0001558370-20-010124.txt : 20200810 0001558370-20-010124.hdr.sgml : 20200810 20200810140534 ACCESSION NUMBER: 0001558370-20-010124 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200810 DATE AS OF CHANGE: 20200810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIOSPECIFICS TECHNOLOGIES CORP CENTRAL INDEX KEY: 0000875622 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 113054851 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19879 FILM NUMBER: 201088741 BUSINESS ADDRESS: STREET 1: 35 WILBUR ST CITY: LYNBROOK STATE: NY ZIP: 11563 BUSINESS PHONE: 302-842-8450 MAIL ADDRESS: STREET 1: 2 RIGHTER PARKWAY, SUITE 200 CITY: WILMINGTON STATE: DE ZIP: 19803 10-Q 1 bstc-20200630x10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the transition period from __________________to __________________

000-19879

(Commission file number)

BIOSPECIFICS TECHNOLOGIES CORP.

(Exact Name of Registrant as Specified in Its Charter)


Delaware	11-3054851
(State or Other Jurisdiction	(I.R.S. Employer
of Incorporation or Organization)	Identification No.)

2 Righter Parkway, Suite 200, Wilmington, DE 19803
(Address of Principal Executive Offices) (Zip Code)

302.842.8450
(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for comply with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	BSTC	The Nasdaq Capital Market

As of August 7, 2020, there were 7,344,955 shares of Common Stock, par value $0.001 per share, outstanding.

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BIOSPECIFICS TECHNOLOGIES CORP.

TABLE OF CONTENTS

		Page
	PART I – FINANCIAL INFORMATION

ITEM 1.	Financial Statements	4

	Unaudited Condensed Consolidated Financial Statements	4

	Condensed Consolidated Balance Sheets	4

	Condensed Consolidated Income Statements	5

	Condensed Consolidated Statements of Stockholders’ Equity	6

	Condensed Consolidated Statements of Cash Flows	8

	Notes to Condensed Consolidated Financial Statements	9

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	29

ITEM 4.	Controls and Procedures	29

	PART II – OTHER INFORMATION

ITEM 1.	Legal Proceedings	29

ITEM 1A.	Risk Factors	30

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

ITEM 6.	Exhibits	33

	Signatures	34

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Introductory Comments – Terminology

Throughout this Quarterly Report on Form 10-Q, the terms “BioSpecifics,” “Company,” “we,” “our,” and “us” refer to BioSpecifics Technologies Corp. and its subsidiary, Advance Biofactures Corp.

Throughout this Quarterly Report on Form 10-Q, Endo Global Ventures, a Bermuda unlimited liability company, an affiliate of Endo International plc, and Endo International plc are referred to collectively as “Endo.”

Introductory Comments – Forward-Looking Statements

This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of, and made pursuant to the safe harbor provisions of, the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, expected revenue growth, and the assumptions underlying or relating to such statements, are “forward-looking statements.” The forward-looking statements in this Quarterly Report on Form 10-Q include statements concerning, among other things, (i) the opportunity for minimally invasive non-surgical treatment XIAFLEX® in several potential pipeline indications; (ii) whether and when the Company will receive from Endo the results of their full commercial assessment and analysis regarding XIAFLEX® research and development (R&D) pipeline; (iii) the Company’s ability to achieve its future growth initiatives with regard to Dupuytren’s Contracture and Peyronie’s disease; (iv) the expansion of the market for XIAFLEX® through future growth initiatives; (v) whether treating uterine fibroids with XIAFLEX® will achieve the advantages over major surgery identified by the Company; (vi) Endo’s interest in currently unlicensed indications, including capsular contracture of the breast, Dercum’s disease, knee arthrofibrosis, urethral strictures, hypertrophic scars and keloids; (vii) whether XIAFLEX® will be the only U.S. Food and Drug Administration (FDA) approved nonsurgical therapy for frozen shoulder (adhesive capsulitis); (viii) the projected receipt of payments from Endo and sublicense income payments based on Endo’s partnerships; (ix) and the strength of the Company’s IP portfolio; and (x) the impacts of the novel coronavirus (COVID-19) global pandemic.

In some cases, these statements can be identified by forward-looking words such as "expect," "plan," "anticipate," "potential," "estimate," "can," "will," "continue," “believe,” the negative or plural of these words, and other similar expressions. These forward-looking statements are predictions based on the Company’s current expectations and the Company’s projections about future events and various assumptions. There can be no assurance that the Company will realize its expectations or that the Company’s beliefs will prove correct. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements, including, but not limited to: the timing of regulatory filings and action; the ability of Endo to achieve its objectives for XIAFLEX^® and Qwo™; the market for XIAFLEX^® in, and timing, initiation, and outcome of clinical trials for, additional indications, which will determine the amount of milestone, royalty, mark-up on cost of goods sold, license, and sublicense income that the Company may receive; the potential of XIAFLEX^® to be used in additional indications; Endo modifying its objectives or allocating resources other than to XIAFLEX^® and Qwo™; the impacts of the novel coronavirus (COVID-19) global pandemic; and other risk factors identified herein and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”), specifically in Part I, Item IA of the 2019 Annual Report under the heading “Risk Factors” and under the section “Management’s Discussion and Analysis”, and in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2020. All forward-looking statements included in this Quarterly Report on Form 10-Q for the fiscal period ended June 30, 2020 are made as of the date hereof, are expressly qualified in their entirety by the cautionary statements included in this Quarterly Report on Form 10-Q and, except as may be required by law, we assume no obligation to update these forward-looking statements.

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PART I – FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

BioSpecifics Technologies Corp.

Condensed Consolidated Balance Sheets


	June 30,		December 31,
	2020		2019
		(unaudited)		(audited)
Assets
Current assets:
Cash and cash equivalents	$	16,871,522	$	4,999,183
Short term investments		82,180,784		84,239,918
Accounts receivable		11,696,598		19,065,919
Prepaid expenses and other current assets		1,310,388		966,456
Total current assets		112,059,292		109,271,476

Long-term investments		20,791,278		16,569,024
Property and equipment, net		64,839		—
Operating lease right-of-use asset		201,228		239,491
Patent costs, net		531,989		573,277
Other assets		133,159		—
Total assets	$	133,781,785	$	126,653,268

Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses	$	2,090,056	$	998,409
Income tax payable		1,673,051		354,984
Current portion of lease obligation		78,560		69,099
Total current liabilities		3,841,667		1,422,492

Lease obligation		126,822		167,014
Deferred tax liability, net		395,858		572,660
Total liabilities		4,364,347		2,162,166

Commitments and Contingencies

Stockholders' equity:
Preferred stock, $0.50 par value, 700,000 shares authorized (150,000 shares designated as Series A Convertible Redeemable Preferred Stock and 10,000 shares designated as Series C Junior Participating Preferred Stock); none outstanding		—		—
Common stock, $0.001 par value; 15,000,000 shares authorized; 7,826,180 and 7,813,230 shares issued, 7,344,955 and 7,339,578 shares outstanding as of June 30, 2020 and December 31, 2019, respectively		7,826		7,813
Additional paid-in capital		40,080,279		39,355,797
Retained earnings		101,261,129		96,646,527
Treasury stock, 481,225 and 473,652 shares at cost as of June 30, 2020 and December 31, 2019, respectively		(11,931,796)		(11,519,035)
Total stockholders' equity		129,417,438		124,491,102
Total liabilities and stockholders’ equity	$	133,781,785	$	126,653,268

See accompanying notes to condensed consolidated financial statements.

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BioSpecifics Technologies Corp.

Condensed Consolidated Income Statements

(unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Revenues:
Royalties	$	3,903,402	$	8,852,986	$	13,572,069	$	16,982,127
Total Revenues		3,903,402		8,852,986		13,572,069		16,982,127

Costs and expenses:
Research and development		160,461		161,321		282,431		310,857
General and administrative		3,993,861		1,728,125		7,161,907		4,635,284
Restructuring charges		—		—		1,146,045		—
Total Costs and Expenses		4,154,322		1,889,446		8,590,383		4,946,141
Operating income		(250,920)		6,963,540		4,981,686		12,035,986

Other income:
Interest income		390,888		517,156		870,597		966,580

Income before income tax expense		139,968		7,480,696		5,852,283		13,002,566
Provision for income tax expense		(24,172)		(1,054,236)		(1,237,681)		(2,159,511)
Net income	$	115,796	$	6,426,460	$	4,614,602	$	10,843,055

Basic net income per share	$	0.02	$	0.88	$	0.63	$	1.49
Diluted net income per share	$	0.02	$	0.87	$	0.63	$	1.48

Shares used in computation of basic net income per share		7,337,460		7,308,268		7,337,564		7,292,663
Shares used in computation of diluted net income per share		7,361,764		7,349,696		7,361,256		7,344,008

See accompanying notes to condensed consolidated financial statements.

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BioSpecifics Technologies Corp.

Condensed Consolidated Statements of Stockholders’ Equity


				Additional						Stockholders’
	Common Stock			Paid in		Retained		Treasury		Equity
	Shares	Amount		Capital		Earnings		Stock		Total
Balances - December 31, 2019	7,813,230	$	7,813	$	39,355,797	$	96,646,527	$	(11,519,035)	$	124,491,102
Issuance of common stock upon vesting of restricted stock units	11,450		11		(11)		—		—		—
Issuance of common stock upon stock option exercise	1,500		2		61,723		—		—		61,725
Stock compensation expense	—		—		662,770		—		—		662,770
Repurchases of common stock	—		—		—		—		(412,761)		(412,761)
Net income	—		—		—		4,614,602		—		4,614,602
Balances - June 30, 2020	7,826,180	$	7,826	$	40,080,279	$	101,261,129	$	(11,931,796)	$	129,417,438


				Additional						Stockholders’
	Common Stock			Paid in		Retained		Treasury		Equity
	Shares	Amount		Capital		Earnings		Stock		Total
Balances - March 31, 2020	7,815,230	$	7,815	$	39,856,101	$	101,145,333	$	(11,740,066)	$	129,269,183
Issuance of common stock upon vesting of restricted stock units	9,450		9		(9)		—		—		—
Issuance of common stock upon stock option exercise	1,500		2		61,723		—		—		61,725
Stock compensation expense	—		—		162,464		—		—		162,464
Repurchases of common stock	—		—		—		—		(191,730)		(191,730)
Net income	—		—		—		115,796		—		115,796
Balances - June 30, 2020	7,826,180	$	7,826	$	40,080,279	$	101,261,129	$	(11,931,796)	$	129,417,438


				Additional						Stockholders’
	Common Stock			Paid in		Retained		Treasury		Equity
	Shares	Amount		Capital		Earnings		Stock		Total
Balances - December 31, 2018	7,738,167	$	7,738	$	36,302,446	$	72,176,719	$	(10,898,383)	$	97,588,520
Issuance of common stock upon stock option exercise	58,063		58		1,736,888		—		—		1,736,946
Stock compensation expense	—		—		260,466		—		—		260,466
Repurchases of common stock	—		—		—		—		(118,566)		(118,566)
Net income	—		—		—		10,843,055		—		10,843,055
Balances - June 30, 2019	7,796,230	$	7,796	$	38,299,800	$	83,019,774	$	(11,016,949)	$	110,310,421

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				Additional						Stockholders’
	Common Stock			Paid in		Retained		Treasury		Equity
	Shares	Amount		Capital		Earnings		Stock		Total
Balances - March 31, 2019	7,740,167	$	7,740	$	36,502,652	$	76,593,314	$	(10,898,383)	$	102,205,323
Issuance of common stock upon stock option exercise	56,063		56		1,678,470		—		—		1,678,526
Stock compensation expense	—		—		118,678		—		—		118,678
Repurchases of common stock	—		—		—		—		(118,566)		(118,566)
Net income	—		—		—		6,426,460		—		6,426,460
Balances - June 30, 2019	7,796,230	$	7,796	$	38,299,800	$	83,019,774	$	(11,016,949)	$	110,310,421

See accompanying notes to condensed consolidated financial statements.

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BioSpecifics Technologies Corp.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Six Months Ended
	June 30,
	2020		2019
Cash flows from operating activities:
Net income	$	4,614,602	$	10,843,055
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		45,919		228,135
Stock-based compensation expense		662,770		260,466
Deferred tax expense (benefit)		(176,802)		159,459
Non-cash lease expense		38,263		—
(Accretion) amortization of bond (discount) premium		370,193		(77,499)
Changes in operating assets and liabilities:
Accounts receivable		7,369,321		(210,949)
Income tax payable		1,318,067		173,690
Prepaid expenses and other assets		(477,091)		(365,423)
Patent costs		—		(92,582)
Accounts payable, accrued expenses and lease obligation		1,060,916		(1,087,775)
Net cash provided by operating activities		14,826,158		9,830,577

Cash flows from investing activities:
Purchases of property and equipment		(69,470)		—
Maturities of marketable investments		60,592,693		42,451,229
Purchases of marketable investments		(63,126,006)		(53,104,080)
Net cash used in investing activities		(2,602,783)		(10,652,851)

Cash flows from financing activities:
Proceeds from stock option exercises		61,725		1,736,946
Payments for repurchase of common stock		(412,761)		(118,566)
Net cash (used in) provided by financing activities		(351,036)		1,618,380

Increase in cash and cash equivalents		11,872,339		796,106
Cash and cash equivalents at beginning of year		4,999,183		13,176,452
Cash and cash equivalents at end of period	$	16,871,522	$	13,972,558

Supplemental disclosures of cash flow information:
Cash paid during the period for:
Taxes	$	124,256	$	1,826,362

See accompanying notes to condensed consolidated financial statements.

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BIOSPECIFICS TECHNOLOGIES CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020

(Unaudited)

1.	ORGANIZATION AND DESCRIPTION OF BUSINESS

We are a biopharmaceutical company involved in the development of an injectable collagenase clostridium histolyticum (“CCH”) for multiple indications. We maintain intellectual property with respect to injectable CCH that treats, among other indications, Dupuytren’s contracture (“DC”), Peyronie’s disease (“PD”), cellulite, frozen shoulder syndrome, plantar fibromatosis, and uterine fibroids. Injectable CCH currently is approved and marketed in the U.S. under the trademark XIAFLEX® for the treatment of both DC and PD. We generate revenue primarily from our license agreement with Endo, under which we receive license, sublicense income, royalties, milestones, and mark-up on cost of goods sold payments related to the sale, regulatory submissions, and approval of XIAFLEX®.

Endo has filed a biologics license application for CCH for the treatment of cellulite with the FDA. On July 6, 2020, Endo announced that it received FDA approval of Qwo™ (collagenase clostridium histolyticum-aaes) for the treatment of moderate to severe cellulite in the buttocks of adult women. Endo anticipates Qwo™ to be available commercially in the U.S. starting in the first half of 2021. Endo dosed the first patient in a clinical trial in plantar fibromatosis in June 2020 and adhesive capsulitis, also known as frozen shoulder, in July 2020. Adhesive capsulitis is an inflammation and thickening of the shoulder capsule due to collagen which causes decreased motion in the shoulder. Plantar fibromatosis is a non-malignant thickening of the feet’s deep connective tissue or fascia. There are currently no FDA-approved pharmaceutical therapies available to treat either condition.

We have developed injectable CCH for 12 clinical indications to date. Under our license agreement with Endo, Endo has the right to further develop CCH for frozen shoulder and plantar fibromatosis, as well as certain other licensed indications. Endo has a right to opt-in for use of CCH in the treatment of uterine fibroids.

On August 31, 2011, we entered into the Second Amended and Restated Development and License Agreement (as amended, the “License Agreement”) with Auxilium Pharmaceuticals, Inc. (“Auxilium”), an entity that was acquired by Endo in 2015. The License Agreement originally was entered into in June 2004 to obtain exclusive worldwide rights to develop, market, and sell certain products containing our enzyme CCH, which Endo markets for approved indications under the trademark XIAFLEX®. Endo’s licensed rights concern the development and commercialization of products, other than dermal formulations labeled for topical administration. Currently, Endo’s licensed rights cover the indications of DC, PD, cellulite, frozen shoulder, plantar fibromatosis, and other potential indications. We and Endo may further expand the License Agreement to cover other indications as they are developed.

On February 26, 2019, we entered into the Second Amendment to the Second Amended and Restated Development and License Agreement (the “Second Amendment”) (effective as of January 1, 2019) to amend certain provisions of the License Agreement to, among other things, require Endo to provide timely estimates of royalties to assist us in complying with our financial reporting obligations. Pursuant to the terms of the Second Amendment, we have consented to the assignment of the License Agreement by Endo Global Ventures to Endo Global Aesthetics Limited, an Irish private company and an affiliate of Endo Global Ventures that is indirectly wholly-owned by Endo.

Under the License Agreement, Endo is responsible, at its own cost and expense, for developing the formulation and finished dosage form of products and arranging for the clinical supply of products. Endo has the option to license development and marketing rights to these indications based on a full analysis of the data from the clinical trials, which would transfer responsibility for the future development costs to Endo and trigger opt-in payments and potential future milestone and royalty payments to us.

The License Agreement extends, on a country-by-country and product-by-product basis, for the longer of the patent life, the expiration of any regulatory exclusivity period or twelve years from the effective date. Either party may terminate the License Agreement as a result of the other party’s breach or bankruptcy.

Endo must pay us on a country-by-country and product-by-product basis a specified percentage, which typically is in the low double digits, of net sales for products covered by the License Agreement. This royalty applies to net sales by Endo or its sublicensees. Endo also is obligated to pay a percentage of any future regulatory or commercial milestone payments received from such sublicensees. In addition, Endo and its affiliates pay us an amount equal to a specified mark-up on

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certain cost of goods related to supply of XIAFLEX® (which mark-up is capped at a specified percentage of the cost of goods of XIAFLEX®) for products sold by Endo and its affiliates.

Endo had previously collaborated with partners to commercialize XIAFLEX® and Xiapex® outside of the United States; however, Endo is in the process of terminating third party partnership agreements for markets outside of the United States, which will reduce the amount of royalty revenues received by us. We do not believe that this reduction will have a material effect on our future consolidated statements of operations.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Except as detailed below, there have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2020, as compared to the significant accounting policies disclosed in Note 2 of the Consolidated Financial Statements in the Company’s 2019 Annual Report.

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited, but include all adjustments (consisting only of normal, recurring adjustments) that we consider necessary for a fair presentation of our financial position at such dates and the operating results and cash flows for those periods. Although we believe that the disclosures in our financial statements are adequate to make the information presented not misleading, certain information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) has been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reporting.

The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the risk factors discussed herein and in Part I, Item 1A. Risk Factors in our 2019 Annual Report filed with the SEC on March 16, 2020 and our subsequent filings and reports, including, without limitation, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the BioSpecifics and its subsidiary, Advance Biofactures Corp. All intercompany balances and transactions have been eliminated.

Risks and Uncertainties

We are subject to risks and uncertainties as a result of the global COVID-19 pandemic. While we expect that COVID-19 will impact our business to some degree, the significance and duration of the impact on our business cannot be determined at this time due to numerous uncertainties, including the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions and business closures, the effectiveness of actions taken to contain the disease, and other unforeseeable consequences.

Critical Accounting Policies, Estimates and Assumptions

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the use of management’s estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company makes certain assumptions and estimates for its revenues, income taxes, and third party royalties. We base our estimates on historical experience, and other relevant data including interim data provided by Endo and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities, and the amount of revenues and expenses. Actual results may differ from these estimates under different assumptions or conditions. For further details, see notes “Revenue Recognition,” “Provision for Income Taxes,” and “Third-Party Royalties.”

Revenue Recognition

Under Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”), we recognize revenues when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. We recognize revenues following the five step model prescribed under ASC 606: (i) identify contract(s) with a customer; (ii) identify the performance

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obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation(s).

Revenues, and their respective treatment for financial reporting purposes under ASC 606 and our license agreement with Endo, are as follows:

Royalty / Mark-Up on Cost of Goods Sold

We receive royalty revenues on net sales and mark-up on cost of goods sold revenue in the U.S. under our License Agreement with Endo. These are presented in “Royalties” in our consolidated statements of income. We do not have future performance obligations under this revenue stream. In accordance with ASC 606, we record these revenues based on estimates of the net sales that occurred during the relevant period. The relevant period estimates of these royalties are based on data provided by Endo and analysis of historical royalties and mark-up on cost of goods sold revenue that have been paid to us, adjusted for any changes in facts and circumstances, as appropriate. Differences between actual and estimated royalty revenues are adjusted for in the period in which they become known. The royalties payable by Endo to us are subject to set-off for certain patent costs.

Licensing Revenue

We include revenue recognized from upfront licensing, sublicensing, and milestone payments in “License Revenues” in our consolidated statements of income.

The Company recognizes licensing revenues generated through development and/or commercialization agreements. The terms of these agreements typically include payment to the Company of one or more of the following: nonrefundable, upfront license fees; sublicensing; development and commercial milestone payments; development activities; and royalties on net sales of licensed products. Each of these types of payments results in licensing revenues except for revenues from royalties on net sales of licensed products and the mark-up of cost of goods sold revenues which are classified as royalty revenues. Revenue is recognized upon satisfaction of a performance obligation by transferring control of a good or service to the customer.

For each development and/or commercialization agreement that result in revenues, the Company identifies all performance obligations, aside from those that are immaterial, which may include a license to intellectual property and know-how, development activities, and/or transition activities. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required.

If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from nonrefundable, upfront license fees based on the relative standalone selling price prescribed to the license compared to the total value of the arrangement. The revenue is recognized when the license is transferred to the collaborator and the collaborator is able to use and benefit from the license. For licenses that are not distinct from other obligations identified in the arrangement, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, the Company applies an appropriate method of measuring progress for purposes of recognizing revenue from nonrefundable, upfront license fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Development and Regulatory Milestone Payments

Depending on facts and circumstances, the Company may conclude that it is appropriate to include the milestone, representing variable consideration, in the estimated total transaction price, or that it is appropriate to fully constrain the milestone. The Company may include revenues from certain milestones in the total transaction price in a reporting period before the milestone is achieved if the Company concludes that achievement of the milestone is probable and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future

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periods. The Company records a corresponding contract asset when this conclusion is reached. Milestone payments that have not been included in the transaction price to date are fully constrained. The Company re-evaluates the probability of achievement of such development milestones and any related constraint each reporting period. The Company adjusts its estimate of the total transaction price, including the amount of revenue that it has recorded, if necessary.

Recent Accounting Pronouncements

Accounting Pronouncements Adopted

We adopted ASU No. 2018-13, Fair Value Measurement - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement as of January 1, 2020. This standard modifies certain disclosure requirements on fair value measurements. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Accounting Pronouncements Not Yet Adopted

In June 2016, FASB issued ASU 2016-13, Financial Instruments - Credit Losses. The amendment revises the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses on financial instruments, including, but not limited to, available for sale debt securities and accounts receivable. The Company is required to adopt this standard starting in the first quarter of fiscal year 2023. Early adoption is permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes. This standard removes certain exceptions to the general principles of ASC 740 and improves consistent application of and simplifies U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company is required to adopt this standard starting in the first quarter of fiscal year 2021. Early adoption is permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements and related disclosures.

Cash, Cash Equivalents, and Investments

Cash equivalents include only securities having a maturity of 90 days or less at the time of purchase. Investments are stated on an amortized cost basis. The Company limits its credit risk associated with cash, cash equivalents, and investments by placing its investments with banks it believes are highly creditworthy and with highly rated money market funds, certificates of deposit, commercial paper, U.S. government agency bonds, municipal bonds, and corporate bonds. All investments are classified as held to maturity. As of June 30, 2020, and December 31, 2019, the amortized cost of these investments was $103.0 million and $100.8 million, respectively. No unrealized gains or losses were recorded in either period.

Fair Value Measurements

Management believes that the carrying amounts of the Company’s financial instruments, including cash, cash equivalents, held-to-maturity investments, accounts receivable, accounts payable, and accrued expenses approximate fair value due to the duration of those instruments. As of June 30, 2020, and December 31, 2019, there were no recorded unrealized gains or losses on our investments as they are classified as held-to-maturity. As of June 30, 2020, and December 31, 2019, amortized cost basis of the investments approximated their fair value. For three and six months June 30, 2020, the net amount included in interest income due to the amortization of bond discounts/premiums was $266,000 and $400,000, respectively. For the three and six months ended June 30, 2019, the net amount included in interest income due to the amortization of bond discounts/premiums was $32,000 and $82,000, respectively. At June 30, 2020 and December 31, 2019, the remaining unamortized net premium / (net discount) was $341,000 and $285,000, respectively.

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The schedule of maturities at June 30, 2020 and December 31, 2019 are as follows:


	Maturities as of				Maturities as of
	June 30, 2020				December 31, 2019
	1 Year or Less		Greater than 1 Year		1 Year or Less		Greater than 1 Year
Municipal bonds	$	10,468,782	$	2,292,620	$	11,341,249	$	—
Government agency bonds		3,415,943		3,500,000		11,950,738		6,231,804
US Treasury bonds		6,016,914		—		—		—
Corporate bonds		57,296,635		13,924,557		57,321,784		6,675,958
Certificates of deposit		4,982,510		1,074,101		3,626,147		3,661,262
Total	$	82,180,784	$	20,791,278	$	84,239,918	$	16,569,024

The authoritative literature for fair value measurements established a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. These tiers are as follows: Level 1, defined as observable inputs such as quoted market prices in active markets; Level 2, defined as inputs other than the quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as significant unobservable inputs (entity developed assumptions) in which little or no market data exists.

As of June 30, 2020, the Company held certain investments that are required to be measured at fair value on a recurring basis. The following tables present the Company’s fair value hierarchy for these financial assets as of June 30, 2020 and December 31, 2019:


June 30, 2020	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	8,058,112	$	8,058,112	$	—	$	—
Investments	Certificates of Deposit		6,056,611		6,056,611		—		—
Cash equivalents	Municipal Bonds		2,248,333				2,248,333
Investments	Municipal Bonds		12,761,402		—		12,761,402		—
Investments	Government Agency Bonds		6,915,943		—		6,915,943		—
Investments	US Treasury Bonds		6,016,914		—		6,016,914		—
Investments	Corporate Bonds		71,221,192		—		71,221,192		—


December 31, 2019	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	950,658	$	950,658	$	—	$	—
Investments	Certificates of Deposit		7,287,409		7,287,409		—		—
Investments	Municipal Bonds		11,341,249		—		11,341,249		—
Investments	Government Agency Bonds		18,182,542		—		18,182,542		—
Investments	Corporate Bonds		63,997,742		—		63,997,742		—

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Concentration of Credit Risk and Major Customers

The Company maintains investments in FDIC insured certificates of deposits, municipal bonds, and corporate bonds.

The Company is currently dependent on one customer, Endo, which generates almost all the Company’s revenues. For the three-and six month periods ended June 30, 2020, licensing, sublicensing, milestones, and royalty revenues under the License Agreement with Endo were $3.9 million and $13.6 million, respectively and for the three and six months ended June 30, 2019, licensing, sublicensing, milestones and royalty revenues under the License Agreement with Endo were $8.9 million and $17.0 million, respectively.

At June 30, 2020 and December 31, 2019, our accounts receivable balances from Endo were $11.7 million and $19.1 million, respectively.

Treasury Stock

The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. For the six months ended June 30, 2020, we repurchased 7,573 shares at an average price of $54.50. For the six months ended June 30, 2019, there were 2,048 shares repurchased at an average price of $57.89. The stock repurchase program terminated in May 2020.

Receivables and Doubtful Accounts

Trade accounts receivable are stated at the amount the Company expects to collect. We may maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. We consider the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. Our accounts receivable balance is typically due from Endo, our single large specialty pharmaceutical customer. Endo has historically paid timely and has been a financially stable organization. Due to the nature of the accounts receivable balance, we believe the risk of doubtful accounts is minimal and therefore no allowance is recorded. If the financial condition of Endo were to deteriorate, adversely affecting its ability to make payments, additional allowances would be required. We may provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after we have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At June 30, 2020 and December 31, 2019, our accounts receivable balance was $11.7 million and $19.1 million, respectively, and was from one customer, Endo.

Third-Party Royalties

We have entered into licensing and royalty agreements with third parties and agreed to pay certain royalties on net sales of products for specific indications. The royalty rates differ from agreement to agreement. No assumptions should be made that any disclosed royalty rate payable to a particular third party is the same or similar with respect to any royalty rate payable to any other third parties. We accrue third-party royalty expenses on net sales reported to us by Endo. Third-party royalty costs are generally expensed under general and administrative in the quarter that the net sales have occurred. For the three-and six month periods ended June 30, 2020, third-party royalty expenses were $0.1 million and $0.2 million, respectively. For the three and six month periods ended June 30, 2019, third-party royalty expenses were $0.2 million and $0.6 million, respectively. As of June 30, 2019, we have no further third-party royalties in connection with PD as the agreement has expired.

Royalty Buy-Down

On March 31, 2012, we entered into an amendment to our existing agreement with Dr. Martin K. Gelbard, dated August 27, 2008, related to our future royalty obligations in connection with PD. The amendment enables us to buy down a portion of our future royalty obligations in exchange for an initial cash payment of $1.5 million and five additional cash payments of $600,000, all of which have been paid as of January 1, 2018. Royalty obligations terminated five years after the first commercial sale, which occurred in January 2014. Accordingly, we ceased paying royalties in February 2019. The Company amortizes long-term contracts with finite lives in a manner that reflects the pattern in which the economic benefits of the assets are consumed or otherwise used up. Dr. Gelbard’s agreement is amortized based on an income

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forecast method by estimating sales of XIAFLEX® and Xiapex® for PD on an annual basis as measured by the proportion of the total estimated sales over the five year period. For the three and six months ended June 30, 2019 we amortized zero and $0.2 million related to this agreement, respectively, related to this agreement and is recorded as part of general and administrative expenses. As of both June 30, 2020 and December 31, 2019, there were no remaining capitalized balances outstanding related to this agreement.

Research and Development Expenses

R&D expenses include, but are not limited to, internal costs, such as salaries and benefits, costs of materials, lab expense, facility costs, and overhead. R&D expenses also consist of third-party costs, such as medical professional fees, product costs used in clinical trials, consulting fees, and costs associated with clinical study arrangements. We may fund R&D at medical research institutions under agreements that are generally cancelable. All of these costs are charged to R&D as incurred, which may be measured by percentage of completion, contract milestones, patient enrollment, or the passage of time.

Clinical Trial Expenses

Our cost accruals for clinical trials are based on estimates of the services received and efforts expended pursuant to contracts with various clinical trial centers and clinical research organizations. In the normal course of business, we contract with third parties to perform various clinical trial activities in the ongoing development of potential drugs. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Payments under the contracts depend on factors such as the achievement of certain events, the successful enrollment of patients, the completion of portions of the clinical trial, or similar conditions. The objective of our accrual policy is to match the recording of expenses in our financial statements to the actual cost of services received and efforts expended. As such, expenses related to each patient enrolled in a clinical trial are recognized beginning upon entry into the trial and over the course of the patient’s continued participation in the trial. In the event of early termination of a clinical trial, we accrue an amount based on our estimate of the remaining non-cancelable obligations associated with the winding down of the clinical trial. Our estimates and assumptions could differ significantly from the amounts that may actually be incurred.

