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Intangible assets and goodwill

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

12. Intangible assets and goodwill

Definite-lived intangibles

Definite-lived intangible assets consisted of the following at March 31, 2025 and December 31, 2024:


		Ending Balance at				Foreign		Ending Balance at
Definite-lived		December 31,				currency		March 31,
intangibles assets, gross		2024		Additions		translation		2025
Waylivra		12,397		1,791		495		14,683
Tegsedi		18,249		878		726		19,853
Kebilidi		10,731		—		—		10,731
Upstaza		106,937		—		—		106,937
Total definite-lived intangibles, gross	$	148,314	$	2,669	$	1,221	$	152,204


		Ending Balance at				Foreign		Ending Balance at
Definite-lived		December 31,				currency		March 31,
intangibles assets, accumulated amortization		2024		Amortization		translation		2025
Waylivra		(5,273)		(540)		(212)		(6,025)
Tegsedi		(5,609)		(806)		(226)		(6,641)
Kebilidi		(112)		(224)		—		(336)
Upstaza		(18,526)		(2,228)		—		(20,754)
Total definite-lived intangibles, accumulated amortization	$	(29,520)	$	(3,798)	$	(438)	$	(33,756)

Total definite-lived intangibles, net							$	118,448

Akcea is entitled to receive royalty payments subject to certain terms set forth in the Tegsedi-Waylivra Agreement related to sales of Waylivra and Tegsedi. In accordance with the guidance for an asset acquisition, the Company records royalty payments when they become payable to Akcea and increase the cost basis for the Waylivra and Tegsedi intangible assets. For the three months ended March 31, 2025, royalty payments of $0.9 million and $1.8 million were recorded for Tegsedi and Waylivra, respectively. As of March 31, 2025, a royalty payable of $0.7 million and $1.6 million for Tegsedi and Waylivra, respectively, was recorded on the consolidated balance sheet within accounts payable and accrued expenses.

For the three months ended March 31, 2025 and 2024, the Company recognized amortization expense of $3.8 million and $51.5 million, respectively, related to the Emflaza rights, Upstaza/ Kebilidi, Waylivra, and Tegsedi intangible assets. The estimated future amortization of the Upstaza/Kebilidi, Waylivra, and Tegsedi intangible assets is expected to be as follows:


	As of March 31, 2025
2025	$	11,370
2026		15,162
2027		15,162
2028		15,162
2029 and thereafter		61,592
Total	$	118,448

The weighted average remaining amortization period of the definite-lived intangibles as of March 31, 2025 is 8.9 years.

Goodwill

As a result of the Agilis Merger on August 23, 2018, the Company recorded $82.3 million of goodwill. As of March 31, 2025, there have been no changes to the balance of goodwill since the date of the Agilis Merger. Accordingly, the goodwill balance as of March 31, 2025 is $82.3 million.