Other Long-Term Liabilities

12 Months Ended

Dec. 31, 2023

Other Long-Term Liabilities

Other Long-Term Liabilities

(10) Other Long-Term Liabilities

Other long-term liabilities include the following:

	December 31,		December 31,
	2023		2022
	(In thousands)
Net deferred tax liabilities related to IPR&D (Note 15)	$	1,613	$	1,613
Deferred income from sale of tax benefits		3,720		4,650
Deferred revenue (Note 13)		3,058		60
Total		8,391		6,323
Less current portion		(3,988)		(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 $0.9 million in other income related to the sale of these tax benefits during the year ended December 31, 2023.