Quarterly report pursuant to Section 13 or 15(d)

Accrued Liabilities and other Long-Term Liabilities

v3.20.1
Accrued Liabilities and other Long-Term Liabilities
3 Months Ended
Mar. 31, 2020
Accrued Liabilities and other Long-Term Liabilities  
Accrued Liabilities and other Long-Term Liabilities

11. Accrued Liabilities 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.