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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
In connection with our acquisition of Diurnal in November 2022, we recognized goodwill of $5.2 million for the excess consideration transferred over the net assets acquired, reflecting the expected revenue and cost synergies of the combined company and assembled workforce.
The following table presents the changes in the carrying amount of goodwill.
(in millions)Amount
Balance as of December 31, 2021$— 
Goodwill recognized in connection with business combination5.2 
Foreign currency translation adjustments0.2 
Balance as of December 31, 2022$5.4 
Intangible Assets
The following table presents information relating to our recognized intangible assets as of December 31, 2022.
(dollars in millions)Useful LifeGross Carrying AmountAccumulated AmortizationNet
Carrying Amount
Developed product rights10 years$34.3 $0.5 $33.8 
Acquired IPR&DIndefinite$3.4 $— 3.4 
Total intangible assets, net$37.2 
The following table presents the estimated annual amortization expense for our finite-lived intangible assets.
(in millions)Amount
Year ending December 31, 2023
$3.5 
Year ending December 31, 2024
$3.5 
Year ending December 31, 2025
$3.5 
Year ending December 31, 2026
$3.5 
Year ending December 31, 2027
$3.5 
Thereafter$16.3