| Schedule of accrued expenses and other long-term liabilities |
Accrued expenses and other long-term liabilities consisted of the following:
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September 30, |
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December 31, |
($ in thousands) |
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2020 |
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2019 |
Accrued expenses: |
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Professional fees |
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$ |
1,672 |
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$ |
1,153 |
Salaries, bonus and related benefits |
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5,677 |
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6,683 |
Accrued expense - related party |
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19 |
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— |
Research and development |
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4,604 |
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4,215 |
Research and development - manufacturing |
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— |
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1,017 |
Research and development - license maintenance fees |
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629 |
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361 |
Research and development - milestones |
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600 |
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— |
Accrued royalties payable |
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1,908 |
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2,320 |
Accrued coupon expense |
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5,476 |
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8,391 |
Other |
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547 |
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1,259 |
Total accrued expenses |
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$ |
21,132 |
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$ |
25,399 |
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Other long-term liabilities: |
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Deferred rent and long-term lease abandonment charge1 |
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$ |
1,996 |
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$ |
2,136 |
Long-term notes payable, net (Journey) |
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Ximino agreement2 |
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3,456 |
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4,990 |
Oral acne treatment agreement3 |
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2,753 |
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— |
Total other long-term liabilities |
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$ |
8,205 |
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$ |
7,126 |
Note 1: |
As of September 30, 2020, and December 31, 2019, the balance consists of deferred charges related to build-out of the New York facility. |
Note 2: |
As of September 30, 2020, and December 31, 2019, the imputed interest discount was $1.5 million and $2.0 million, respectively, in connection with its acquisition of Ximino in July 2019. Amortization of interest discount was $0.5 million for the nine months ended September 30, 2020, and $0.1 million for the nine months ended September 30, 2019. As of September 30, 2020, $2.0 million of note payable was classified as short-term. |
Note 3: |
As of September 30, 2020, the imputed discount balance was $0.2 million. The imputed interest discount was calculated utilizing a 4.00% effective rate, which represents the market rate for an asset-backed three year loan, secured by receivables. As of September 30, 2020, $1.0 million of note payable was classified as short-term. |
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