ASSETS AND LIABILITIES HELD FOR SALE

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

ASSETS AND LIABILITIES HELD FOR SALE

5. ASSETS AND LIABILITIES HELD FOR SALE

In November 2021, the Company committed to a plan to sell a variety of lab equipment within the regenerative medicine products reporting segment. The lab equipment has been designated as held for sale and is presented as such within the condensed consolidated balance sheet as of December 31, 2021 and March 31, 2022.

In March 2022, the Company reached a nonbinding understanding with an unrelated third party that contemplates the sale of IBEX Preclinical Research, Inc. (“IBEX”), the Company’s subsidiary which operates within the contract services reporting segment, along with the real property used in the operation of IBEX. The assets and liabilities related to IBEX have been designated as held for sale and are presented as such within the condensed consolidated balance sheet as of March 31, 2022. As of March 31, 2022, the Company measured the assets and liabilities held for sale at the lower of their carrying value or fair value less costs to sell. The operating results of IBEX do not qualify for reporting as discontinued operations.

The following table presents information related to the assets and liabilities that were classified as held for sale (amounts in thousands):

	March 31, 2022		December 31, 2021
Assets
Cash and cash equivalents	$	175	$	–
Accounts receivable, net		712		–
Property and equipment, net		2,663		441
Total assets held for sale		3,550		441
Liabilities
Accounts payable and accrued expenses		187		–
Other current liabilities		3		–
Deferred revenue		22		–
Other long-term liabilities		3		–
Total liabilities held for sale		215		–
Total net assets held for sale	$	3,335	$	441

During the three months ended March 31, 2022, the Company recorded impairment of $0.1 million related to lab equipment designated as held for sale within the regenerative medicine products reporting segment.