Stock-Based Compensation

ASC 718, Compensation - Stock Compensation (“ASC 718”), requires the recognition of compensation expense, using a fair-value based method, for costs related to all stock awards including stock options and common stock issued to our employees and directors under our stock plans. ASC 718 requires companies to estimate the fair value of stock option awards on the date of grant using an option-pricing model. The fair value of each service-based restricted stock unit granted is estimated on the day of grant based on the closing price of the Company’s common stock. The value of the portion of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service periods in our condensed consolidated statements of operations. The Company recognizes forfeitures as they occur by reversing compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service condition in the period of the forfeiture.

Under the Company’s 2019 Omnibus Incentive Compensation Plan (the “Plan”), grants to employees, key advisors, on non-employee directors may consist of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards, or cash awards. As of June 30, 2020, options to purchase 232,187 shares of common stock and 4,036 restricted stock awards were outstanding under the Plan, and a total of 1,098,612 shares remained available for grant under the Plan. Grants under the Plan vest over periods ranging from one to four years and expire ten years from date of grant.

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2019 Omnibus Incentive Compensation Plan (2019 Plan)

Restricted Stock Awards

A summary of the restricted stock awards activity during the six months ended June 30, 2020 is presented below:


		Weighted-
		Average Grant
		Date Fair Value
	Restricted Stock	Per Share
Nonvested at December 31, 2019	10,450	$	60.47
Issued	5,036		55.71
Vested	(11,450)		59.60
Forfeited	—		—
Nonvested at June 30, 2020	4,036	$	57.00

Stock-based compensation expense related to restricted stock awards recognized in general and administrative expense was $193,000 and $337,000 for the three month and six month periods ended June 30, 2020, respectively, and zero for the three and six month periods ended June 30, 2019, respectively.

As of June 30, 2020, there was $181,000 of total unrecognized compensation cost related to non-vested share-based compensation arrangements related to restricted stock. This cost is expected to be recognized over the vesting periods of the restricted stock, with a weighted-average period of 1.00 year.

Stock Option Activity

For the six months ended June 30, 2020, we granted a total of 182,000 stock options with a weighted average grant date fair value of $61.37 per share.

The assumptions used in the valuation of stock options granted during the six months ended June 30, 2020 were as follows:


		Six Months Ended
		June 30, 2020
Risk-free interest rate		0.34% - 1.61%
Expected term of option		5.5 - 6.25 years
Expected stock price volatility		39.5% - 41.5%
Expected dividend yield	$	0.0

A summary of our stock option activity during the six months ended June 30, 2020 is presented below:


				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Shares	Exercise Price		Contractual Term	Value
Outstanding at December 31, 2019	189,187	$	46.79	8.62	$	1,920,684
Grants	182,000		61.37	—		—
Exercised	(1,500)		41.15	—		—
Forfeited	(137,500)		55.79	—		—
Outstanding at June 30, 2020	232,187	$	56.02	8.12	$	1,222,261
Exercisable at June 30, 2020	52,687	$	39.70	2.50	$	1,136,761

During the six-month periods ended June 30, 2020 and 2019, the Company received $0.1 million and $1.7 million, respectively, from stock options exercised by option holders.

Aggregate intrinsic value represents the total pre-tax intrinsic value based on the closing price of our common stock of $61.28 on June 30, 2020, which would have been received by the option holders had all option holders exercised their options as of that date. We have $4.3 million in unrecognized compensation cost related to stock options outstanding as of June 30, 2020, which we expect to recognize over the next 8.1 years.

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Stock-based compensation expense related to stock options recognized in general and administrative expenses was a credit of $31,000 for the three months ended June 30, 2020 and $136,000 for the six month period ended June 30, 2020, and $119,000 and $260,000 for the three and six month periods ended June 30, 2019, respectively. The credit for the three months ended June 30, 2020 was the result of the reversal of $200,000 of previously recognized stock compensation expense due to forfeitures that occurred during the period. In addition, stock compensation expense related to restructuring associated with the acceleration of vesting of certain stock options and restricted stock units was $190,000 for the three months ended March 31, 2020 (see Note 7).

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Machinery and equipment, furniture and fixtures, and autos are depreciated on a straight-line basis over their estimated useful lives of five to ten years. Leasehold improvements are amortized over the lesser of their estimated useful lives or the remaining life of the lease. At June 30, 2020, total property and equipment consisted of furniture and fixtures of $65,000 with an expected useful life of five years. At December 31, 2019, all property and equipment were fully depreciated.

Comprehensive Income

For each of the three and six-month periods ended June 30, 2020 and 2019, we had no components of other comprehensive income other than net income itself.

Provision for Income Taxes

We use the asset and liability method of accounting for income taxes, as set forth in ASC 740-10-25-2. Under this method, deferred income taxes, when required, are provided on the basis of the difference between the financial reporting and income tax basis of assets and liabilities at the statutory rates enacted for future periods when the differences are expected to reverse. A valuation allowance is applied against any net deferred tax asset if, based on the weighted available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon the ultimate settlement. As of June 30, 2020 and December 31, 2019, the Company has not recorded any unrecognized tax benefits. We classify interest associated with income taxes under interest expense and tax penalties under other.

Commitments and Contingencies

We determine if an arrangement includes a lease at inception. Right-of-use lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The right-of-use lease asset includes any lease payments made and excludes lease incentives. Incremental borrowing rate is used in determining the present value of future payments. We apply a portfolio approach to the property leases to apply an incremental borrowing rate to leases with similar lease terms. The lease terms may include options to extend or terminate the lease. We recognize the options to extend the lease as part of the right-of-use lease assets and lease liabilities only if it is reasonably certain that the option would be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term. The adoption of the new standard as of January 1, 2019 did not have a material impact on our consolidated financial statements for the six months ended June 30, 2019 due to the short-term nature of our then-existing lease in Lynbrook, New York.

In December 2019, we recorded a right-of-use lease asset of $243,000, a short-term lease liability of $76,000, and a long-term lease liability of $167,000 associated with the lease of our new headquarters in Wilmington, Delaware.

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The following table summarizes the maturity of the Company’s lease obligations on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on our balance sheet as of June 30, 2020 and December 31, 2019:


	June 30, 2020		December 31, 2019
2020	$	41,210	$	75,352
2021		84,893		84,893
2022		87,428		87,428
Total lease payments		213,531		247,673
Less: interest		(8,149)		(11,560)
Total lease obligation	$	205,382	$	236,113

On January 7, 2020, the Company provided three months’ notice to 35 Wilbur Street Associates, LLC of the Company’s intent to terminate the lease agreement for our former corporate headquarters, located at 35 Wilbur St., Lynbrook, New York 11563. Accordingly, the lease terminated on April 7, 2020. As the lease provided the Company the option to cancel the lease by giving three months’ prior written notice, the Company did not incur any termination penalties.

Total operating lease expenses amounted to $23,000 and $80,000 for the three and six month period ended June 30, 2020 and $34,000 and $67,000 for the three and six months period ended June 30, 2019, respectively.

The recent outbreak of the novel coronavirus (COVID-19) resulted in a decrease in revenues of 53% from the second quarter of 2020 as compared to the second quarter of 2019. Since XIAFLEX® is used primarily in elective procedures, which have been curtailed during the outbreak, and based on public statements made by Endo, the Company believes that the COVID-19 outbreak may have a material adverse effect on its business and financial results until the easing of the restrictions that have been imposed as a result of the outbreak.

On June 12, 2020, the Company filed an arbitration demand against the Research Foundation of the State University of New York for and on behalf of Stony Brook University (“Research Foundation”) seeking a declaration that one of its former employees is a co-inventor of the Research Foundation’s patent for the treatment of cellulite (U.S. Patent No. 10,123,959, which has an expiration date of February 7, 2027), and challenging the Research Foundation’s prospective rights to royalties under the Cellulite License Agreement dated August 23, 2007, which is described in the Company’s most recent annual report on Form 10-K. This is a private and confidential arbitration administered by the American Arbitration Association. On July 9, 2020, the Research Foundation filed a response, denying the allegations of the demand and making a counterclaim alleging principally that the Company is in breach of its obligations under the Cellulite License Agreement. The Company has responded to the counterclaim, denying the allegations and requesting judgment in its favor on all claims. However, should the Research Foundation prevail in this arbitration, it could have a material adverse effect on the Company’s future financial results. See “Subsequent Events” (Note 8) for disclosure concerning FDA approval and postponement of commercial launch of the cellulite indication.

Stockholders’ Equity

At the Company’s annual meeting of stockholders held on June 12, 2020 (the “2020 Annual Meeting”), the stockholders approved an amendment to the Company’s Certificate of Incorporation, as amended, to increase the authorized number of shares of common stock from 10,000,000 shares to 15,000,000 shares.

On April 10, 2020, the Board approved an amendment to the Company's Rights Agreement, dated as of May 14, 2002 and amended June 19, 2003, February 3, 2011, March 5, 2014, May 27, 2016, and May 11, 2018 (the “Original Rights Agreement”), by and between the Company and Worldwide Stock Transfer, LLC (successor in interest to OTC Corporate Transfer Service Company), as rights agent (the “Rights Agent”). The amendment, which was subsequently executed on that date by the Company and the Original Rights Agent, changes the Final Expiration Date (as defined in the Original Rights Agreement) of the rights under the Original Rights Agreement (the “Original Rights”) from the close of business on May 31, 2020 to the close of business on April 10, 2020. As a result, the Original Rights have expired, and the Original Rights Agreement terminated.

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Also, on April 10, 2020, the Board approved and adopted a Rights Agreement, dated as of April 10, 2020 (the “Rights Agreement”), by and between the Company and the Rights Agent. Pursuant to the Rights Agreement, the Board declared a dividend of one preferred share purchase right (each, a “Right”) for each outstanding share of common stock, par value $0.001, of the Company (each, a “Common Share" and, collectively, the “Common Shares”). The Rights are distributable to stockholders of record as of the close of business on April 21, 2020 (the “Record Date”). One Right also will be issued together with each Common Share issued by the Company after April 21, 2020, but before the Distribution Date (as defined in the Rights Agreement) (or the earlier redemption or expiration of the Rights) and, in certain circumstances, after the Distribution Date.

Generally, the Rights Agreement works by causing substantial dilution to any person or group that acquires beneficial ownership of twenty percent (20%) or more of the Common Shares without the approval of the Board. As a result, the overall effect of the Rights Agreement and the issuance of the Rights may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving the Company that is not approved by the Board. The Rights Agreement is not intended to interfere with any merger, tender or exchange offer or other business combination approved by the Board. The Rights Agreement also does not prevent the Board from considering any offer that it considers to be in the best interest of its stockholders.

A proposal to ratify the adoption by the Board of the Rights Agreement was approved by the stockholders at the Company’s 2020 Annual Meeting.

3.	NET INCOME PER SHARE

In accordance with ASC 260, Earnings Per Share, basic net income per share amount is computed using the weighted-average number of shares of common stock outstanding during the periods presented, while diluted net income per share is computed using the sum of the weighted-average number of common and common equivalent shares outstanding. Common equivalent shares used in the computation of diluted earnings per share result from the assumed exercise of stock options and restricted stock awards using the treasury stock method. For the three-and six month periods ended June 30, 2020, there were 24,304 and 23,692, respectively of common equivalent shares attributable to stock options and restricted stock awards that were included in the calculation of diluted net income per share. For the three and six month periods ended June 30, 2019 there were 41,428 and 51,345, respectively, of common equivalent shares attributable to stock options that were included in the calculation of diluted net income per share. There were 186,036 and 198,536 stock options and restricted stock awards excluded from the calculation of diluted net income per share for the three and six month periods ended June 30, 2020, respectively, because their effects are anti-dilutive. There were 63,750 stock options to purchase shares excluded from the calculation of diluted net income per share for the three and six month periods ended June 30, 2019, because their effects are anti-dilutive.

4.	ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following:


	June 30,		December 31,
	2020		2019
Trade accounts payable	$	346,270	$	197,077
Accrued legal and other professional fees		883,069		330,787
Accrued payroll, severance, and related costs		638,089		209,330
Third-party royalties		62,000		228,000
Restructuring accrual		59,678		—
Other accruals		100,950		33,215
Total	$	2,090,056	$	998,409

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5.	PATENT COSTS

We amortize intangible assets with definite lives on a straight-line basis over their estimated useful lives, ranging from two to ten years, and review for impairment on a quarterly basis and when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. As of June 30, 2020 and December 31, 2019, no impairment existed, and no adjustments were warranted.

No costs were capitalized for the three and six months ended June 30, 2020, as compared to $93,000 for three and six months ended June 30, 2019, respectively. Patent costs may be creditable against future royalty revenues. For each period presented below, net patent costs consisted of:


	June 30,		December 31,
	2020		2019
Patents	$	1,272,625	$	1,272,625
Accumulated amortization		(740,636)		(699,348)
	$	531,989	$	573,277

The amortization expense for patents for the three and six months ended June 30, 2020 was $20,000 and $41,000 respectively, and for the three and six months ended June 30, 2019 was $24,000 and $43,000, respectively. The estimated aggregate amortization expense for the remaining six months of 2020 and each of the years below is as follows:


July 1, 2020 – December 31, 2020	$	41,300
2021		65,400
2022		65,400
2023		65,400
2024		65,400
Thereafter		229,100

6.PROVISION FOR INCOME TAXES

Our deferred tax liabilities and deferred tax assets are impacted by events and transactions arising in the ordinary course of business, R&D activities, vesting of nonqualified options and other items. The provision for income taxes is based on an estimated effective tax rate derived from our consolidated earnings before taxes, adjusted for nondeductible expenses and other permanent differences for the fiscal year. The provision for income taxes for the three and six month periods ended June 30, 2020 was $24,000 and $1.2 million, respectively, and for the three and six month periods ended June 31, 2019 was $1.1 million and $2.2 million, respectively. As of June 30, 2020 and December 31, 2019, our net deferred tax liabilities were $0.4 and $0.6 million, respectively.

The estimated effective tax rate for the three and six months ended June 30, 2020 was 17% and 21%, respectively, of pre-tax income reported in the period, calculated based on the estimated annual effective rate anticipated for the year ending December 31, 2020 plus the effects, if any, of certain discrete items occurring in 2020.

The estimated effective tax rate for the three and six months ended June 30, 2019 was 14% and 17%, respectively, of pre-tax income reported in the period, calculated based on the estimated annual effective rate anticipated for the year ending December 31, 2019 plus the effects, if any, of certain discrete items occurring in 2019.

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act made various tax law changes including, among other things, (i) increasing the limitation under IRC Section 163(j) for 2019 and 2020 to permit additional expensing of interest, (ii) enacting a technical correction so that qualified improvement property can be immediately expensed under IRC Section 168(k) and (iii) making modifications to the federal net operating loss rules including permitting federal net operating losses incurred in 2018, 2019, and 2020 to be carried back to the five preceding taxable years in order to generate a refund of previously paid taxes. The income tax provisions of the CARES Act had limited applicability to the Company as of June 30, 2020, and therefore, the enactment of the CARES Act did not have a material impact on the Company’s consolidated financial statements as of, and for the three and six months ended, June 30, 2020. We will continue to evaluate the impact of tax legislation and will update our disclosures as additional information and interpretative guidance becomes available.

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7.	RESTRUCTURING AND SEPARATION COSTS

As a result, we recorded a one-time restructuring charge of $1.1 million in the first quarter of fiscal 2020. The restructuring charge is associated with $0.9 million of one-time termination benefits that we expect to pay out in cash over a period of six months and $0.2 million of one-time non-cash termination expenses associated with the acceleration of vesting of certain stock options and restricted stock units. The estimated liability for termination benefits was recorded at fair value during the first quarter of 2020 as a current liability in the consolidated balance sheet. These termination benefits consist of severance payments, reimbursement of benefits payments, and guaranteed consulting payments. Total charges and payments related to the restructuring plan recognized in the consolidated statement of operations are as follows:


	Six Months Ended
	June 30,
	2020
Restructuring accrual, January 1, 2020	$	—
Termination costs		1,070,024
Facility exit costs		76,020
Payments		(895,934)
Stock compensation expense charged to additional paid-in-capital		(190,432)
Restructuring accrual, June 30, 2020	$	59,678

On April 6, 2020, the Company and Mr. J. Kevin Buchi mutually agreed that Mr. Buchi would step down as Chief Executive Officer and as a director of the Company, effective immediately. The Company and Mr. Buchi have entered into a separation agreement that details the termination benefits to which he is entitled. The Company recorded $0.6 million in separation costs related to this agreement in general and administrative expenses for the three and six months ended June 30, 2020. The remaining accrual of $0.5 million at June 30, 2020 is included in accounts payable and accrued expenses and will be paid out over the next 9 months.

8. SUBSEQUENT EVENTS

On July 6, the FDA granted approval of the cellulite indication, but Endo has postponed the commercial launch until the first half of 2021, citing the effects of the COVID-19 pandemic on the market for aesthetic treatments. The Company reiterates its policy stated in its most recent annual report on Form 10-K not to announce publicly royalty rates for potential future indications under development before commercialization. It is important to emphasize that in-licensing royalty rates vary from indication to indication and it should not be assumed that the in-licensing royalty rates for potential future indications will be the same as those for currently marketed indications.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and is qualified by reference to them.

Overview

We are a biopharmaceutical company involved in the development of an injectable collagenase clostridium histolyticum (“CCH”) for multiple indications. Collagenases are naturally occurring enzymes responsible for the breakdown of collagen, which is the main structural protein in the extracellular matrix in the various connective tissues of the body and is the most abundant protein in mammals. Local accumulations of excess collagen are associated with a number of medical conditions.

We maintain intellectual property with respect to injectable CCH that treats, among other indications, Dupuytren’s contracture (“DC”), Peyronie’s disease (“PD”), cellulite, frozen shoulder syndrome, plantar fibromatosis, and uterine fibroids. Injectable CCH currently is marketed in the U.S. by our partner Endo under the trademark XIAFLEX® for the treatment of both DC and PD. XIAFLEX® is the first and only FDA-approved nonsurgical treatment for these two indications. We generate revenue primarily from our license agreement with Endo, under which we receive license, sublicense income, royalties, milestones and mark-up on cost of goods sold payments related to the sale, regulatory submissions and approval of XIAFLEX®.

Endo filed a biologics license application for CCH for the treatment of cellulite with the FDA. On July 6, 2020, Endo announced that it received FDA approval of Qwo™ (collagenase clostridium histolyticum- aaes) for the treatment of moderate to severe cellulite in the buttocks of adult women. Endo anticipate Qwo™ to be available commercially in the U.S. starting in the first half of 2021. Endo dosed the first patient in a clinical trial in plantar fibromatosis in June 2020 and adhesive capsulitis, also known as frozen shoulder, in July 2020. Adhesive capsulitis is an inflammation and thickening of the shoulder capsule due to collagen which causes decreased motion in the shoulder. Plantar fibromatosis is a non-malignant thickening of the feet’s deep connective tissue or fascia. There are currently no FDA-approved pharmaceutical therapies available to treat either condition.

Second Quarter Highlights and Outlook

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Royalty revenues from XIAFLEX for the quarter decreased by 56% primarily as a result of physician office closures and a decline in patients electing to be treated due to the COVID-19 pandemic. Endo expects revenues to begin to recover during the remainder of 2020 as physician and patient activities continue returning toward pre-COVID-19 levels.

●

In July 2020, Qwo™ (collagenase clostridium histolyticum-aaes), the first and only U.S Food and Drug Administration (FDA)-approved injectable treatment for cellulite was approved by the FDA. Endo’s commercial launch is expected to occur in the first half of 2021.

●

Endo dosed the first patient in a clinical trial in plantar fibromatosis in June 2020 and adhesive capsulitis, also known as frozen shoulder, in July 2020. Plantar fibromatosis is a non-malignant thickening of the feet's deep connective tissue or fascia that occurs in five to 11 percent of the adult population in the U.S. Adhesive capsulitis is an inflammation and thickening of the shoulder capsule due to collagen which causes decreased motion in the shoulder that occurs in two to five percent of the adult population in the U.S. There are currently no FDA-approved pharmaceutical therapies available to treat either condition.

Impact of COVID-19

The outbreak of COVID-19 has adversely impacted the U.S. and global economies. Our revenues declined by 56% from the second quarter of 2020 as compared to the second quarter of 2019 as a result of royalties associated with lower net sales due to the impact of COVID-19, including, but not limited to the effect of significant office closures and less office visits for physician-administered products. Based on public disclosures made by Endo, we currently anticipate that

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revenues from our license agreement with Endo will begin to recover during the remainder of 2020 as patient activities return to pre-COVID-19 levels. We also currently expect full year 2020 revenues to decline compared to full-year 2019 revenues.

License Agreement with Endo

We generate revenue from one source, our license agreement with Endo (the “License Agreement”), under which we receive license, sublicense income, royalties, milestones, and mark-up on cost of goods sold payments related to the sale, regulatory submissions, and approval of XIAFLEX® as described above. Currently, Endo’s licensed rights cover the indications of DC, PD, frozen shoulder, plantar fibromatosis, and other potential indications. We and Endo may further expand the License Agreement to cover other indications as they are developed.

Endo had previously collaborated with partners to commercialize XIAFLEX® and Xiapex® outside of the United States; however, Endo is in the process of terminating third-party partnership agreements for markets outside of the United States, which will reduce the amount of royalty revenues received by us. We do not believe that this reduction will have a material effect on our future consolidated statements of operations.

Significant Risks

We are dependent on third parties, and our licensee, Endo, may not be able to continue successfully commercializing XIAFLEX® for DC and PD, successfully develop XIAFLEX® for additional indications, obtain required regulatory approvals, manufacture XIAFLEX® at an acceptable cost, in a timely manner and with appropriate quality, or successfully market products or maintain desired margins for products sold, and, as a result, we may not achieve sustained profitable operations.

The Company maintains bank account balances, which, at times, may exceed insured limits. The Company has not experienced any losses with these accounts and believes that it is not exposed to any significant credit risk on cash. The Company maintains its investment in money market funds, certificates of deposit, commercial paper, U.S. government agency bonds, municipal bonds, and corporate bonds.

The Company is subject to risks and uncertainties as a result of the global COVID-19 pandemic. While we expect that COVID-19 will impact our business to some degree, the significance and duration of the impact on our business cannot be determined at this time due to numerous uncertainties, including the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions and business closures, the effectiveness of actions taken to contain the disease, and other unforeseeable consequences.

For more information regarding the risks facing the Company, please see the risk factors discussed under the heading “Risk Factors” under Part II, Item 1A. herein, under Part II, Item 1A. of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and Item 1A. of Part 1 of our 2019 Annual Report.

Critical Accounting Policies, Estimates and Assumptions

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on historical experience, interim data provided by

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Endo, and on various other assumptions that we believe are reasonable under the circumstances. The financial information at June 30, 2020 and for the three and six month periods ended June 30, 2020 and 2019 is unaudited but includes all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the financial information set forth herein. The December 31, 2019 balance sheet amounts and disclosures included herein have been derived from the Company’s December 31, 2019 audited consolidated financial statements. The interim results are not necessarily indicative of results to be expected for the full fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 included in the Company’s 2019 Annual Report.

As described in Note 2 to our accompanying Condensed Consolidated Financial Statements, there have been no significant changes to our critical accounting policies for the three and six month periods ended June 30, 2020, compared to the critical accounting policies disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2019 Annual Report.

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RESULTS OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2020 COMPARED TO THREE MONTHS ENDED JUNE 30, 2019

Revenues

We generate revenue primarily from royalties under the License Agreement and, to a lesser degree, licensing fees, sublicensing fees, and milestones.

Royalties

Royalties consist of royalties and the mark-up on cost of goods sold under the License Agreement. Total royalty and mark-up on cost of goods sold for the three-month period ended June 30, 2020 were $3.9 million as compared to $8.9 million in the corresponding 2019 period, representing a decrease of $4.9 million or 56%. The decrease in total revenues for the quarterly period was primarily due to royalties associated with lower net sales due to the impact of COVID-19, including, but not limited to the effect of significant office closures and less office visits for physician-administered products.

Research and Development Activities and Expenses

R&D expenses include, but are not limited to, internal costs, such as salaries and benefits, costs of materials, lab expenses, facility costs, and overhead. R&D expenses also consist of third-party costs, such as medical professional fees, product costs used in clinical trials, consulting fees, and costs associated with clinical study arrangements. For the three month periods ended June 30, 2020 and 2019, R&D expenses were $160,000 and $161,000, respectively.

We manage the development of XIAFLEX® for uterine fibroids and initiate the development of XIAFLEX® in new potential indications, not licensed by Endo. We presented data from the Phase 1 clinical trial of CCH for the treatment of uterine fibroids at the 66^th Annual Meeting of the Society of Reproductive Investigation on March 14, 2019 in Paris, France. This presentation follows positive top-line results announced in October 2018 demonstrating that CCH significantly reduced collagen content in uterine fibroids. We intend to use the Phase 1 data to inform the development of future clinical studies. The Company and its clinical partners continue to analyze the full Phase 1 data to guide the design of a Phase 2 study of CCH for the treatment of uterine fibroids. Costs related to the uterine fibroids program for the three months ended June 30, 2019 were $66,127. There were no costs associated with the uterine fibroids program in the 2020 period.

The successful development of drugs is inherently difficult and uncertain. Our business requires investments in R&D over many years, often for drug candidates that may fail during the R&D process. Even if the Company is able to successfully complete the development of our drug candidates, our long-term prospects depend upon our ability and the ability of our partners, particularly with respect to XIAFLEX®, to continue to commercialize these drug candidates.

There is significant uncertainty regarding our ability to successfully develop drug candidates in other indications. These risks include the uncertainty of:

●

the nature, timing, and estimated costs of the efforts necessary to complete the development of our drug candidate projects;

●

the anticipated completion dates for such drug candidate projects;

●

the scope, rate of progress, and cost of such clinical trials that we may commence in the future with respect to such drug candidate projects;

●

the scope, rate of progress of preclinical studies, and other R&D activities related to such drug candidate projects;

●

clinical trial results for such drug candidate projects;

●

the cost of filing, prosecuting, defending, and enforcing any patent claims and other intellectual property rights relating to such drug candidate projects;

●

the terms and timing of any strategic alliance, licensing, and other arrangements that we have or may establish in the future relating to our drug candidate projects;

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costs relating to future product opportunities;

●

the cost and timing of regulatory approvals with respect to such drug candidate projects; and

●

the cost of establishing clinical supplies for our drug candidate projects.

We believe that our current resources and liquidity are sufficient to advance our current clinical and R&D projects.

General and Administrative Expenses

General and administrative expenses consist primarily of salaries and other related costs for personnel, third-party royalty fees, consultant costs, legal fees, investor relations, professional fees, and overhead costs. General and administrative expenses for the three-month periods ended June 30, 2020 and 2019 were $4.0 million and $1.7 million, respectively. Increases in general and administrative expenses was mainly due to an increase in headcount and associated compensation costs, separation costs, legal fees, stock compensation expense, consulting fees, and directors fees, partially offset by lower third-party royalties associated with XIAFLEX®.

Other Income

Other income for the three months ended June 30, 2020 was $391,000 compared to $517,000 in the corresponding 2019 period. Other income consists of interest earned on our investments. The decrease is due to lower returns on investments in the 2020 period as compared to the 2019 period.

Provision for Income Taxes

Our deferred tax liabilities and deferred tax assets are impacted by events and transactions arising in the ordinary course of business including stock-based compensation, revenue and leases. For the three-month period ended June 30, 2020, our provision for income taxes was $24,000. Our deferred tax liabilities as of June 30, 2020 were $0.4 million. The estimated effective tax rate for the three months ended June 30, 2020 was 17% of pre-tax income reported in the period, calculated based on the estimated annual effective rate anticipated for the year ending December 31, 2020 plus the effects of certain discrete items occurring in 2020. For the three-month period ended June 30, 2019, our provision for income taxes was $1.1 million. Our deferred tax assets as of June 30, 2019 were $0.2 million. Our effective tax rate for the three months ended June 30, 2019 was 14%. Our effective tax rate was also impacted by the discrete impact of current period stock option exercises which impacts the effective rate in the period in which it occurs.

Net Income

For the three months ended June 30, 2020, we recorded net income of $0.1 million, or $0.02 per basic common share and $0.02 per diluted common share, compared to a net income of $6.4 million, or $0.88 per basic common share and $0.87 per diluted common share, for the same period in 2019.

SIX MONTHS ENDED JUNE 30, 2020 COMPARED TO SIX MONTHS ENDED JUNE 30, 2019

Revenues

We generate revenue primarily from royalties under the License Agreement and, to a lesser degree, licensing fees, sublicensing fees, and milestones.

Royalties

Royalties consist of royalties and the mark-up on cost of goods sold under the License Agreement. Total royalty and mark-up on cost of goods sold for the six month period ended June 30, 2020 were $13.6 million as compared to $17.0 million in the corresponding 2019 period, representing a decrease of $3.4 million, or 20%. The decrease in total revenues was primarily due to royalties associated with lower net sales due to the impact of COVID-19, including, but not limited to the effect of significant office closures and less office visits for physician-administered products.

Research and Development Activities and Expenses

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R&D expenses include, but are not limited to, internal costs, such as salaries and benefits, costs of materials, lab expenses, facility costs and overhead. R&D expenses also consist of third party costs, such as medical professional fees, product costs used in clinical trials, consulting fees, and costs associated with clinical study arrangements. For the six month periods ended June 30, 2020 and 2019, R&D expenses were $0.3 million and $0.3 million, respectively, and in each case, are primarily related to the development work associated with our clinical, preclinical and other R&D programs.

The successful development of drugs is inherently difficult and uncertain. Our business requires investments in R&D over many years, often for drug candidates that may fail during the R&D process. Even if the Company is able to successfully complete the development of our drug candidates, our long-term prospects depend upon our ability and the ability of our partners, particularly with respect to XIAFLEX® to continue to commercialize these drug candidates.

There is significant uncertainty regarding our ability to successfully develop drug candidates in other indications. These risks include the uncertainty of:

●

the nature, timing and estimated costs of the efforts necessary to complete the development of our drug candidate projects;

●

the anticipated completion dates for our drug candidate projects;

●

the scope, rate of progress and cost of our clinical trials that we are currently running or may commence in the future with respect to our drug candidate projects;

●

the scope, rate of progress of our preclinical studies and other R&D activities related to our drug candidate projects;

●

clinical trial results for our drug candidate projects;

●

the cost of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights relating to our drug candidate projects;

●

the terms and timing of any strategic alliance, licensing and other arrangements that we have or may establish in the future relating to our drug candidate projects;

●

the cost and timing of regulatory approvals with respect to our drug candidate projects; and

●

the cost of establishing clinical supplies for our drug candidate projects.

