Annual report pursuant to Section 13 and 15(d)

SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES

v3.21.1
SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES
12 Months Ended
Dec. 31, 2020
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 (in thousands):

 

 

 

December 31, 2020

 

 

December 31, 2019

 

Accounts payable:

 

 

 

 

 

 

 

 

Clinical and regulatory expenses

 

$

262

 

 

$

232

 

Professional fees

 

 

252

 

 

 

1,183

 

Selling expenses

 

 

395

 

 

 

1,303

 

Manufacturing cost

 

 

596

 

 

 

4,541

 

Other vendors

 

 

518

 

 

 

18

 

Total accounts payable

 

 

2,023

 

 

 

7,277

 

Accrued interest payable, related parties

 

41

 

 

 

42

 

Accrued interest payable

 

 

627

 

 

 

991

 

Accrued expenses:

 

 

 

 

 

 

 

 

Payroll expenses

 

 

1,053

 

 

 

891

 

Government rebates and other rebates

 

 

2,659

 

 

 

1,355

 

Due to EJ Holdings

 

 

545

 

 

 

238

 

Other accrued expenses

 

 

512

 

 

 

704

 

Total accrued expenses

 

 

4,769

 

 

 

3,188

 

Total accounts payable and accrued expenses

 

$

7,460

 

 

$

11,498

 

 

Other long-term liabilities consisted of the following (in thousands):

 

As of December 31,

 

 

2020

 

 

2019

 

Trade discount

$

24,453

 

 

$

23,242

 

Unearned revenue

 

10,000

 

 

 

10,500

 

Other long-term liabilities

 

17

 

 

 

8

 

Total other long-term liabilities

$

34,470

 

 

$

33,750

 

    

On June 12, 2017, the Company entered into an API Supply Agreement, as subsequently amended (as so amended, the “API Agreement”), with Telcon 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 requirements for bulk containers of PGLG. The Company purchased $2.2 million and $4.5 million of PGLG from Telcon during years ended December 31, 2020, and 2019, respectively, of which $208,000 and $3.7 million were reflected in accounts payable as of December 31, 2020 and 2019, respectively. See Note 11 for additional details.