Discontinued Operations |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations | Discontinued Operations In accordance with ASC 205, the Company determined that the closure of substantially all operations in the Company’s Therapeutics operating segment in November 2024 represented a strategic shift that had a major effect on the Company’s operations and financial results, thus meeting the criteria to be reported as discontinued operations as of December 31, 2024. Discontinued operations include research and development costs, including lab-related research services, clinical development, and collaboration costs, as well as personnel-related, lease, equipment, and depreciation costs associated with the former Therapeutics operating segment. Also included are restructuring costs, including cash severance payments, benefits continuation, stock-based compensation, and exit costs associated with the Company abandoning the lease for its South San Francisco, California lab facility (the “South San Francisco Facility”) following the November 2024 Reduction Plan. General corporate overhead costs for shared services historically allocated to the former Therapeutics operating segment that do not meet the requirements to be presented in discontinued operations have been allocated to the continuing operations in accordance with ASC Subtopic 205-20, Presentation of Financial Statements — Discontinued Operations, for the periods presented herein, as the costs were not directly attributable to the discontinued operations of the former Therapeutics operating segment. These costs were nil and $1.1 million for the three months ended June 30, 2025 and 2024, respectively. The Company will not have any significant continuing involvement in the operations of the former Therapeutics operating segment after the disposal transaction. There were no assets and liabilities of the discontinued operations as of June 30, 2025 and March 31, 2025. There were no condensed operating results of the discontinued operations for the three months ended June 30, 2025. The following table summarizes the condensed operating results of the discontinued operations for the three months ended June 30, 2024:
(1)See Note 13, “Stock-Based Compensation,” for details on total stock-based compensation related to discontinued operations. (2)Pre-tax net loss from discontinued operations equals net loss from discontinued operations as there was no provision for (benefit from) income tax related to discontinued operations for the three months ended June 30, 2024. There was no condensed cash flow information of the discontinued operations for the three months ended June 30, 2025. The following table summarizes the condensed cash flow information of the discontinued operations for the three months ended June 30, 2024:
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