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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | 10. Goodwill and Intangible Assets ​ The following tables summarizes the changes in the carrying amount of goodwill: ​
​ | ​ | ​ | ​
​ | ​ | Amount
Balance as of December 31, 2022 | ​ | $ | 133,695
Measurement period adjustments from BDSI Acquisition | ​ | ​ | 162
Balance as of September 30, 2023 | ​ | $ | 133,857
​ The Company’s goodwill resulted from the BDSI Acquisition. Refer to Note 4, Acquisitions. ​ The following table sets forth the cost, accumulated amortization, and carrying amount of intangible assets as of September 30, 2023 and December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | September 30, 2023 | ​ | December 31, 2022
​ | Amortization Period (Years) | ​ | ​ | Cost | ​ | ​ | Accumulated Amortization | ​ | ​ | Carrying Amount | ​ | ​ | Cost | ​ | ​ | Accumulated Amortization | ​ | ​ | Carrying Amount
Belbuca | 4.8 | ​ | $ | 360,000 | ​ | $ | (114,973) | ​ | $ | 245,027 | ​ | $ | 360,000 | ​ | $ | (58,428) | ​ | $ | 301,572
Nucynta Products (1) | 8.5 | ​ | ​ | 521,170 | ​ | ​ | (368,865) | ​ | ​ | 152,305 | ​ | ​ | 521,170 | ​ | ​ | (319,628) | ​ | ​ | 201,542
Symproic | 9.6 | ​ | ​ | 70,000 | ​ | ​ | (11,110) | ​ | ​ | 58,890 | ​ | ​ | 70,000 | ​ | ​ | (5,646) | ​ | ​ | 64,354
Elyxyb | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,000 | ​ | ​ | (5,000) | ​ | ​ | —
Total intangibles | ​ | ​ | $ | 951,170 | ​ | $ | (494,948) | ​ | $ | 456,222 | ​ | $ | 956,170 | ​ | $ | (388,702) | ​ | $ | 567,468
​ The following table presents amortization expense recognized in cost of product revenues for the three and nine months ended September 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ | ​ | 2023 |  | ​ | 2022 | ​ | ​ | 2023 |  | ​ | 2022
Belbuca | $ | 18,850 |  | $ | 18,848 | ​ | $ | 56,545 |  | $ | 39,581
Nucynta Products (1) | ​ | 15,646 | ​ | ​ | 16,795 | ​ | ​ | 49,237 | ​ | ​ | 50,385
Symproic | ​ | 1,821 | ​ | ​ | 1,821 | ​ | ​ | 5,464 | ​ | ​ | 3,825
Elyxyb | ​ | — | ​ | ​ | 88 | ​ | ​ | — | ​ | ​ | 185
Total amortization expense | $ | 36,317 | ​ | $ | 37,552 | ​ | $ | 111,246 | ​ | $ | 93,976
​ As of September 30, 2023, the remaining amortization expense expected to be recognized is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31, | Belbuca | ​ | Nucynta Products (1) | ​ | Symproic | ​ | Total
2023 | $ | 18,848 | ​ | $ | 13,845 | ​ | $ | 1,821 | ​ | $ | 34,514
2024 | ​ | 75,393 | ​ | ​ | 55,384 | ​ | ​ | 7,285 | ​ | ​ | 138,062
2025 | ​ | 75,393 | ​ | ​ | 55,384 | ​ | ​ | 7,285 | ​ | ​ | 138,062
2026 | ​ | 75,393 | ​ | ​ | 27,692 | ​ | ​ | 7,285 | ​ | ​ | 110,370
2027 | ​ | — | ​ | ​ | — | ​ | ​ | 7,285 | ​ | ​ | 7,285
Thereafter | ​ | — | ​ | ​ | — | ​ | ​ | 27,929 | ​ | ​ | 27,929
Remaining amortization expense | $ | 245,027 | ​ | $ | 152,305 | ​ | $ | 58,890 | ​ | $ | 456,222
​ ​
| (1) | During the three months ended September 30, 2023, the FDA granted New Patient Population exclusivity for Nucynta IR which extends the period of U.S. exclusivity for Nucynta IR to July 3, 2026, resulting in an extension of the estimated useful life of the underlying intangible asset from 8.0 years to 8.5 years. This change in estimate resulted in a decrease of amortization expense of $1,149 and an increase in net income of $855 during the three months ended September 30, 2023. The impact to earnings per share — basic and earnings per share — diluted was $0.03 and $0.02, respectively, during the three months ended September 30, 2023.
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