We believe that our current resources and liquidity are sufficient to advance our current clinical and R&D projects.

General and Administrative Expenses

General and administrative expenses consist primarily of salaries and other related costs for personnel, third-party royalty fees, consultant costs, legal fees, investor relations, professional fees and overhead costs. General and administrative expenses for the six months ended June 30, 2020 and 2019 were $7.2 million and $4.6 million, respectively. The increase in general and administrative expenses was mainly due to increased legal fees, an increase in headcount and associated payroll costs, separation costs, stock compensation expense and directors fees, partially offset by lower third party royalties associated with XIAFLEX®.

Restructuring Charges

On January 7, 2020, we announced that we would be relocating our corporate headquarters from Lynbrook, New York to Wilmington, Delaware as of April 7, 2020. On January 6, 2020, in connection with the relocation, we notified five employees and one consultant that their services would no longer be required effective March 31, 2020. On March 23, 2020, the five employees and one consultant were given separation agreements detailing the termination benefits to which they would be entitled. As a result, we recorded a one-time restructuring charge of $1.1 million in the first quarter of fiscal 2020. The restructuring charge is primarily associated with $0.9 million of one-time termination benefits that we expect

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to pay out in cash over the six- month period beginning April 2020 and $0.2 million of one-time non-cash termination expenses associated with the acceleration of vesting of certain stock options and restricted stock units.

Other Income

Other income for the six months ended June 30, 2020 was $0.9 million compared to $1.0 million in the corresponding 2019 period. Other income consists of interest earned on our investments.

Provision for Income Taxes

Our deferred tax liabilities and deferred tax assets are impacted by events and transactions arising in the ordinary course of business including stock-based compensation, revenue and leases. For the six month period ended June 30, 2020, our provision for income taxes was $1.2 million. Our deferred tax liabilities as of June 30, 2020 were $0.4 million. The estimated effective tax rate for the six months ended June 30, 2020 was 21% of pre-tax income reported in the period, calculated based on the estimated annual effective tax rate anticipated for the year ending December 31, 2020 plus the effects of certain discrete items occurring in 2020. For the six month period ended June 30, 2019, our provision for income taxes was $2.2 million. Our deferred tax assets as of June 30, 2019 were $0.2 million. The estimated effective tax rate for the three months ended June 30, 2019 was 17% of pre-tax income reported in the period, calculated based on the estimated annual effective tax rate anticipated for the year ending December 31, 2019 plus the effects of certain discrete items occurring in 2019 including current period stock option exercises.

Net Income

For the six months ended June 30, 2020, we recorded net income of $4.6 million, or $0.63 per basic common share and $0.63 per diluted common share, compared to a net income of $10.8 million, or $1.49 per basic common share and $1.48 per diluted common share, for the same period in 2019.

Liquidity and Capital Resources

To date, we have financed our operations primarily through product sales, licensing revenues and royalties under agreements with third parties and sales of our common stock.

At June 30, 2020 and December 31, 2019, we had cash and cash equivalents and investments in the aggregate of $119.8 million and $105.8 million, respectively. We currently anticipate that our available funds and cash flow from operations will be sufficient to meet our operational cash needs for at least the next 12 months from the date of this filing.

On June 26, 2020, we filed a shelf registration statement on Form S-3, which we subsequently amended on July 15, 2020, relating to the sale, from time to time, in one or more transactions, of up to $200,000,000 of common stock, preferred stock, debt securities, warrants, and units (the “Shelf Registration Statement”). The Shelf Registration Statement was declared effective on July 17, 2020. As of July 31, 2020, $200,000,000 remained available for issuance under the Shelf Registration Statement. As set forth in the Shelf Registration Statement, the Company expects to use a substantial portion of the net proceeds from the sale of securities under the Shelf Registration Statement for general corporate purposes; the Company, however, has not allocated the net proceeds for specific purposes.

Net cash provided by operating activities for the six months ended June 30, 2020 was $14.8 million as compared to $9.8 million in the 2019 period. Net cash provided by operating activities in the 2020 period was primarily attributable to our net income plus a reduction in accounts receivable of $7.4 million and increases in accounts payable, accrued expenses and lease obligation of $1.1 million and an increase in income taxes payable of $1.3 million. Non-cash items used to reconcile net income to net cash provided by operating activities of $0.9 million included amortization of patent costs and bond premiums and discounts, deferred tax benefits, and stock-based compensation expense. Net cash provided by operating activities in the 2019 period was primarily attributable to our net income partially offset by a reduction in accounts payable and accrued expenses of $1.1 million and an increase in prepaid expenses of $0.4 million. Non-cash items used to reconcile net income to net cash provided by operating activities of $0.6 million included amortization of patent costs and bond premiums and discounts and stock-based compensation expense.

Net cash used in investing activities for the six months ended June 30, 2020 was $2.6 million as compared to net cash used in investing activities of $10.7 million for the corresponding 2019 period. The net cash used in investing activities in the

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2020 period reflects the investment of $63.1 million and the maturing of $60.6 million in marketable securities. The net cash used in investing activities in the 2019 period reflects the investment of $53.1 million and the maturing of $42.5 million in marketable securities.

Net cash used in financing activities for the six months ended June 30, 2020 was $0.4 million as compared to net cash provided by financing activities of $1.6 million in the corresponding 2019 period. In the 2020 period, net cash used in financing activities was due to the repurchase of $0.4 million of our common stock under our stock repurchase program partially offset by proceeds received from stock option exercises of $62,000. In the 2019 period, net cash provided by financing activities was due to proceeds received from stock option exercises of $1.7 million partially offset by the repurchase of $0.1 million of our common stock under our stock repurchase program.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements as defined in Item 303(a)(4) of Regulation S-K.


Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the management of the Company (“Management”), including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, Management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

The Company, under the supervision and with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. Based on that evaluation, our principal executive officer and principal financial officer concluded, as of the end of the period covered by this Quarterly Report, that the Company’s disclosure controls and procedures were effective in the timely and accurate recording, processing, summarizing, and reporting of material financial and non-financial information within the time periods specified within the SEC’s rules and forms. Our principal executive officer and principal financial officer also concluded that our disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our Management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.

Changes in Internal Controls

There were no changes in our internal control over financial reporting (as defined in Rules 13a–15(f) and 15d–15(f) under the Exchange Act) that occurred during the three months ended June 30, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II: OTHER INFORMATION

Item 1. Legal Proceedings

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rights to royalties under the Cellulite License Agreement dated August 23, 2007, which is described in the Company’s 2019 Annual Report. This is a private and confidential arbitration administered by the American Arbitration Association. On July 9, 2020, the Research Foundation filed a response denying the allegations of the demand and making a counterclaim alleging principally that the Company is in breach of its obligations under the Cellulite License Agreement. The Company has responded to the counterclaim, denying the allegations and requesting judgment in its favor on all claims. However, should the Research Foundation prevail in this arbitration, it could have a material adverse effect on the Company’s future financial results. See Note 8, “Subsequent Events,” for disclosure concerning FDA approval and postponement of commercial launch of the cellulite indication.

Item 1A. Risk Factors

Our business may be adversely affected by the ongoing coronavirus pandemic.

COVID-19 has resulted in global business and economic disruption and extreme volatility in the financial markets as many jurisdictions have placed restrictions on travel and non-essential business operations and implemented social distancing, shelter-in-place, quarantine, and other similar measures for their residents to contain the spread of the virus. The extent to which the coronavirus impacts our operations will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity, and scope of the outbreak and the actions taken to contain or treat the coronavirus outbreak.

The continued spread of COVID-19 globally could materially and adversely impact our operations including without limitation, future clinical trial operations, regulatory approval and the timing thereof, the operations of our collaboration partners, travel, and employee health and availability which may have a material and adverse effect on our business, financial condition, and results of operations. Specifically, depending upon the length and severity of the pandemic, COVID-19 could impact:

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Our future clinical trial plans, specifically with respect to uterine fibroids;

●

Endo’s development programs for the CCH treatment of plantar fibromatosis and adhesive capsulitis;

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Endo’s commercialization and launch of CCH treatment for cellulite which has already been postponed until 2021 because of the pandemic; and

●

Endo’s ability to manufacture, market, and sell XIAFLEX® with respect to DC and PD.

In addition, a recession, depression or other sustained adverse market event could materially and adversely affect the financial markets, our business, the value of our common stock and our royalty streams. The coronavirus pandemic continues to rapidly evolve. The ultimate impact of the coronavirus pandemic on us is highly uncertain and subject to change and will depend on future developments, which cannot be accurately predicted.

COVID-19 could materially and adversely affect Endo’s business, which in turn would impact our business.

As we are dependent upon revenue from Endo, Endo’s operating success or failure has a significant impact on our potential royalty stream and other payment rights. Accordingly, the following impacts of COVID-19 on Endo’s business, could materially affect our business.

In response to public health directives and orders, Endo has implemented alternative working practices and work-from-home requirements for appropriate employees, as well as social distancing, modified schedules, shift rotation, and other similar policies at its manufacturing facilities. Endo launched a hybrid approach selling model as of June 1, 2020 for its field employees, which allows virtual and/or live engagement with healthcare providers and other customers. Endo has also suspended international and domestic travel. The effects of COVID-19, including these public health directives and orders, have had an impact on Endo’s business and may in the future materially disrupt its business (including its manufacturing and supply chain operations by significantly reducing its output), negatively impacting its productivity, and delaying its product development programs.

COVID-19 may have significant impacts on third-party arrangements, including those with Endo’s manufacturing, supply chain, and distribution partners, information technology and other service providers and business partners. For example, there may be significant disruptions in the ability of any or all of Endo’s third-party providers to meet their obligations to Endo on a timely basis, or at all, which may be caused by their own financial or operational difficulties, including any

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closures of their facilities pursuant to a governmental order or otherwise. Due to these disruptions and other factors, including changes in Endo’s workforce availability, Endo’s ability to meet its obligations to third-party distribution partners may be negatively impacted. As a result, Endo has delivered, and in the future Endo or its third-party providers may deliver, notices of the occurrence of a force majeure or similar event under certain of its third-party contracts, which could result in prolonged commercial disputes and ultimately legal proceedings to enforce contractual performance and/or recover losses. Further, the publicity of any such dispute could harm Endo’s reputation and make the negotiation of any replacement contracts more difficult and costly, thereby prolonging the effects of any resulting disruption in Endo’s operations. Such disruptions could be acute with respect to certain of its raw material suppliers where Endo may not have readily accessible alternatives or alternatives may take longer to source than usual. Any of these disruptions could harm Endo’s ability to manufacture XIAFLEX®.

Endo has experienced, and expects to continue to experience, changes in customer demand as the COVID-19 pandemic evolves. The current economic crisis and rising unemployment rates resulting from COVID-19 have the potential to significantly reduce individual disposable income and depress consumer confidence, which could limit the ability of some consumers to purchase certain pharmaceutical products and reduce consumer spend on certain medical procedures in both the short- and medium-term. Additionally, as part of the measures to address COVID-19, certain healthcare providers are not currently performing various medical procedures, including those that use XIAFLEX®. For example, during the last two weeks of the first quarter of 2020 and continuing into the second quarter of 2020, XIAFLEX® began experiencing significantly decreased sales volumes due to reduced physician office activity and patient office visits compared to prior year because of the COVID-19 pandemic.

Additionally, Endo’s product development programs have been, and may continue to be, adversely affected by the global pandemic and the prioritization of production during this pandemic. The public health directives in response to COVID-19 requiring social distancing and restricting non-essential business operations have in certain cases caused and may continue to cause delays, increased costs, and additional challenges in Endo’s product development programs, including obtaining adequate patient enrollment and successfully bringing product candidates to market. In addition, Endo may face additional challenges receiving regulatory approvals as previously scheduled dates or anticipated deadlines for action by the FDA on its applications and products in development could be subject to delays beyond Endo’s control as regulators such as the FDA focus on COVID-19. For example, as a result of COVID-19 and its impact on medical aesthetics physician office closures and consumer spending, Endo has moved the anticipated product launch of Qwo™ to the first half of 2021. In addition, Endo has assessed, and expects to continue to assess, the timeline for the development and commercialization of other products, which could include CCH treatment for frozen shoulder and plantar fibromatosis.

The magnitude of the effect of COVID-19 on Endo’s business will depend, in part, on the length and severity of the restrictions (including the effects of recent “re-opening” actions and plans following a recent slowdown of the virus infection rate in certain countries and localities) and other limitations on Endo’s ability to conduct its business in the ordinary course. The extent, length and consequences of the pandemic are uncertain and impossible to predict, but could be material.

In addition to the other information contained elsewhere in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in “Part I, Item 1A. Risk Factors” in our 2019 Annual Report and under Part II, Item 1A. of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, which could materially affect our business, financial condition or future results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the six-month period ended June 30, 2020, we did not issue any unregistered shares of securities.

Issuer Purchases of Equity Securities

On May 23, 2019, the Company announced the authorization of a new stock repurchase program under which we can repurchase up to $4 million of our outstanding common stock. Pursuant to the repurchase program, from time to time we repurchase stock through a broker in the open market, provided that the timing, actual number and price per share of the common stock to be purchased will be subject to market conditions, applicable legal requirements, including Rule 10b-18 of the Exchange Act, and various other factors. The stock repurchase program terminated in May 2020.

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The following table presents a summary of share repurchases made by us during the six months ended June 30, 2020.


					Maximum
				Total Number of	Number (or
				Shares	Dollar Value) of
	Total Number	Average		Purchased as	Shares that May
	of Shares	Price Paid		Part of Publicly	Yet be Purchased
Period	Purchased ⁽¹⁾	Per Share⁽²⁾		Announced Plan	under the Plan ⁽³⁾
Remaining balance as of December 31, 2019					$	3,379,349
January 1, 2020 – January 31, 2020	1,709	$	56.66	13,096		3,282,509
February 1, 2020 – February 29, 2020	848	$	61.39	13,944		3,230,446
March 1, 2020 – March 31, 2020	1,510	$	47.77	15,454		3,158,318
April 1, 2020 – April 30, 2020	2,677	$	53.93	18,131		3,013,957
May 1, 2020 – May 31, 2020	829	$	57.14	18,960	$	2,966,587
Total	7,573

(1)	The purchases were made in open-market transactions in compliance with Exchange Act Rule 10b-18 or under the company’s 10b-18 plan.

(2)	Includes commissions paid, if any, related to the stock repurchase transactions.

(3)	On May 23, 2019, we announced that our Board of Directors had authorized the repurchase of up to $4.0 million of our common stock under the stock repurchase program. This program terminated in May 2020.

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Item 6. Exhibits


3.1	Certificate of Designation of Series C Junior Participating Preferred Stock of the Company (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed April 10, 2020 (File No. 001-34236))

3.2	Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Registration Statement on Form S-3 (File No. 333-239484))

4.1	Rights Agreement, dated as of April 10, 2020, by and between the Company and Worldwide Stock Transfer, LLC, as rights agent (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed April 10, 2020 (File No. 001-34236))

10.1	Separation of Employment Agreement and General Release, dated April 6, 2020, by and between the Company and J. Kevin Buchi (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q filed on May 11, 2020 (File No. 000-19879))

10.2	Letter Agreement, dated April 6, 2020, by and between the Company and Joseph Truitt (incorporated by reference to Exhibit 10.5 of the Company’s Quarterly Report on Form 10-Q filed on May 11, 2020 (File No. 000-19879))

10.3	Employment Agreement, dated May 7, 2020, by and between the Company and Joseph Truitt (incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q filed on May 11, 2020 (File No. 000-19879))

10.4	Confidentiality and Inventions Assignment Agreement, dated April 1, 2020, by and between the Company and Joseph Truitt (incorporated by reference to Exhibit 10.6 of the Company’s Quarterly Report on Form 10-Q filed on May 11, 2020 (File No. 000-19879))

10.5*	Amendment to Letter Agreement, dated June 4, 2020, by and between the Company and Patrick Hutchison

10.6*	Employment Agreement, dated June 19, 2020, by and between the Company and Alex Monteith

31.1**	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2**	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1**	Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH		Inline XBRL Taxonomy Extension Schema

101.CAL		Inline XBRL Taxanomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxanomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101

*	filed herewith

**	furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


	BIOSPECIFICS TECHNOLOGIES CORP.


Date: August 10, 2020	/s/ Joseph Truitt
	Joseph Truitt
	Chief Executive Officer and Principal Executive Officer

EX-10.5 2 bstc-20200630xex10d5.htm EX-10.5

EXHIBIT 10.5

August 6, 2020

BY EMAIL AND OVERNIGHT MAIL

Patrick C. Hutchison

____________________

Dear Pat:

This letter agreement (the “Amendment”) hereby amends your employment offer letter from BioSpecifics Technologies Corporation (“BSTC” or the “Company”) dated December 17, 2019 and executed by you on December 20, 2019 (the “Offer Letter”), solely as set forth below. In all other respects, the Offer Letter shall remain in full force and effect.

The section titled “Base Salary” is deleted in its entirety and replaced with the following:

Base Salary:

The Company shall pay you a base salary at the annualized rate of three hundred thousand dollars ($300,000) based on full-time employment status. Your position is classified as exempt from overtime. Your salary will be paid in regular periodic payments, less applicable deductions and withholdings, in accordance with the Company’s regular payroll practices. Your base salary is subject to change at the Company’s sole discretion.

The section titled “Performance Bonus” is deleted in its entirety and replaced with the following:

Performance Bonus:

In addition to your Base Salary, you may be eligible to receive a discretionary performance bonus, payable in accordance with BioSpecifics’ policy with respect to the payment of bonuses (as may be amended from time to time). The target for your Performance Bonus is twenty percent (30%) of your Base Salary. The actual Performance Bonus amount, if any, is within the Company’s sole discretion, which will be informed by an assessment of your performance, including your performance against agreed objectives, as well as business conditions at the Company.

Page 2 of 2

The first paragraph of the section titled “Termination Without Cause” is amended and restated as follows:

Termination Without Cause:

If the Company terminates your employment without Cause (as defined below), the Company shall pay you any earned but unpaid Base Salary through the date of termination, at the rates then in effect, less standard deductions and withholdings. In addition, if you: (i) furnish to the Company an executed waiver and general release of claims in a form to be provided to you by the Company (a “Release”), (ii) allow the Release to become effective in accordance with its terms, and (iii) otherwise comply with the Release, then you will be eligible to receive an aggregate amount equal to six (6) months of your then-current Base Salary, less standard deductions and withholdings, payable in equal installments over the six (6) month period following the date of the termination of your employment.

Remaining Provisions. Except as expressly amended hereby, the Offer Letter shall remain unchanged and in full force and effect. This Amendment shall be deemed part of and is incorporated into the Offer Letter. In the event of any inconsistency or contradiction between the terms of this Amendment and the Offer Letter, the provisions of this Amendment shall prevail and control. Capitalized terms defined in the Offer Letter and used in this Amendment have the respective meanings assigned to such terms in the Offer Letter, unless otherwise defined in this Amendment.

Counterparts. This Amendment may be executed in any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. Execution of a facsimile or PDF copy shall have the same force and effect as execution of an original, and a copy of a signature will be admissible in any legal proceeding as if an original.

Effective Date. Provided you sign below, this Amendment shall become effective on June 8, 2020.


Accepted:		BIOSPECIFICS TECHNOLOGY CORP.




/s/ Patrick C. Hutchison		/s/ Joseph Truitt
Patrick C. Hutchison		By: Joseph Truitt
		Title: Chief Executive Officer



Date: June 4, 2020		Date: June 4, 2020

EX-10.6 3 bstc-20200630xex10d6.htm EX-10.6

EXHIBIT 10.6

EMPLOYMENT AGREEMENT
ALEX MONTEITH

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between BioSpecifics Technologies Corp. (the “Company”) and Alex Monteith (the “Executive”) as of June 19, 2020.

WHEREAS, the Company desires to employ the Executive as the Company’s Senior Vice President and Chief Business Officer and the Executive desires to serve in such capacity.

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter set forth, the Company and the Executive hereby agree as follows:

1.Employment.

(a)Term. The term of this Agreement shall begin on the first day of the Executive’s employment with the Company, which shall be on or about July 20, 2020 (the “Effective Date”), and shall continue until the termination of the Executive’s employment in accordance with the terms of this Agreement. The period commencing on the Effective Date and ending on the date on which the Executive’s employment terminates is referred to herein as the “Term.”

(b)Duties. During the Term, the Executive shall serve as the Senior Vice President and Chief Business Officer of the Company, with duties, responsibilities and authority commensurate therewith, and shall report to the Company’s Chief Executive Officer (the “CEO”). The Executive shall perform all duties and accept all responsibilities incident to such position as may be reasonably assigned to the Executive by the CEO. The Executive represents to the Company that, to the extent the Executive is a party to one or more written agreements relating to the Executive’s employment prior to the Effective Date, the Executive has fully complied, and shall continue to fully comply, with his obligations under such written agreements.

(c)Best Efforts. During the Term, the Executive shall devote his reasonable best efforts and full time and attention to promote the business and affairs of the Company and its affiliated entities, and shall be engaged in other business activities only to the extent that such activities do not materially interfere or conflict with the Executive’s obligations to the Company and its affiliated entities hereunder, including, without limitation, obligations pursuant to Section 15 below. The foregoing shall not be construed as preventing the Executive from (1) serving on civic, educational, philanthropic or charitable boards or committees, or, with the prior written consent of the Board of Directors of the Company (the “Board”), in consultation with the CEO, on corporate boards, and (2) managing personal investments, so long as the activities set forth in the preceding clauses (1) and (2) are permitted under the Company’s code of conduct and employment policies and do not violate the provisions of Section 15 below; provided that, the activities set forth in the preceding clauses (1) and (2) do not materially interfere or conflict with the Executive’s duties or obligations to the Company and its affiliated entities and his time commitments with respect thereto, as determined by the Board in consultation with the CEO.

(d)Principal Place of Employment. The Executive understands and agrees that his principal place of employment will be in the Company’s offices located in Wilmington,

Delaware and that the Executive will be required to travel for business in the course of performing his duties for the Company, it being understood that Executive may telecommute from his home office in accordance with the Company’s guidelines regarding the same and to the extent such telecommuting does not interfere with the performance of the Executive’s duties under this Agreement.

2.Compensation.

(a)Base Salary. During the Term, the Company shall pay the Executive a base salary (“Base Salary”), at the annual rate of $385,000, which shall be paid in installments in accordance with the Company’s normal payroll practices. The Executive’s Base Salary shall be reviewed annually by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”), in consultation with the CEO, pursuant to the normal performance review policies for senior-level executives and may be adjusted from time to time as the Compensation Committee deems appropriate.

(b)Annual Bonus. The Executive shall be eligible to receive an annual bonus for each fiscal year during the Term (commencing with the 2020 fiscal year) based on the attainment, as determined by the Compensation Committee in its sole discretion, of individual and corporate performance goals and targets established by the Compensation Committee in its sole discretion (“Annual Bonus”). The goals and targets established for a fiscal year shall be communicated to the Executive by not later than the end of the first quarter of such fiscal year (or, with respect to the 2020 fiscal year, within 30 days following the Effective Date). The target amount of the Executive’s Annual Bonus for any full fiscal year during the Term is forty percent (40%) of the Executive’s annual Base Salary; provided that, the target amount of the Executive’s Annual Bonus for 2020 shall be equal to forty percent (40%) of the Executive’s annual Base Salary (without proration). Any Annual Bonus shall be paid after the end of the fiscal year to which it relates, at the same time as the bonuses for other executives employed by the Company; provided that (except as otherwise set forth in Sections 6 and 7, as applicable, below) the Executive remains employed by the Company through the last day of the fiscal year to which the Annual Bonus relates and provided further that in no event shall the Executive’s Annual Bonus be paid later than two and a half months after the last day of the fiscal year to which the Annual Bonus relates. Notwithstanding any provision of this Agreement, in the event the Executive’s employment is terminated for Cause, the Executive shall not be eligible to receive any unpaid Annual Bonus.

(c)Equity Compensation. As soon as practicable following the Effective Date (but not later than ten (10) business days following the Effective Date), the Executive shall receive a stock option grant with respect to 20,000 shares of Company Stock (the “Option”) pursuant to the Company’s 2019 Omnibus Incentive Compensation Plan (the “Equity Plan”). The Option shall vest in equal annual installments over the four (4)-year period immediately following the date of grant and will be subject to the terms and conditions as set forth in the stock option award agreement, a copy of which is attached hereto as Exhibit A, and the terms and conditions of the Equity Plan.

3.Retirement and Welfare Benefits. During the Term, the Executive shall be eligible to participate in the Company’s health, life insurance, long-term disability, retirement and welfare

benefit plans and programs, in each case as may be available to employees of the Company, pursuant to their respective terms and conditions. Nothing in this Agreement shall preclude the Company or any Affiliate of the Company from terminating or amending any employee benefit plan or program from time to time after the Effective Date.

4.Vacation. During the Term, the Executive shall be entitled to five (5) weeks of vacation each year and holiday and sick leave (which holiday and sick leave shall be at levels commensurate with those provided to other senior executives of the Company), in accordance with the Company’s vacation (except with respect to the minimum five (5) weeks of vacation per year set forth above), holiday and other pay-for-time-not-worked policies. Upon termination of employment, Executive shall be paid any accrued unused vacation for the year in which Executive’s employment terminates.

5.Business and Commuting Expenses.

(a)Business Expenses. The Company shall reimburse the Executive for all necessary and reasonable travel (which does not include commuting expenses which are addressed in subsection (b) below) and other business expenses incurred by the Executive in the performance of his duties hereunder in accordance with such policies and procedures as the Company may adopt generally from time to time for executives.

(b)Commuting Expenses. The Company shall reimburse the Executive for commuting expenses reasonably incurred in accordance with the Company’s policies and procedures. Such reimbursements will be taxable to the Executive to the extent required by law.

6.Termination Without Cause; Resignation for Good Reason. The Company may terminate the Executive’s employment at any time without Cause. The Executive may initiate a termination of employment by resigning for Good Reason as described below. Upon termination by the Company without Cause, or resignation by the Executive for Good Reason, which in either case occurs at any time other than upon or within one (1) year following a Change of Control, if the Executive executes and does not revoke a written Release (as defined below), the Executive shall be entitled to receive, in lieu of any payments under any severance plan or program for employees or executives, the following:

(a)a cash payment equal to one (1) times the Executive’s annual Base Salary as in effect on the termination date (or, in the case of a resignation for Good Reason due to a reduction in Base Salary, at the rate in effect immediately prior to such reduction), payable in installments over the twelve (12) month period following the Executive’s termination date in accordance with the Company’s normal payroll practices (but no less frequently than monthly). Payment will begin within sixty (60) days after the Executive’s termination date, and any installments not paid between the termination date and the date of the first payment will be paid with the first payment;

(b)reimbursement in cash equal to 100% of the monthly COBRA premiums incurred by the Executive for the Executive and his eligible dependents under the Company’s health plans during the twelve (12) month period following the Executive’s termination of employment. Such reimbursement shall be provided on the payroll date immediately following the date on

which the Executive remits the applicable premium payment and shall commence within sixty (60) days after the Executive’s termination date; provided that the first payment shall include any reimbursements that would have otherwise been payable during the period beginning on the Executive’s termination date and ending on the date of the first reimbursement payment. Reimbursement payments shall be treated as taxable compensation to the Executive to the extent required by law; and

(c)any accrued but unpaid Base Salary and any benefits accrued and due under any applicable benefit plans and programs of the Company (together, the “Accrued Obligations”), and any accrued but unpaid annual bonus awarded and payable pursuant to Section 2(b) for the fiscal year preceding termination (the “Accrued Annual Bonus”), with such Accrued Obligations and Accrued Annual Bonus paid regardless of whether the Executive executes or revokes the Release. Any accrued but unpaid Base Salary shall be paid by not later than the next regular pay date following the date of termination, any benefits accrued and due under any applicable benefits plans and programs of the Company shall be paid in accordance with the terms of the applicable benefit plan or program, and the Accrued Annual Bonus shall be paid by not later than the date the Annual Bonus is payable pursuant to the terms of Section 2(b) above.

7.Termination in Connection with a Change of Control. In the event that the Executive’s employment is terminated by the Company without Cause or by the Executive for Good Reason, in each case upon or within one (1) year following a Change of Control, if the Executive executes and does not revoke a written Release (as defined below), the Executive shall be entitled to receive, in lieu of any payments under any severance plan or program for employees or executives and in lieu of the payments and benefits set forth in Section 6 of this Agreement, the following:

(a)a cash payment equal to one (1) times the Executive’s annual Base Salary as in effect on the Change of Control (or, in the case of a resignation for Good Reason due to a reduction in Base Salary, at the rate in effect immediately prior to such reduction), payable in a lump sum within sixty (60) days following the Executive’s employment termination date;

(b)a cash payment equal to the amount of the Executive’s target Annual Bonus as described in Section 2(b) for the year in which termination occurs, payable in a lump sum within sixty (60) days following the Executive’s employment termination date;

(c)reimbursement in cash equal to 100% of the monthly COBRA premiums incurred by the Executive for the Executive and his eligible dependents under the Company’s health plans during the twelve (12) month period following the Executive’s termination of employment. Such reimbursement shall be provided on the payroll date immediately following the date on which the Executive remits the applicable premium payment and shall commence within sixty (60) days after the Executive’s termination date; provided that the first payment shall include any reimbursements that would have otherwise been payable during the period beginning on the Executive’s termination date and ending on the date of the first reimbursement payment. Reimbursement payments shall be treated as taxable compensation to the Executive to the extent required by law; and

(d)the Accrued Obligations and any Accrued Annual Bonus, with such Accrued Obligations and Accrued Annual Bonus paid regardless of whether the Executive executes or revokes the Release. The Accrued Obligations shall be paid at the times set forth in Section 6(c) above.

Notwithstanding the foregoing, if and to the extent required by Section 409A of the Code, if a Change of Control does not constitute a “change in control event” as defined by Section 409A of the Code or the lump sum payment in Section 7(a) would otherwise cause the Executive to incur penalties under Section 409A of the Code, such payment shall not be paid in a lump sum but shall be paid in equal installments in accordance with the payroll practices over the twelve (12)-month period following Executive’s termination date.

8.Cause. The Company may terminate the Executive’s employment at any time for Cause upon written notice to the Executive, in which event all payments under this Agreement shall cease, except for any Accrued Obligations.

9.Voluntary Resignation Without Good Reason. The Executive may voluntarily terminate employment without Good Reason. In such event, after the effective date of such termination, no payments shall be due under this Agreement, except that the Executive shall be entitled to any Accrued Obligations and any Accrued Annual Bonus.

