Quarterly report pursuant to Section 13 or 15(d)

Accrued Liabilities and other Long-Term Liabilities (Tables)

v3.19.3
Accrued Liabilities and other Long-Term Liabilities (Tables)
9 Months Ended
Sep. 30, 2019
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:

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December

($ in thousands)

    

2019

    

31, 2018

 

 

(Unaudited)

 

 

 

Accrued expenses:

 

 

  

 

 

  

Professional fees

 

$

1,577

 

$

1,434

Salaries, bonuses and related benefits

 

 

5,863

 

 

5,843

Research and development

 

 

3,285

 

 

3,805

Research and development - manufacturing

 

 

919

 

 

826

Research and development - clinical supplies

 

 

159

 

 

160

Research and development - license maintenance fees

 

 

689

 

 

519

Research and development - milestones

 

 

500

 

 

200

Dr. Falk Pharma milestone

 

 

 —

 

 

300

Accrued royalties payable

 

 

1,833

 

 

1,108

Accrued coupon expense

 

 

1,994

 

 

838

Other

 

 

2,586

 

 

1,327

Total accrued expenses

 

$

19,405

 

$

16,360

 

 

 

 

 

 

 

Other long-term liabilities:

 

 

  

 

 

  

Deferred rent and long-term lease abandonment charge(1)

 

$

2,183

 

$

5,211

Long-term note payable(2)

 

 

4,842

 

 

 —

Total other long-term liabilities

 

$

7,025

 

$

5,211

 

Note 1: As of September 30, 2019, balance consists of deferred charges related to build-out of the New York facility, and as of December 31, 2018, balance consists of deferred rent and deferred build out charges.

Note 2: As of September 30, 2019, Journey recorded a note payable, net of an imputed interest discount of $2.3 million, of $4.7 million in connection with its acquisition of Ximino, see Note 9. The imputed interest discount was calculating utilizing an 11.96% effective interest rate based upon a non-investment grade “CCC” rate over a five-year period.