XML 26 R15.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2019

Accounts Payable and Accrued Liabilities

9. Accounts Payable and Accrued Liabilities

At March 31, 2019 and December 31, 2018, accounts payable and accrued liabilities consisted of the following (in thousands):

	March 31, 2019		December 31, 2018
	(unaudited)
Accounts payable ⁽¹⁾	$	1,379	$	2,359
Accrued compensation ⁽²⁾		3,457		2,456
Accrued liabilities ⁽³⁾		2,476		1,639
Other current liabilities		24		9
Total	$	7,336	$	6,463

	(1)	Includes $0.1 million of transaction costs related to the Asterias Merger (see Note 3) recorded outside of the business combination.
	(2)	Includes $2.0 million of change of control and related transaction costs related to the Asterias Merger (see Note 3) recorded outside of the business combination.
	(3)	Includes $0.6 million of transaction costs related to the Asterias Merger (see Note 3) recorded outside of the business combination.

In connection with the Asterias Merger, several Asterias employees were terminated as of the Asterias Merger date. Three of these employees had employment agreements with Asterias which entitled them to change in control and separation payments in the aggregate of $2.0 million, which such conditions were met on the Asterias Merger date. Accordingly, $2.0 million was accrued and recorded in general and administrative expenses on the merger date and paid in April 2019.

Additionally, BioTime entered into a plan of termination with substantially all other previous employees of Asterias with potential separation payments in the aggregate of $0.5 million. Termination dates for these individuals range from May 31, 2019 to June 28, 2019. These employees must provide services related to the transition and be an employee of the combined company as of their date of termination in order to receive separation benefits. Since the employees are required to render future services after the merger date, BioTime will record the aggregate liability ratably over their respective service periods from the Asterias Merger date through the above termination dates, in accordance with ASC 420, Exit or Disposal Cost Obligations. As of March 31, 2019, a total of $0.1 million was accrued for these separation payments which represents the portion of the payments earned through March 31, 2019.