10.Disability. If the Executive incurs a Disability during the Term, the Company may terminate the Executive’s employment on or after the date of Disability. If the Executive’s employment terminates on account of Disability, the Executive shall be entitled to receive any Accrued Obligations and any Accrued Annual Bonus. For the avoidance of doubt, in the event of such termination, the Executive shall not be eligible to receive any payments or benefits pursuant to Section 6 or Section 7. For purposes of this Agreement, the term “Disability” shall have the same meaning ascribed to such term in Section 22(e)(3) of the Code.

11.Death. If the Executive dies during the Term, the Executive’s employment shall terminate on the date of death and the Company shall pay to the Executive’s executor, legal representative, administrator or designated beneficiary, as applicable, any Accrued Obligations and any Accrued Annual Bonus. Otherwise, the Company shall have no further liability or obligation under this Agreement to the Executive’s executors, legal representatives, administrators, heirs or assigns or any other person claiming under or through the Executive.

12.Resignation of Positions. Effective as of the date of any termination of employment, the Executive will resign from all Company-related positions, including as an officer and director of the Company and its parents, subsidiaries and Affiliates.

13.Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

(a)“Cause” shall mean the Executive’s (1) breach of a material term of this Agreement or any confidentiality, nonsolicitation, noncompetition or inventions assignment agreement with the Company; (2) commission of an act of fraud, embezzlement, theft, or material dishonesty; (3) willful engagement in conduct that causes, or is likely to cause, material damage to the property or reputation of the Company; (4) failure to perform satisfactorily the

material duties of the Executive’s position (other than by reason of disability) after receipt of a written warning from the CEO or the Board; (5) commission of a felony or any crime of moral turpitude; or (6) material failure to comply with the Company’s code of conduct or employment policies.

With regard to any event constituting Cause pursuant to clauses (1), (3), (4) or (6), the Executive shall have a period of 15 days after receiving written notice from the Company of such event in which he may correct such event if it is reasonably subject to cure (“Cure Period”). Cause shall not exist for purposes of this Section 13(a) unless the Board determines that: (i) the event constituting Cause is not subject to cure or (ii) after the Cure Period, the Executive has failed to cure the event constituting Cause.

(b)“Change of Control” shall be deemed to have occurred if:

(i)a person, or any two or more persons acting as a group, and all affiliates of such person or persons, who prior to such time owned less than fifty percent (50%) of the Company’s then outstanding shares of Company Stock, shall acquire such additional shares of Company Stock in one or more transactions, or series of transactions, such that following such transaction or transactions such person or group and affiliates beneficially own fifty percent (50%) or more of the Company Stock outstanding;

(ii)closing of the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity;

(iii)individuals who constitute the Incumbent Board cease for any reason to constitute at least a majority of the Company’s Board (for this purpose, “Incumbent Board” means at any time those persons who are then members of the Company’s Board of Directors and who are either (y) members of the Company’s Board of Directors on the Effective Date, or (z) have been elected, or have been nominated for election by the Company’s stockholders, by the affirmative vote of at least two-thirds of the directors comprising the Incumbent Board at the time of such election or nomination (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director without objection to such nomination)); or

(iv)the consummation of any merger, reorganization, consolidation or share exchange unless the persons who were the beneficial owners of the Company’s outstanding shares of Company Stock immediately before the consummation of such transaction beneficially own more than fifty percent (50%) of the outstanding shares of the common stock of the successor or survivor entity in such transaction immediately following the consummation of such transaction. For purposes of this definition, the percentage of the beneficially owned shares of the successor or survivor entity described above shall be determined exclusively by reference to the shares of the successor or survivor entity which result from the beneficial ownership of Company Stock by the persons described above immediately before the consummation of such transaction.

(c)“Company Stock” shall mean common stock of the Company.

(d)“Good Reason” shall mean the occurrence of one or more of the following without the Executive’s consent, other than on account of the Executive’s disability:

(1)A material diminution by the Company of the Executive’s authority, duties or responsibilities;

(2) The requirement that the Executive report to any individual other than the CEO, another “C-Suite” executive or member of the Board;

(3)A material change in the geographic location at which the Executive must perform services under this Agreement, excluding for the avoidance of doubt, any travel for business in the course of performing the Executive’s duties for the Company;

(4)A material diminution in the Executive’s Base Salary, except for any diminution that is part of a broad-based diminution of base salary applicable to a majority of officers of the Company; or

(5)Any action or inaction that constitutes a material breach by the Company of this Agreement.

The Executive must provide written notice of termination for Good Reason to the Company within 45 days after the event constituting Good Reason. The Company shall have a period of 30 days in which it may correct the act or failure to act that constitutes the grounds for Good Reason as set forth in the Executive’s notice of termination. If the Company does not correct the act or failure to act, the Executive’s employment will terminate for Good Reason on the first business day following the Company’s 30-day cure period.

(e)“Release” shall mean a separation agreement and general release of any and all claims against the Company and all related parties with respect to all matters arising out of the Executive’s employment by the Company, and the termination thereof (other than claims for any entitlements under the terms of this Agreement or under any plans or programs of the Company under which the Executive has accrued and is due a benefit). The Release will be in the form attached hereto as Exhibit A, subject to such legally required changes, as reasonably determined by the Company. The final form of the Release shall be delivered to the Executive within seven (7) business days following the termination of employment.

14.Section 409A.

(a)This Agreement is intended to comply with section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and its corresponding regulations, or an exemption thereto, and payments may only be made under this Agreement upon an event and in a manner permitted by section 409A of the Code, to the extent applicable. Severance benefits under this Agreement are intended to be exempt from section 409A of the Code under the “short-term deferral” exception, to the maximum extent applicable, and then under the “separation pay” exception, to the maximum extent applicable. Notwithstanding anything in this Agreement to the contrary, if required by section 409A of the Code, if the Executive is considered a “specified employee” for purposes of section 409A of the Code and if payment of any amounts under this Agreement is required to be delayed for a period of six months after separation from service

pursuant to section 409A of the Code, payment of such amounts shall be delayed as required by section 409A of the Code, and the accumulated amounts shall be paid in a lump-sum payment within 10 days after the end of the six-month period. If the Executive dies during the postponement period prior to the payment of benefits, the amounts withheld on account of section 409A of the Code shall be paid to the personal representative of the Executive’s estate within sixty (60) days after the date of the Executive’s death.

(b)All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under section 409A of the Code. For purposes of section 409A of the Code, each payment hereunder shall be treated as a separate payment, and the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. In no event may the Executive, directly or indirectly, designate the taxable year of a payment. Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of the Executive’s execution of the Release, directly or indirectly, result in the Executive’s designating the taxable year of payment of any amounts of deferred compensation subject to section 409A of the Code, and if a payment that is subject to execution of the Release could be made in more than one taxable year, payment shall be made in the later taxable year.

(c)All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement be for expenses incurred during the period specified in this Agreement, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a fiscal year not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other fiscal year, (iii) the reimbursement of an eligible expense be made no later than the last day of the fiscal year following the year in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits not be subject to liquidation or exchange for another benefit.

15.Restrictive Covenants.

(a)Noncompetition. The Executive agrees that during the Executive’s employment with the Company and its Affiliates and the twelve (12)-month period following the date on which the Executive’s employment terminates for any reason (the “Restriction Period”), the Executive will not, without the Board’s express written consent, engage (directly or indirectly) in any Competitive Business in the United States. The term “Competitive Business” means any entity or person that is engaged in a business, in the United States, in which the Company or its subsidiaries engaged during the Executive’s employment, or that the Company is actively considering and as to which the Company has entered into a confidentiality agreement (including the business of pharmaceutical products containing Collagenase ABC, and any variants or derivatives thereof, as an active ingredient and any reformulation, improvement, enhancement, combination, refinement or modification thereof). The Executive understands and agrees that, given the nature of the business of the Company and its Affiliates (as defined below) and the Executive’s position with the Company, the foregoing geographic scope is reasonable and

appropriate. For purposes of this Agreement, the term “Affiliate” means any subsidiary of the Company or other entity under common control with the Company.

(b)Nonsolicitation of Company Personnel. The Executive agrees that during the Restriction Period, the Executive will not, either directly or through others, hire or attempt to hire any employee, consultant or independent contractor of the Company or its Affiliates, or solicit or attempt to solicit any such person to change or terminate his or her relationship with the Company or an Affiliate or otherwise to become an employee, consultant or independent contractor to, for or of any other person or business entity, unless more than twelve (12) months shall have elapsed between the last day of such person’s employment or service with the Company or Affiliate and the first day of such solicitation or hiring or attempt to solicit or hire. If any employee, consultant or independent contractor is hired or solicited by any entity that has hired or agreed to hire the Executive, such hiring or solicitation shall be presumed to be a violation of this subsection (b).

(c)Nonsolicitation of Customers. The Executive agrees that during the Restriction Period, the Executive will not, either directly or through others, solicit, divert, appropriate or do business with, or attempt to solicit, divert, appropriate or do business with, any customer or actively sought prospective customer of the Company or an Affiliate for the purpose of providing such customer or actively sought prospective customer with services or products competitive with those offered by the Company or an Affiliate during the Executive’s employment with the Company or an Affiliate.

(d)Proprietary Information. At all times, the Executive will hold in strictest confidence and will not disclose, use, lecture upon or publish any of the Proprietary Information (defined below) of the Company or an Affiliate, except as such disclosure, use or publication may be required in connection with the Executive’s work for the Company or an Affiliate or as described in Section 15(e) below, or unless the Company expressly authorizes such disclosure in writing. “Proprietary Information” shall mean any and all confidential and/or proprietary knowledge, data or information of the Company and its Affiliates and shareholders, including but not limited to information relating to financial matters, investments, budgets, business plans, marketing plans, personnel matters, business contacts, products, processes, know-how, designs, methods, improvements, discoveries, inventions, ideas, data, programs, and other works of authorship. Notwithstanding the foregoing and without limitation of Section 15(e) below, nothing in this Agreement shall prohibit the Executive from disclosing Proprietary Information if required by law, subpoena, court order or other legal process to be disclosed.

(e)Reports to Government Entities. Nothing in this Agreement shall prohibit or restrict the Executive from initiating communications directly with, responding to any inquiry from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or filing a claim or assisting with an investigation directly with a self-regulatory authority or a government agency or entity, including the Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, Congress, any agency Inspector General or any other federal, state or local regulatory authority (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. The Executive does not need the prior

authorization of the Company to engage in conduct protected by this subsection, and the Executive does not need to notify the Company that the Executive has engaged in such conduct. Please take notice that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose trade secrets to their attorneys, courts, or government officials in certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law.

(f)Inventions Assignment. The Executive agrees that all inventions, innovations, improvements, developments, methods, designs, analyses, reports, and all similar or related information which relates to the Company’s or its Affiliates’ actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by the Executive while employed by the Company or an Affiliate (“Work Product”) belong to the Company. The Executive will promptly disclose such Work Product to the Board and perform all actions reasonably requested by the Board, provided that if such actions are required after the Term, the Executive shall be reimbursed for any lost income and reasonable travel expenses associated with such actions, to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments). If requested by the Company, the Executive agrees to execute any inventions assignment and confidentiality agreement that is required to be signed by employees of the Company and its Affiliates generally.

(g)Return of Company Property. Upon termination of the Executive’s employment with the Company for any reason, and at any earlier time the Company requests, the Executive will deliver to the person designated by the Company all originals and copies of all documents and property of the Company and its Affiliates that is in the Executive’s possession or under the Executive’s control or to which the Executive may have access. The Executive will not reproduce or appropriate for the Executive’s own use, or for the use of others, any property, Proprietary Information or Work Product.

16.Legal and Equitable Remedies; Arbitration.

(a)Because the Executive’s services are personal and unique and the Executive has had and will continue to have access to and has become and will continue to become acquainted with the Proprietary Information of the Company and its Affiliates, and because any breach by the Executive of any of the restrictive covenants contained in Section 15 would result in irreparable injury and damage for which money damages would not provide an adequate remedy, the Company shall have the right to enforce Section 15 and any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach, or threatened breach, of the restrictive covenants set forth in Section 15. The Executive agrees that in any action in which the Company seeks injunction, specific performance or other equitable relief, the Executive will not assert or contend that any of the provisions of Section 15 are unreasonable or otherwise unenforceable.

(b)Except as otherwise set forth in this Agreement in connection with equitable remedies, any dispute, claim or controversy arising out of or relating to this Agreement or the Executive’s employment with the Company (collectively, “Disputes”), including, without limitation, any dispute, claim or controversy concerning the validity, enforceability, breach or termination of this Agreement, if not resolved by the parties, shall be finally settled by arbitration in accordance with the then-prevailing Employment Arbitration Rules and Procedures of JAMS, as modified herein (“Rules”). Further, the Executive hereby waives any right to bring on behalf of persons other than the Executive, or to otherwise participate with other persons in, any class, collective, or representative action (including but not limited to any representative action under any federal, state or local statute or ordinance). The requirement to arbitrate covers all Disputes (other than disputes which by statute are not arbitrable) including, but not limited to, claims, demands or actions under the Age Discrimination in Employment Act (including Older Workers Benefit Protection Act); Americans with Disabilities Act; Civil Rights Act of 1866; Civil Rights Act of 1991; Employee Retirement Income Security Act of 1974; Equal Pay Act; Family and Medical Leave Act of 1993; Title VII of the Civil Rights Act of 1964; Fair Labor Standards Act; Fair Employment and Housing Act; and any other law, ordinance or regulation regarding discrimination or harassment or any terms or conditions of employment. There shall be one arbitrator who shall be jointly selected by the parties. If the parties have not jointly agreed upon an arbitrator within twenty (20) calendar days after respondent’s receipt of claimant’s notice of intention to arbitrate, either party may request JAMS to furnish the parties with a list of names from which the parties shall jointly select an arbitrator. If the parties have not agreed upon an arbitrator within ten (10) calendar days after the transmittal date of such list, then each party shall have an additional five (5) calendar days in which to strike any names objected to, number the remaining names in order of preference, and return the list to JAMS, which shall then select an arbitrator in accordance with the Rules. The place of arbitration shall be New York, New York. By agreeing to arbitration, the parties hereto do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, including, without limitation, with respect to the provisions of Section 15. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1-16. Judgment upon the award of the arbitrator may be entered in any court of competent jurisdiction. The arbitrator shall: (a) have authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be available under applicable law in a court proceeding; and (b) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. The Company shall pay all administrative fees of JAMS in excess of $435 (a typical filing fee in court) and the arbitrator’s fees and expenses. Each party shall bear its or his own costs and expenses (including attorney’s fees) in any such arbitration and the arbitrator shall have no power to award costs and attorney’s fees except as provided by statute or by separate written agreement between the parties. In the event any portion of this arbitration provision is found unenforceable by a court of competent jurisdiction, such portion shall become null and void leaving the remainder of this arbitration provision in full force and effect. The parties agree that all information regarding the arbitration, including any settlement thereof, shall not be disclosed by the parties hereto, except as otherwise required by applicable law.

(c)The Executive irrevocably and unconditionally (1) agrees that any legal proceeding arising out of this Agreement shall be brought solely in the United States District Court for the Southern District of New York, or if such court does not have jurisdiction or will

not accept jurisdiction, in any court of general jurisdiction in the State of New York, (2) consents to the exclusive jurisdiction of such court in any such proceeding, and (3) waives any objection to the laying of venue of any such proceeding in any such court. The Executive also irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers.

(d)Notwithstanding anything in this Agreement to the contrary, if the Executive breaches any of the Executive’s obligations under Section 15, the Company shall be obligated to provide only the Accrued Obligations, and all payments under Section 2, Section 6, or Section 7 hereof, as applicable, shall cease. In such event, the Company may require that the Executive repay all amounts theretofore paid to him pursuant to Section 6 or Section 7 hereof (other than the Accrued Obligations), and in such case, the Executive shall promptly repay such amounts on the terms determined by the Company.

17.Survival. The respective rights and obligations of the parties under this Agreement (including, but not limited to, under Sections 15 and 16) shall survive any termination of the Executive’s employment or termination or expiration of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

18.No Mitigation or Set-Off. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and such amounts shall not be reduced regardless of whether the Executive obtains other employment. The Company’s obligations to make the payments provided for in this Agreement and otherwise to perform their respective obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Executive or others.

19.Section 280G. In the event of a change in ownership or control under section 280G of the Code, if it shall be determined that any payment or distribution in the nature of compensation (within the meaning of section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of section 280G of the Code, the aggregate present value of the Payments under the Agreement shall be reduced (but not below zero) to the Reduced Amount (defined below) if and only if the Accounting Firm (described below) determines that the reduction will provide the Executive with a greater net after-tax benefit than would no reduction. No reduction shall be made unless the reduction would provide Executive with a greater net after-tax benefit. The determinations under this Section shall be made as follows:

(a)The “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of Payments under this Agreement without causing any Payment under this Agreement to be subject to the Excise Tax (defined below), determined in accordance with section 280G(d)(4) of the Code. The term “Excise Tax” means the excise tax imposed under section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.

(b)Payments under this Agreement shall be reduced on a nondiscretionary basis in such a way as to minimize the reduction in the economic value deliverable to the Executive. Where more than one payment has the same value for this purpose and they are payable at different times, they will be reduced on a pro rata basis. Only amounts payable under this Agreement shall be reduced pursuant to this Section.

(c)For purposes of this Section 19, (i) to the extent consistent with Section 280G of the Code, no portion of the Payments the receipt or enjoyment of which the Executive shall have effectively waived in writing prior to the date of payment of the Payments shall be taken into account; (ii) no portion of the Payments shall be taken into account which in the opinion of the Accounting Firm does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code; (iii) the Payments shall be reduced only to the extent necessary so that the Payments (other than those referred to in the immediately preceding clause (i) or (ii)) in their entirety constitute reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code or are otherwise not subject to disallowance as deductions, in the opinion of tax counsel or the Accounting Firm referred to in such clause (ii); and (iv) the value of any non-cash benefit or any deferred payment or benefit included in the Payments shall be determined by the Company’s independent auditors based on Sections 280G and 4999 of the Code and the regulations for applying those sections of the Code, or on substantial authority within the meaning of Section 6662 of the Code.

(d)All determinations to be made under this Section shall be made by an independent certified public accounting firm selected by the Company in consultation with the Executive immediately prior to the change-in-ownership or -control transaction (the “Accounting Firm”). The Accounting Firm shall provide its determinations and any supporting calculations both to the Company and the Executive within 10 days of the transaction. Any such determination by the Accounting Firm shall be binding upon the Company and the Executive. All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section shall be borne solely by the Company.

20.Notices. All notices and other communications required or permitted under this Agreement or necessary or convenient in connection herewith shall be in writing and shall be deemed to have been given when hand delivered or mailed by registered or certified mail, as follows (provided that notice of change of address shall be deemed given only when received):

If to the Company, to:

BioSpecifics Technologies Corp.
Delaware Corporate Center II
2 Righter Parkway, Suite 200
Wilmington, DE 19803
Attn: Chair of the Board of Directors

With a copy (which shall not constitute notice) to:

Carl A. Valenstein
Morgan, Lewis & Bockius LLP

One Federal Street, Boston MA 02110-1726
Carl.Valenstein@morganlewis.com

If to the Executive, to the most recent address on file with the Company (with a copy to, which shall not constitute notice, Jeri L. Abrams, Giordano Halleran & Ciesla, 125 Half Mile Road, Red Bank, NJ 07701 (jabrams@ghclaw.com), or to such other names or addresses as the Company or the Executive, as the case may be, shall designate by notice to each other person entitled to receive notices in the manner specified in this Section.

21.Withholding. All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall withhold from any payments under this Agreement all federal, state and local taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation. The Executive shall bear all expense of, and be solely responsible for, all federal, state and local taxes due with respect to any payment received under this Agreement.

22.Remedies Cumulative; No Waiver. No remedy conferred upon a party by this Agreement is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given under this Agreement or now or hereafter existing at law or in equity. No delay or omission by a party in exercising any right, remedy or power under this Agreement or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party from time to time and as often as may be deemed expedient or necessary by such party in its sole discretion.

23.Assignment. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of the Executive under this Agreement are of a personal nature and shall not be assignable or delegable in whole or in part by the Executive. The Company may assign its respective rights, together with their respective obligations hereunder (which such obligations must be assigned), in connection with any sale, transfer or other disposition of all or substantially all of its business and assets, and such rights and obligations shall inure to, and be binding upon, any successor to the business or any successor to substantially all of the assets of the Company, whether by merger, purchase of stock or assets or otherwise, which successor shall expressly assume, in writing delivered to the Executive, unless such assumption occurs by operation of law, such obligations, and the Executive acknowledges that in such event the obligations of the Executive hereunder, including but not limited to those under Section 15, will continue to apply in favor of the successor.

24.Company Policies. The compensation payable under this Agreement shall be subject to any applicable clawback, recoupment, and share trading policies, and other policies of the Company to the extent such other policies are required by law, that may be implemented by the Board from time to time with respect to all executive officers of the Company (as determined by the Company for purposes of Section 16 of the Securities Exchange Act of 1934).

25.Indemnification. In the event the Executive is made, or threatened to be made, a party to any legal action or proceeding, whether civil or criminal, including any governmental or regulatory proceedings or investigations, by reason of the fact that the Executive is or was a director or officer of the Company or any of its Affiliates, the Executive shall be indemnified by the Company, and the Company shall pay the Executive’s related expenses when and as incurred, to the fullest extent permitted by applicable law and the Company’s articles of incorporation and bylaws. During the Executive’s employment with the Company or any of its Affiliates and after termination of employment for any reason, the Company shall cover the Executive under the Company’s directors’ and officers’ insurance policy applicable to other officers and directors according to the terms of such policy.

26.Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto and supersedes any and all prior agreements and understandings concerning the Executive’s employment by the Company. This Agreement may be changed only by a written document signed by the Executive and the Company.

27.Severability. If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement, which can be given effect without the invalid or unenforceable provision or application, and shall not invalidate or render unenforceable such provision or application in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances.

28.Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive and procedural laws of the State of New York without regard to rules governing conflicts of law.

29.Counterparts; Facsimile/PDF Signatures. This Agreement may be executed in any number of counterparts (including facsimile counterparts), each of which shall be an original, but all of which together shall constitute one instrument. Execution of a facsimile or PDF copy shall have the same force and effect as execution of an original, and a copy of a signature will be admissible in any legal proceeding as if an original.

(Signature Page Follows)

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.


	BIOSPECIFICS TECHNOLOGIES CORP.


	/s/ Joseph Truitt
	Name: Joseph Truitt
	Title: Chief Executive Officer



	EXECUTIVE


	/s/ Alex Monteith
	Name: Alex Monteith

EXHIBIT A

SEPARATION OF EMPLOYMENT AGREEMENT AND GENERAL RELEASE

BioSpecifics Technologies Corp. (the “Company”) and Alex Monteith, his heirs, executors, administrators, successors, and assigns (collectively referred to throughout this Agreement as “you” or “your”), hereby enter into this Separation Agreement and General Release (the “Agreement”) to settle all issues in connection with all issues arising out of, or related to, your employment and termination of employment with the Company. You and the Company agree that:

1.Last Day of Employment. Your last day of work for the Company will be [DATE] (such date is your “Separation Date”). You will continue to receive your salary at your current regular rate of pay through the Separation Date or while you remain employed by the Company, and your current benefits will continue through that date.

2.Severance Payments. Provided you timely execute (and do not revoke) this Agreement (which includes a general release and waiver of claims and other promises herein), and otherwise comply with its terms, the Company will provide you with the following severance benefits: [Applicable severance benefits to be inserted here].

3.Taxes and Withholdings. All payments and benefits set forth in the Agreement will be paid or provided, less applicable withholding taxes, normal payroll deductions and amounts required by law to be withheld.

4.Release.

In consideration of the severance benefits set forth in Paragraph 2, to the fullest extent permitted by law you waive, release and forever discharge the Company and each of its respective past and current parents, subsidiaries, affiliates, and each of its and their respective past and current directors, officers, members, trustees, employees, representatives, agents, attorneys, employee benefit plans and such plans’ administrators, fiduciaries, trustees, recordkeepers and service providers, and each of its and their respective successors and assigns, each and all of them in their personal and representative capacities (collectively the “Company Releasees”) from any and all claims legally capable of being waived, grievances, injuries, controversies, agreements, covenants, promises, debts, accounts, actions, causes of action, suits, arbitrations, sums of money, attorneys’ fees, costs, damages, or any right to any monetary recovery or any other personal relief, whether known or unknown, in law or in equity, by contract, tort, law of trust or pursuant to federal, state or local statute, regulation, ordinance or common law, which you now have, ever have had, or may hereafter have, based upon or arising from any fact or set of facts, whether known or unknown to you, from the beginning of time until the date of execution of this Agreement, arising out of or relating in any way to your service with the Company, or the termination thereof (the “Released Claims”).

Without limiting the generality of the foregoing, this waiver, release, and discharge includes any claim or right, to the extent legally capable of being

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waived, based upon or arising under any federal, state or local fair employment practices or equal opportunity laws, including, but not limited to, the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act (“OWBPA”), the Rehabilitation Act of 1973, the Worker Adjustment and Retraining Notification Act, 42 U.S.C. Section 1981, Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Employee Retirement Income Security Act (“ERISA”) (including, but not limited to, claims for breach of fiduciary duty under ERISA), the Uniformed Services Employment and Reemployment Rights Act of 1994, the Americans With Disabilities Act, the Family and Medical Leave Act of 1993, [ADD APPLICABLE STATE LAWS]

You also agree to waive any right to bring, maintain, or participate in a class action, collective action, or representative action against the Company and/or the Company Releasees to the fullest extent permitted by law. You agree that you may not serve as a representative of a class action, collective action, or representative action, may not participate as a member of a class action, collective action, or representative action, and may not recover any relief from a class action, collective action, or representative action. You further agree that if you are included within a class action, collective action, or representative action, you will take all steps necessary to opt-out of the action or refrain from opting in, as the case may be. You are not waiving any right to challenge the validity of this Paragraph 4(b) on any grounds that may exist in law and equity. However, the Company and the Company Releasees reserve the right to attempt to enforce this Agreement, including this Paragraph 4(b), in any appropriate forum.

You hereby represent and warrant that you are not aware of any claims you have or might have against the Company and/or the Company Releasees that are not included in the Released Claims.

Notwithstanding the generality of the foregoing, nothing herein constitutes a release or waiver by you of, or prevents you from making or asserting: (i) any claim or right you may have under COBRA; (ii) any claim or right you may have for unemployment insurance or workers’ compensation benefits (other than for retaliation under workers’ compensation laws); (iii) any claim to vested benefits under the written terms of a qualified employee pension benefit plan; (iv) any claim related to your rights (if any) as an equity holder of the Company or any of its Affiliates, (v) any claim or right you may have to indemnification and/or coverage under the Company’s insurance policies, (vi) any medical claim incurred during your employment that is payable under applicable medical plans or an employer-insured liability plan; (vii) any claim or right that may arise after the execution of this Agreement; (viii) any claim or right you may have under this Agreement; or (ix) any claim that is not otherwise waivable under applicable law. Further, nothing in this Agreement shall alter your rights with respect to any vested stock options or other vested equity awards granted pursuant to the Equity Plan and/or any successor equity plan, which rights shall

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be governed by the terms of the Equity Plan and/or successor equity plan and the terms of the applicable award agreements.

5.No Additional Entitlements. You agree and represent that you have received all entitlements due from the Company relating to your service with the Company, including but not limited to, all wages earned, including without limitation all commissions and bonuses, sick pay, vacation pay, overtime pay, and any paid and unpaid personal leave for which you were eligible and entitled, and that no other entitlements are due to you other than as set forth in this Agreement.

6.Return of Property. Upon termination of your employment, you agree to promptly return to the Company all of its property, including, but not limited to, computers, cell phones, files, and documents, including any correspondence or other materials containing trade secrets of the Company, identification cards, credit cards, keys, equipment, software and data, however stored. To the extent you have any Company information or material stored on any PDA, personal computer, personal email, hard drive, thumb drive, cloud or other electronic storage device, you agree to cooperate with the Company in permanently deleting such information from such devices, subject to any Company litigation preservation directive then in effect.

7.Continuing Obligations. In consideration of the severance benefits set forth in Paragraph 2 of this Agreement, and subject to paragraph 9, you reaffirm and agree to remain bound by the terms and conditions of Section 15 of your Employment Agreement with the Company dated June 19, 2020 (the “Restrictive Covenants”), and you represent that you have not breached the Restrictive Covenants, which are incorporated herein by reference and expressly made part of this Agreement.

8.Confidentiality of the Agreement. Except as permitted in Paragraph 9 of this Agreement or if otherwise required by law, you agree that you shall not disclose the terms of this Agreement, or the circumstances giving rise to this Agreement, to any person other than your attorney, immediate family members, accountant, or financial advisor. Should you disclose any of the terms of this Agreement to your attorneys, immediate family members, accountants, or financial advisors, you agree to use your reasonable best efforts to ensure that those individuals abide by the confidentiality terms of this section. In the event that an action is brought pursuant to this section, all of the remaining provisions of this Agreement shall remain in full force and effect.

9.Permitted Conduct.

Nothing in this Agreement prohibits or prevents you from filing a charge with or participating, testifying, or assisting in any investigation, hearing, or other proceeding before the U.S. Equal Employment Opportunity Commission or a similar agency enforcing federal, state or local anti-discrimination laws. However, to the maximum extent permitted by law, you agree that if such an administrative claim or charge is made to such an anti-discrimination agency, you shall not be entitled to recover any individual monetary relief or other individual remedies in connection with such claim or charge, and in the event you obtain such monetary relief the Company will be entitled to an offset for the payments made pursuant to this Agreement. In addition, nothing in this Agreement restricts or prohibits you from initiating communications directly

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with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation directly with a self-regulatory authority or a government agency or entity, including without limitation, the U.S. Department of Labor, the National Labor Relations Board, the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the U.S. Commodities Futures Trading Commission, the Financial Industry Regulatory Authority, the Occupational Safety and Health Administration, the U.S. Congress, any other federal, state, or local government agency or commission, and any agency Inspector General (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of federal, state, or local law or regulation. You do not need the prior authorization of the Company to engage in conduct protected by this paragraph, and you do not need to notify the Company that you have engaged in such conduct. This agreement does not limit your right to receive an award from any Regulator that provides awards for providing information relating to a potential violation of the law. You recognize and agree that, in connection with any such activity outlined above, you must inform the Regulators, your attorney, a court or a government official that the information you are providing is confidential. Despite the foregoing, you are not permitted to reveal to any third-party, including any governmental, law enforcement, or regulatory authority, information you came to learn during the course of your service with the Company that is protected from disclosure by any applicable privilege, including but not limited to the attorney-client privilege and/or attorney work product doctrine. The Company does not waive any applicable privileges or the right to continue to protect its respective privileged attorney-client information, attorney work product, and other privileged information.

Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, you shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (i) is made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made to your attorney in relation to a lawsuit for retaliation against you for reporting a suspected violation of law; or (iii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nor does this Agreement require you to obtain prior authorization from the Company before engaging in any conduct described in this paragraph, or to notify the Company that you have engaged in any such conduct.

