Fortress Biotech, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Accrued Liabilities and other Long-Term Liabilities (Tables)

Accrued Liabilities and other Long-Term Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Accrued Liabilities and other Long-Term Liabilities

Schedule of accrued expenses and other long-term liabilities

Accrued expenses and other long-term liabilities consisted of the following:


	March 31,		December
($ in thousands)	2020		31, 2019

Accrued expenses:
Professional fees	$	1,050	$	1,153
Salaries, bonuses and related benefits		6,139		6,683
Accrued expense - related party		13		—
Research and development		2,096		4,215
Research and development - manufacturing		1,032		1,017
Research and development - clinical supplies		2,055		—
Research and development - license maintenance fees		133		361
Research and development - milestones		850		—
Accrued royalties payable		2,456		2,320
Accrued coupon expense		8,735		8,391
Other		1,311		1,259
Total accrued expenses	$	25,870	$	25,399

Other long-term liabilities:
Deferred rent and long-term lease abandonment charge1	$	2,089	$	2,136
Long-term note payable 2		5,140		4,990
Total other long-term liabilities	$	7,229	$	7,126

Note 1: As of March 31, 2020, and December 31, 2019, balance consists of deferred charges related to build-out of the New York facility.

Note 2: As of March 31, 2020 and December 31, 2019, balance consists of Journey’s note payable of $7.0 million, net of an imputed interest discount of $1.9 million and $2.0 million , respectively, in connection with its acquisition of Ximino in July 2019 (see Note 9). The imputed interest discount was calculated utilizing an 11.96% effective interest rate based upon a non-investment grade “CCC” rate over a five-year period. Amortization of interest discount was $0.1 million for the three months ended March 31, 2020.No expense was recorded for the three months ended March 31, 2019.