License and Acquired Intangibles, Net

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

License and Acquired Intangibles, Net.

The following table presents the Company’s intangible assets at December 31, 2024 (in thousands):


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets:
License and acquired intangibles for RUZURGI®	$	33,569	$	5,739	$	27,830
License and acquired intangibles for FYCOMPA®		158,143		61,301		96,842
License and acquired intangibles for AGAMREE®		36,000		4,000		32,000
Total	$	227,712	$	71,040	$	156,672

The following table presents the Company’s intangible assets at December 31, 2023 (in thousands):


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets:
License and acquired intangibles for RUZURGI®	$	33,569	$	3,418	$	30,151
License and acquired intangibles for FYCOMPA®		158,143		29,673		128,470
License and acquired intangibles for AGAMREE®		36,000		572		35,428
Total	$	227,712	$	33,663	$	194,049

The Company amortizes its definite-lived intangible assets using the straight-line method, which is considered the best estimate of economic benefit, over its estimated useful life. The estimated useful life used for this purpose for RUZURGI®, FYCOMPA® and AGAMREE® was approximately 14.5 years, 5 years and 10.5 years, respectively.

The Company recorded approximately $2.3 million, $2.3 million and $1.1 million in amortization expense related to the licensed and acquired intangibles for RUZURGI® during the years ended December 31, 2024, 2023 and 2022, respectively, within selling, general and administrative expenses in the consolidated statements of operations and comprehensive income. The Company recorded approximately $31.6 million, $29.7 million and $0 in amortization expense related to the licensed and acquired intangibles for FYCOMPA® during the years ended December 31, 2024, 2023 and 2022, respectively, within cost of sales in the consolidated statements of operations and comprehensive income. The Company recorded approximately $3.4 million, $0.6 million and $0 in amortization expense related to the licensed and acquired intangibles for AGAMREE® during the years ended December 31, 2024, 2023 and 2022, respectively, within cost of sales in the consolidated statements of operations and comprehensive income.

License and Acquired Intangibles, Net (continued).

The following table presents future amortization expense the Company expects for its intangible assets (in thousands):


2025	$	37,378
2026		37,378
2027		37,378
2028		7,705
2029		5,750
Thereafter		31,083
Total	$	156,672

At December 31, 2024 and December 31, 2023, the weighted average amortization period remaining for intangible assets was 5.4 years and 6.5 years, respectively.

There were no impairment charges recognized on definite-lived intangibles for the years ended December 31, 2024, 2023 or 2022.