10.Non-Disparagement: Except as permitted in Paragraph 9 of this Agreement, you covenant and agree that you shall not make any disparaging, false or abusive remarks or communications, written or oral, regarding the Company or its products, brands, trademarks, directors, officers, employees, consultants, advisors, licensors, licensees, customers, vendors or others with whom or with which they have a business relationship. The Company covenants and agrees that it will instruct each member of the Board not to make any disparaging, false or abusive

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remarks or communications, written or oral, regarding you after the date on which your employment with the Company terminates for any reason.

11.Non-Admission. It is understood and agreed that neither the execution of this Agreement nor the terms of this Agreement constitute an admission of liability to you by the Company or the Company Releasees, and such liability is expressly denied. It is further understood and agreed that no person shall use the Agreement, or the consideration paid pursuant thereto, as evidence of an admission of liability, inasmuch as such liability is expressly denied

12.Notice to Company. Subject to paragraph 9 above, upon service on you, or anyone acting on your behalf, of any order or other legal process requiring you to divulge information prohibited from disclosure under this Agreement, you shall (unless legally prohibited from doing so) immediately notify the [Chair of the Company’s Board of Directors], of such service and of the content of any testimony or information to be provided pursuant to such order or process and will cooperate with the Company at reasonable times and places, taking into account your professional obligations, if the Company shall contest or seek to quash such order or other legal process.

13.Cooperation. You agree that upon the Company’s reasonable notice to you, you shall cooperate with the Company and its counsel (including, if necessary, preparation for and appearance at depositions, hearings, trials or other proceedings) at reasonable times and places, taking into account your professional obligations, with regard to matters that in its sole discretion the Company determines relate to or arise out of matters about which you have knowledge or with which you were involved during your service with the Company. In the event that such cooperation is required, you will be reimbursed for any reasonable lost income and reasonable travel expenses incurred in connection therewith.

14.Review of Separation Agreement: You acknowledge that:

you have been provided at least twenty-one (21) calendar days to review and consider this Agreement and, if you knowingly and voluntarily choose to do so, you may accept the terms of this Agreement before the twenty-one (21) day consideration period has expired;

you agree that changes to the Company’s offer contained in this Agreement, whether material or immaterial, will not re-start the twenty-one (21) day consideration period provided for above;

you may revoke this Agreement within seven (7) calendar days of signing this document by giving written notice to the undersigned. Any revocation must be submitted in writing, and state: “I hereby revoke my acceptance of our agreement” or words to that effect. The revocation must be personally delivered to, or mailed to the undersigned and postmarked within seven (7) calendar days after you sign this Agreement;

the Company advises you to consult with an attorney of your choice prior to signing this Agreement;

A-5

you fully understand the significance of all of the terms and conditions of this Agreement; and

you are signing this Agreement voluntarily and of your own free will and agree to all of the terms and conditions contained in it.

15.Complete Agreement. This Agreement sets forth the entire agreement between you and the Company with respect to the subject matter hereof and supersedes all prior negotiations, understandings and agreements, whether written or oral, relating to such subject matter, between you and the Company except for the Restrictive Covenants, Sections 16, 21, 22, 23, 24 and 25 of your Employment Agreement with the Company dated June 19, 2020, any equity award documents or agreements to which the Company is a party, and the Company’s insider trading plan or policy, each of which are incorporated herein by reference and remain in full force and effect, except as otherwise specifically provided herein. You acknowledge that neither the Company nor the Company Releasees or their agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this Agreement for the purpose of inducing you to execute the Agreement, and you acknowledge that you have executed this Agreement in reliance only upon such promises, representations and warranties as are contained herein, and that you are executing this Agreement voluntarily, free of any duress or coercion.

16.Governing Law. This Agreement shall be construed, performed, enforced and in all respects governed in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of law thereof.

17.Severability. The provisions of this Agreement are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain fully valid and enforceable. Specifically, should a court, arbitrator, or government agency conclude that a particular claim may not be released as a matter of law, it is the intention of the parties that the general release and the waiver of claims set forth above shall otherwise remain effective to release any and all other Released Claims.

18.Modification; Counterparts; Facsimile/PDF Signatures. It is expressly agreed that this Agreement may not be altered, amended, modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Agreement, executed by authorized representatives of each of the parties to this Agreement. This Agreement may be executed in any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. Execution of a facsimile or PDF copy shall have the same force and effect as execution of an original, and a copy of a signature will be admissible in any legal proceeding as if an original.

19.Breach. You acknowledge that if you materially breach your commitments to the Company agreed upon in Paragraphs 4, 6, 7, 8, 10, 12 or 13 you will forfeit the severance benefits set forth in Paragraph 2 and be subject to suit by the Company for damages and equitable relief relating to such breach. You further acknowledge that any breach by you of Paragraphs 7, 8 or 10 will cause irreparable damage to the Company and that in the event of such breach the Company

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shall have, in addition to any and all remedies at law, the right to an injunction, specific performance or other equitable relief to prevent the violation of your obligations hereunder.

20.Waiver. A waiver by either party hereto of a breach of any term or provision of the Agreement shall not be construed as a waiver of any subsequent breach.

21.Section 409A.

This Agreement is intended to comply with section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and its corresponding regulations, or an exemption thereto, and payments may only be made under this Agreement upon an event and in a manner permitted by section 409A of the Code, to the extent applicable. Severance benefits under this Agreement are intended to be exempt from section 409A of the Code under the “short-term deferral” exception, to the maximum extent applicable, and then under the “separation pay” exception, to the maximum extent applicable. Notwithstanding anything in this Agreement to the contrary, if required by section 409A of the Code, if you are considered a “specified employee” for purposes of section 409A of the Code and if payment of any amounts under this Agreement is required to be delayed for a period of six months after separation from service pursuant to section 409A of the Code, payment of such amounts shall be delayed as required by section 409A of the Code, and the accumulated amounts shall be paid in a lump-sum payment within 10 days after the end of the six-month period. If you die during the postponement period prior to the payment of benefits, the amounts withheld on account of section 409A of the Code shall be paid to the personal representative of your estate within sixty (60) days after the date of your death.

All payments to be made under this Agreement may only be made upon a “separation from service” under section 409A of the Code. For purposes of section 409A of the Code, each payment hereunder shall be treated as a separate payment, and the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. In no event may you, directly or indirectly, designate the taxable year of a payment. Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of your execution of this Agreement, directly or indirectly, result in you designating the taxable year of payment of any amounts of deferred compensation subject to section 409A of the Code, and if a payment that is subject to execution of this Agreement could be made in more than one taxable year, payment shall be made in the later taxable year.

All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement be for expenses incurred during the period specified in this Agreement, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a fiscal year not affect the expenses eligible for

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reimbursement, or in-kind benefits to be provided, in any other fiscal year, (iii) the reimbursement of an eligible expense be made no later than the last day of the fiscal year following the year in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits not be subject to liquidation or exchange for another benefit.

22.Effective Date: This Agreement is effective on the eighth (8th) day after you sign and do not revoke this Agreement (the “Effective Date”).

23.Expiration of Offer: The offer set forth in this Agreement expires at 11:59 p.m. Eastern time on the later of (i) the twenty-first (21st) day after delivery of this Agreement to you, i.e., [INSERT DATE 21 DAYS FROM DELIVERY OF AGREEMENT]; or (ii) the seventh (7th) day after your Separation Date. If you fail to execute and return this Agreement to the Company within the time specified in this paragraph, the promises and agreements made by the Company herein will be revoked.

If the above accurately states our agreement, including the waiver and release, kindly sign below and return the original Agreement to me. Thank you for your efforts on behalf of the Company and I wish you the best in your future endeavors. If you should have any questions, please call me.

[signature page below]

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BIOSPECIFICS TECHNOLOGIES CORP.

___________________________________

Chief Executive Officer

___________________________________

Date

_______________________________________

Alex Monteith

_______________________________________

Print Name

_______________________________________

Date

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EX-31.1 4 bstc-20200630xex31d1.htm EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO RULES 13a-14(a) AND 15d-14(a) OF

THE SECURITIES EXCHANGE ACT OF 1934

I, Joseph Truitt, Principal Executive Officer, certify that:

1. I have reviewed this annual report on Form 10-K of BioSpecifics Technologies Corp. for the quarterly period ended June 30, 2020;

2. Based on my knowledge, the report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and to the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: August 10, 2020

/s/ Joseph Truitt
Joseph Truitt
Principal Executive Officer

EX-31.2 5 bstc-20200630xex31d2.htm EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO RULES 13a-14(a) AND 15d-14(a) OF

THE SECURITIES EXCHANGE ACT OF 1934

I, Patrick Hutchison, Principal Financial Officer, certify that:

1. I have reviewed this annual report on Form 10-K of BioSpecifics Technologies Corp. for the quarterly period ended June 30, 2020;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: August 10, 2020

/s/ Patrick Hutchison
Patrick Hutchison
Principal Financial Officer

EX-32.1 6 bstc-20200630xex32d1.htm EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of BioSpecifics Technology Corp. (the “Company”) on Form 10-Q for the quarter ended June 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Joseph Truitt, Principal Executive Officer of the Company, and Patrick Hutchison, Principal Financial Officer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on each of our knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 10, 2020

	/s/ Joseph Truitt
	Joseph Truitt
	Principal Executive Officer

	/s/ Patrick Hutchison
	Patrick Hutchison
	Principal Financial Officer

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<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">2.</td><td style="padding:0pt;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</td></tr></table>Except as detailed below, there have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2020, as compared to the significant accounting policies disclosed in Note 2 of the Consolidated Financial Statements in the Company’s 2019 Annual Report.Basis of PresentationThe accompanying condensed consolidated financial statements are unaudited, but include all adjustments (consisting only of normal, recurring adjustments) that we consider necessary for a fair presentation of our financial position at such dates and the operating results and cash flows for those periods. Although we believe that the disclosures in our financial statements are adequate to make the information presented not misleading, certain information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) has been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reporting.The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the risk factors discussed herein and in Part I, Item 1A. Risk Factors in our 2019 Annual Report filed with the SEC on March 16, 2020 and our subsequent filings and reports, including, without limitation, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.Principles of ConsolidationThe condensed consolidated financial statements include the accounts of the BioSpecifics and its subsidiary, Advance Biofactures Corp. All intercompany balances and transactions have been eliminated.Risks and UncertaintiesWe are subject to risks and uncertainties as a result of the global COVID-19 pandemic. While we expect that COVID-19 will impact our business to some degree, the significance and duration of the impact on our business cannot be determined at this time due to numerous uncertainties, including the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions and business closures, the effectiveness of actions taken to contain the disease, and other unforeseeable consequences.Critical Accounting Policies, Estimates and AssumptionsThe preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the use of management’s estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company makes certain assumptions and estimates for its revenues, income taxes, and third party royalties. We base our estimates on historical experience, and other relevant data including interim data provided by Endo and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities, and the amount of revenues and expenses. Actual results may differ from these estimates under different assumptions or conditions. For further details, see notes “Revenue Recognition,” “Provision for Income Taxes,” and “Third-Party Royalties.”Revenue RecognitionUnder Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”), we recognize revenues when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. We recognize revenues following the five step model prescribed under ASC 606: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation(s).Revenues, and their respective treatment for financial reporting purposes under ASC 606 and our license agreement with Endo, are as follows:Royalty / Mark-Up on Cost of Goods SoldWe receive royalty revenues on net sales and mark-up on cost of goods sold revenue in the U.S. under our License Agreement with Endo. These are presented in “Royalties” in our consolidated statements of income. We do not have future performance obligations under this revenue stream. In accordance with ASC 606, we record these revenues based on estimates of the net sales that occurred during the relevant period. The relevant period estimates of these royalties are based on data provided by Endo and analysis of historical royalties and mark-up on cost of goods sold revenue that have been paid to us, adjusted for any changes in facts and circumstances, as appropriate. Differences between actual and estimated royalty revenues are adjusted for in the period in which they become known. The royalties payable by Endo to us are subject to set-off for certain patent costs.Licensing RevenueWe include revenue recognized from upfront licensing, sublicensing, and milestone payments in “License Revenues” in our consolidated statements of income.The Company recognizes licensing revenues generated through development and/or commercialization agreements. The terms of these agreements typically include payment to the Company of one or more of the following: nonrefundable, upfront license fees; sublicensing; development and commercial milestone payments; development activities; and royalties on net sales of licensed products. Each of these types of payments results in licensing revenues except for revenues from royalties on net sales of licensed products and the mark-up of cost of goods sold revenues which are classified as royalty revenues. Revenue is recognized upon satisfaction of a performance obligation by transferring control of a good or service to the customer.For each development and/or commercialization agreement that result in revenues, the Company identifies all performance obligations, aside from those that are immaterial, which may include a license to intellectual property and know-how, development activities, and/or transition activities. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required.If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from nonrefundable, upfront license fees based on the relative standalone selling price prescribed to the license compared to the total value of the arrangement. The revenue is recognized when the license is transferred to the collaborator and the collaborator is able to use and benefit from the license. For licenses that are not distinct from other obligations identified in the arrangement, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, the Company applies an appropriate method of measuring progress for purposes of recognizing revenue from nonrefundable, upfront license fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.Development and Regulatory Milestone PaymentsDepending on facts and circumstances, the Company may conclude that it is appropriate to include the milestone, representing variable consideration, in the estimated total transaction price, or that it is appropriate to fully constrain the milestone. The Company may include revenues from certain milestones in the total transaction price in a reporting period before the milestone is achieved if the Company concludes that achievement of the milestone is probable and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods. The Company records a corresponding contract asset when this conclusion is reached. Milestone payments that have not been included in the transaction price to date are fully constrained. The Company re-evaluates the probability of achievement of such development milestones and any related constraint each reporting period. The Company adjusts its estimate of the total transaction price, including the amount of revenue that it has recorded, if necessary.Recent Accounting PronouncementsAccounting Pronouncements AdoptedWe adopted ASU No. 2018-13, Fair Value Measurement - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement as of January 1, 2020. This standard modifies certain disclosure requirements on fair value measurements. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures.Accounting Pronouncements Not Yet AdoptedIn June 2016, FASB issued ASU 2016-13, Financial Instruments - Credit Losses. The amendment revises the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses on financial instruments, including, but not limited to, available for sale debt securities and accounts receivable. The Company is required to adopt this standard starting in the first quarter of fiscal year 2023. Early adoption is permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements and related disclosures.In December 2019, the FASB issued ASU No. 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes. This standard removes certain exceptions to the general principles of ASC 740 and improves consistent application of and simplifies U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company is required to adopt this standard starting in the first quarter of fiscal year 2021. Early adoption is permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements and related disclosures.Cash, Cash Equivalents, and InvestmentsCash equivalents include only securities having a maturity of 90 days or less at the time of purchase. Investments are stated on an amortized cost basis. The Company limits its credit risk associated with cash, cash equivalents, and investments by placing its investments with banks it believes are highly creditworthy and with highly rated money market funds, certificates of deposit, commercial paper, U.S. government agency bonds, municipal bonds, and corporate bonds. All investments are classified as held to maturity. As of June 30, 2020, and December 31, 2019, the amortized cost of these investments was $103.0 million and $100.8 million, respectively. No unrealized gains or losses were recorded in either period.Fair Value MeasurementsManagement believes that the carrying amounts of the Company’s financial instruments, including cash, cash equivalents, held-to-maturity investments, accounts receivable, accounts payable, and accrued expenses approximate fair value due to the duration of those instruments. As of June 30, 2020, and December 31, 2019, there were no recorded unrealized gains or losses on our investments as they are classified as held-to-maturity. As of June 30, 2020, and December 31, 2019, amortized cost basis of the investments approximated their fair value. For three and six months June 30, 2020, the net amount included in interest income due to the amortization of bond discounts/premiums was $266,000 and $400,000, respectively. For the three and six months ended June 30, 2019, the net amount included in interest income due to the amortization of bond discounts/premiums was $32,000 and $82,000, respectively. At June 30, 2020 and December 31, 2019, the remaining unamortized net premium / (net discount) was $341,000 and $285,000, respectively.The schedule of maturities at June 30, 2020 and December 31, 2019 are as follows:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80.78%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.56%;margin:0pt;padding:0pt;">Maturities as of </td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.91%;margin:0pt;padding:0pt;">Maturities as of </td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1 Year or Less</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:22.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Greater than 1 Year</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1 Year or Less</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:22.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Greater than 1 Year</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Municipal bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"> 10,468,782</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"> 2,292,620</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"> 11,341,249</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Government agency bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"> 3,415,943</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"> 3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"> 11,950,738</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"> 6,231,804</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">US Treasury bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"> 6,016,914</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Corporate bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"> 57,296,635</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"> 13,924,557</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"> 57,321,784</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"> 6,675,958</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Certificates of deposit</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,982,510</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.02%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,074,101</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.33%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,626,147</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,661,262</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 82,180,784</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.18%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:20.02%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 20,791,278</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.33%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 84,239,918</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:20.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 16,569,024</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr></table>The authoritative literature for fair value measurements established a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. These tiers are as follows: Level 1, defined as observable inputs such as quoted market prices in active markets; Level 2, defined as inputs other than the quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as significant unobservable inputs (entity developed assumptions) in which little or no market data exists.As of June 30, 2020, the Company held certain investments that are required to be measured at fair value on a recurring basis. The following tables present the Company’s fair value hierarchy for these financial assets as of June 30, 2020 and December 31, 2019:<table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:13.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Type of Instrument</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 2</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:5.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 3</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Cash equivalents</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Institutional Money Market</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 8,058,112</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> 8,058,112</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Certificates of Deposit</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,056,611</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> 6,056,611</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Cash equivalents</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Municipal Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 2,248,333</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 2,248,333</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Municipal Bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 12,761,402</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 12,761,402</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Government Agency Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,915,943</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,915,943</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">US Treasury Bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,016,914</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,016,914</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Corporate Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 71,221,192</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 71,221,192</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr></table><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:13.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Type of Instrument</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 2</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:5.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 3</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Cash equivalents</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Institutional Money Market</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 950,658</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> 950,658</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Certificates of Deposit</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 7,287,409</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> 7,287,409</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Municipal Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 11,341,249</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 11,341,249</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Government Agency Bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 18,182,542</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 18,182,542</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Corporate Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 63,997,742</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 63,997,742</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr></table>Concentration of Credit Risk and Major CustomersThe Company maintains bank account balances, which, at times, may exceed insured limits. The Company has not experienced any losses with these accounts and believes that it is not exposed to any significant credit risk on cash.The Company maintains investments in FDIC insured certificates of deposits, municipal bonds, and corporate bonds.The Company is currently dependent on one customer, Endo, which generates almost all the Company’s revenues. For the three-and six month periods ended June 30, 2020, licensing, sublicensing, milestones, and royalty revenues under the License Agreement with Endo were $3.9 million and $13.6 million, respectively and for the three and six months ended June 30, 2019, licensing, sublicensing, milestones and royalty revenues under the License Agreement with Endo were $8.9 million and $17.0 million, respectively.At June 30, 2020 and December 31, 2019, our accounts receivable balances from Endo were $11.7 million and $19.1 million, respectively.Treasury StockThe Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. For the six months ended June 30, 2020, we repurchased 7,573 shares at an average price of $54.50. For the six months ended June 30, 2019, there were 2,048 shares repurchased at an average price of $57.89. The stock repurchase program terminated in May 2020.Receivables and Doubtful AccountsTrade accounts receivable are stated at the amount the Company expects to collect. We may maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. We consider the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. Our accounts receivable balance is typically due from Endo, our single large specialty pharmaceutical customer. Endo has historically paid timely and has been a financially stable organization. Due to the nature of the accounts receivable balance, we believe the risk of doubtful accounts is minimal and therefore no allowance is recorded. If the financial condition of Endo were to deteriorate, adversely affecting its ability to make payments, additional allowances would be required. We may provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after we have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At June 30, 2020 and December 31, 2019, our accounts receivable balance was $11.7 million and $19.1 million, respectively, and was from one customer, Endo.Third-Party RoyaltiesWe have entered into licensing and royalty agreements with third parties and agreed to pay certain royalties on net sales of products for specific indications. The royalty rates differ from agreement to agreement. No assumptions should be made that any disclosed royalty rate payable to a particular third party is the same or similar with respect to any royalty rate payable to any other third parties. We accrue third-party royalty expenses on net sales reported to us by Endo. Third-party royalty costs are generally expensed under general and administrative in the quarter that the net sales have occurred. For the three-and six month periods ended June 30, 2020, third-party royalty expenses were $0.1 million and $0.2 million, respectively. For the three and six month periods ended June 30, 2019, third-party royalty expenses were $0.2 million and $0.6 million, respectively. As of June 30, 2019, we have no further third-party royalties in connection with PD as the agreement has expired.Royalty Buy-DownOn March 31, 2012, we entered into an amendment to our existing agreement with Dr. Martin K. Gelbard, dated August 27, 2008, related to our future royalty obligations in connection with PD. The amendment enables us to buy down a portion of our future royalty obligations in exchange for an initial cash payment of $1.5 million and five additional cash payments of $600,000, all of which have been paid as of January 1, 2018. Royalty obligations terminated five years after the first commercial sale, which occurred in January 2014. Accordingly, we ceased paying royalties in February 2019. The Company amortizes long-term contracts with finite lives in a manner that reflects the pattern in which the economic benefits of the assets are consumed or otherwise used up. Dr. Gelbard’s agreement is amortized based on an income forecast method by estimating sales of XIAFLEX® and Xiapex® for PD on an annual basis as measured by the proportion of the total estimated sales over the five year period. For the three and six months ended June 30, 2019 we amortized zero and $0.2 million related to this agreement, respectively, related to this agreement and is recorded as part of general and administrative expenses. As of both June 30, 2020 and December 31, 2019, there were no remaining capitalized balances outstanding related to this agreement.Research and Development ExpensesR&D expenses include, but are not limited to, internal costs, such as salaries and benefits, costs of materials, lab expense, facility costs, and overhead. R&D expenses also consist of third-party costs, such as medical professional fees, product costs used in clinical trials, consulting fees, and costs associated with clinical study arrangements. We may fund R&D at medical research institutions under agreements that are generally cancelable. All of these costs are charged to R&D as incurred, which may be measured by percentage of completion, contract milestones, patient enrollment, or the passage of time.Clinical Trial ExpensesOur cost accruals for clinical trials are based on estimates of the services received and efforts expended pursuant to contracts with various clinical trial centers and clinical research organizations. In the normal course of business, we contract with third parties to perform various clinical trial activities in the ongoing development of potential drugs. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Payments under the contracts depend on factors such as the achievement of certain events, the successful enrollment of patients, the completion of portions of the clinical trial, or similar conditions. The objective of our accrual policy is to match the recording of expenses in our financial statements to the actual cost of services received and efforts expended. As such, expenses related to each patient enrolled in a clinical trial are recognized beginning upon entry into the trial and over the course of the patient’s continued participation in the trial. In the event of early termination of a clinical trial, we accrue an amount based on our estimate of the remaining non-cancelable obligations associated with the winding down of the clinical trial. Our estimates and assumptions could differ significantly from the amounts that may actually be incurred.Stock-Based CompensationASC 718, Compensation - Stock Compensation (“ASC 718”), requires the recognition of compensation expense, using a fair-value based method, for costs related to all stock awards including stock options and common stock issued to our employees and directors under our stock plans. ASC 718 requires companies to estimate the fair value of stock option awards on the date of grant using an option-pricing model. The fair value of each service-based restricted stock unit granted is estimated on the day of grant based on the closing price of the Company’s common stock. The value of the portion of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service periods in our condensed consolidated statements of operations. The Company recognizes forfeitures as they occur by reversing compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service condition in the period of the forfeiture.Under the Company’s 2019 Omnibus Incentive Compensation Plan (the “Plan”), grants to employees, key advisors, on non-employee directors may consist of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards, or cash awards. As of June 30, 2020, options to purchase 232,187 shares of common stock and 4,036 restricted stock awards were outstanding under the Plan, and a total of 1,098,612 shares remained available for grant under the Plan. Grants under the Plan vest over periods ranging from one to four years and expire ten years from date of grant.2019 Omnibus Incentive Compensation Plan (2019 Plan)Restricted Stock AwardsA summary of the restricted stock awards activity during the six months ended June 30, 2020 is presented below:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;">Weighted-</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;">Average Grant</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;">Date Fair Value</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Restricted Stock</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> Per Share</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Nonvested at December 31, 2019</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"> 10,450</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"> 60.47</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Issued</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"> 5,036</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"> 55.71</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Vested</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"> (11,450)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"> 59.60</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Forfeited</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Nonvested at June 30, 2020</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.48%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,036</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 57.00</td></tr></table>Stock-based compensation expense related to restricted stock awards recognized in general and administrative expense was $193,000 and $337,000 for the three month and six month periods ended June 30, 2020, respectively, and zero for the three and six month periods ended June 30, 2019, respectively.As of June 30, 2020, there was $181,000 of total unrecognized compensation cost related to non-vested share-based compensation arrangements related to restricted stock. This cost is expected to be recognized over the vesting periods of the restricted stock, with a weighted-average period of 1.00 year.Stock Option ActivityFor the six months ended June 30, 2020, we granted a total of 182,000 stock options with a weighted average grant date fair value of $61.37 per share.The assumptions used in the valuation of stock options granted during the six months ended June 30, 2020 were as follows:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;">Six Months Ended </td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;">Risk-free interest rate</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"> 0.34% - 1.61%</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;">Expected term of option</td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"> 5.5 - 6.25 years</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;">Expected stock price volatility</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"> 39.5% - 41.5%</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;">Expected dividend yield</td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"> 0.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr></table>A summary of our stock option activity during the six months ended June 30, 2020 is presented below:<table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;">Weighted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.9%;margin:0pt;padding:0pt;">Weighted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;">Average </td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.87%;margin:0pt;padding:0pt;">Aggregate</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.9%;margin:0pt;padding:0pt;">Average </td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;">Remaining </td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.87%;margin:0pt;padding:0pt;">Intrinsic</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Exercise Price</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Contractual Term</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Value</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Outstanding at December 31, 2019</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 189,187</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 46.79</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 8.62</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,920,684</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Grants</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"> 182,000</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"> 61.37</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Exercised</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"> (1,500)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"> 41.15</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Forfeited</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (137,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 55.79</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Outstanding at June 30, 2020</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 232,187</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 56.02</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 8.12</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,222,261</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Exercisable at June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"> 52,687</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"> 39.70</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"> 2.50</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"> 1,136,761</td></tr></table>During the six-month periods ended June 30, 2020 and 2019, the Company received $0.1 million and $1.7 million, respectively, from stock options exercised by option holders.Aggregate intrinsic value represents the total pre-tax intrinsic value based on the closing price of our common stock of $61.28 on June 30, 2020, which would have been received by the option holders had all option holders exercised their options as of that date. We have $4.3 million in unrecognized compensation cost related to stock options outstanding as of June 30, 2020, which we expect to recognize over the next 8.1 years.Stock-based compensation expense related to stock options recognized in general and administrative expenses was a credit of $31,000 for the three months ended June 30, 2020 and $136,000 for the six month period ended June 30, 2020, and $119,000 and $260,000 for the three and six month periods ended June 30, 2019, respectively. The credit for the three months ended June 30, 2020 was the result of the reversal of $200,000 of previously recognized stock compensation expense due to forfeitures that occurred during the period. In addition, stock compensation expense related to restructuring associated with the acceleration of vesting of certain stock options and restricted stock units was $190,000 for the three months ended March 31, 2020 (see Note 7).Property and EquipmentProperty and equipment are stated at cost, less accumulated depreciation. Machinery and equipment, furniture and fixtures, and autos are depreciated on a straight-line basis over their estimated useful lives of five to ten years. Leasehold improvements are amortized over the lesser of their estimated useful lives or the remaining life of the lease. At June 30, 2020, total property and equipment consisted of furniture and fixtures of $65,000 with an expected useful life of five years. At December 31, 2019, all property and equipment were fully depreciated. Comprehensive IncomeFor each of the three and six-month periods ended June 30, 2020 and 2019, we had no components of other comprehensive income other than net income itself.Provision for Income TaxesWe use the asset and liability method of accounting for income taxes, as set forth in ASC 740-10-25-2. Under this method, deferred income taxes, when required, are provided on the basis of the difference between the financial reporting and income tax basis of assets and liabilities at the statutory rates enacted for future periods when the differences are expected to reverse. A valuation allowance is applied against any net deferred tax asset if, based on the weighted available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon the ultimate settlement. As of June 30, 2020 and December 31, 2019, the Company has not recorded any unrecognized tax benefits. We classify interest associated with income taxes under interest expense and tax penalties under other.Commitments and ContingenciesWe determine if an arrangement includes a lease at inception. Right-of-use lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The right-of-use lease asset includes any lease payments made and excludes lease incentives. Incremental borrowing rate is used in determining the present value of future payments. We apply a portfolio approach to the property leases to apply an incremental borrowing rate to leases with similar lease terms. The lease terms may include options to extend or terminate the lease. We recognize the options to extend the lease as part of the right-of-use lease assets and lease liabilities only if it is reasonably certain that the option would be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term. The adoption of the new standard as of January 1, 2019 did not have a material impact on our consolidated financial statements for the six months ended June 30, 2019 due to the short-term nature of our then-existing lease in Lynbrook, New York.In December 2019, we recorded a right-of-use lease asset of $243,000, a short-term lease liability of $76,000, and a long-term lease liability of $167,000 associated with the lease of our new headquarters in Wilmington, Delaware.The following table summarizes the maturity of the Company’s lease obligations on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on our balance sheet as of June 30, 2020 and December 31, 2019:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80.25%;"><tr style="height:1.25pt;"><td style="vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.29%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.05%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:12.55pt;"><td style="vertical-align:bottom;white-space:nowrap;width:65.8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;width:12.93%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;width:16.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2019</td></tr><tr style="height:14.45pt;"><td style="background-color:#cceeff;vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">2020</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.29%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"> 41,210</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.05%;margin:0pt;padding:0pt;"> 75,352</td></tr><tr style="height:14.45pt;"><td style="vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">2021</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"> 84,893</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.05%;margin:0pt;padding:0pt;"> 84,893</td></tr><tr style="height:14.45pt;"><td style="background-color:#cceeff;vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">2022</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 87,428</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 87,428</td></tr><tr style="height:14.45pt;"><td style="vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">Total lease payments </td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"> 213,531</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.05%;margin:0pt;padding:0pt;"> 247,673</td></tr><tr style="height:14.45pt;"><td style="background-color:#cceeff;vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">Less: interest</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (8,149)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (11,560)</td></tr><tr style="height:14.45pt;"><td style="vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">Total lease obligation </td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.29%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 205,382</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:15.05%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 236,113</td></tr></table>On January 7, 2020, the Company provided three months’ notice to 35 Wilbur Street Associates, LLC of the Company’s intent to terminate the lease agreement for our former corporate headquarters, located at 35 Wilbur St., Lynbrook, New York 11563. Accordingly, the lease terminated on April 7, 2020. As the lease provided the Company the option to cancel the lease by giving three months’ prior written notice, the Company did not incur any termination penalties.Total operating lease expenses amounted to $23,000 and $80,000 for the three and six month period ended June 30, 2020 and $34,000 and $67,000 for the three and six months period ended June 30, 2019, respectively.The recent outbreak of the novel coronavirus (COVID-19) resulted in a decrease in revenues of 53% from the second quarter of 2020 as compared to the second quarter of 2019. Since XIAFLEX® is used primarily in elective procedures, which have been curtailed during the outbreak, and based on public statements made by Endo, the Company believes that the COVID-19 outbreak may have a material adverse effect on its business and financial results until the easing of the restrictions that have been imposed as a result of the outbreak.On June 12, 2020, the Company filed an arbitration demand against the Research Foundation of the State University of New York for and on behalf of Stony Brook University (“Research Foundation”) seeking a declaration that one of its former employees is a co-inventor of the Research Foundation’s patent for the treatment of cellulite (U.S. Patent No. 10,123,959, which has an expiration date of February 7, 2027), and challenging the Research Foundation’s prospective rights to royalties under the Cellulite License Agreement dated August 23, 2007, which is described in the Company’s most recent annual report on Form 10-K. This is a private and confidential arbitration administered by the American Arbitration Association. On July 9, 2020, the Research Foundation filed a response, denying the allegations of the demand and making a counterclaim alleging principally that the Company is in breach of its obligations under the Cellulite License Agreement. The Company has responded to the counterclaim, denying the allegations and requesting judgment in its favor on all claims. However, should the Research Foundation prevail in this arbitration, it could have a material adverse effect on the Company’s future financial results. See “Subsequent Events” (Note 8) for disclosure concerning FDA approval and postponement of commercial launch of the cellulite indication.Stockholders’ EquityAt the Company’s annual meeting of stockholders held on June 12, 2020 (the “2020 Annual Meeting”), the stockholders approved an amendment to the Company’s Certificate of Incorporation, as amended, to increase the authorized number of shares of common stock from 10,000,000 shares to 15,000,000 shares.On April 10, 2020, the Board approved an amendment to the Company's Rights Agreement, dated as of May 14, 2002 and amended June 19, 2003, February 3, 2011, March 5, 2014, May 27, 2016, and May 11, 2018 (the “Original Rights Agreement”), by and between the Company and Worldwide Stock Transfer, LLC (successor in interest to OTC Corporate Transfer Service Company), as rights agent (the “Rights Agent”). The amendment, which was subsequently executed on that date by the Company and the Original Rights Agent, changes the Final Expiration Date (as defined in the Original Rights Agreement) of the rights under the Original Rights Agreement (the “Original Rights”) from the close of business on May 31, 2020 to the close of business on April 10, 2020. As a result, the Original Rights have expired, and the Original Rights Agreement terminated.Also, on April 10, 2020, the Board approved and adopted a Rights Agreement, dated as of April 10, 2020 (the “Rights Agreement”), by and between the Company and the Rights Agent. Pursuant to the Rights Agreement, the Board declared a dividend of one preferred share purchase right (each, a “Right”) for each outstanding share of common stock, par value $0.001, of the Company (each, a “Common Share" and, collectively, the “Common Shares”). The Rights are distributable to stockholders of record as of the close of business on April 21, 2020 (the “Record Date”). One Right also will be issued together with each Common Share issued by the Company after April 21, 2020, but before the Distribution Date (as defined in the Rights Agreement) (or the earlier redemption or expiration of the Rights) and, in certain circumstances, after the Distribution Date.Generally, the Rights Agreement works by causing substantial dilution to any person or group that acquires beneficial ownership of twenty percent (20%) or more of the Common Shares without the approval of the Board. As a result, the overall effect of the Rights Agreement and the issuance of the Rights may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving the Company that is not approved by the Board. The Rights Agreement is not intended to interfere with any merger, tender or exchange offer or other business combination approved by the Board. The Rights Agreement also does not prevent the Board from considering any offer that it considers to be in the best interest of its stockholders.A proposal to ratify the adoption by the Board of the Rights Agreement was approved by the stockholders at the Company’s 2020 Annual Meeting.

