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Intangible Assets, Net | 6 Months Ended
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Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible assets, net | 7. Intangible assets, net As described in Note 10 – In-Licensing and Supply, under the Aegis Agreement the Company capitalized a $2.5 million milestone payment in August 2024 and a $5.0 million milestone payment in September 2024. Capitalized milestone payments are amortized on a straight-line basis over the estimated life of the intellectual property of 14.5 years, beginning from the first commercial sale of neffy in September 2024. As described in Note 8 – Collaboration and Out-Licensing, under the Recordati Termination Agreement the Company capitalized the achievement of a €5.0 million ($5.9 million in U.S. dollars) milestone in June 2025. Capitalized milestone payments are amortized on a straight-line basis over the estimated life of the intellectual property of 13.5 years, beginning from the first commercial sale of EURneffy in June 2025. Intangible assets, net, all of which are finite-lived, consisted of the following (in thousands):
|  | June 30, 2025 |  |  | December 31, 2024 |
Capitalized milestone payments |  | $ | 13,360 |  |  | $ | 7,500 |
Less accumulated depreciation |  |  | (388 | ) |  |  | (129 | )
Total |  | $ | 12,972 |  |  | $ | 7,371 |
The amortization expense for the three and six months ended June 30, 2025 was $0.1 million and $0.3 milli on, respectively. No int angible assets were held as of June 30, 2024, and there was no amortization expense recognized for the three and six months ended June 30, 2024. As of June 30, 2025, estimated future amortization expense for capitalized intangible assets for the next five years is as follows (in thousands):
Year Ended December 31, |  | Amount |
2025 (remaining six months) |  | $ | 476 |
2026 |  |  | 517 |
2027 |  |  | 517 |
2028 |  |  | 517 |
2029 |  |  | 517 |
Total |  | $ | 2,544 |

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