Annual report pursuant to Section 13 and 15(d)

Joint Venture Agreement

v3.21.1
Joint Venture Agreement
12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Joint Venture Agreement Joint Venture AgreementIn November 2011, the Company entered into an affiliation agreement with the Mayo Foundation for Medical Education and Research (“Mayo”), subsequently amended. Under the agreement, the Company formed a joint venture with Mayo in May 2013 to focus on developing oncology diagnostic services and tests utilizing next generation sequencing. The joint venture is a limited liability company, with each party initially holding fifty percent of the issued and outstanding membership interests of the new entity (the “JV”). The Company has a net receivable due from the JV of approximately $56 thousand at December 31, 2020, which is included in other assets in the Consolidated Balance Sheets. The JV was dissolved effective February 14, 2020, and the dissolution terms included an estimated final cash distribution from the JV to the Company of $92 thousand, to be paid as soon as practicable. The Company received the first payment of $36 thousand in April 2020, which is consistent with the dissolution terms. The remaining cash distribution of $56 thousand was received in 2021. There was no other activity during the year ended December 31, 2020 and 2019.