Quarterly report pursuant to Section 13 or 15(d)

Accrued Liabilities and other Long-Term Liabilities (Tables)

v3.21.1
Accrued Liabilities and other Long-Term Liabilities (Tables)
3 Months Ended
Mar. 31, 2021
Accrued Liabilities and other Long-Term Liabilities  
Schedule of Accrued Expenses and Other Long-Term Liabilities

Accrued expenses and other long-term liabilities consisted of the following:

March 31, 

December 31,

($ in thousands)

    

2021

    

2020

(Unaudited)

Accrued expenses:

 

  

 

  

Professional fees

$

1,592

$

1,236

Salaries, bonus and related benefits

 

5,983

 

6,701

Research and development

 

4,234

 

5,007

Research and development - manufacturing

 

 

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

$

27,811

$

29,262

Other long-term liabilities:

 

  

 

  

Deferred rent and long-term lease abandonment charge1

$

1,903

$

1,949

Partner company note payable, long-term:

Ximino agreement2

3,790

3,622

Isotretinoin agreement3

1,823

2,792

Anti-itch product agreement4

945

Total other long-term liabilities and partner company note payable, long-term

$

7,516

$

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.