| Schedule of accounts payable and accrued expenses |
| | | | | | | | | June 30, | | December 31, | ($ in thousands) | | 2026 | | 2025 | Accounts payable | | $ | 11,856 | | $ | 14,238 | Accrued expenses: | | | | | | | Professional fees | | | 1,471 | | | 1,055 | Salaries, bonus and related benefits | | | 7,329 | | | 7,880 | Research and development | | | 428 | | | 277 | Accrued partner company royalties payable | | | 2,065 | | | 1,805 | Accrued partner company coupons and rebates | | | 19,697 | | | 16,547 | Partner company return reserve | | | 2,930 | | | 2,177 | Other1 | | | 3,549 | | | 3,146 | Total accounts payable and accrued expenses | | $ | 49,325 | | $ | 47,125 |
Note 1: | Includes approximately $1.4 million of accrued consideration for Mustang, including approximately $0.1 million of accrued interest, related to Mustang’s obligation to repurchase assets from uBriGene (Boston) Biosciences, Inc. (“uBriGene”) in 2024. The asset repurchase consisted of purchase consideration of an upfront payment of $0.1 million, and a deferred amount of approximately $1.3 million due twelve months after closing; however, Mustang can elect to delay its payment obligation for the deferred amount for additional six-month periods, upon written notice to uBriGene, if Mustang’s net assets are below $20 million. Additionally, beginning in June 2025, the deferred amount began accruing interest at a rate of 5% per annum. In June 2026, Mustang’s net assets were below $20 million, and it elected to delay the payment. |
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