Basis of PresentationThe accompanying condensed consolidated financial statements are unaudited, but include all adjustments (consisting only of normal, recurring adjustments) that we consider necessary for a fair presentation of our financial position at such dates and the operating results and cash flows for those periods. Although we believe that the disclosures in our financial statements are adequate to make the information presented not misleading, certain information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) has been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reporting.The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the risk factors discussed herein and in Part I, Item 1A. Risk Factors in our 2019 Annual Report filed with the SEC on March 16, 2020 and our subsequent filings and reports, including, without limitation, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.

Principles of ConsolidationThe condensed consolidated financial statements include the accounts of the BioSpecifics and its subsidiary, Advance Biofactures Corp. All intercompany balances and transactions have been eliminated.

Risks and UncertaintiesWe are subject to risks and uncertainties as a result of the global COVID-19 pandemic. While we expect that COVID-19 will impact our business to some degree, the significance and duration of the impact on our business cannot be determined at this time due to numerous uncertainties, including the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions and business closures, the effectiveness of actions taken to contain the disease, and other unforeseeable consequences.

Critical Accounting Policies, Estimates and AssumptionsThe preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the use of management’s estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company makes certain assumptions and estimates for its revenues, income taxes, and third party royalties. We base our estimates on historical experience, and other relevant data including interim data provided by Endo and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities, and the amount of revenues and expenses. Actual results may differ from these estimates under different assumptions or conditions. For further details, see notes “Revenue Recognition,” “Provision for Income Taxes,” and “Third-Party Royalties.”

Revenue RecognitionUnder Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”), we recognize revenues when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. We recognize revenues following the five step model prescribed under ASC 606: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation(s).Revenues, and their respective treatment for financial reporting purposes under ASC 606 and our license agreement with Endo, are as follows:Royalty / Mark-Up on Cost of Goods SoldWe receive royalty revenues on net sales and mark-up on cost of goods sold revenue in the U.S. under our License Agreement with Endo. These are presented in “Royalties” in our consolidated statements of income. We do not have future performance obligations under this revenue stream. In accordance with ASC 606, we record these revenues based on estimates of the net sales that occurred during the relevant period. The relevant period estimates of these royalties are based on data provided by Endo and analysis of historical royalties and mark-up on cost of goods sold revenue that have been paid to us, adjusted for any changes in facts and circumstances, as appropriate. Differences between actual and estimated royalty revenues are adjusted for in the period in which they become known. The royalties payable by Endo to us are subject to set-off for certain patent costs.Licensing RevenueWe include revenue recognized from upfront licensing, sublicensing, and milestone payments in “License Revenues” in our consolidated statements of income.The Company recognizes licensing revenues generated through development and/or commercialization agreements. The terms of these agreements typically include payment to the Company of one or more of the following: nonrefundable, upfront license fees; sublicensing; development and commercial milestone payments; development activities; and royalties on net sales of licensed products. Each of these types of payments results in licensing revenues except for revenues from royalties on net sales of licensed products and the mark-up of cost of goods sold revenues which are classified as royalty revenues. Revenue is recognized upon satisfaction of a performance obligation by transferring control of a good or service to the customer.For each development and/or commercialization agreement that result in revenues, the Company identifies all performance obligations, aside from those that are immaterial, which may include a license to intellectual property and know-how, development activities, and/or transition activities. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required.If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from nonrefundable, upfront license fees based on the relative standalone selling price prescribed to the license compared to the total value of the arrangement. The revenue is recognized when the license is transferred to the collaborator and the collaborator is able to use and benefit from the license. For licenses that are not distinct from other obligations identified in the arrangement, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, the Company applies an appropriate method of measuring progress for purposes of recognizing revenue from nonrefundable, upfront license fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.Development and Regulatory Milestone PaymentsDepending on facts and circumstances, the Company may conclude that it is appropriate to include the milestone, representing variable consideration, in the estimated total transaction price, or that it is appropriate to fully constrain the milestone. The Company may include revenues from certain milestones in the total transaction price in a reporting period before the milestone is achieved if the Company concludes that achievement of the milestone is probable and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods. The Company records a corresponding contract asset when this conclusion is reached. Milestone payments that have not been included in the transaction price to date are fully constrained. The Company re-evaluates the probability of achievement of such development milestones and any related constraint each reporting period. The Company adjusts its estimate of the total transaction price, including the amount of revenue that it has recorded, if necessary.

Recent Accounting PronouncementsAccounting Pronouncements AdoptedWe adopted ASU No. 2018-13, Fair Value Measurement - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement as of January 1, 2020. This standard modifies certain disclosure requirements on fair value measurements. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures.Accounting Pronouncements Not Yet AdoptedIn June 2016, FASB issued ASU 2016-13, Financial Instruments - Credit Losses. The amendment revises the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses on financial instruments, including, but not limited to, available for sale debt securities and accounts receivable. The Company is required to adopt this standard starting in the first quarter of fiscal year 2023. Early adoption is permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements and related disclosures.In December 2019, the FASB issued ASU No. 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes. This standard removes certain exceptions to the general principles of ASC 740 and improves consistent application of and simplifies U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company is required to adopt this standard starting in the first quarter of fiscal year 2021. Early adoption is permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements and related disclosures.

Cash, Cash Equivalents, and InvestmentsCash equivalents include only securities having a maturity of 90 days or less at the time of purchase. Investments are stated on an amortized cost basis. The Company limits its credit risk associated with cash, cash equivalents, and investments by placing its investments with banks it believes are highly creditworthy and with highly rated money market funds, certificates of deposit, commercial paper, U.S. government agency bonds, municipal bonds, and corporate bonds. All investments are classified as held to maturity. As of June 30, 2020, and December 31, 2019, the amortized cost of these investments was $103.0 million and $100.8 million, respectively. No unrealized gains or losses were recorded in either period.

103000000.0

100800000

Fair Value MeasurementsManagement believes that the carrying amounts of the Company’s financial instruments, including cash, cash equivalents, held-to-maturity investments, accounts receivable, accounts payable, and accrued expenses approximate fair value due to the duration of those instruments. As of June 30, 2020, and December 31, 2019, there were no recorded unrealized gains or losses on our investments as they are classified as held-to-maturity. As of June 30, 2020, and December 31, 2019, amortized cost basis of the investments approximated their fair value. For three and six months June 30, 2020, the net amount included in interest income due to the amortization of bond discounts/premiums was $266,000 and $400,000, respectively. For the three and six months ended June 30, 2019, the net amount included in interest income due to the amortization of bond discounts/premiums was $32,000 and $82,000, respectively. At June 30, 2020 and December 31, 2019, the remaining unamortized net premium / (net discount) was $341,000 and $285,000, respectively.The schedule of maturities at June 30, 2020 and December 31, 2019 are as follows:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80.78%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.56%;margin:0pt;padding:0pt;">Maturities as of </td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.91%;margin:0pt;padding:0pt;">Maturities as of </td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1 Year or Less</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:22.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Greater than 1 Year</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1 Year or Less</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:22.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Greater than 1 Year</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Municipal bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"> 10,468,782</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"> 2,292,620</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"> 11,341,249</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Government agency bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"> 3,415,943</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"> 3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"> 11,950,738</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"> 6,231,804</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">US Treasury bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"> 6,016,914</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Corporate bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"> 57,296,635</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"> 13,924,557</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"> 57,321,784</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"> 6,675,958</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Certificates of deposit</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,982,510</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.02%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,074,101</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.33%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,626,147</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,661,262</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 82,180,784</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.18%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:20.02%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 20,791,278</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.33%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 84,239,918</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:20.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 16,569,024</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr></table>The authoritative literature for fair value measurements established a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. These tiers are as follows: Level 1, defined as observable inputs such as quoted market prices in active markets; Level 2, defined as inputs other than the quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as significant unobservable inputs (entity developed assumptions) in which little or no market data exists.As of June 30, 2020, the Company held certain investments that are required to be measured at fair value on a recurring basis. The following tables present the Company’s fair value hierarchy for these financial assets as of June 30, 2020 and December 31, 2019:<table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:13.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Type of Instrument</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 2</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:5.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 3</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Cash equivalents</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Institutional Money Market</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 8,058,112</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> 8,058,112</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Certificates of Deposit</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,056,611</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> 6,056,611</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Cash equivalents</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Municipal Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 2,248,333</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 2,248,333</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Municipal Bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 12,761,402</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 12,761,402</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Government Agency Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,915,943</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,915,943</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">US Treasury Bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,016,914</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,016,914</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Corporate Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 71,221,192</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 71,221,192</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr></table><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:13.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Type of Instrument</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 2</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:5.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 3</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Cash equivalents</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Institutional Money Market</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 950,658</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> 950,658</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Certificates of Deposit</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 7,287,409</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> 7,287,409</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Municipal Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 11,341,249</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 11,341,249</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Government Agency Bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 18,182,542</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 18,182,542</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Corporate Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 63,997,742</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 63,997,742</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr></table>

266000

400000

32000

82000

341000 285000

The schedule of maturities at June 30, 2020 and December 31, 2019 are as follows:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80.78%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.56%;margin:0pt;padding:0pt;">Maturities as of </td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.91%;margin:0pt;padding:0pt;">Maturities as of </td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1 Year or Less</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:22.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Greater than 1 Year</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1 Year or Less</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:22.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Greater than 1 Year</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Municipal bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"> 10,468,782</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"> 2,292,620</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"> 11,341,249</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Government agency bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"> 3,415,943</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"> 3,500,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"> 11,950,738</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"> 6,231,804</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">US Treasury bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"> 6,016,914</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Corporate bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;margin:0pt;padding:0pt;"> 57,296,635</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.18%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.02%;margin:0pt;padding:0pt;"> 13,924,557</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.33%;margin:0pt;padding:0pt;"> 57,321,784</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.21%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.21%;margin:0pt;padding:0pt;"> 6,675,958</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Certificates of deposit</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,982,510</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.02%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,074,101</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.33%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,626,147</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:20.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,661,262</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:13.13%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 82,180,784</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.18%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:20.02%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 20,791,278</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:14.33%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 84,239,918</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:20.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 16,569,024</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr></table>

10468782

2292620

11341249

3415943

3500000

11950738

6231804

6016914

57296635

13924557

57321784

6675958

4982510

1074101

3626147

3661262

82180784

20791278

84239918

16569024

As of June 30, 2020, the Company held certain investments that are required to be measured at fair value on a recurring basis. The following tables present the Company’s fair value hierarchy for these financial assets as of June 30, 2020 and December 31, 2019:<table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:13.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Type of Instrument</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 2</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:5.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 3</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Cash equivalents</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Institutional Money Market</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 8,058,112</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> 8,058,112</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Certificates of Deposit</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,056,611</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> 6,056,611</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Cash equivalents</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Municipal Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 2,248,333</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 2,248,333</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Municipal Bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 12,761,402</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 12,761,402</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Government Agency Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,915,943</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,915,943</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">US Treasury Bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,016,914</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 6,016,914</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Corporate Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 71,221,192</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 71,221,192</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr></table><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:13.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Type of Instrument</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 2</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:5.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Level 3</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Cash equivalents</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Institutional Money Market</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 950,658</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> 950,658</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Certificates of Deposit</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 7,287,409</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> 7,287,409</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Municipal Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 11,341,249</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 11,341,249</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Government Agency Bonds</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 18,182,542</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 18,182,542</td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:39%;margin:0pt;padding:0pt;">Investments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;width:13.76%;margin:0pt;padding:0pt;">Corporate Bonds</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 63,997,742</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.47%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.03%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.5%;margin:0pt;padding:0pt;"> 63,997,742</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.35%;margin:0pt;padding:0pt;"> —</td></tr></table>

8058112

6056611

2248333

12761402

6915943

6016914

71221192

950658

7287409

11341249

18182542

63997742

Concentration of Credit Risk and Major CustomersThe Company maintains bank account balances, which, at times, may exceed insured limits. The Company has not experienced any losses with these accounts and believes that it is not exposed to any significant credit risk on cash.The Company maintains investments in FDIC insured certificates of deposits, municipal bonds, and corporate bonds.The Company is currently dependent on one customer, Endo, which generates almost all the Company’s revenues. For the three-and six month periods ended June 30, 2020, licensing, sublicensing, milestones, and royalty revenues under the License Agreement with Endo were $3.9 million and $13.6 million, respectively and for the three and six months ended June 30, 2019, licensing, sublicensing, milestones and royalty revenues under the License Agreement with Endo were $8.9 million and $17.0 million, respectively.At June 30, 2020 and December 31, 2019, our accounts receivable balances from Endo were $11.7 million and $19.1 million, respectively.

3900000

13600000

8900000

17000000.0

11700000

19100000

Treasury StockThe Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. For the six months ended June 30, 2020, we repurchased 7,573 shares at an average price of $54.50. For the six months ended June 30, 2019, there were 2,048 shares repurchased at an average price of $57.89. The stock repurchase program terminated in May 2020.

7573

54.50

2048

57.89

Receivables and Doubtful AccountsTrade accounts receivable are stated at the amount the Company expects to collect. We may maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. We consider the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. Our accounts receivable balance is typically due from Endo, our single large specialty pharmaceutical customer. Endo has historically paid timely and has been a financially stable organization. Due to the nature of the accounts receivable balance, we believe the risk of doubtful accounts is minimal and therefore no allowance is recorded. If the financial condition of Endo were to deteriorate, adversely affecting its ability to make payments, additional allowances would be required. We may provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after we have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At June 30, 2020 and December 31, 2019, our accounts receivable balance was $11.7 million and $19.1 million, respectively, and was from one customer, Endo.

11700000

19100000

1 1 Third-Party RoyaltiesWe have entered into licensing and royalty agreements with third parties and agreed to pay certain royalties on net sales of products for specific indications. The royalty rates differ from agreement to agreement. No assumptions should be made that any disclosed royalty rate payable to a particular third party is the same or similar with respect to any royalty rate payable to any other third parties. We accrue third-party royalty expenses on net sales reported to us by Endo. Third-party royalty costs are generally expensed under general and administrative in the quarter that the net sales have occurred. For the three-and six month periods ended June 30, 2020, third-party royalty expenses were $0.1 million and $0.2 million, respectively. For the three and six month periods ended June 30, 2019, third-party royalty expenses were $0.2 million and $0.6 million, respectively. As of June 30, 2019, we have no further third-party royalties in connection with PD as the agreement has expired.

100000

200000

600000

Royalty Buy-DownOn March 31, 2012, we entered into an amendment to our existing agreement with Dr. Martin K. Gelbard, dated August 27, 2008, related to our future royalty obligations in connection with PD. The amendment enables us to buy down a portion of our future royalty obligations in exchange for an initial cash payment of $1.5 million and five additional cash payments of $600,000, all of which have been paid as of January 1, 2018. Royalty obligations terminated five years after the first commercial sale, which occurred in January 2014. Accordingly, we ceased paying royalties in February 2019. The Company amortizes long-term contracts with finite lives in a manner that reflects the pattern in which the economic benefits of the assets are consumed or otherwise used up. Dr. Gelbard’s agreement is amortized based on an income forecast method by estimating sales of XIAFLEX® and Xiapex® for PD on an annual basis as measured by the proportion of the total estimated sales over the five year period. For the three and six months ended June 30, 2019 we amortized zero and $0.2 million related to this agreement, respectively, related to this agreement and is recorded as part of general and administrative expenses. As of both June 30, 2020 and December 31, 2019, there were no remaining capitalized balances outstanding related to this agreement.

1500000

5 600000

P5Y

200000

Research and Development ExpensesR&D expenses include, but are not limited to, internal costs, such as salaries and benefits, costs of materials, lab expense, facility costs, and overhead. R&D expenses also consist of third-party costs, such as medical professional fees, product costs used in clinical trials, consulting fees, and costs associated with clinical study arrangements. We may fund R&D at medical research institutions under agreements that are generally cancelable. All of these costs are charged to R&D as incurred, which may be measured by percentage of completion, contract milestones, patient enrollment, or the passage of time.

Clinical Trial ExpensesOur cost accruals for clinical trials are based on estimates of the services received and efforts expended pursuant to contracts with various clinical trial centers and clinical research organizations. In the normal course of business, we contract with third parties to perform various clinical trial activities in the ongoing development of potential drugs. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Payments under the contracts depend on factors such as the achievement of certain events, the successful enrollment of patients, the completion of portions of the clinical trial, or similar conditions. The objective of our accrual policy is to match the recording of expenses in our financial statements to the actual cost of services received and efforts expended. As such, expenses related to each patient enrolled in a clinical trial are recognized beginning upon entry into the trial and over the course of the patient’s continued participation in the trial. In the event of early termination of a clinical trial, we accrue an amount based on our estimate of the remaining non-cancelable obligations associated with the winding down of the clinical trial. Our estimates and assumptions could differ significantly from the amounts that may actually be incurred.

Stock-Based CompensationASC 718, Compensation - Stock Compensation (“ASC 718”), requires the recognition of compensation expense, using a fair-value based method, for costs related to all stock awards including stock options and common stock issued to our employees and directors under our stock plans. ASC 718 requires companies to estimate the fair value of stock option awards on the date of grant using an option-pricing model. The fair value of each service-based restricted stock unit granted is estimated on the day of grant based on the closing price of the Company’s common stock. The value of the portion of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service periods in our condensed consolidated statements of operations. The Company recognizes forfeitures as they occur by reversing compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service condition in the period of the forfeiture.Under the Company’s 2019 Omnibus Incentive Compensation Plan (the “Plan”), grants to employees, key advisors, on non-employee directors may consist of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards, or cash awards. As of June 30, 2020, options to purchase 232,187 shares of common stock and 4,036 restricted stock awards were outstanding under the Plan, and a total of 1,098,612 shares remained available for grant under the Plan. Grants under the Plan vest over periods ranging from one to four years and expire ten years from date of grant.2019 Omnibus Incentive Compensation Plan (2019 Plan)Restricted Stock AwardsA summary of the restricted stock awards activity during the six months ended June 30, 2020 is presented below:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;">Weighted-</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;">Average Grant</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;">Date Fair Value</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Restricted Stock</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> Per Share</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Nonvested at December 31, 2019</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"> 10,450</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"> 60.47</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Issued</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"> 5,036</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"> 55.71</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Vested</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"> (11,450)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"> 59.60</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Forfeited</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Nonvested at June 30, 2020</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.48%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,036</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 57.00</td></tr></table>Stock-based compensation expense related to restricted stock awards recognized in general and administrative expense was $193,000 and $337,000 for the three month and six month periods ended June 30, 2020, respectively, and zero for the three and six month periods ended June 30, 2019, respectively.As of June 30, 2020, there was $181,000 of total unrecognized compensation cost related to non-vested share-based compensation arrangements related to restricted stock. This cost is expected to be recognized over the vesting periods of the restricted stock, with a weighted-average period of 1.00 year.Stock Option ActivityFor the six months ended June 30, 2020, we granted a total of 182,000 stock options with a weighted average grant date fair value of $61.37 per share.The assumptions used in the valuation of stock options granted during the six months ended June 30, 2020 were as follows:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;">Six Months Ended </td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;">Risk-free interest rate</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"> 0.34% - 1.61%</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;">Expected term of option</td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"> 5.5 - 6.25 years</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;">Expected stock price volatility</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"> 39.5% - 41.5%</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;">Expected dividend yield</td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"> 0.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr></table>A summary of our stock option activity during the six months ended June 30, 2020 is presented below:<table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;">Weighted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.9%;margin:0pt;padding:0pt;">Weighted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;">Average </td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.87%;margin:0pt;padding:0pt;">Aggregate</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.9%;margin:0pt;padding:0pt;">Average </td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;">Remaining </td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.87%;margin:0pt;padding:0pt;">Intrinsic</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Exercise Price</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Contractual Term</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Value</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Outstanding at December 31, 2019</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 189,187</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 46.79</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 8.62</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,920,684</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Grants</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"> 182,000</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"> 61.37</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Exercised</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"> (1,500)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"> 41.15</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Forfeited</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (137,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 55.79</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Outstanding at June 30, 2020</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 232,187</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 56.02</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 8.12</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,222,261</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Exercisable at June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"> 52,687</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"> 39.70</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"> 2.50</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"> 1,136,761</td></tr></table>During the six-month periods ended June 30, 2020 and 2019, the Company received $0.1 million and $1.7 million, respectively, from stock options exercised by option holders.Aggregate intrinsic value represents the total pre-tax intrinsic value based on the closing price of our common stock of $61.28 on June 30, 2020, which would have been received by the option holders had all option holders exercised their options as of that date. We have $4.3 million in unrecognized compensation cost related to stock options outstanding as of June 30, 2020, which we expect to recognize over the next 8.1 years.Stock-based compensation expense related to stock options recognized in general and administrative expenses was a credit of $31,000 for the three months ended June 30, 2020 and $136,000 for the six month period ended June 30, 2020, and $119,000 and $260,000 for the three and six month periods ended June 30, 2019, respectively. The credit for the three months ended June 30, 2020 was the result of the reversal of $200,000 of previously recognized stock compensation expense due to forfeitures that occurred during the period. In addition, stock compensation expense related to restructuring associated with the acceleration of vesting of certain stock options and restricted stock units was $190,000 for the three months ended March 31, 2020 (see Note 7).

232187

4036

1098612

P4Y

P10Y

A summary of the restricted stock awards activity during the six months ended June 30, 2020 is presented below:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;">Weighted-</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;">Average Grant</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;">Date Fair Value</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Restricted Stock</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> Per Share</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Nonvested at December 31, 2019</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"> 10,450</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"> 60.47</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Issued</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"> 5,036</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"> 55.71</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Vested</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.48%;margin:0pt;padding:0pt;"> (11,450)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"> 59.60</td></tr><tr><td style="vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Forfeited</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:67.3%;margin:0pt;padding:0pt;">Nonvested at June 30, 2020</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.48%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,036</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 57.00</td></tr></table>

10450

60.47

5036

55.71

11450

59.60

4036

57.00

193000

337000

181000

P1Y

182000

61.37

The assumptions used in the valuation of stock options granted during the six months ended June 30, 2020 were as follows:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;">Six Months Ended </td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;">Risk-free interest rate</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"> 0.34% - 1.61%</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;">Expected term of option</td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"> 5.5 - 6.25 years</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;">Expected stock price volatility</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"> 39.5% - 41.5%</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;">Expected dividend yield</td><td style="vertical-align:bottom;white-space:nowrap;width:2.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.72%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:18.28%;margin:0pt;padding:0pt;"> 0.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr></table>

0.0034

0.0161

P5Y6M

P6Y3M

0.395

0.415

0.000

A summary of our stock option activity during the six months ended June 30, 2020 is presented below:<table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;">Weighted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.9%;margin:0pt;padding:0pt;">Weighted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;">Average </td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.87%;margin:0pt;padding:0pt;">Aggregate</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.9%;margin:0pt;padding:0pt;">Average </td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;">Remaining </td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.87%;margin:0pt;padding:0pt;">Intrinsic</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Shares</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Exercise Price</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Contractual Term</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Value</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Outstanding at December 31, 2019</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 189,187</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 46.79</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 8.62</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,920,684</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Grants</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"> 182,000</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"> 61.37</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Exercised</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"> (1,500)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"> 41.15</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Forfeited</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (137,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 55.79</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Outstanding at June 30, 2020</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 232,187</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 56.02</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 8.12</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,222,261</td></tr><tr><td style="vertical-align:bottom;width:48.43%;margin:0pt;padding:0pt;">Exercisable at June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.9%;margin:0pt;padding:0pt;"> 52,687</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.12%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:9.77%;margin:0pt;padding:0pt;"> 39.70</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"> 2.50</td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.04%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:9.83%;margin:0pt;padding:0pt;"> 1,136,761</td></tr></table>

189187

46.79

P8Y7M13D

1920684

182000

61.37

1500

41.15

137500

55.79

232187

56.02

P8Y1M13D

1222261

52687

39.70

P2Y6M

1136761

100000

1700000

61.28

4300000

P8Y1M6D

31000

136000

119000

260000

200000

190000

Property and EquipmentProperty and equipment are stated at cost, less accumulated depreciation. Machinery and equipment, furniture and fixtures, and autos are depreciated on a straight-line basis over their estimated useful lives of five to ten years. Leasehold improvements are amortized over the lesser of their estimated useful lives or the remaining life of the lease. At June 30, 2020, total property and equipment consisted of furniture and fixtures of $65,000 with an expected useful life of five years. At December 31, 2019, all property and equipment were fully depreciated.

P10Y

65000

P5Y

Comprehensive IncomeFor each of the three and six-month periods ended June 30, 2020 and 2019, we had no components of other comprehensive income other than net income itself.

Provision for Income TaxesWe use the asset and liability method of accounting for income taxes, as set forth in ASC 740-10-25-2. Under this method, deferred income taxes, when required, are provided on the basis of the difference between the financial reporting and income tax basis of assets and liabilities at the statutory rates enacted for future periods when the differences are expected to reverse. A valuation allowance is applied against any net deferred tax asset if, based on the weighted available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon the ultimate settlement. As of June 30, 2020 and December 31, 2019, the Company has not recorded any unrecognized tax benefits. We classify interest associated with income taxes under interest expense and tax penalties under other.

