License and Acquired Intangibles, Net

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

License and Acquired Intangibles, Net.

The following table presents the Company’s intangible assets at September 30, 2025 (in thousands):


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets:
License and acquired intangibles for RUZURGI®	$	33,569	$	7,479	$	26,090
License and acquired intangibles for FYCOMPA®		158,143		85,023		73,120
License and acquired intangibles for AGAMREE®		36,000		6,571		29,429
Total	$	227,712	$	99,073	$	128,639

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 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 $0.5 million and $1.7 million in amortization expense related to the licensed and acquired intangibles for RUZURGI® during both the three and nine months ended September 30, 2025 and 2024, respectively, within selling, general and administrative expenses in the consolidated statements of operations and comprehensive income. The Company recorded approximately $7.9 million and $23.7 million in amortization expense related to the licensed and acquired intangibles for FYCOMPA® during both the three and nine months ended September 30, 2025 and 2024, respectively, within cost of sales in the consolidated statements of operations and comprehensive income. The Company recorded approximately $0.9 million and $2.6 million in amortization expense related to the licensed and acquired intangibles for AGAMREE® during both the three and nine months ended September 30, 2025 and 2024, respectively, within cost of sales in the consolidated statements of operations and comprehensive income. Amortization of the FYCOMPA®, RUZURGI® and AGAMREE® intangible assets are reported together as amortization of intangible assets in the consolidated statements of operations and comprehensive income.

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


2025 (remaining three months)	$	9,345
2026		37,378
2027		37,378
2028		7,705
2029		5,750
Thereafter		31,083
Total	$	128,639

At September 30, 2025 and December 31, 2024, the weighted average amortization period remaining for intangible assets was 4.7 years and 5.4 years, respectively.

There were no impairment charges recognized on definite-lived intangibles for the three and nine months ended September 30, 2025 or 2024.