DISCONTINUED OPERATION

9 Months Ended

Sep. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATION

DISCONTINUED OPERATION

In July 2016, the Board of Directors of the Company approved a strategic restructuring plan under which Yield10 Bioscience would become its core business with a focus on developing disruptive technologies for step-change improvements in crop yield to enhance global food security. As part of the restructuring, Metabolix discontinued its biopolymer operations and announced its intention to eliminate approximately 45 positions in its biopolymer operations and corporate organization.

As a result of this strategic shift, the Company completed the sale of its biopolymer intellectual property and certain equipment and inventory to an affiliate of CJ during September 2016. The $10,000 purchase price paid by CJ was primarily for the acquisition of intangible assets, including the Company’s PHA strains, patent rights, know-how and its rights, title and interest in certain license agreements. None of these intangible assets were previously capitalized to the Company’s balance sheet, resulting in a gain on the sale of approximately $9,868, net of the book value of the equipment sold. In addition to the CJ purchase, other parties acquired various capital equipment of the biopolymer operation for a total purchase price of approximately $428, resulting in a net loss on sale of this equipment of approximately $35.

The Company will not have further significant involvement in the operations of the discontinued biopolymer business.

The following are the major items comprising income or loss from discontinued operations for the three and nine months ended September 30, 2016 and September 30, 2015.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Total revenue	$	1,818		$	382		$	4,940		$	848
Costs and expenses:
Cost of product revenue	464			347			702			521
Research and development	3,793			2,424			9,438			7,299
Selling, general and administrative	510			387			1,429			1,502
Net gain on sale of biopolymer assets	(9,833		)	—			(9,833		)	—
Total costs and expenses	(5,066		)	3,158			1,736			9,322
Other (income) or expense	31			(33		)	—			(33		)
Income (loss) from discontinued operations	$	6,853		$	(2,743	)	$	3,204		$	(8,441	)
Income tax expense	(1,259		)	—			(1,259		)	—
Total income (loss) from discontinued operations	$	5,594		$	(2,743	)	$	1,945		$	(8,441	)

At December 31, 2015, current assets and other assets of disposal group classified as held for sale of $328 and $800, respectively, shown on the Company's condensed consolidated balance sheet, represent biopolymer inventory and biopolymer production and laboratory equipment. All of this inventory and equipment was located in the U.S. At September 30, 2016, the sale of assets to CJ was completed and are no longer carried within the Company's balance sheet.

The following are the non-cash operating items and investing items related to discontinued operations for the nine months ended September 30, 2016 and September 30, 2015.

	Nine Months Ended September 30,
	2016			2015
Non-cash operating items:
Depreciation	$	327		$	73
Charge for 401(k) company common stock match	$	125		$	150
Stock-based compensation	$	214		$	479
Inventory impairment	$	199		$	202
Non-cash income tax expense	$	1,259		$	—
Non-cash restructuring expense paid through stock and equipment	$	196		$	—
Gain on sale of discontinued operation and property and equipment	$	(9,833	)	$	(33	)
Investing item:
Purchase of property and equipment	$	(193	)	$	(477	)

The following are the proforma results of the ongoing operations of Metabolix as though the discontinuation of the biopolymer operations and sale of biopolymer assets had occurred at the beginning of the periods shown. The proforma information is not necessarily indicative of the actual results that would have been achieved had the discontinuation of the biopolymer operations occurred at the beginning of the periods presented, nor is it necessarily indicative of future results.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Total revenue	$	473		$	327		$	818		$	1,249
Net loss from continuing operations before income tax benefit	$	(2,612	)	$	(3,105	)	$	(8,659	)	$	(9,323	)
Net loss from continuing operations	$	(1,570	)	$	(3,105	)	$	(7,617	)	$	(9,323	)
Basic and diluted loss per share from continuing operations	$	(0.06	)	$	(0.12	)	$	(0.28	)	$	(0.38	)