| Schedule of accrued expenses and other long-term liabilities |
Accrued expenses and other long-term liabilities consisted of the following:
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|
|
|
|
|
|
|
|
June 30, |
|
December |
($ in thousands) |
|
2020 |
|
31, 2019 |
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|
|
|
|
|
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. |
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