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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2026
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 9. GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consist of the following:
|  |  |  | June 30, 2026 |  |  | December 31, 2025 |
(In thousands) |  | Weighted Amortizable Life (Years) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Goodwill |  |  |  | $ | 594,273 |  |  | $ | — |  |  | $ | 594,273 |  |  | $ | 83,027 |  |  | $ | — |  |  | $ | 83,027 |
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LUMRYZ |  | 14 |  | $ | 1,768,600 |  |  | $ | (34,210 | ) |  | $ | 1,734,390 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Capitalized IP |  | 12 |  |  | 1,000 |  |  |  | (234 | ) |  |  | 766 |  |  |  | 1,000 |  |  |  | (185 | ) |  |  | 815 |
Indefinite-lived intangible asset: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IPR&D |  |  |  |  | 26,300 |  |  |  | — |  |  |  | 26,300 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  |  | $ | 1,795,900 |  |  | $ | (34,444 | ) |  | $ | 1,761,456 |  |  | $ | 1,000 |  |  | $ | (185 | ) |  | $ | 815 |
Based on its most recent analysis, the Company expects to amortize approximately $79.9 million, $103.8 million, $125.6 million, $118.1 million and $115.7 million of its definite-lived intangible asset in the years ending December 31, 2026 through 2030, respectively. Although the Company believes such expectations are reasonable, given the inherent risks and uncertainties underlying its expectations regarding future revenues, there is the potential for the Company’s actual results to vary significantly from such expectations. If revenues are projected to change, the related amortization of the intangible assets will change in proportion to the change in revenues. In connection with the Avadel Acquisition, the Company recorded the excess of the estimated fair value of the purchase price consideration over the fair value amounts assigned to the assets acquired and liabilities assumed as goodwill. For additional information related to the estimated purchase price consideration see Note 3, Business Combination in these “Notes to Condensed Consolidated Financial Statements”. A rollforward of the Company’s goodwill is as follows:
(In thousands) |  | Goodwill |
Goodwill at December 31, 2025 |  |  | 83,027 |
Additions in connection with the Avadel Acquisition |  |  | 511,246 |
Goodwill at June 30, 2026 |  |  | 594,273 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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