Quarterly report [Sections 13 or 15(d)]

SALE OF NONFINANCIAL ASSETS

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SALE OF NONFINANCIAL ASSETS
6 Months Ended
Jun. 30, 2025
Sale Of Nonfinancial Assets  
SALE OF NONFINANCIAL ASSETS

NOTE 14 – SALE OF NONFINANCIAL ASSETS

 

On May 9, 2025, the Company entered into a definitive asset purchase agreement that transferred the rights to a PRV awarded to the Company following the FDA approval of ZEVASKYN™. The PRV sale was subject to customary closing conditions and was completed in June 2025 following the expiration of applicable U.S. antitrust requirements. The Company accounted for this transaction under ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). The Company received the gross proceeds of $155.0 million during the three months ended June 30, 2025 and recognized a gain, net of transaction costs of $2.6 million, from sale of priority review voucher of $152.4 million on the Company’s condensed consolidated statement of operations and comprehensive income (loss) as it did not have a carrying value at the time of sale.