Other Long-Term Liabilities

3 Months Ended

Mar. 31, 2026

Other Long-Term Liabilities

Other Long-Term Liabilities

(8)  Other Long-Term Liabilities

Other long-term liabilities include the following:

	March 31,		December 31,
	2026		2025
	(In thousands)
Net deferred tax liabilities related to IPR&D (Note 13)	$	1,613	$	1,613
Deferred income from sale of tax benefits		930		1,860
Deferred revenue (Note 12)		1,800		1,800
Total		4,343		5,273
Less current portion		(1,230)		(1,230)
Long-term portion	$	3,113	$	4,043

In March 2022, the Company received approval from the New Jersey Economic Development Authority and agreed to sell New Jersey tax benefits of $5.0 million to an independent third party for $4.7 million. Under the agreement, the Company must maintain a base of operations in New Jersey for five years or the tax benefits must be paid back on a pro-rata basis based on the number of years completed. The Company recognized $0.9 million and $0.9 million in other income related to the sale of these tax benefits for the three months ended March 31, 2026, and 2025, respectively.