Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Note 9. Intangible Assets and Goodwill

Intangible Assets, Net

The components of intangible assets were as follows (in thousands, except for useful life):


		Balance at December 31, 2025						Balance at December 31, 2024
	Weighted- Average Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Licensed IP	12.5	$	271,000	$	206,391	$	64,609	$	271,000	$	184,854	$	86,146
Capitalized milestone payments	9.9	$	59,500	$	6,978	$	52,522	$	29,500	$	2,820	$	26,680
Other	2.0	$	1,400	$	1,400	$	—	$	1,400	$	423	$	977

Amortization expense for the years ended December 31, 2025, 2024 and 2023, was $26.7 million, $23.6 million, and $22.5 million, respectively. Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets will be as follows for the years ending December 31 (in thousands):


	2026		2027		2028		2029		2030		Thereafter
Amortization expense	$	27,870	$	27,870	$	27,870	$	6,333	$	6,333	$	20,855

Goodwill

There were no material changes to the carrying amount of goodwill for the years ended December 31, 2025 and 2024.