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Interest Expense, net
 3 Months Ended
Mar. 31, 2022
Interest Expense, net

20. Interest Expense, net

 

Interest expense, net consists of the following:

 

(in thousands)  2022   2021 
   Three Months Ended March 31, 
(in thousands)  2022   2021 
Interest expense   (4)   - 
Contract asset interest expense   (89)   (89)
Interest income   60    5 
Interest expense, net  $(33)  $(84)

 

Contract asset interest expense relates to the $1.7 million contract asset in connection with the $7.3 million start-up cost financing received from Maruho under the Cutanea acquisition share purchase agreement. The contract asset is amortized on a straight-line basis using a 6% interest rate over the financing arrangement contract term, which ends on December 31, 2023.