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Intangible Assets and Goodwill | 6 Months Ended
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Jun. 30, 2025
Intangible Assets and Goodwill |
Intangible Assets and Goodwill | Note 7. Intangible Assets and Goodwill Intangible assets As part of the Mobius Merger on May 16, 2025, the Company acquired identifiable intangible assets for (i) developed technology related to Mitosol, an ophthalmic formulation of mitomyacin-C, which is often used as an adjunct in late-stage glaucoma filtration procedures, which will be amortized to cost of sales over a weighted-average estimated useful life of approximately 9 years, and (ii) customer relationships, which will be amortized to selling, general and administrative expense over an estimated useful life of 9 years. ​ The fair value of developed technology and customer relationships assets were determined using an excess earnings methodology. Significant assumptions used in the valuations include: (i) the period in which material net cash inflows are expected to commence, which was estimated to be 2025 for both the developed technology and customer relationships, and (ii) the period in which the present value of cash inflows are expected to become immaterial, which was estimated to be 2054 for developed technology and 2044 for the customer relationships, and (iii) the discount rate of 41.0% for both the developed technology and customer relationships. Effective March 17, 2023, the Company entered into a sales agreement (Sales Agreement) with Celanese Canada ULC (Celanese) under which Celanese will make available and supply to the Company certain raw materials used to create a nanoporous membrane utilized in the iDose TR, and authorized the Company to reference its Drug Master File (DMF) with respect to such raw materials, which is required for the Company to commercialize iDose TR. The term of the Sales Agreement is four years after the iDose TR launch date in February 2024. In exchange for the ability to obtain future raw materials and the rights related to the DMF, the Company is subject to minimum compensation payments over four years of $6.3 million and potential additional royalties based on a percentage of sales of the iDose TR product. The Company recognized an intangible asset related to the minimum compensation payments at fair value of $5.2 million upon the date of acquisition, which was determined to be the iDose TR launch date. The $5.2 million is included in Intangible assets, net on the condensed consolidated balance sheets and will be amortized to cost of sales over its useful life of four years, which is the initial term of the Sales Agreement. A member of the Celanese board of directors also sits on the board of directors of the Company. The Company evaluated its indefinite-lived intangible assets for impairment and concluded there were no indicators of impairment as of June 30, 2025. Goodwill The assessment of goodwill by reporting unit is performed annually, in the fourth quarter, or more frequently if events or circumstances indicate the carrying value may no longer be recoverable and that an impairment loss may have occurred. The Company considered the current and expected future economic and market conditions and its impact on the Company’s reporting unit. Based on interim assessments, the Company did not identify any “triggering” events which would indicate an impairment of goodwill as of June 30, 2025. ​ The following table presents the composition of the Company’s intangible assets and goodwill (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted- | ​ | As of June 30, 2025 | ​ | As of December 31, 2024
​ | ​ | Average | ​ | Gross | ​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortization | ​ | Carrying | ​ | Accumulated | ​ | Net | ​ | Carrying | ​ | Accumulated | ​ | Net
​ |  | Period (in years) |  | Amount |  | Amortization |  | Amount |  | Amount |  | Amortization |  | Amount
Developed technology | ​ | 11.4 | ​ | $ | 252,200 | ​ | $ | (123,808) | ​ | $ | 128,392 | ​ | $ | 252,200 | ​ | $ | (112,762) | ​ | $ | 139,438
Customer relationships | ​ | 5.0 | ​ | ​ | 14,100 | ​ | ​ | (14,100) | ​ | ​ | - | ​ | ​ | 14,100 | ​ | ​ | (14,100) | ​ | ​ | -
License | ​ | 4.0 | ​ | ​ | 5,190 | ​ | ​ | (216) | ​ | ​ | 4,974 | ​ | ​ | 5,190 | ​ | ​ | (83) | ​ | ​ | 5,107
In place leases | ​ | 3.8 | ​ | ​ | 666 | ​ | ​ | - | ​ | ​ | 666 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | -
Developed technology and customer relationships | ​ | 9.0 | ​ | ​ | 17,800 | ​ | ​ | (241) | ​ | ​ | 17,559 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | -
Intangible assets subject to amortization | ​ | ​ | ​ | ​ | 289,956 | ​ | ​ | (138,365) | ​ | ​ | 151,591 | ​ | ​ | 271,490 | ​ | ​ | (126,945) | ​ | ​ | 144,545
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
In-process research and development | ​ | Indefinite | ​ | $ | 118,900 | ​ | $ | - | ​ | $ | 118,900 | ​ | $ | 118,900 | ​ | $ | - | ​ | $ | 118,900
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | ​ | $ | 408,856 | ​ | $ | (138,365) | ​ | $ | 270,491 | ​ | $ | 390,390 | ​ | $ | (126,945) | ​ | $ | 263,445
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill | ​ | Indefinite | ​ | $ | 66,710 | ​ | $ | - | ​ | $ | 66,710 | ​ | $ | 66,134 | ​ | $ | - | ​ | $ | 66,134
​ As of June 30, 2025, expected amortization expense for unamortized finite-lived intangible assets for the next five years and thereafter is as follows (in thousands): ​
​ | ​ | ​ | ​
​ |  | Amortization Expense
Remainder of 2025 | ​ | $ | 12,830
2026 | ​ | ​ | 25,976
2027 | ​ | ​ | 26,326
2028 | ​ | ​ | 24,205
2029 | ​ | ​ | 23,526
Thereafter | ​ | ​ | 38,728
Total amortization | ​ | $ | 151,591
​ Actual amortization expense to be reported in future periods could differ from these estimates as a result of asset impairments, acquisitions, or other facts and circumstances.

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