Accrued Expenses and Other Long-Term Liabilities |
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| Accrued Expenses and Other Long-Term Liabilities |
10. Accrued Expenses and Other Long-Term Liabilities In December 2012, the Company acquired certain manufacturing rights from Ovamed GmbH (“Ovamed”) and agreed to pay an aggregate of $1.5 million, in three installments of $0.5 million on December 12, 2014, 2015 and 2016, respectively. As of June 30, 2015, the Company had not made any payments to Ovamed. On February 27, 2015, Ovamed, the Company’s supplier and manufacturer of TSO, filed for insolvency in Germany, a process similar to U.S. bankruptcy. The accrual is recorded on the Company’s Unaudited Condensed Consolidated Balance Sheets as a current accrued expense of $1.5 million as of June 30, 2015, as a result of the bankruptcy notification. This obligation was recorded at its full value; accretion of the obligation was nil and $38,000 for the three month period ended June 30, 2015 and 2014, respectively, and $167,000 and $75,000 for the six months ended June 30, 2015 and 2014, respectively, and is recorded as interest expense Unaudited Condensed Consolidated Statements of Operations. On April 20, 2015, the Company decided to no longer pursue the development of TSO. As a result, the Company terminated all on-going TSO trials including its Phase 2A clinical trial in pediatric patients with autism spectrum disorder. A preliminary analysis of data from this trial failed to demonstrate any signal of activity. Accrued expenses and other long-term liabilities consisted of the following:
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