Notes Payable and Other Long-Term Liabilities

9 Months Ended

Sep. 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:

	September 30, 2019		December 31, 2018
BPI France notes, short-term portion	$	105,062	$	71,596
Total notes payable	$	105,062	$	71,596

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

	September 30, 2019		December 31, 2018
BPI France notes, long-term portion	$	—	$	501,174
Lease obligation, long-term portion (see Note 11)		1,552,031		—
Deferred rent, long-term portion		—		1,045,807
Common stock warrant liability (see Note 9)		10,000		65,000
Other		225,172		240,090
Total other long-term liabilities	$	1,787,203	$	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. The total amount advanced under the arrangements was €500,000. In April 2019, the Company was notified that €102,951 exceeded the allowable funding in accordance with the arrangement and made payment of this amount on June 5, 2019. In September 2019, the Company was notified that €238,229 ($265,540) was converted into a grant and recognized as grant revenue for the three and nine months ended September 30, 2019. In addition to the €102,951 amount paid in excess of the allowable funding, the Company paid €62,500 (total repayments of $186,940) during the nine months ended September 30, 2019. In October 2019, the Company paid the remaining balance on the BPI France notes. The BPI France notes are recorded at their repayment value which approximates fair value.