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GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill The Company’s goodwill arose from the GQ Bio Acquisition in February 2025. The change in the carrying value of the Company’s goodwill is summarized as follows (in thousands):
|  | Carrying Value
Balance at December 31, 2023 |  | $ | 163,243 |
Goodwill impairment |  | (163,243) |
Balance at December 31, 2024 |  | — |
Goodwill arising from the GQ Bio Acquisition |  | 18,099 |
Foreign currency adjustments |  | 2,201 |
Balance at June 30, 2025 |  | $ | 20,300 |
Intangible Assets Intangible assets, net, consists of the in-process research and development, or IPR&D, from the GQ Bio Acquisition and Flexion Acquisition, developed technology from the Flexion Acquisition and MyoScience Acquisition and customer relationships from the MyoScience Acquisition are summarized as follows (dollar amounts in thousands):
June 30, 2025 |  | Gross Carrying Value |  | Foreign Currency Adjustments |  | Accumulated Amortization |  | Intangible Assets, Net |  | Weighted-Average Useful Lives
Developed technologies |  | $ | 590,000 |  |  | $ | — |  |  | $ | (227,574) |  |  | $ | 362,426 |  |  | 10 years, 5 months
Customer relationships |  | 90 |  |  | — |  |  | (56) |  |  | 34 |  |  | 10 years
Total finite-lived intangible assets, net |  | 590,090 |  |  | — |  |  | (227,630) |  |  | 362,460 |  |  |
Acquired IPR&D |  | 57,366 |  |  | 2,737 |  |  | — |  |  | 60,103 |  |  |
Total intangible assets, net |  | $ | 647,456 |  |  | $ | 2,737 |  |  | $ | (227,630) |  |  | $ | 422,563 |  |  |
December 31, 2024 |  | Gross Carrying Value |  |  |  | Accumulated Amortization |  | Intangible Assets, Net |  | Weighted-Average Useful Lives
Developed technologies |  | $ | 590,000 |  |  |  |  | $ | (198,934) |  |  | $ | 391,066 |  |  | 10 years, 5 months
Customer relationships |  | 90 |  |  |  |  | (52) |  |  | 38 |  |  | 10 years
Total finite-lived intangible assets, net |  | 590,090 |  |  |  |  | (198,986) |  |  | 391,104 |  |  |
Acquired IPR&D |  | 34,866 |  |  |  |  | — |  |  | 34,866 |  |  |
Total intangible assets, net |  | $ | 624,956 |  |  |  |  | $ | (198,986) |  |  | $ | 425,970 |  |  |
Amortization expense on intangible assets was $14.3 million for both the three months ended June 30, 2025 and 2024. Amortization expense on intangible assets was $28.6 million for both the six months ended June 30, 2025 and 2024. Assuming no changes in the gross carrying amount of these intangible assets, the future estimated amortization expense on the finite-lived intangible assets will be $28.6 million for the remaining six months of 2025, $57.3 million each year from 2026 to 2030, $37.4 million in 2031, $7.9 million in 2032 and $2.2 million in 2033.

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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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