Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2023

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 7. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of June 30, 2023 and December 31, 2022 consisted of the following:

(in thousands)	June 30, 2023		December 31, 2022
Accrued professional fees	$	483	$	524
Accrued bonuses and incentive compensation		1,436		2,042
Accrued litigation legal fees expense		1,035		1,001
Accrued insurance expense		24		264
Accrued vacation and other employee related expenses		739		534
Accrued severance and other related charges		207		—
Accrued valued-added tax		180		133
Deferred revenue		36		152
Other		70		192
	$	4,210	$	4,842

Finance and Security Agreement

On July 5, 2022, the Company entered into a Commercial Insurance Premium Finance and Security Agreement (the "2022 Agreement"). The 2022 Agreement provides for a single borrowing by the Company of approximately $783,000 with a nine-month term and an annual interest rate of 2.49%. The proceeds from this transaction were used to partially fund the premiums due under certain of the Company's insurance policies. All borrowings were repaid as of June 30, 2023. During the three and six months ended June 30, 2023, the Company recognized $2,250 and $3,867 in interest expense, respectively. On July 5, 2023, the Company entered into a new Commercial Insurance Premium Finance and Security Agreement. See Note 14. Subsequent Events.