Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

A summary of the activity impacting goodwill is presented below (in thousands):


Balance as of December 31, 2022	$	409,049
Measurement period adjustments (1)	7,772
Balance as of December 31, 2023	$	416,821

(1) Refer to Note 3, Business Combination, for further discussion on the measurement period adjustments.

Intangible Assets

Our acquired intangible assets are amortized using the straight-line method over their estimated useful lives of seven to ten years. The following table shows the cost, accumulated amortization and weighted average useful life in years for our acquired intangible assets as of December 31, 2023 (in thousands).


	Weighted average useful life (in years)	Gross Carrying Value				Accumulated Amortization		Net Carrying Value
Auto-Injector technology platform	7	$	402,000			$	92,163	$	309,837
XYOSTED proprietary product	10	136,200				21,858		114,342
Total finite-lived intangibles, net (1)		$	538,200			$	114,021	$	424,179
ATRS-1902 (IPR&D)	Indefinite							48,700
Total intangibles, net				$	472,879

(1) An impairment charge of $2.5 million was recognized during the year ended December 31, 2023 resulting in the full impairment of the TLANDO product rights intangible asset. The impairment charge resulted from the notice of termination of the TLANDO license agreement provided to Lipocine in September 2023, effective January 31, 2024, and is included in amortization of intangibles in our consolidated statements of income.

Estimated future annual amortization of finite-lived intangible assets is shown in the following table (in thousands). Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors.


Year	Amortization Expense
2024	$	71,049
2025	71,049
2026	71,049
2027	71,049
2028	71,049
Thereafter	68,934
Total	$	424,179