Other Long-Term Liabilities

6 Months Ended

Jun. 30, 2023

Other Long-Term Liabilities

Other Long-Term Liabilities

(6) Other Long-Term Liabilities

Other long-term liabilities include the following:

	June 30,		December 31,
	2023		2022
	(In thousands)
Net deferred tax liabilities related to IPR&D (Note 11)	$	1,613	$	1,613
Deferred Income From Sale of Tax Benefits		3,720		4,650
Deferred revenue (Note 10)		48		60
Total		5,381		6,323
Less current portion		(978)		(990)
Long-term portion	$	4,403	$	5,333

In March 2022, the Company received approval from the New Jersey Economic Development Authority and agreed to sell New Jersey tax benefits of $5.0 million to an independent third party for $4.7 million. Under the agreement, the Company must maintain a base of operations in New Jersey for five years or the tax benefits must be paid back on a pro-rata basis based on the number of years completed. The Company recognized $0.0 million and $0.9 million in other income related to the sale of these tax benefits during the three and six months ended June 30, 2023.