Other Long-Term Liabilities

3 Months Ended

Mar. 31, 2025

Other Long-Term Liabilities

Other Long-Term Liabilities

(8)  Other Long-Term Liabilities

Other long-term liabilities include the following:

	March 31,		December 31,
	2025		2024
	(In thousands)
Net deferred tax liabilities related to IPR&D (Note 13)	$	1,613	$	1,613
Deferred income from sale of tax benefits		1,860		2,790
Deferred revenue (Note 12)		723		12
Total		4,196		4,415
Less current portion		(1,653)		(942)
Long-term portion	$	2,543	$	3,473

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, 2025 and the three months ended March 31, 2024, respectively.