Other Long-Term Liabilities

3 Months Ended

Mar. 31, 2024

Other Long-Term Liabilities

Other Long-Term Liabilities

(6) Other Long-Term Liabilities

Other long-term liabilities include the following:

	March 31,		December 31,
	2024		2023
	(In thousands)
Net deferred tax liabilities related to IPR&D (Note 11)	$	1,613	$	1,613
Deferred income from sale of tax benefits		2,790		3,720
Deferred revenue (Note 10)		2,947		3,058
Total		7,350		8,391
Less current portion		(3,877)		(3,988)
Long-term portion	$	3,473	$	4,403

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 and $0.9 million in other income related to the sale of these tax benefits during the three months ended March 31, 2024 and the three months ended March 31, 2023, respectively.