OTHER LONG-TERM ASSETS

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER LONG-TERM ASSETS

OTHER LONG-TERM ASSETS

The following table reflects other long-term assets as of March 31, 2022 and December 31, 2021 (in thousands): 

	March 31, 2022		December 31, 2021
Investment, net	$	1,579	$	1,579
Operating lease right-of-use assets	586		735
Prepaid asset and deposits	2,275		2,456
Other	697		698
Total other long-term assets	$	5,137	$	5,468

Investment consists of the Company’s investment in NES Therapeutic, Inc. (NES). In August 2018, the Company entered into a Convertible Secured Note Purchase Agreement (Note Agreement) with NES. Pursuant the terms of the Note Agreement, the Company purchased a Convertible Secured Promissory Note (NES Note) for $3.0 million which accrues interest annually at a rate of 10% on $3.0 million principal, with both the principal and accrued interest due at maturity on August 2, 2024. Pursuant to the Note Agreement, the NES Note is convertible into equity based on (i) FDA acceptance of the NDA, (ii) initiation of any required clinical trials by NES, or (iii) a qualified financing event by NES. This investment is structured as a long-term loan receivable with a convertible feature and is valued at amortized cost. As of March 31, 2022, the Company continues to assess an estimated $1.9 million expected credit loss on its investment based on evaluation of probability of default that exists.