Quarterly report pursuant to Section 13 or 15(d)

SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES

v3.21.2
SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES
6 Months Ended
Jun. 30, 2021
Payables And Accruals [Abstract]  
SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES

NOTE 6 — SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES

Accounts payable and accrued expenses consisted of the following at June 30, 2021 and December 31, 2020 (in thousands):

 

 

June 30, 2021

 

 

December 31, 2020

 

Accounts payable:

 

 

 

 

 

 

 

 

Clinical and regulatory expenses

 

$

335

 

 

$

262

 

Professional fees

 

 

343

 

 

 

252

 

Selling expenses

 

 

436

 

 

 

395

 

Manufacturing costs

 

 

14

 

 

 

596

 

Other vendors

 

 

200

 

 

 

518

 

Total accounts payable

 

 

1,328

 

 

 

2,023

 

Accrued interest payable, related parties

 

 

65

 

 

 

41

 

Accrued interest payable

 

 

383

 

 

 

627

 

Accrued expenses:

 

 

 

 

 

 

 

 

Payroll expenses

 

 

1,075

 

 

 

1,053

 

Government rebates and other rebates

 

 

2,337

 

 

 

2,659

 

Due to EJ Holdings

 

 

427

 

 

 

545

 

Other accrued expenses

 

 

686

 

 

 

512

 

Total accrued expenses

 

 

4,525

 

 

 

4,769

 

Total accounts payable and accrued expenses

 

$

6,301

 

 

 

7,460

 

 

Other current liabilities consisted of the following at June 30, 2021 and December 31, 2020 (in thousands):

 

June 30, 2021

 

 

December 31, 2020

 

Trade discount

$

2,000

 

 

$

2,000

 

Other current liabilities

 

894

 

 

 

706

 

Total other current liabilities

$

2,894

 

 

$

2,706

 

 

Other long-term liabilities consisted of the following at June 30, 2021 and December 31, 2020 (in thousands):

 

 

June 30, 2021

 

 

December 31, 2020

 

Trade discount

$

24,453

 

 

$

24,453

 

Unearned revenue

 

10,000

 

 

 

10,000

 

Other long-term liabilities

 

23

 

 

 

17

 

Total other long-term liabilities

$

34,476

 

 

$

34,470

 

 

 On June 12, 2017, the Company and Telcon entered into an API Supply Agreement, as subsequently amended (so as amended, the “API agreement”), pursuant to which Telcon advanced to the Company approximately $31.8 million as an advance trade discount in consideration of the Company’s agreement to purchase from Telcon the Company’s estimated annual targets for bulk containers of PGLG. The Company did not purchase PGLG from Telcon in the six months ended June 30, 2021 and purchased $2.0 million of PGLG in the six months ended June 30, 2020. As of June 30, 2021, and December 31, 2020, respectively, accounts payable to Telcon were zero and $208,000, respectively. See Note 11 for additional details.