Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

9. INTANGIBLE ASSETS AND GOODWILL

Intangible assets and goodwill consists of the following:


		December 31, 2024							December 31, 2023
(In thousands)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill		$	83,027	$	—		$	83,027	$	83,027	$	—		$	83,027
Finite-lived intangible assets:
Collaboration agreements	12	$	465,590	$	(465,590	)	$	—	$	465,590	$	(465,590	)	$	—
Capitalized IP	11-13		118,160		(117,270	)		890		118,160		(116,169	)		1,991
Total		$	583,750	$	(582,860	)	$	890	$	583,750	$	(581,759	)	$	1,991

In connection with the sale of the Athlone Facility, the Company reviewed Topic 805 and determined that the Athlone Facility constituted a business and, accordingly, $2.0 million of the Company’s goodwill was allocated to the Athlone Facility and was classified as “Assets held for sale” in the accompanying consolidated balance sheet as of December 31, 2023.

The Company’s finite-lived intangible assets primarily consisted of collaborative agreements and the NanoCrystal and oral controlled release technologies acquired as part of the EDT acquisition. These intangible assets were fully amortized in the year ended December 31, 2024. The Company recorded $1.1 million, $35.7 million and $36.4 million of amortization expense related to its finite-lived intangible assets during the years ended December 31, 2024, 2023 and 2022, respectively.

The Company performed its annual goodwill impairment test as of October 31, 2024. The Company elected to perform a qualitative impairment test and determined that based on the weight of all available evidence, the fair value of the reporting unit more-likely-than-not exceeded its carrying value.