Notes Payable and Other Long-Term Liabilities

6 Months Ended

Jun. 30, 2019

Notes Payable And Other Liabilities Disclosure [Abstract]

Notes Payable and Other Liabilities

7.Notes Payable and Other Long-Term Liabilities

The Company’s current portion of outstanding notes payable are summarized as follows:

	June 30, 2019		December 31, 2018
BPI France notes, short-term portion	$	163,724	$	71,596
Total notes payable	$	163,724	$	71,596

The Company’s long-term portion of outstanding notes payable as well as other long-term liabilities are summarized as follows:

	June 30, 2019		December 31, 2018
BPI France notes, long-term portion	$	252,902	$	501,174
Lease obligation, long-term portion (see Note 11)		1,618,055		—
Deferred rent, long-term portion		—		1,045,807
Common stock warrant liability (see Note 9)		111,000		65,000
Other		230,147		240,090
Total other long-term liabilities	$	2,212,104	$	1,852,071

Line of Credit

On July 27, 2018, the Company renewed its existing line of credit agreement for a six-month term with an increase to the borrowing capacity from $250,000 to $1,750,000, subject to a minimum liquidity requirement equal to the outstanding balance of the line. The line of credit was not renewed and expired in January 2019. There was no balance on this credit facility as of December 31, 2018 or for the period within 2019 prior to its expiration.

BPI France Notes

Altimmune France has two non-interest-bearing research and development funding arrangements with BPI France that were entered into in December 2013 to provide Altimmune France up to €750,000 in research funding in the first arrangement and up to €250,000 in the second arrangement. Altimmune France was permitted to draw 50% of the funds upon the signing of the arrangements, an additional 30% contingent upon a financial audit and technical progress report, and the remaining amounts at the completion of the research and development project being funded by the arrangements. In October 2016, the Company and BPI France agreed to extend the term on the arrangement by two years. Each of the two obligations is repayable in sixteen quarterly installments from June 2019 through March 2023. The total amount advanced under the arrangements was €500,000 as of June 30, 2019 ($568,321 as of June 30, 2019). In April 2019, the Company was notified that €102,951 ($117,018 as of June 30, 2019) exceeded the allowable funding in accordance with the arrangement and made payment of this amount on June 5, 2019. The remaining balance is repayable in sixteen quarterly installments from June 2019 through March 2023, and the Company paid €31,250 ($35,520) during the six months ended June 30, 2019. As of June 30, 2019, $163,724 on this note is classified as short term, and $252,902 as long term. The BPI France notes are recorded at their repayment value which approximates fair value.