The following table presents components of discontinued operations included in “Income from discontinued operations, net of tax” (in thousands):
| |
|
June 30, 2024
|
|
|
Product revenue, net
|
|
$
|
18,367 |
|
|
License, milestone and other revenue
|
|
|
28,775 |
|
|
Revenue, net
|
|
|
47,142 |
|
|
Operating expenses:
|
|
|
|
|
|
Cost of revenues
|
|
|
3,765 |
|
|
Research and development
|
|
|
12,701 |
|
|
Selling, general and administrative
|
|
|
48,626 |
|
|
Total operating expenses
|
|
|
65,092 |
|
|
Loss from operations
|
|
|
(17,950 |
)
|
|
Change in fair value of debt
|
|
|
(119,352 |
)
|
|
Interest expense(1)
|
|
|
13,399 |
|
|
Other income, net
|
|
|
(1,782 |
)
|
|
Income from discontinued operations before income taxes
|
|
|
89,785 |
|
|
Income tax expense
|
|
|
692 |
|
|
Income from discontinued operations, net of tax
|
|
$
|
89,093 |
|
| |
|
|
|
|
|
Loss from discontinued operations before income taxes attributable to noncontrolling interests
|
|
$
|
(155 |
)
|
|
Income from discontinued operations before income taxes attributable to Roivant Sciences Ltd.
|
|
|
89,940 |
|
|
Income from discontinued operations before income taxes
|
|
$
|
89,785 |
|
(1) Interest expense consists of interest payments related to outstanding debt held by Dermavant as well as the associated non-cash amortization of debt discounts and issuance costs.
In the accompanying condensed consolidated statements of cash flows, the cash flows from discontinued operations are not separately classified. The following table summarizes significant non-cash operating and investing items from discontinued operations for the three months ended June 30, 2024 (in thousands):
| |
|
June 30, 2024
|
|
|
Share-based compensation
|
|
$
|
2,780 |
|
|
Change in fair value of debt
|
|
$
|
(119,352 |
)
|
|
Depreciation and amortization
|
|
$
|
2,834 |
|
|