| Schedule of Debt |
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December 31, |
|
December 31, |
|
Interest rate at |
|
|
($ in thousands) |
|
2024 |
|
2023 |
|
December 31, 2024 |
|
Maturity |
2024 Oaktree Note |
|
$ |
35,350 |
|
$ |
— |
|
12.2 |
% |
July - 2027 |
2020 Oaktree Note |
|
|
— |
|
|
50,000 |
|
11.0 |
% |
August - 2025 |
SWK Term Loan |
|
|
25,000 |
|
|
15,000 |
|
14.8 |
% |
December - 2027 |
Less: Discount on notes payable |
|
|
(2,388) |
|
|
(4,144) |
|
|
|
|
Total notes payable |
|
$ |
57,962 |
|
$ |
60,856 |
|
|
|
|
|
| Interest Expense for all Debt Arrangements |
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|
|
|
|
|
|
|
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|
Year Ended December 31, |
|
|
2024 |
|
2023 |
($ in thousands) |
|
Interest |
|
Fees |
|
Total |
|
Interest |
|
Fees |
|
Total |
2024 Oaktree Note |
|
|
1,954 |
|
|
323 |
|
|
2,277 |
|
|
— |
|
|
— |
|
|
— |
2020 Oaktree Note1 |
|
|
6,803 |
|
|
1,219 |
|
|
8,022 |
|
|
5,561 |
|
|
2,073 |
|
|
7,634 |
Partner company convertible preferred shares |
|
|
(290) |
|
|
90 |
|
|
(200) |
|
|
1,023 |
|
|
503 |
|
|
1,526 |
Partner company installment payments - licenses2 |
|
|
— |
|
|
— |
|
|
— |
|
|
353 |
|
|
— |
|
|
353 |
Partner company notes payable3 |
|
|
2,385 |
|
|
307 |
|
|
2,692 |
|
|
4,856 |
|
|
492 |
|
|
5,348 |
Partner company contingent call option accretion4 |
|
|
716 |
|
|
— |
|
|
716 |
|
|
— |
|
|
— |
|
|
— |
Other |
|
|
20 |
|
|
— |
|
|
20 |
|
|
122 |
|
|
332 |
|
|
454 |
Total Interest Expense and Financing Fee |
|
$ |
11,588 |
|
$ |
1,939 |
|
$ |
13,527 |
|
$ |
11,915 |
|
$ |
3,400 |
|
$ |
15,315 |
Note 1: |
Includes loss on extinguishment of debt of $3.6 million related to the payoff of the 2020 Oaktree Note on July 25, 2024. |
Note 2: |
Imputed interest expense related to Ximino, Accutane, Anti-itch product license and VYNE product licenses (see Note 8) for the year ended December 31, 2023. |
Note 3: |
Includes loss on extinguishment of debt of $2.8 million recorded by Mustang related to payoff of the Runway Note on April 11, 2023. |
Note 4:Relates to Urica’s optional repurchase obligation to Crystalys (see Note 3).
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