Current and Long-Term Liabilities

12 Months Ended

Dec. 31, 2013

Current and Long-Term Liabilities

Current and Long-Term Liabilities

I.     Current and Long-Term Liabilities

Accrued Expenses

        Accrued expenses consisted of the following as of December 31, 2013 and 2012 (in thousands):

	December 31,
	2013		2012
Clinical, manufacturing and regulatory consulting fees and expenses	$	7,834	$	7,737
Salaries, bonuses, and other compensation		5,419		5,236
Commercial rebates, fees and returns		4,839		3,448
Professional, license, and other fees and expenses		1,932		1,719
Commercial consulting fees and expenses		1,301		815
Short-term contingent consideration		941		—
Restructuring expense		—		1,383
Total accrued expenses	$	22,266	$	20,338

Deferred Revenues

        Deferred revenues consisted of the following as of December 31, 2013 and 2012 (in thousands):

	December 31,
	2013		2012
Short-term deferred revenues:
Takeda	$	8,226	$	8,854
Other short-term deferred revenues		—		250
Total	$	8,226	$	9,104
Long-term deferred revenues:
Takeda	$	43,534	$	49,350
3SBio		1,000		1,000
Total	$	44,534	$	50,350

        Our deferred revenues related to Takeda are recorded in our consolidated balance sheets and include the following as of December 31, 2013:

• •

  $49.3 million related to the amortization of upfront payments and milestone payments recognized under the Amended Takeda Agreement. Included in the $49.3 million was the amortization of upfront payments we received from Takeda in 2010, which we are recognizing on a straight-line basis over a period of 10 years, which represents the current patent life of Feraheme/Rienso and our best estimate of the period over which we will substantially perform our obligations. In addition, included in the $49.3 million was the amortization of an aggregate of $18.0 million in milestone payments we received from Takeda in 2012 associated with the commercial launches of Feraheme/Rienso in Canada and the EU, which we are amortizing over the original life of the Takeda Agreement. During 2013 and 2012, we recorded $7.9 million and $11.1 million to license fee and other collaboration revenues in our consolidated statement of operations; and

  •

  $2.4 million related to product shipped to Takeda but not yet sold through to Takeda's customers, which are included in our consolidated balance sheet.

        In consideration of the grant of the license to 3SBio Inc., or 3SBio, in 2008, we received an upfront payment of $1.0 million, the recognition of which has been deferred. In late January 2014, we mutually terminated the agreement with 3SBio, effective immediately, due to the fact that, despite the best efforts of the parties, regulatory approval in China could not be obtained within the agreed upon time period.

Other Long-Term Liabilities

        Other long-term liabilities at both December 31, 2013 and 2012 consisted solely of deferred rent related to the lease of our principal executive offices in Lexington, Massachusetts and after September 2013, Waltham, Massachusetts.