

For the three months ended June 30, 2022 and 2021, 64.9% and 58.0%, respectively, of total consolidated revenue was attributable to two and one customer, respectively, in the Exemplar segment. For the six months ended June 30, 2022 and 2021, 67.9% and 58.9%, respectively, of total consolidated revenue was attributable to one customer in the Exemplar segment.
As of June 30, 2022 and December 31, 2021, the Company had $3,537 and $4,463, respectively, of long-lived assets in foreign countries. The Company recognized revenues derived in foreign countries totaling $70 and $103 for the three months ended June 30, 2022 and 2021, respectively, and $154 and $202 for the six months ended June 30, 2022 and 2021, respectively.