Commitments and ContingenciesWe determine if an arrangement includes a lease at inception. Right-of-use lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The right-of-use lease asset includes any lease payments made and excludes lease incentives. Incremental borrowing rate is used in determining the present value of future payments. We apply a portfolio approach to the property leases to apply an incremental borrowing rate to leases with similar lease terms. The lease terms may include options to extend or terminate the lease. We recognize the options to extend the lease as part of the right-of-use lease assets and lease liabilities only if it is reasonably certain that the option would be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term. The adoption of the new standard as of January 1, 2019 did not have a material impact on our consolidated financial statements for the six months ended June 30, 2019 due to the short-term nature of our then-existing lease in Lynbrook, New York.In December 2019, we recorded a right-of-use lease asset of $243,000, a short-term lease liability of $76,000, and a long-term lease liability of $167,000 associated with the lease of our new headquarters in Wilmington, Delaware.The following table summarizes the maturity of the Company’s lease obligations on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on our balance sheet as of June 30, 2020 and December 31, 2019:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80.25%;"><tr style="height:1.25pt;"><td style="vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.29%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.05%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:12.55pt;"><td style="vertical-align:bottom;white-space:nowrap;width:65.8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;width:12.93%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;width:16.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2019</td></tr><tr style="height:14.45pt;"><td style="background-color:#cceeff;vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">2020</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.29%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"> 41,210</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.05%;margin:0pt;padding:0pt;"> 75,352</td></tr><tr style="height:14.45pt;"><td style="vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">2021</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"> 84,893</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.05%;margin:0pt;padding:0pt;"> 84,893</td></tr><tr style="height:14.45pt;"><td style="background-color:#cceeff;vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">2022</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 87,428</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 87,428</td></tr><tr style="height:14.45pt;"><td style="vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">Total lease payments </td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"> 213,531</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.05%;margin:0pt;padding:0pt;"> 247,673</td></tr><tr style="height:14.45pt;"><td style="background-color:#cceeff;vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">Less: interest</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (8,149)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (11,560)</td></tr><tr style="height:14.45pt;"><td style="vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">Total lease obligation </td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.29%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 205,382</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:15.05%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 236,113</td></tr></table>On January 7, 2020, the Company provided three months’ notice to 35 Wilbur Street Associates, LLC of the Company’s intent to terminate the lease agreement for our former corporate headquarters, located at 35 Wilbur St., Lynbrook, New York 11563. Accordingly, the lease terminated on April 7, 2020. As the lease provided the Company the option to cancel the lease by giving three months’ prior written notice, the Company did not incur any termination penalties.Total operating lease expenses amounted to $23,000 and $80,000 for the three and six month period ended June 30, 2020 and $34,000 and $67,000 for the three and six months period ended June 30, 2019, respectively.The recent outbreak of the novel coronavirus (COVID-19) resulted in a decrease in revenues of 53% from the second quarter of 2020 as compared to the second quarter of 2019. Since XIAFLEX® is used primarily in elective procedures, which have been curtailed during the outbreak, and based on public statements made by Endo, the Company believes that the COVID-19 outbreak may have a material adverse effect on its business and financial results until the easing of the restrictions that have been imposed as a result of the outbreak.On June 12, 2020, the Company filed an arbitration demand against the Research Foundation of the State University of New York for and on behalf of Stony Brook University (“Research Foundation”) seeking a declaration that one of its former employees is a co-inventor of the Research Foundation’s patent for the treatment of cellulite (U.S. Patent No. 10,123,959, which has an expiration date of February 7, 2027), and challenging the Research Foundation’s prospective rights to royalties under the Cellulite License Agreement dated August 23, 2007, which is described in the Company’s most recent annual report on Form 10-K. This is a private and confidential arbitration administered by the American Arbitration Association. On July 9, 2020, the Research Foundation filed a response, denying the allegations of the demand and making a counterclaim alleging principally that the Company is in breach of its obligations under the Cellulite License Agreement. The Company has responded to the counterclaim, denying the allegations and requesting judgment in its favor on all claims. However, should the Research Foundation prevail in this arbitration, it could have a material adverse effect on the Company’s future financial results. See “Subsequent Events” (Note 8) for disclosure concerning FDA approval and postponement of commercial launch of the cellulite indication.

243000

76000

167000

The following table summarizes the maturity of the Company’s lease obligations on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on our balance sheet as of June 30, 2020 and December 31, 2019:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80.25%;"><tr style="height:1.25pt;"><td style="vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.29%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.05%;margin:0pt;padding:0pt;"><div style="height:1.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:12.55pt;"><td style="vertical-align:bottom;white-space:nowrap;width:65.8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;width:12.93%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;width:16.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2019</td></tr><tr style="height:14.45pt;"><td style="background-color:#cceeff;vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">2020</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.29%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"> 41,210</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.05%;margin:0pt;padding:0pt;"> 75,352</td></tr><tr style="height:14.45pt;"><td style="vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">2021</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"> 84,893</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.05%;margin:0pt;padding:0pt;"> 84,893</td></tr><tr style="height:14.45pt;"><td style="background-color:#cceeff;vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">2022</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 87,428</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 87,428</td></tr><tr style="height:14.45pt;"><td style="vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">Total lease payments </td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"> 213,531</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.05%;margin:0pt;padding:0pt;"> 247,673</td></tr><tr style="height:14.45pt;"><td style="background-color:#cceeff;vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">Less: interest</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (8,149)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (11,560)</td></tr><tr style="height:14.45pt;"><td style="vertical-align:bottom;width:65.8%;margin:0pt;padding:0pt;">Total lease obligation </td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.29%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 205,382</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:15.05%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 236,113</td></tr></table>

41210

75352

84893

87428

213531

247673

8149

11560

205382

236113

P3M

23000

80000

34000

67000

0.53

Stockholders’ EquityAt the Company’s annual meeting of stockholders held on June 12, 2020 (the “2020 Annual Meeting”), the stockholders approved an amendment to the Company’s Certificate of Incorporation, as amended, to increase the authorized number of shares of common stock from 10,000,000 shares to 15,000,000 shares.On April 10, 2020, the Board approved an amendment to the Company's Rights Agreement, dated as of May 14, 2002 and amended June 19, 2003, February 3, 2011, March 5, 2014, May 27, 2016, and May 11, 2018 (the “Original Rights Agreement”), by and between the Company and Worldwide Stock Transfer, LLC (successor in interest to OTC Corporate Transfer Service Company), as rights agent (the “Rights Agent”). The amendment, which was subsequently executed on that date by the Company and the Original Rights Agent, changes the Final Expiration Date (as defined in the Original Rights Agreement) of the rights under the Original Rights Agreement (the “Original Rights”) from the close of business on May 31, 2020 to the close of business on April 10, 2020. As a result, the Original Rights have expired, and the Original Rights Agreement terminated.Also, on April 10, 2020, the Board approved and adopted a Rights Agreement, dated as of April 10, 2020 (the “Rights Agreement”), by and between the Company and the Rights Agent. Pursuant to the Rights Agreement, the Board declared a dividend of one preferred share purchase right (each, a “Right”) for each outstanding share of common stock, par value $0.001, of the Company (each, a “Common Share" and, collectively, the “Common Shares”). The Rights are distributable to stockholders of record as of the close of business on April 21, 2020 (the “Record Date”). One Right also will be issued together with each Common Share issued by the Company after April 21, 2020, but before the Distribution Date (as defined in the Rights Agreement) (or the earlier redemption or expiration of the Rights) and, in certain circumstances, after the Distribution Date.Generally, the Rights Agreement works by causing substantial dilution to any person or group that acquires beneficial ownership of twenty percent (20%) or more of the Common Shares without the approval of the Board. As a result, the overall effect of the Rights Agreement and the issuance of the Rights may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving the Company that is not approved by the Board. The Rights Agreement is not intended to interfere with any merger, tender or exchange offer or other business combination approved by the Board. The Rights Agreement also does not prevent the Board from considering any offer that it considers to be in the best interest of its stockholders.A proposal to ratify the adoption by the Board of the Rights Agreement was approved by the stockholders at the Company’s 2020 Annual Meeting.

10000000

15000000

0.001

1 20 20

24304

23692

41428

51345

186036

198536

63750

Accounts payable and accrued expenses consisted of the following:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:72.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:2.21%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.4%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:9.47%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.4%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:8.96%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:72.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:2.21%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:normal;width:10.87%;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:normal;width:10.36%;margin:0pt;padding:0pt;">December 31, </td><td style="vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:72.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:2.21%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:normal;width:10.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2020</td><td style="vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:normal;width:10.36%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2019</td><td style="vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:72.06%;margin:0pt;padding:0pt;">Trade accounts payable </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.21%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.4%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:9.47%;margin:0pt;padding:0pt;"> 346,270</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.4%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:8.96%;margin:0pt;padding:0pt;"> 197,077</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:72.06%;margin:0pt;padding:0pt;">Accrued legal and other professional fees</td><td style="vertical-align:bottom;white-space:normal;width:2.21%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.4%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:9.47%;margin:0pt;padding:0pt;"> 883,069</td><td style="vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.4%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:8.96%;margin:0pt;padding:0pt;"> 330,787</td><td style="vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:72.06%;margin:0pt;padding:0pt;">Accrued payroll, severance, and related costs</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.21%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.4%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:9.47%;margin:0pt;padding:0pt;"> 638,089</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.4%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:8.96%;margin:0pt;padding:0pt;"> 209,330</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:72.06%;margin:0pt;padding:0pt;">Third-party royalties</td><td style="vertical-align:bottom;white-space:normal;width:2.21%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.4%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:9.47%;margin:0pt;padding:0pt;"> 62,000</td><td style="vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.4%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:8.96%;margin:0pt;padding:0pt;"> 228,000</td><td style="vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:72.06%;margin:0pt;padding:0pt;">Restructuring accrual</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.21%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.4%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:9.47%;margin:0pt;padding:0pt;"> 59,678</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.4%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:8.96%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:72.06%;margin:0pt;padding:0pt;">Other accruals</td><td style="vertical-align:bottom;white-space:normal;width:2.21%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:9.47%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 100,950</td><td style="vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:8.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 33,215</td><td style="vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:72.06%;margin:0pt;padding:0pt;">Total</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.21%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.4%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:9.47%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,090,056</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.4%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:8.96%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 998,409</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.23%;margin:0pt;padding:0pt;"></td></tr></table>

346270

197077

883069

330787

638089

209330

62000

228000

59678

100950

33215

2090056

998409

P10Y

93000

Patent costs may be creditable against future royalty revenues. For each period presented below, net patent costs consisted of:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80.27%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:68.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:13.1%;margin:0pt;padding:0pt;">June 30, </td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:13.1%;margin:0pt;padding:0pt;">December 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:68.9%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:13.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:13.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2019</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:68.9%;margin:0pt;padding:0pt;">Patents</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.82%;margin:0pt;padding:0pt;"> 1,272,625</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.82%;margin:0pt;padding:0pt;"> 1,272,625</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:68.9%;margin:0pt;padding:0pt;">Accumulated amortization</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.82%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (740,636)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.82%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (699,348)</td><td style="vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:68.9%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.82%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 531,989</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.56%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.82%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 573,277</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.25%;margin:0pt;padding:0pt;"></td></tr></table>

1272625

740636

699348

531989

573277

20000

41000

24000

43000

The estimated aggregate amortization expense for the remaining six months of 2020 and each of the years below is as follows:<table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:83.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.17%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:83.29%;margin:0pt;padding:0pt;">July 1, 2020 – December 31, 2020</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.46%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.17%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.06%;margin:0pt;padding:0pt;"> 41,300</td></tr><tr><td style="vertical-align:bottom;width:83.29%;margin:0pt;padding:0pt;">2021</td><td style="vertical-align:bottom;white-space:nowrap;width:3.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.17%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.06%;margin:0pt;padding:0pt;"> 65,400</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:83.29%;margin:0pt;padding:0pt;">2022</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.46%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.17%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.06%;margin:0pt;padding:0pt;"> 65,400</td></tr><tr><td style="vertical-align:bottom;width:83.29%;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:3.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.17%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.06%;margin:0pt;padding:0pt;"> 65,400</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:83.29%;margin:0pt;padding:0pt;">2024</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.46%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.17%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.06%;margin:0pt;padding:0pt;"> 65,400</td></tr><tr><td style="vertical-align:bottom;width:83.29%;margin:0pt;padding:0pt;">Thereafter</td><td style="vertical-align:bottom;white-space:nowrap;width:3.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.17%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.06%;margin:0pt;padding:0pt;"> 229,100</td></tr></table>

41300

65400

229100

<div style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:10pt;margin-left:0pt;text-indent:0pt;">6.PROVISION FOR INCOME TAXES</div>Our deferred tax liabilities and deferred tax assets are impacted by events and transactions arising in the ordinary course of business, R&D activities, vesting of nonqualified options and other items. The provision for income taxes is based on an estimated effective tax rate derived from our consolidated earnings before taxes, adjusted for nondeductible expenses and other permanent differences for the fiscal year. The provision for income taxes for the three and six month periods ended June 30, 2020 was $24,000 and $1.2 million, respectively, and for the three and six month periods ended June 31, 2019 was $1.1 million and $2.2 million, respectively. As of June 30, 2020 and December 31, 2019, our net deferred tax liabilities were $0.4 and $0.6 million, respectively.The estimated effective tax rate for the three and six months ended June 30, 2020 was 17% and 21%, respectively, of pre-tax income reported in the period, calculated based on the estimated annual effective rate anticipated for the year ending December 31, 2020 plus the effects, if any, of certain discrete items occurring in 2020.The estimated effective tax rate for the three and six months ended June 30, 2019 was 14% and 17%, respectively, of pre-tax income reported in the period, calculated based on the estimated annual effective rate anticipated for the year ending December 31, 2019 plus the effects, if any, of certain discrete items occurring in 2019.On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act made various tax law changes including, among other things, (i) increasing the limitation under IRC Section 163(j) for 2019 and 2020 to permit additional expensing of interest, (ii) enacting a technical correction so that qualified improvement property can be immediately expensed under IRC Section 168(k) and (iii) making modifications to the federal net operating loss rules including permitting federal net operating losses incurred in 2018, 2019, and 2020 to be carried back to the five preceding taxable years in order to generate a refund of previously paid taxes. The income tax provisions of the CARES Act had limited applicability to the Company as of June 30, 2020, and therefore, the enactment of the CARES Act did not have a material impact on the Company’s consolidated financial statements as of, and for the three and six months ended, June 30, 2020. We will continue to evaluate the impact of tax legislation and will update our disclosures as additional information and interpretative guidance becomes available.

24000

1200000

1100000

2200000

400000

600000

0.17

0.21

0.14

0.17

<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">7.</td><td style="padding:0pt;">RESTRUCTURING AND SEPARATION COSTS</td></tr></table><div style="margin-top:12pt;"/>On January 7, 2020, we announced that we would be relocating our corporate headquarters from Lynbrook, New York to Wilmington, Delaware as of April 7, 2020. On January 6, 2020, in connection with this relocation, we notified five employees and one consultant that their services would no longer be required effective March 31, 2020. On March 23, 2020, the five employees and one consultant were given separation agreements detailing the termination benefits to which they would be entitled.As a result, we recorded a one-time restructuring charge of $1.1 million in the first quarter of fiscal 2020. The restructuring charge is associated with $0.9 million of one-time termination benefits that we expect to pay out in cash over a period of six months and $0.2 million of one-time non-cash termination expenses associated with the acceleration of vesting of certain stock options and restricted stock units. The estimated liability for termination benefits was recorded at fair value during the first quarter of 2020 as a current liability in the consolidated balance sheet. These termination benefits consist of severance payments, reimbursement of benefits payments, and guaranteed consulting payments. Total charges and payments related to the restructuring plan recognized in the consolidated statement of operations are as follows:<table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:92.98%;"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:22.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:71.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;width:25.01%;margin:0pt;padding:0pt;">Six Months Ended </td></tr><tr><td style="vertical-align:bottom;width:71.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;width:25.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, </td></tr><tr><td style="vertical-align:bottom;width:71.23%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.74%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;width:25.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2020</td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;">Restructuring accrual, January 1, 2020</td><td style="background-color:#cceeff;vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:2.36%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:22.65%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;">Termination costs</td><td style="vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:2.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:22.65%;margin:0pt;padding:0pt;"> 1,070,024</td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;">Facility exit costs</td><td style="background-color:#cceeff;vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:2.36%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:22.65%;margin:0pt;padding:0pt;"> 76,020</td></tr><tr><td style="vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;">Payments</td><td style="vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:2.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:22.65%;margin:0pt;padding:0pt;"> (895,934)</td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;">Stock compensation expense charged to additional paid-in-capital</td><td style="background-color:#cceeff;vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:2.36%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:22.65%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (190,432)</td></tr><tr><td style="vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;">Restructuring accrual, June 30, 2020</td><td style="vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:2.36%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:middle;white-space:nowrap;width:22.65%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 59,678</td></tr></table>On April 6, 2020, the Company and Mr. J. Kevin Buchi mutually agreed that Mr. Buchi would step down as Chief Executive Officer and as a director of the Company, effective immediately. The Company and Mr. Buchi have entered into a separation agreement that details the termination benefits to which he is entitled. The Company recorded $0.6 million in separation costs related to this agreement in general and administrative expenses for the three and six months ended June 30, 2020. The remaining accrual of $0.5 million at June 30, 2020 is included in accounts payable and accrued expenses and will be paid out over the next 9 months.

5 1

1100000

900000

P6M

200000

Total charges and payments related to the restructuring plan recognized in the consolidated statement of operations are as follows:<table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:92.98%;"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:22.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:71.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;width:25.01%;margin:0pt;padding:0pt;">Six Months Ended </td></tr><tr><td style="vertical-align:bottom;width:71.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;width:25.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">June 30, </td></tr><tr><td style="vertical-align:bottom;width:71.23%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.74%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;width:25.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2020</td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;">Restructuring accrual, January 1, 2020</td><td style="background-color:#cceeff;vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:2.36%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:22.65%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;">Termination costs</td><td style="vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:2.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:22.65%;margin:0pt;padding:0pt;"> 1,070,024</td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;">Facility exit costs</td><td style="background-color:#cceeff;vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:2.36%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:22.65%;margin:0pt;padding:0pt;"> 76,020</td></tr><tr><td style="vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;">Payments</td><td style="vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:2.36%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;white-space:nowrap;width:22.65%;margin:0pt;padding:0pt;"> (895,934)</td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;">Stock compensation expense charged to additional paid-in-capital</td><td style="background-color:#cceeff;vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;width:2.36%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:22.65%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (190,432)</td></tr><tr><td style="vertical-align:middle;white-space:nowrap;width:71.23%;margin:0pt;padding:0pt;">Restructuring accrual, June 30, 2020</td><td style="vertical-align:bottom;width:3.74%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:2.36%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:middle;white-space:nowrap;width:22.65%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 59,678</td></tr></table>

1070024

76020

895934

190432

59678

600000

500000

8. SUBSEQUENT EVENTSOn July 6, the FDA granted approval of the cellulite indication, but Endo has postponed the commercial launch until the first half of 2021, citing the effects of the COVID-19 pandemic on the market for aesthetic treatments. The Company reiterates its policy stated in its most recent annual report on Form 10-K not to announce publicly royalty rates for potential future indications under development before commercialization. It is important to emphasize that in-licensing royalty rates vary from indication to indication and it should not be assumed that the in-licensing royalty rates for potential future indications will be the same as those for currently marketed indications.

XML 13 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Aug. 07, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Entity File Number	000-19879
Entity Registrant Name	BIOSPECIFICS TECHNOLOGIES CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-3054851
Entity Address, Address Line One	2 Righter Parkway, Suite 200
Entity Address, City or Town	Wilmington
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	19803
City Area Code	302
Local Phone Number	842.8450
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	BSTC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,344,955
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000875622
Amendment Flag	false

XML 14 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 16,871,522	$ 4,999,183
Short term investments	82,180,784	84,239,918
Accounts receivable	11,696,598	19,065,919
Prepaid expenses and other current assets	1,310,388	966,456
Total current assets	112,059,292	109,271,476
Long-term investments	20,791,278	16,569,024
Property and equipment, net	64,839	0
Operating lease right-of-use asset	201,228	239,491
Patent costs, net	531,989	573,277
Other assets	133,159	0
Total assets	133,781,785	126,653,268
Current liabilities:
Accounts payable and accrued expenses	2,090,056	998,409
Income tax payable	1,673,051	354,984
Current portion of lease obligation	78,560	69,099
Total current liabilities	3,841,667	1,422,492
Lease obligation	126,822	167,014
Deferred tax liability, net	395,858	572,660
Total liabilities	4,364,347	2,162,166
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.50 par value, 700,000 shares authorized (150,000 shares designated as Series A Convertible Redeemable Preferred Stock and 10,000 shares designated as Series C Junior Participating Preferred Stock); none outstanding
Common stock, $.001 par value; 10,000,000 shares authorized; 7,815,230 and 7,813,230 shares issued, 7,337,511 and 7,339,578 shares outstanding as of March 31, 2020 and December 31, 2019, respectively	7,826	7,813
Additional paid-in capital	40,080,279	39,355,797
Retained earnings	101,261,129	96,646,527
Treasury stock, 477,720 and 473,653 shares at cost as of March 31, 2020 and December 31, 2019, respectively	(11,931,796)	(11,519,035)
Total stockholders' equity	129,417,438	124,491,102
Total liabilities and stockholders' equity	$ 133,781,785	$ 126,653,268

XML 15 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.50	$ 0.50
Preferred stock, authorized (in shares)	700,000	700,000
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	15,000,000	15,000,000
Common stock, issued (in shares)	7,826,180	7,813,230
Common stock, outstanding (in shares)	7,344,955	7,339,578
Treasury stock, shares (in shares)	481,225	473,652
Series A Convertible Redeemable Preferred Stock
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.50	$ 0.50
Preferred stock, authorized (in shares)	150,000	150,000
Preferred stock, outstanding (in shares)	0	0
Series C Junior Participating Preferred Stock
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.50	$ 0.50
Preferred stock, authorized (in shares)	10,000	10,000
Preferred stock, outstanding (in shares)	0	0

XML 16 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Income Statements - USD ($)	3 Months Ended		6 Months Ended
Condensed Consolidated Income Statements - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total Revenues	$ 3,903,402	$ 8,852,986	$ 13,572,069	$ 16,982,127
Costs and expenses:
Research and development	160,461	161,321	282,431	310,857
General and administrative	3,993,861	1,728,125	7,161,907	4,635,284
Restructuring charges			1,146,045
Total Costs and Expenses	4,154,322	1,889,446	8,590,383	4,946,141
Operating income	(250,920)	6,963,540	4,981,686	12,035,986
Other income:
Interest income	390,888	517,156	870,597	966,580
Income before income tax expense	139,968	7,480,696	5,852,283	13,002,566
Provision for income tax expense	(24,172)	(1,054,236)	(1,237,681)	(2,159,511)
Net income	$ 115,796	$ 6,426,460	$ 4,614,602	$ 10,843,055
Basic net income per share (in dollars per share)	$ 0.02	$ 0.88	$ 0.63	$ 1.49
Diluted net income per share (in dollars per share)	$ 0.02	$ 0.87	$ 0.63	$ 1.48
Shares used in computation of basic net income per share (in shares)	7,337,460	7,308,268	7,337,564	7,292,663
Shares used in computation of diluted net income per share (in shares)	7,361,764	7,349,696	7,361,256	7,344,008
Royalties
Revenues:
Total Revenues	$ 3,903,402	$ 8,852,986	$ 13,572,069	$ 16,982,127

XML 17 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid in Capital	Retained Earnings	Treasury Stock	Total
Balances at Dec. 31, 2018	$ 7,738	$ 36,302,446	$ 72,176,719	$ (10,898,383)	$ 97,588,520
Balances (in shares) at Dec. 31, 2018	7,738,167
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon stock option exercise	$ 58	1,736,888			1,736,946
Issuance of common stock upon stock option exercise (in shares)	58,063
Stock compensation expense		260,466			260,466
Repurchases of common stock				(118,566)	(118,566)
Net income			10,843,055		10,843,055
Balances at Jun. 30, 2019	$ 7,796	38,299,800	83,019,774	(11,016,949)	110,310,421
Balances (in shares) at Jun. 30, 2019	7,796,230
Balances at Mar. 31, 2019	$ 7,740	36,502,652	76,593,314	(10,898,383)	102,205,323
Balances (in shares) at Mar. 31, 2019	7,740,167
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon stock option exercise	$ 56	1,678,470			1,678,526
Issuance of common stock upon stock option exercise (in shares)	56,063
Stock compensation expense		118,678			118,678
Repurchases of common stock				(118,566)	(118,566)
Net income			6,426,460		6,426,460
Balances at Jun. 30, 2019	$ 7,796	38,299,800	83,019,774	(11,016,949)	110,310,421
Balances (in shares) at Jun. 30, 2019	7,796,230
Balances at Dec. 31, 2019	$ 7,813	39,355,797	96,646,527	(11,519,035)	$ 124,491,102
Balances (in shares) at Dec. 31, 2019	7,813,230				7,339,578
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of restricted stock units	$ 11	(11)
Issuance of common stock upon vesting of restricted stock units (in shares)	11,450
Issuance of common stock upon stock option exercise	$ 2	61,723			$ 61,725
Issuance of common stock upon stock option exercise (in shares)	1,500
Stock compensation expense		662,770			662,770
Repurchases of common stock				(412,761)	(412,761)
Net income			4,614,602		4,614,602
Balances at Jun. 30, 2020	$ 7,826	40,080,279	101,261,129	(11,931,796)	$ 129,417,438
Balances (in shares) at Jun. 30, 2020	7,826,180				7,344,955
Balances at Mar. 31, 2020	$ 7,815	39,856,101	101,145,333	(11,740,066)	$ 129,269,183
Balances (in shares) at Mar. 31, 2020	7,815,230
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of restricted stock units	$ 9	(9)
Issuance of common stock upon vesting of restricted stock units (in shares)	9,450
Issuance of common stock upon stock option exercise	$ 2	61,723			61,725
Issuance of common stock upon stock option exercise (in shares)	1,500
Stock compensation expense		162,464			162,464
Repurchases of common stock				(191,730)	(191,730)
Net income			115,796		115,796
Balances at Jun. 30, 2020	$ 7,826	$ 40,080,279	$ 101,261,129	$ (11,931,796)	$ 129,417,438
Balances (in shares) at Jun. 30, 2020	7,826,180				7,344,955

XML 18 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 4,614,602	$ 10,843,055
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	45,919	228,135
Stock-based compensation expense	662,770	260,466
Deferred tax expense (benefit)	(176,802)	159,459
Non-cash lease expense	38,263
(Accretion) amortization of bond (discount) premium	370,193	(77,499)
Changes in operating assets and liabilities:
Accounts receivable	7,369,321	(210,949)
Income tax payable	1,318,067	173,690
Prepaid expenses and other current assets	(477,091)	(365,423)
Patent costs		(92,582)
Accounts payable, accrued expenses and lease obligation	1,060,916	(1,087,775)
Net cash provided by operating activities	14,826,158	9,830,577
Cash flows from investing activities:
Purchases of property and equipment	(69,470)
Maturities of marketable investments	60,592,693	42,451,229
Purchases of marketable investments	(63,126,006)	(53,104,080)
Net cash used in investing activities	(2,602,783)	(10,652,851)
Cash flows from financing activities:
Proceeds from stock option exercises	61,725	1,736,946
Payments for repurchase of common stock	(412,761)	(118,566)
Net cash (used in) provided by financing activities	(351,036)	1,618,380
Increase in cash and cash equivalents	11,872,339	796,106
Cash and cash equivalents at beginning of year	4,999,183	13,176,452
Cash and cash equivalents at end of period	16,871,522	13,972,558
Cash paid during the year for:
Taxes	$ 124,256	$ 1,826,362

XML 19 R7.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND DESCRIPTION OF BUSINESS

6 Months Ended

Jun. 30, 2020

ORGANIZATION AND DESCRIPTION OF BUSINESS

ORGANIZATION AND DESCRIPTION OF BUSINESS

1.	ORGANIZATION AND DESCRIPTION OF BUSINESS

certain cost of goods related to supply of XIAFLEX® (which mark-up is capped at a specified percentage of the cost of goods of XIAFLEX®) for products sold by Endo and its affiliates.

XML 20 R8.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the BioSpecifics and its subsidiary, Advance Biofactures Corp. All intercompany balances and transactions have been eliminated.

Risks and Uncertainties

Critical Accounting Policies, Estimates and Assumptions

Revenue Recognition

Revenues, and their respective treatment for financial reporting purposes under ASC 606 and our license agreement with Endo, are as follows:

Royalty / Mark-Up on Cost of Goods Sold

Licensing Revenue

We include revenue recognized from upfront licensing, sublicensing, and milestone payments in “License Revenues” in our consolidated statements of income.

Development and Regulatory Milestone Payments

Recent Accounting Pronouncements

Accounting Pronouncements Adopted

Accounting Pronouncements Not Yet Adopted

Cash, Cash Equivalents, and Investments

Fair Value Measurements

The schedule of maturities at June 30, 2020 and December 31, 2019 are as follows:


	Maturities as of				Maturities as of
	June 30, 2020				December 31, 2019
	1 Year or Less		Greater than 1 Year		1 Year or Less		Greater than 1 Year
Municipal bonds	$	10,468,782	$	2,292,620	$	11,341,249	$	—
Government agency bonds		3,415,943		3,500,000		11,950,738		6,231,804
US Treasury bonds		6,016,914		—		—		—
Corporate bonds		57,296,635		13,924,557		57,321,784		6,675,958
Certificates of deposit		4,982,510		1,074,101		3,626,147		3,661,262
Total	$	82,180,784	$	20,791,278	$	84,239,918	$	16,569,024


June 30, 2020	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	8,058,112	$	8,058,112	$	—	$	—
Investments	Certificates of Deposit		6,056,611		6,056,611		—		—
Cash equivalents	Municipal Bonds		2,248,333				2,248,333
Investments	Municipal Bonds		12,761,402		—		12,761,402		—
Investments	Government Agency Bonds		6,915,943		—		6,915,943		—
Investments	US Treasury Bonds		6,016,914		—		6,016,914		—
Investments	Corporate Bonds		71,221,192		—		71,221,192		—


December 31, 2019	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	950,658	$	950,658	$	—	$	—
Investments	Certificates of Deposit		7,287,409		7,287,409		—		—
Investments	Municipal Bonds		11,341,249		—		11,341,249		—
Investments	Government Agency Bonds		18,182,542		—		18,182,542		—
Investments	Corporate Bonds		63,997,742		—		63,997,742		—

Concentration of Credit Risk and Major Customers

The Company maintains investments in FDIC insured certificates of deposits, municipal bonds, and corporate bonds.

At June 30, 2020 and December 31, 2019, our accounts receivable balances from Endo were $11.7 million and $19.1 million, respectively.

Treasury Stock

Receivables and Doubtful Accounts

Third-Party Royalties

Royalty Buy-Down

Research and Development Expenses

Clinical Trial Expenses

Stock-Based Compensation

2019 Omnibus Incentive Compensation Plan (2019 Plan)

Restricted Stock Awards

A summary of the restricted stock awards activity during the six months ended June 30, 2020 is presented below:


		Weighted-
		Average Grant
		Date Fair Value
	Restricted Stock	Per Share
Nonvested at December 31, 2019	10,450	$	60.47
Issued	5,036		55.71
Vested	(11,450)		59.60
Forfeited	—		—
Nonvested at June 30, 2020	4,036	$	57.00

Stock Option Activity

For the six months ended June 30, 2020, we granted a total of 182,000 stock options with a weighted average grant date fair value of $61.37 per share.

The assumptions used in the valuation of stock options granted during the six months ended June 30, 2020 were as follows:


		Six Months Ended
		June 30, 2020
Risk-free interest rate		0.34% - 1.61%
Expected term of option		5.5 - 6.25 years
Expected stock price volatility		39.5% - 41.5%
Expected dividend yield	$	0.0

A summary of our stock option activity during the six months ended June 30, 2020 is presented below:


				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Shares	Exercise Price		Contractual Term	Value
Outstanding at December 31, 2019	189,187	$	46.79	8.62	$	1,920,684
Grants	182,000		61.37	—		—
Exercised	(1,500)		41.15	—		—
Forfeited	(137,500)		55.79	—		—
Outstanding at June 30, 2020	232,187	$	56.02	8.12	$	1,222,261
Exercisable at June 30, 2020	52,687	$	39.70	2.50	$	1,136,761

During the six-month periods ended June 30, 2020 and 2019, the Company received $0.1 million and $1.7 million, respectively, from stock options exercised by option holders.

