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Assets Held For Sale
12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]  
Assets Held For Sale

17. ASSETS HELD FOR SALE

As part of the OXB Solutions Transaction (as defined in Note 18), the Company transferred certain manufacturing and other equipment to the newly formed manufacturing company. The fixed assets transferred to the new company as part of this transaction met the assets held for sale criteria and were reclassified to assets held for sale as of December 31, 2021. The Company determined that the carrying value of the assets held for sale did not exceed fair value less costs to sell, which resulted in no impairment charge for the year ended December 31, 2021. As of December 31, 2021, the Company has presented $28.9 million of fixed assets to be transferred to the new company as a current asset under the caption of “assets held for sale” in the accompanying consolidated balance sheets.

Pursuant to the OXB Solutions Transaction, the Company also assigned all of its right, title and interest in, to and under its facility lease to the new company. However, as the Company remains jointly and severally liable for the payment of rent under the facility lease, the Company has not been released from being the primary obligor under such lease and therefore the related right-of-use asset and lease liability are not derecognized and will remain on the Company’s balance sheet.

The Company determined that the expected disposal of the fixed assets does not qualify for reporting as a discontinued operation since it does not represent a strategic shift that has or will have a major effect on the Company's operations and financial results.