Intangible Assets, Net

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes our recognized intangible assets as a result of the arrangements described in the following sections:


	June 30, 2025				December 31, 2024
	Weighted-average Estimated Useful Lives	Amount			Weighted-average Estimated Useful Lives	Amount
		(in thousands)				(in thousands)
Gross amount	13.7	$	39,400		10.0 years	$	32,500
Less: accumulated amortization			(9,887	)			(8,574	)
Total		$	29,513			$	23,926

The Company’s intangible assets primarily consist of acquired intellectual property rights, including patents and proprietary know-how, related to infigratinib, a compound targeting fibroblast growth factor receptor (“FGFR”). Following FDA approval of TRUSELTIQTM in May 2021, these assets were initially recognized in relation to milestone payments made totaling $32.5 million. While the FDA announced the withdrawal of the approval for TRUSELTIQTM in May 2023, the intellectual property is still being utilized in ongoing clinical investigations involving other FGFR-related diseases.

In addition, as a result of the regulatory milestone achieved in February 2025 under the Bayer License Agreement (as defined below) and the regulatory milestone achieved in May 2025 under the Eidos-Alexion Agreement (as defined below), we incurred regulatory milestone fees payable to Leland Stanford Junior University (“Stanford University”) of $2.4 million and $6.9 million, respectively, during the three and six months ended June 30, 2025. We capitalized these license fees as finite-lived intangible assets and are amortizing them over their estimated useful lives on a straight-line basis. Refer to Notes 11 and 12 for definitions and details regarding the Bayer License Agreement, the Eidos-Alexion License Agreement, and the Stanford License Agreement, respectively.

Amortization expense, recorded as part of “Cost of license, services and royalty revenue” for the three and six months ended June 30, 2025 was $0.7 million and $1.3 million, respectively. Amortization expense, recorded as part of “Cost of license, services and royalty revenue” for the three and six months ended June 30, 2024 was $0.6 million and $1.2 million, respectively. Future amortization expense is $1.4 million for the remainder of 2025, $2.9 million for each of the years from 2026 to 2030 and $13.6 million thereafter.