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Intangible Asset (Tables) | 3 Months Ended
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Mar. 31, 2021
Intangible Asset |
Schedule of gross carrying amount and accumulated amortization of the Nucynta Intangible Asset | ​
​ | ​ | ​ | ​ | ​ | ​
​ | As of March 31, | ​ | As of December 31,
​ | 2021 | ​ | 2020
Gross carrying amount | $ | 521,170 | ​ | $ | 521,170
Accumulated amortization | ​ | (202,061) | ​ |  | (185,266)
Intangible asset, net | $ | 319,109 | ​ | $ | 335,904
Summary of costs included in acquired asset | ​
​ | ​ | ​
Acquisition consideration: | ​ | ​
Base purchase price | $ | 375,000
Cash paid for inventory | ​ | 6,030
Transaction costs | ​ | 6,297
Reduction for 2020 cash transferred to Assertio under the prior Nucynta Commercialization Agreement(1) | ​ | (13,071)
Reduction for accrued royalty obligation discharged upon closing(1) | ​ | (1,145)
Total acquisition consideration: | $ | 373,111
​
| (1) | Represents $14,216 total reduction to the base purchase price comprising of $13,071 of cash payments transferred to Assertio under the prior Nucynta Commercialization Agreement as well as a reduction for discharged pre-acquisition accrued royalties based on sales from January 1, 2020 through closing.
​ The Company then allocated the consideration transferred to the individual assets acquired on a relative fair value basis as summarized in the table below: ​
​ | ​ | ​
Assets acquired: | ​ | ​
Nucynta Intangible Asset | $ | 367,081
Inventory | ​ | 6,030
Total consideration allocated to assets acquired: | $ | 373,111
Summary of the gross carrying amount, accumulated amortization, and net book value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross Carrying Value | ​ | ​ | Accumulated Amortization | ​ | ​ | Net Book Value
Balance as of December 31, 2019 | $ | 154,089 | ​ | $ | (124,586) | ​ | $ | 29,503
Amortization expense through Nucynta Acquisition | ​ | — | ​ | ​ | (1,754) | ​ | ​ | (1,754)
Additional cost incurred from Nucynta Acquisition | ​ | 367,081 | ​ | ​ | — | ​ | ​ | 367,081
Amortization expense from Nucynta Acquisition through period end | ​ | — | ​ | ​ | (58,926) | ​ | ​ | (58,926)
Balance as of December 31, 2020 | $ | 521,170 | ​ | $ | (185,266) | ​ | $ | 335,904
Amortization expense | ​ | — | ​ | ​ | (16,795) | ​ | ​ | (16,795)
Balance as of March 31, 2021 | $ | 521,170 | ​ | $ | (202,061) | ​ | $ | 319,109
Summary of amortization expense | ​
​ | ​ | ​ | ​ | ​ | ​
​ | Three months ended March 31,
​ | ​ | 2021 |  | ​ | 2020
Nucynta amortization expense included in cost of product revenues | $ | 16,795 | ​ | $ | 10,295
Schedule of future amortization expenses | ​
​ | ​ | ​
Years ended December 31, | Amortization Expense
2021 | $ | 50,386
2022 | ​ | 67,181
2023 | ​ | 67,181
2024 | ​ | 67,181
2025 | ​ | 67,180
Remaining amortization expense: | $ | 319,109

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