Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2017

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

7. Accrued Expenses and Other Current Liabilities

        Accrued expenses and other current liabilities include the following:

	As of December 31
(in thousands)	2016		2017
Research and development related costs	$	8,716	$	2,308
Payroll and related costs		2,345		4,426
Accounting, tax and audit services		484		231
Other		1,781		1,159
Total other current liabilities	$	13,326	$	8,124

        Other non-current liabilities include an obligation to pay jubilee benefits to it Austrian employees of $ 137 and $107 at December 31, 2017 and 2016, respectively, arising under the collective bargaining agreement for the chemical industry in Austria, by which employees are entitled to receive jubilee payments after being employed for a certain number of years.

        The Company's net obligation in respect of the jubilee payments is calculated annually by an independent actuary in accordance with ASC 710-10-25 using the projected unit credit method. The principle actuarial assumptions used were as follows:

        Discount rates of 1.7% and 1.3% used for the 2017 and 2016 calculations, respectively, retirement at the age of 61.5-65 for men and 56.5-65 for women and future annual salary increases of 3%.