Discontinued Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations [Abstract]

Discontinued Operations

2. Discontinued Operations

As discussed in Note 1, we changed our business in 2022 by licensing our products to receive royalties and future sales related milestone payments, after granting an exclusive license to commercialize our IMVEXXY, BIJUVA, and prescription prenatal vitamin products sold under the BocaGreenMD and vitaMedMD brands in the United States and assigning our exclusive license to commercialize ANNOVERA to Mayne Pharma.

This plan represented a strategic shift having a major effect on our operations and financial results. Upon our conversion from a commercial pharmaceutical company to a licensing only company with the consummation of the Mayne Transaction, we classified all direct revenues, costs and expenses related to commercial operations, within income (loss) from discontinued operations, net of tax, in the consolidated statements of operations for all periods presented. We have not allocated any amounts for shared general and administrative operating support expense to discontinued operations.

Additionally, the related assets and liabilities have been reported as assets and liabilities of discontinued operations in our consolidated balance sheets as of December 31, 2024 and 2023.

As described in Note 1, the acquisition of net working capital by Mayne Pharma was determined in accordance with the Transaction Agreement and included significant estimates which could change materially for a period of up to two years following the Closing Date. Our estimate of net working capital at closing was determined in accordance with the Transaction Agreement which establishes the process for the determination of final net working capital. Refer to Note 7 for a further discussion of net working capital contingencies.

The following table presents results of discontinued operations (in thousands):

	Years ended December 31,
	2024			2023
Product revenue, net	$	—		$	(833	)
General and administrative		64			481
Total operating expenses		64			481
Operating loss from discontinued operations		(64	)		(1,314	)
Loss on disposal of assets		—			(1,150	)
Other Income (expense), net		195			(115	)
Total other income (expense), net		195			(1,265	)
Net income (loss) from discontinued operations	$	131		$	(2,579	)

The following table presents the carrying amounts of the classes of assets and liabilities of discontinued operations (in thousands):

	As of December 31,
	2024		2023
Assets:
Accounts receivable	$	—	$	344
Liabilities:
Accrued expenses and other current liabilities	$	2,781	$	3,694