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GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
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 Acquisition18,099 
Foreign currency adjustments2,201 
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, 2025Gross Carrying ValueForeign Currency AdjustmentsAccumulated AmortizationIntangible Assets, NetWeighted-Average Useful Lives
Developed technologies$590,000 $— $(227,574)$362,426 10 years, 5 months
Customer relationships90 — (56)34 10 years
Total finite-lived intangible assets, net590,090 — (227,630)362,460 
Acquired IPR&D57,366 2,737 — 60,103 
     Total intangible assets, net$647,456 $2,737 $(227,630)$422,563 
December 31, 2024Gross Carrying ValueAccumulated AmortizationIntangible Assets, NetWeighted-Average Useful Lives
Developed technologies$590,000 $(198,934)$391,066 10 years, 5 months
Customer relationships90 (52)38 10 years
     Total finite-lived intangible assets, net590,090 (198,986)391,104 
Acquired IPR&D34,866 — 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.