Quarterly report pursuant to Section 13 or 15(d)

Accrued Liabilities and other Long-Term Liabilities

v3.20.2
Accrued Liabilities and other Long-Term Liabilities
6 Months Ended
Jun. 30, 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:

June 30, 

December

($ in thousands)

    

2020

    

31, 2019

Accrued expenses:

 

  

 

  

Professional fees

$

1,568

$

1,153

Salaries, bonus and related benefits

 

4,064

 

6,683

Research and development

 

5,477

 

4,215

Research and development - manufacturing

 

1,150

 

1,017

Research and development - license maintenance fees

 

431

 

361

Research and development - milestones

 

900

 

Accrued royalties payable

 

1,796

 

2,320

Accrued coupon expense

 

4,630

 

8,391

Other

 

1,122

 

1,259

Total accrued expenses

$

21,138

$

25,399

Other long-term liabilities:

 

  

 

  

Deferred rent and long-term lease abandonment charge1

$

2,043

$

2,136

Long-term note payable 2

5,295

4,990

Total other long-term liabilities

$

7,338

$

7,126

Note 1:

As of June 30, 2020, and December 31, 2019, balance consists of deferred charges related to build-out of the New York facility.

Note 2:

As of June 30, 2020 and December 31, 2019, balance consists of Journey’s note payable of $7.0 million, net of an imputed interest discount of $1.7 million and $2.0 million, respectively, in connection with its acquisition of Ximino in July 2019. 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 $0.3 million for the six months ended June 30, 2020. No expense was recorded for the six months ended June 30, 2019.