| Schedule of Accrued Expenses and Other Long-Term Liabilities |
Accrued expenses and other long-term liabilities consisted of the following:
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March 31, |
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December 31, |
($ in thousands) |
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2021 |
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2020 |
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(Unaudited) |
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Accrued expenses: |
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Professional fees |
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$ |
1,592 |
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$ |
1,236 |
Salaries, bonus and related benefits |
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5,983 |
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|
6,701 |
Research and development |
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|
4,234 |
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|
5,007 |
Research and development - manufacturing |
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— |
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|
518 |
Research and development - license maintenance fees |
|
|
564 |
|
|
461 |
Research and development - milestones |
|
|
600 |
|
|
600 |
Accrued royalties payable |
|
|
2,048 |
|
|
2,682 |
Accrued coupon expense |
|
|
10,944 |
|
|
10,869 |
Other |
|
|
1,846 |
|
|
1,188 |
Total accrued expenses |
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$ |
27,811 |
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$ |
29,262 |
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Other long-term liabilities: |
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Deferred rent and long-term lease abandonment charge1 |
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$ |
1,903 |
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$ |
1,949 |
Partner company note payable, long-term: |
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Ximino agreement2 |
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3,790 |
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3,622 |
Isotretinoin agreement3 |
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1,823 |
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|
2,792 |
Anti-itch product agreement4 |
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— |
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|
945 |
Total other long-term liabilities and partner company note payable, long-term |
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$ |
7,516 |
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$ |
9,308 |
Note 1: |
As of March 31, 2021, and December 31, 2020, the balance consists of deferred charges related to build-out of the New York facility. |
Note 2: |
As of March 31, 2021, and December 31, 2020, the imputed interest discount was $1.2 million and $1.4 million, respectively, in connection with its acquisition of Ximino in July 2019. As of March 31, 2021, and December 31, 2020, $2.0 million and $2.0 million, respectively, of note payable was classified as short-term. |
Note 3: |
As of March 31, 2021, and December 31, 2020, the imputed discount balance was $0.2 million and $0.2 million, respectively. 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 March 31, 2021, and December 31, 2020, $1.5 million and $0.5 million, respectively, of note payable was classified as short-term. |
Note 4: As of March 31, 2021, and December 31, 2020, the imputed discount balance was approximately $37,000 and $0.1 million, respectively in connection with its acquisition of an anti-itch product. The imputed interest discount was calculated utilizing a 4.25% effective rate, which represents the market rate for an asset-backed three year loan, secured by receivables. As of March 31, 2021, and December 31, 2020, $2.0 million and $2.8 million, respectively, of note payable was classified as partner company note payable, short-term on the Company’s Condensed Consolidated Balance Sheet.
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