Note 9 — Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

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In 2016, the Company entered into a supply agreement with ThermoFisher for the supply of the Dynabeads® CD3/CD28 technology. The supply agreement runs until December 31, 2025. Under the supply agreement, the Company is required to purchase its requirements for CD3/CD28 magnetic bead product from ThermoFisher for a period of 5 years. Minimum purchasing obligations of $5,000,000 were recognized in the year ended December 31, 2019. $2,500,000 of these obligations were paid in 2020 and $2,500,000 was paid in 2021. Management regularly updates the assessment of the utility of the Dynabeads, and in the year ended December 31, 2019, considered that there was sufficient uncertainty surrounding the utility of the Dynabeads, which was dependent upon the then current study trajectories, the Company’s clinical pipeline, manufacturing methods and undetermined future projects, to result in the $5,000,000 purchase commitment being recognized in Research and development expense in the year ended December 31, 2019.

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The movements in the accrued purchase commitments are as follows (in thousands):

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