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IN-PROCESS RESEARCH AND DEVELOPMENT AND DEFERRED TAX LIABILITY
 3 Months Ended
Jun. 30, 2021
In-process Research And Development And Deferred Tax Liability  
IN-PROCESS RESEARCH AND DEVELOPMENT AND DEFERRED TAX LIABILITY

NOTE 11. IN-PROCESS RESEARCH AND DEVELOPMENT AND DEFERRED TAX LIABILITY

 

In-process research and development (“IPR&D”) consists of the following projects (in 000’$):

 

         
Project #  Description  Value as of
June 30, 2021		  Value as of
March 31, 2021
iOx:             
IMM 60  Melanoma & Lung Cancers  $84,213   $84,213 
IMM 65  Ovarian/Prostate Cancers   32,997    32,997 
       117,210    117,210 
Oncomer/Saugatuck  DNA Aptamers   178    178 
      $117,388   $117,388 
              
Deferred tax liability     $24,171   $24,050 

 

As of June 30, 2021, management assessed whether any indications of impairment existed for the Company’s IPR&D and concluded no indicators were present. Therefore, a test for impairment was not required and no impairment was recorded for the three months ended June 30, 2021.

 

Deferred tax liability (DTL) represents iOx’s estimated tax on the difference between book and tax basis of the IPR&D which is taxable in the United Kingdom. As of June 30, 2021, the Company recorded deferred tax expense of $0.1 million to reflect the effect of the change in currency translation rate during the three months ended June 30, 2021 for this obligation settleable in Great British Pounds.