Quarterly report pursuant to Section 13 or 15(d)

SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES

v3.21.2
SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES
9 Months Ended
Sep. 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 September 30, 2021 and December 31, 2020 (in thousands):

 

 

September 30, 2021

 

 

December 31, 2020

 

Accounts payable:

 

 

 

 

 

 

 

 

Clinical and regulatory expenses

 

$

443

 

 

$

262

 

Professional fees

 

 

552

 

 

 

252

 

Selling expenses

 

 

508

 

 

 

395

 

Manufacturing costs

 

 

253

 

 

 

596

 

Other vendors

 

 

66

 

 

 

518

 

Total accounts payable

 

 

1,822

 

 

 

2,023

 

Accrued interest payable, related parties

 

 

79

 

 

 

41

 

Accrued interest payable

 

 

418

 

 

 

627

 

Accrued expenses:

 

 

 

 

 

 

 

 

Payroll expenses

 

 

1,067

 

 

 

1,053

 

Government rebates and other rebates

 

 

2,553

 

 

 

2,659

 

Due to equity method investee

 

 

480

 

 

 

545

 

Other accrued expenses

 

 

554

 

 

 

512

 

Total accrued expenses

 

 

4,654

 

 

 

4,769

 

Total accounts payable and accrued expenses

 

$

6,973

 

 

 

7,460

 

 

 

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

 

September 30, 2021

 

 

December 31, 2020

 

Trade discount

$

4,000

 

 

$

2,000

 

Other current liabilities

 

940

 

 

 

706

 

Total other current liabilities

$

4,940

 

 

$

2,706

 

 

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

 

 

September 30, 2021

 

 

December 31, 2020

 

Trade discount

$

22,251

 

 

$

24,453

 

Unearned revenue

 

10,000

 

 

 

10,000

 

Other long-term liabilities

 

24

 

 

 

17

 

Total other long-term liabilities

$

32,275

 

 

$

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 purchased $250,000 and $2.0 million of PGLG from Telcon in the nine months ended September 30, 2021, and September 30, 2020, respectively. As of September 30, 2021, and December 31, 2020, respectively, accounts payable to Telcon were $250,000 and $208,000. See Note 11 for additional details.