Annual report pursuant to Section 13 and 15(d)

Debt and Interest (Tables)

v3.24.1
Debt and Interest (Tables)
12 Months Ended
Dec. 31, 2023
Debt and Interest  
Schedule of Debt

​

​

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 

    

​

    

​

($ in thousands)

​

2023

​

2022

​

Interest rate

​

Maturity

​

​

​

​

​

​

​

​

​

​

Oaktree Note

​

$

50,000

​

$

50,000

 

11.0

%

August - 2025

SWK Term Loan

​

​

15,000

​

​

—

​

15.1

%

December - 2027

EWB Term Loan

​

​

—

​

​

20,000

​

10.2

%

January - 2026

Runway Note

​

​

—

​

​

31,050

​

13.8

%

April - 2027

Less: Discount on notes payable

​

​

(4,144)

​

​

(9,320)

​

​

​

​

Total notes payable

​

$

60,856

​

$

91,730

 

  

 

  

Interest Expense for all Debt Arrangements

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

​

​

2023

​

2022

($ in thousands)

    

Interest

    

Fees

    

Total

    

Interest

    

Fees

    

Total

Oaktree Note

​

​

5,561

​

​

2,073

​

​

7,634

​

​

5,561

​

​

1,532

​

​

7,093

Partner company convertible preferred shares

​

​

1,023

​

​

503

​

​

1,526

​

​

—

​

​

—

​

​

—

Partner company installment payments - licenses

​

​

353

​

​

—

​

​

353

​

​

770

​

​

—

​

​

770

Partner company notes payable1

​

​

4,856

​

​

492

​

​

5,348

​

​

4,021

​

​

533

​

​

4,554

Other

​

 

122

​

 

332

​

 

454

​

 

65

​

 

—

​

​

65

Total Interest Expense and Financing Fee

​

$

11,915

​

$

3,400

​

$

15,315

​

$

10,417

​

$

2,065

​

$

12,482

​

Note 1: Imputed interest expense related to Ximino, Accutane, Anti-itch product license and VYNE product licenses (see Note 8); includes loss on extinguishment of $2.8 million recorded by Mustang related to payoff of the Runway Note on April 11, 2023.