Property and Equipment

Comprehensive Income

For each of the three and six-month periods ended June 30, 2020 and 2019, we had no components of other comprehensive income other than net income itself.

Provision for Income Taxes

Commitments and Contingencies


	June 30, 2020		December 31, 2019
2020	$	41,210	$	75,352
2021		84,893		84,893
2022		87,428		87,428
Total lease payments		213,531		247,673
Less: interest		(8,149)		(11,560)
Total lease obligation	$	205,382	$	236,113

Stockholders’ Equity

A proposal to ratify the adoption by the Board of the Rights Agreement was approved by the stockholders at the Company’s 2020 Annual Meeting.

XML 21 R9.htm IDEA: XBRL DOCUMENT

NET INCOME PER SHARE

6 Months Ended

Jun. 30, 2020

NET INCOME PER SHARE

NET INCOME PER SHARE

3.	NET INCOME PER SHARE

XML 22 R10.htm IDEA: XBRL DOCUMENT

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2020

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

4.	ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following:


	June 30,		December 31,
	2020		2019
Trade accounts payable	$	346,270	$	197,077
Accrued legal and other professional fees		883,069		330,787
Accrued payroll, severance, and related costs		638,089		209,330
Third-party royalties		62,000		228,000
Restructuring accrual		59,678		—
Other accruals		100,950		33,215
Total	$	2,090,056	$	998,409

XML 23 R11.htm IDEA: XBRL DOCUMENT

PATENT COSTS

6 Months Ended

Jun. 30, 2020

PATENT COSTS

PATENT COSTS

5.	PATENT COSTS


	June 30,		December 31,
	2020		2019
Patents	$	1,272,625	$	1,272,625
Accumulated amortization		(740,636)		(699,348)
	$	531,989	$	573,277


July 1, 2020 – December 31, 2020	$	41,300
2021		65,400
2022		65,400
2023		65,400
2024		65,400
Thereafter		229,100

XML 24 R12.htm IDEA: XBRL DOCUMENT

PROVISION FOR INCOME TAXES

6 Months Ended

Jun. 30, 2020

PROVISION FOR INCOME TAXES

PROVISION FOR INCOME TAXES

6.PROVISION FOR INCOME TAXES

XML 25 R13.htm IDEA: XBRL DOCUMENT

RESTRUCTURING COSTS

6 Months Ended

Jun. 30, 2020

RESTRUCTURING AND SEPARATION COSTS

RESTRUCTURING COSTS

7.	RESTRUCTURING AND SEPARATION COSTS


	Six Months Ended
	June 30,
	2020
Restructuring accrual, January 1, 2020	$	—
Termination costs		1,070,024
Facility exit costs		76,020
Payments		(895,934)
Stock compensation expense charged to additional paid-in-capital		(190,432)
Restructuring accrual, June 30, 2020	$	59,678

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SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2020

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

8. SUBSEQUENT EVENTS

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the BioSpecifics and its subsidiary, Advance Biofactures Corp. All intercompany balances and transactions have been eliminated.

Risks and Uncertainties

Critical Accounting Policies, Estimates and Assumptions

Revenue Recognition

Revenues, and their respective treatment for financial reporting purposes under ASC 606 and our license agreement with Endo, are as follows:

Royalty / Mark-Up on Cost of Goods Sold

Licensing Revenue

We include revenue recognized from upfront licensing, sublicensing, and milestone payments in “License Revenues” in our consolidated statements of income.

Development and Regulatory Milestone Payments

Recent Accounting Pronouncements

Accounting Pronouncements Adopted

Accounting Pronouncements Not Yet Adopted

Cash, Cash Equivalents, and Investments

Fair Value Measurements

The schedule of maturities at June 30, 2020 and December 31, 2019 are as follows:


	Maturities as of				Maturities as of
	June 30, 2020				December 31, 2019
	1 Year or Less		Greater than 1 Year		1 Year or Less		Greater than 1 Year
Municipal bonds	$	10,468,782	$	2,292,620	$	11,341,249	$	—
Government agency bonds		3,415,943		3,500,000		11,950,738		6,231,804
US Treasury bonds		6,016,914		—		—		—
Corporate bonds		57,296,635		13,924,557		57,321,784		6,675,958
Certificates of deposit		4,982,510		1,074,101		3,626,147		3,661,262
Total	$	82,180,784	$	20,791,278	$	84,239,918	$	16,569,024


June 30, 2020	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	8,058,112	$	8,058,112	$	—	$	—
Investments	Certificates of Deposit		6,056,611		6,056,611		—		—
Cash equivalents	Municipal Bonds		2,248,333				2,248,333
Investments	Municipal Bonds		12,761,402		—		12,761,402		—
Investments	Government Agency Bonds		6,915,943		—		6,915,943		—
Investments	US Treasury Bonds		6,016,914		—		6,016,914		—
Investments	Corporate Bonds		71,221,192		—		71,221,192		—


December 31, 2019	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	950,658	$	950,658	$	—	$	—
Investments	Certificates of Deposit		7,287,409		7,287,409		—		—
Investments	Municipal Bonds		11,341,249		—		11,341,249		—
Investments	Government Agency Bonds		18,182,542		—		18,182,542		—
Investments	Corporate Bonds		63,997,742		—		63,997,742		—

Concentration of Credit Risk and Major Customers

The Company maintains investments in FDIC insured certificates of deposits, municipal bonds, and corporate bonds.

At June 30, 2020 and December 31, 2019, our accounts receivable balances from Endo were $11.7 million and $19.1 million, respectively.

Treasury Stock

Receivables and Doubtful Accounts

Third-Party Royalties

Royalty Buy-Down

Research and Development Expenses

Clinical Trial Expenses

Stock-Based Compensation

2019 Omnibus Incentive Compensation Plan (2019 Plan)

Restricted Stock Awards

A summary of the restricted stock awards activity during the six months ended June 30, 2020 is presented below:


		Weighted-
		Average Grant
		Date Fair Value
	Restricted Stock	Per Share
Nonvested at December 31, 2019	10,450	$	60.47
Issued	5,036		55.71
Vested	(11,450)		59.60
Forfeited	—		—
Nonvested at June 30, 2020	4,036	$	57.00

Stock Option Activity

For the six months ended June 30, 2020, we granted a total of 182,000 stock options with a weighted average grant date fair value of $61.37 per share.

The assumptions used in the valuation of stock options granted during the six months ended June 30, 2020 were as follows:


		Six Months Ended
		June 30, 2020
Risk-free interest rate		0.34% - 1.61%
Expected term of option		5.5 - 6.25 years
Expected stock price volatility		39.5% - 41.5%
Expected dividend yield	$	0.0

A summary of our stock option activity during the six months ended June 30, 2020 is presented below:


				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Shares	Exercise Price		Contractual Term	Value
Outstanding at December 31, 2019	189,187	$	46.79	8.62	$	1,920,684
Grants	182,000		61.37	—		—
Exercised	(1,500)		41.15	—		—
Forfeited	(137,500)		55.79	—		—
Outstanding at June 30, 2020	232,187	$	56.02	8.12	$	1,222,261
Exercisable at June 30, 2020	52,687	$	39.70	2.50	$	1,136,761

During the six-month periods ended June 30, 2020 and 2019, the Company received $0.1 million and $1.7 million, respectively, from stock options exercised by option holders.

Property and Equipment

Comprehensive Income

For each of the three and six-month periods ended June 30, 2020 and 2019, we had no components of other comprehensive income other than net income itself.

Provision for Income Taxes

Lease Obligation

Commitments and Contingencies


	June 30, 2020		December 31, 2019
2020	$	41,210	$	75,352
2021		84,893		84,893
2022		87,428		87,428
Total lease payments		213,531		247,673
Less: interest		(8,149)		(11,560)
Total lease obligation	$	205,382	$	236,113

Stockholders' Equity

Stockholders’ Equity

A proposal to ratify the adoption by the Board of the Rights Agreement was approved by the stockholders at the Company’s 2020 Annual Meeting.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Maturities

The schedule of maturities at June 30, 2020 and December 31, 2019 are as follows:


	Maturities as of				Maturities as of
	June 30, 2020				December 31, 2019
	1 Year or Less		Greater than 1 Year		1 Year or Less		Greater than 1 Year
Municipal bonds	$	10,468,782	$	2,292,620	$	11,341,249	$	—
Government agency bonds		3,415,943		3,500,000		11,950,738		6,231,804
US Treasury bonds		6,016,914		—		—		—
Corporate bonds		57,296,635		13,924,557		57,321,784		6,675,958
Certificates of deposit		4,982,510		1,074,101		3,626,147		3,661,262
Total	$	82,180,784	$	20,791,278	$	84,239,918	$	16,569,024

Fair Value Assets Measured on Recurring Basis


June 30, 2020	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	8,058,112	$	8,058,112	$	—	$	—
Investments	Certificates of Deposit		6,056,611		6,056,611		—		—
Cash equivalents	Municipal Bonds		2,248,333				2,248,333
Investments	Municipal Bonds		12,761,402		—		12,761,402		—
Investments	Government Agency Bonds		6,915,943		—		6,915,943		—
Investments	US Treasury Bonds		6,016,914		—		6,016,914		—
Investments	Corporate Bonds		71,221,192		—		71,221,192		—


December 31, 2019	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	950,658	$	950,658	$	—	$	—
Investments	Certificates of Deposit		7,287,409		7,287,409		—		—
Investments	Municipal Bonds		11,341,249		—		11,341,249		—
Investments	Government Agency Bonds		18,182,542		—		18,182,542		—
Investments	Corporate Bonds		63,997,742		—		63,997,742		—

Restricted Stock Awards Activity

A summary of the restricted stock awards activity during the six months ended June 30, 2020 is presented below:


		Weighted-
		Average Grant
		Date Fair Value
	Restricted Stock	Per Share
Nonvested at December 31, 2019	10,450	$	60.47
Issued	5,036		55.71
Vested	(11,450)		59.60
Forfeited	—		—
Nonvested at June 30, 2020	4,036	$	57.00

Assumptions Used to Estimate the Fair Values of the Stock Options Granted

The assumptions used in the valuation of stock options granted during the six months ended June 30, 2020 were as follows:


		Six Months Ended
		June 30, 2020
Risk-free interest rate		0.34% - 1.61%
Expected term of option		5.5 - 6.25 years
Expected stock price volatility		39.5% - 41.5%
Expected dividend yield	$	0.0

Stock Option Activity

A summary of our stock option activity during the six months ended June 30, 2020 is presented below:


				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Shares	Exercise Price		Contractual Term	Value
Outstanding at December 31, 2019	189,187	$	46.79	8.62	$	1,920,684
Grants	182,000		61.37	—		—
Exercised	(1,500)		41.15	—		—
Forfeited	(137,500)		55.79	—		—
Outstanding at June 30, 2020	232,187	$	56.02	8.12	$	1,222,261
Exercisable at June 30, 2020	52,687	$	39.70	2.50	$	1,136,761

Maturity of Lease Obligations


	June 30, 2020		December 31, 2019
2020	$	41,210	$	75,352
2021		84,893		84,893
2022		87,428		87,428
Total lease payments		213,531		247,673
Less: interest		(8,149)		(11,560)
Total lease obligation	$	205,382	$	236,113

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2020

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	June 30,		December 31,
	2020		2019
Trade accounts payable	$	346,270	$	197,077
Accrued legal and other professional fees		883,069		330,787
Accrued payroll, severance, and related costs		638,089		209,330
Third-party royalties		62,000		228,000
Restructuring accrual		59,678		—
Other accruals		100,950		33,215
Total	$	2,090,056	$	998,409

XML 30 R18.htm IDEA: XBRL DOCUMENT

PATENT COSTS (Tables)

6 Months Ended

Jun. 30, 2020

PATENT COSTS

Net Patent Costs

Patent costs may be creditable against future royalty revenues. For each period presented below, net patent costs consisted of:


	June 30,		December 31,
	2020		2019
Patents	$	1,272,625	$	1,272,625
Accumulated amortization		(740,636)		(699,348)
	$	531,989	$	573,277

Estimated Aggregate Future Amortization Expense

The estimated aggregate amortization expense for the remaining six months of 2020 and each of the years below is as follows:


July 1, 2020 – December 31, 2020	$	41,300
2021		65,400
2022		65,400
2023		65,400
2024		65,400
Thereafter		229,100

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RESTRUCTURING COSTS (Tables)

6 Months Ended

Jun. 30, 2020

RESTRUCTURING AND SEPARATION COSTS

Payments Related to Restructuring Plan

Total charges and payments related to the restructuring plan recognized in the consolidated statement of operations are as follows:


	Six Months Ended
	June 30,
	2020
Restructuring accrual, January 1, 2020	$	—
Termination costs		1,070,024
Facility exit costs		76,020
Payments		(895,934)
Stock compensation expense charged to additional paid-in-capital		(190,432)
Restructuring accrual, June 30, 2020	$	59,678

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Cash, Cash Equivalents and Investments
Aggregate fair value of investments	$ 103.0	$ 100.8
Held-to-maturity securities, unrecognized gain	0.0	0.0
Held-to-maturity securities, unrecognized (loss)	$ 0.0	$ 0.0

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Fair Value Measurements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Fair Value Measurements
Held-to-maturity securities, unrecognized gain	$ 0		$ 0		$ 0
Held-to-maturity securities, unrecognized (loss)	0		0		0
Amortized net premium / (net bond discount) included in interest income	266,000	$ 32,000	400,000	$ 82,000
Remaining unamortized net premium / (net discount)	341,000		341,000		285,000
Held-to-maturity Securities
Held-to-maturity securities, current	82,180,784		82,180,784		84,239,918
Held-to-maturity securities, noncurrent	20,791,278		20,791,278		16,569,024
Recurring \| Institutional money market
Fair Value Measurements
Cash equivalents	8,058,112		8,058,112		950,658
Recurring \| Certificates of deposit
Fair Value Measurements
Investments	6,056,611		6,056,611		7,287,409
Recurring \| Municipal bonds
Fair Value Measurements
Cash equivalents	2,248,333		2,248,333
Investments	12,761,402		12,761,402		11,341,249
Recurring \| Government agency bonds
Fair Value Measurements
Investments	6,915,943		6,915,943		18,182,542
Recurring \| US Treasury bonds
Fair Value Measurements
Investments	6,016,914		6,016,914
Recurring \| Corporate bonds
Fair Value Measurements
Investments	71,221,192		71,221,192		63,997,742
Recurring \| Level 1 \| Institutional money market
Fair Value Measurements
Cash equivalents	8,058,112		8,058,112		950,658
Recurring \| Level 1 \| Certificates of deposit
Fair Value Measurements
Investments	6,056,611		6,056,611		7,287,409
Recurring \| Level 1 \| Municipal bonds
Fair Value Measurements
Investments	0		0		0
Recurring \| Level 1 \| Government agency bonds
Fair Value Measurements
Investments	0		0		0
Recurring \| Level 1 \| US Treasury bonds
Fair Value Measurements
Investments	0		0
Recurring \| Level 1 \| Corporate bonds
Fair Value Measurements
Investments	0		0		0
Recurring \| Level 2 \| Institutional money market
Fair Value Measurements
Cash equivalents	0		0		0
Recurring \| Level 2 \| Certificates of deposit
Fair Value Measurements
Investments	0		0		0
Recurring \| Level 2 \| Municipal bonds
Fair Value Measurements
Cash equivalents	2,248,333		2,248,333
Investments	12,761,402		12,761,402		11,341,249
Recurring \| Level 2 \| Government agency bonds
Fair Value Measurements
Investments	6,915,943		6,915,943		18,182,542
Recurring \| Level 2 \| US Treasury bonds
Fair Value Measurements
Investments	6,016,914		6,016,914
Recurring \| Level 2 \| Corporate bonds
Fair Value Measurements
Investments	71,221,192		71,221,192		63,997,742
Recurring \| Level 3 \| Institutional money market
Fair Value Measurements
Cash equivalents	0		0		0
Recurring \| Level 3 \| Certificates of deposit
Fair Value Measurements
Investments	0		0		0
Recurring \| Level 3 \| Municipal bonds
Fair Value Measurements
Investments	0		0		0
Recurring \| Level 3 \| Government agency bonds
Fair Value Measurements
Investments	0		0		0
Recurring \| Level 3 \| US Treasury bonds
Fair Value Measurements
Investments	0		0
Recurring \| Level 3 \| Corporate bonds
Fair Value Measurements
Investments	0		0		0
Municipal bonds
Held-to-maturity Securities
Held-to-maturity securities, current	10,468,782		10,468,782		11,341,249
Held-to-maturity securities, noncurrent	2,292,620		2,292,620		0
Government agency bonds
Held-to-maturity Securities
Held-to-maturity securities, current	3,415,943		3,415,943		11,950,738
Held-to-maturity securities, noncurrent	3,500,000		3,500,000		6,231,804
US Treasury bonds
Held-to-maturity Securities
Held-to-maturity securities, current	6,016,914		6,016,914		0
Held-to-maturity securities, noncurrent	0		0		0
Corporate bonds
Held-to-maturity Securities
Held-to-maturity securities, current	57,296,635		57,296,635		57,321,784
Held-to-maturity securities, noncurrent	13,924,557		13,924,557		6,675,958
Certificates of deposit
Held-to-maturity Securities
Held-to-maturity securities, current	4,982,510		4,982,510		3,626,147
Held-to-maturity securities, noncurrent	$ 1,074,101		$ 1,074,101		$ 3,661,262

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Concentration of Credit Risk and Major Customers (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($) customer	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) customer	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Concentration of Credit Risk and Major Customers
Total revenues	$ 3,903,402	$ 8,852,986	$ 13,572,069	$ 16,982,127
Accounts receivable	11,696,598		11,696,598		$ 19,065,919
Endo
Concentration of Credit Risk and Major Customers
Total revenues	3,900,000	$ 8,900,000	13,600,000	$ 17,000,000.0
Accounts receivable	$ 11,700,000		$ 11,700,000		$ 19,100,000
Revenue \| Customer Concentration Risk \| Endo
Concentration of Credit Risk and Major Customers
Number of customers \| customer	1		1

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Treasury Stock, Receivables and Doubtful Accounts (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($) customer	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) customer $ / shares shares	Jun. 30, 2019 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) customer
Treasury Stock
Treasury stock purchased (in shares) \| shares			7,573	2,048
Average price of share (in dollars per share) \| $ / shares			$ 54.50	$ 57.89
Treasury stock repurchase value	$ 191,730	$ 118,566	$ 412,761	$ 118,566
Receivables and Doubtful Accounts
Accounts receivable	11,696,598		11,696,598		$ 19,065,919
Endo
Receivables and Doubtful Accounts
Accounts receivable	$ 11,700,000		$ 11,700,000		$ 19,100,000
Accounts Receivable \| Customer Concentration Risk \| Endo
Receivables and Doubtful Accounts
Number of Customers \| customer	1		1		1

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Third party Royalties and Royalty Buy-Down (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jan. 31, 2014	Mar. 31, 2012 USD ($) payment
Third-Party Royalties
Royalty expenses	$ 100	$ 200	$ 200	$ 600
Royalty Buy-Down
Deferred royalty buy-down						$ 1,500
Deferred royalty buy-down, number of additional cash payments \| payment						5
Deferred royalty buy-down, five additional capitalized cost						$ 600
Deferred costs, amortization period	5 years		5 years		5 years
Deferred royalty buy-down, amortization expense		$ 0		$ 200

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Stock-Based Compensation (Details) - shares	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Stock Options
Stock Option Plan
Outstanding options (in shares)	232,187	189,187
Restricted Stock Awards
Stock Option Plan
Outstanding awards (in shares)	4,036	10,450
2019 Plan
Stock Option Plan
Award expiry period	10 years
Number of shares remaining available for issuance (in shares)	1,098,612
2019 Plan \| Minimum
Stock Option Plan
Award vesting period	1 year
2019 Plan \| Maximum
Stock Option Plan
Award vesting period	4 years
2019 Plan \| Stock Options
Stock Option Plan
Outstanding options (in shares)	232,187
2019 Plan \| Restricted Stock Awards
Stock Option Plan
Outstanding awards (in shares)	4,036

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Stock-Based Compensation, Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restricted Stock Awards
Restricted Stock Awards [Roll Forward]
Nonvested, Beginning balance (in shares)			10,450
Granted (in shares)			5,036
Vested (in shares)			(11,450)
Forfeited (in shares)			0
Nonvested, Ending balance (in shares)	4,036		4,036
Weighted-Average Grant Date Fair Value Per Share [Roll Forward]
Nonvested, Beginning of period (in dollars per share)			$ 60.47
Granted (in dollars per share)			55.71
Vested (in dollars per share)			59.60
Forfeited (in dollars per share)			0
Nonvested, Ending of period (in dollars per share)	$ 57.00		$ 57.00
Unrecognized compensation cost	$ 181		$ 181
Recognized compensation period			1 year
Restricted Stock Awards \| General and Administrative
Weighted-Average Grant Date Fair Value Per Share [Roll Forward]
Stock-based compensation expense	193	$ 0	$ 337	$ 0
Stock Options
Weighted-Average Grant Date Fair Value Per Share [Roll Forward]
Unrecognized compensation cost	4,300		$ 4,300
Recognized compensation period			8 years 1 month 6 days
Stock Options \| General and Administrative
Weighted-Average Grant Date Fair Value Per Share [Roll Forward]
Stock-based compensation expense	$ 31	$ 119	$ 136	$ 260

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Stock-Based Compensation, Stock Option Activity (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Assumptions used to estimate the fair values of the stock options granted [Abstract]
Expected dividend yield				0.00%
Additional Disclosures [Abstract]
Proceeds from stock option exercises				$ 61,725	$ 1,736,946
Reversal of recognized stock compensation expense	$ 200,000
Minimum
Assumptions used to estimate the fair values of the stock options granted [Abstract]
Risk-free interest rate				0.34%
Expected term of option				5 years 6 months
Expected stock price volatility				39.50%
Maximum
Assumptions used to estimate the fair values of the stock options granted [Abstract]
Risk-free interest rate				1.61%
Expected term of option				6 years 3 months
Expected stock price volatility				41.50%
Stock Options and Restricted Stock Awards \| Restructuring
Additional Disclosures [Abstract]
Stock-based compensation expense		$ 190,000
Restricted Stock Awards
Additional Disclosures [Abstract]
Unrecognized compensation cost	181,000			$ 181,000
Recognized compensation period				1 year
Restricted Stock Awards \| General and Administrative
Additional Disclosures [Abstract]
Stock-based compensation expense	$ 193,000		$ 0	$ 337,000	0
Stock Options
Stock Options Activity [Roll Forward]
Outstanding, beginning of period (in shares)		189,187		189,187
Grants (in shares)				182,000
Exercised (in shares)				(1,500)
Forfeited (in shares)				(137,500)
Outstanding, end of period (in shares)	232,187			232,187		189,187
Exercisable, end of period (in shares)	52,687			52,687
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)		$ 46.79		$ 46.79
Grants (in dollars per share)				61.37
Exercised (in dollars per share)				41.15
Forfeited (in dollars per share)				55.79
Outstanding, end of period (in dollars per share)	$ 56.02			56.02		$ 46.79
Exercisable, end of period (in dollars per share)	$ 39.70			$ 39.70
Weighted Average Remaining Contractual Term [Roll Forward]
Outstanding				8 years 1 month 13 days		8 years 7 months 13 days
Grants				0 years
Exercised				0 years
Forfeited				0 years
Exercisable				2 years 6 months
Aggregate Intrinsic Value [Roll Forward]
Outstanding, beginning of period		$ 1,920,684		$ 1,920,684
Grants				0
Exercised				0
Forfeited				0
Outstanding, end of period	$ 1,222,261			1,222,261		$ 1,920,684
Exercisable, end of period	$ 1,136,761			$ 1,136,761
Additional Disclosures [Abstract]
Weighted average grant date fair value of stock granted (in dollars per share)				$ 61.37
Proceeds from stock option exercises				$ 100,000	1,700,000
Closing price of common stock (in dollars per share)	$ 61.28			$ 61.28
Unrecognized compensation cost	$ 4,300,000			$ 4,300,000
Recognized compensation period				8 years 1 month 6 days
Stock Options \| General and Administrative
Additional Disclosures [Abstract]
Stock-based compensation expense	$ 31,000		$ 119,000	$ 136,000	$ 260,000

XML 40 R28.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Property and Equipment, Comprehensive Income and Provision for Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property and Equipment [Abstract]
Property and equipment, net	$ 64,839		$ 64,839		$ 0
Comprehensive Income
Other comprehensive income	0	$ 0	0	$ 0
Provision for Income Taxes
Unrecognized tax benefits	0		$ 0		$ 0
Machinery and Equipment \| Minimum
Property and Equipment [Abstract]
Estimated useful life			5 years
Machinery and Equipment \| Maximum
Property and Equipment [Abstract]
Estimated useful life			10 years
Furniture and Fixtures
Property and Equipment [Abstract]
Estimated useful life			5 years
Property and equipment, net	$ 65,000		$ 65,000
Furniture and Fixtures \| Minimum
Property and Equipment [Abstract]
Estimated useful life			5 years
Furniture and Fixtures \| Maximum
Property and Equipment [Abstract]
Estimated useful life			10 years
Autos \| Minimum
Property and Equipment [Abstract]
Estimated useful life			5 years
Autos \| Maximum
Property and Equipment [Abstract]
Estimated useful life			10 years

XML 41 R29.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Lease Obligation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 15, 2019
Leases
Operating lease right-of-use asset	$ 201,228		$ 201,228		$ 239,491	$ 243,000
Short-term lease liability	78,560		78,560		69,099	76,000
Long-term lease liability	126,822		126,822		167,014	$ 167,000
Maturity of Lease Obligations
2020	41,210		41,210
2020					75,352
2021	84,893		84,893		84,893
2022	87,428		87,428		87,428
Total lease payments	213,531		213,531		247,673
Less: Interest	(8,149)		(8,149)		(11,560)
Total lease obligation	205,382		$ 205,382		$ 236,113
Notice period to cancel lease agreements			3 months
Operating lease expenses	$ 23,000	$ 34,000	$ 80,000	$ 67,000
Decrease in revenue compared to prior year quarter (as a percent)	53.00%

XML 42 R30.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stockholders' Equity (Details)	Apr. 21, 2020 Right	Apr. 10, 2020 Right $ / shares	Jun. 30, 2020 $ / shares shares	Jun. 12, 2020 shares	Jun. 11, 2020 shares	Dec. 31, 2019 $ / shares shares
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Common stock, authorized (in shares) \| shares			15,000,000	15,000,000	10,000,000	15,000,000
Dividend of preferred share purchase right		1
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001			$ 0.001
Number of rights to be issued with each common share issued	1
Ownership percentage acquired that would trigger the Rights Agreement			20

XML 43 R31.htm IDEA: XBRL DOCUMENT

NET INCOME PER SHARE (Details) - Stock Options and Restricted Stock Awards - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Income Per Share
Common equivalent shares attributable to stock options included in calculation of diluted net income per share (in shares)	24,304	41,428	23,692	51,345
Antidilutive securities excluded from earnings per share calculation (in shares)	186,036	63,750	198,536	63,750

XML 44 R32.htm IDEA: XBRL DOCUMENT

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Accounts payable and accrued expenses
Trade accounts payable	$ 346,270	$ 197,077
Accrued legal and other professional fees	883,069	330,787
Accrued payroll and related costs	638,089	209,330
Third party royalties	62,000	228,000
Restructuring accrual	59,678	0
Other accruals	100,950	33,215
Total	$ 2,090,056	$ 998,409

XML 45 R33.htm IDEA: XBRL DOCUMENT

PATENT COSTS (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
PATENT COSTS (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Finite-lived Intangible Assets
Impairment			$ 0		$ 0
Capitalized patent costs	$ 0		0
Net Patent Costs
Patents	1,272,625		1,272,625		1,272,625
Accumulated amortization	(740,636)		(740,636)		(699,348)
Net Patent Costs	531,989		531,989		$ 573,277
Estimated aggregate amortization expense
July 1, 2020 - December 31, 2020	41,300		41,300
2021	65,400		65,400
2022	65,400		65,400
2023	65,400		65,400
2024	65,400		65,400
Thereafter	229,100		229,100
Patents
Finite-lived Intangible Assets
Capitalized patent costs		$ 93,000		$ 93,000
Net Patent Costs
Amortization expense for patents	$ 20,000	$ 24,000	$ 41,000	$ 43,000
Patents \| Minimum
Finite-lived Intangible Assets
Amortization period for intangible assets			2 years
Patents \| Maximum
Finite-lived Intangible Assets
Amortization period for intangible assets			10 years

XML 46 R34.htm IDEA: XBRL DOCUMENT

PROVISION FOR INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
PROVISION FOR INCOME TAXES (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
PROVISION FOR INCOME TAXES
Provision for income taxes	$ 24,172	$ 1,054,236	$ 1,237,681	$ 2,159,511
Deferred tax liabilities	$ 395,858		$ 395,858		$ 572,660
Estimated effective tax rate	17.00%	14.00%	21.00%	17.00%

XML 47 R35.htm IDEA: XBRL DOCUMENT

RESTRUCTURING AND SEPARATION COSTS (Details)					3 Months Ended			6 Months Ended
RESTRUCTURING AND SEPARATION COSTS (Details)	Mar. 23, 2020 employee	Mar. 23, 2020 item	Jan. 06, 2020 employee	Jan. 06, 2020 item	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Restructuring and separation costs
Number of positions terminated			5	1
Number of positions given separation agreements	5	1
Restructuring charges						$ 1,100,000		$ 1,146,045
Restructuring Reserve [Roll Forward]
Restructuring accrual, beginning of period						0		0
Stock compensation expense charged to additional paid-in-capital					$ (162,464)		$ (118,678)	(662,770)	$ (260,466)
Restructuring accrual, end of period					59,678			59,678
One-time Termination Benefits
Restructuring and separation costs
Restructuring charges						$ 900,000
Expected cash termination benefits payment period						6 months
Restructuring Reserve [Roll Forward]
Restructuring accrual, beginning of period
Termination costs								1,070,024
Facility exit costs								76,020
Payments								(895,934)
Stock compensation expense charged to additional paid-in-capital								(190,432)
Restructuring accrual, end of period					59,678			59,678
One-time Non-cash Termination Expenses
Restructuring and separation costs
Restructuring charges						$ 200,000
One-time Non-cash Termination Expenses \| Accounts Payable and Accrued Liabilities
Restructuring and separation costs
Restructuring and Related Cost, Expected Cost Remaining					500,000			500,000
One-time Non-cash Termination Expenses \| General and Administrative
Restructuring and separation costs
Restructuring and Related Costs, Incurred Cost, Total					$ 600,000			$ 600,000

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