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Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

9. Goodwill and Intangible Assets

As of September 30, 2024 and December 31, 2023, the Company’s goodwill balance was $145,959 and $133,857, respectively. The Company’s goodwill resulted from the acquisition of BioDelivery Sciences International, Inc. (“BDSI”) on March 22, 2022 (the “BDSI Acquisition”) and the Ironshore Acquisition on September 3, 2024.

The following table sets forth the cost, accumulated amortization, and carrying amount of intangible assets as of September 30, 2024 and December 31, 2023:


	September 30, 2024						December 31, 2023
		Cost		Accumulated Amortization		Carrying Amount		Cost		Accumulated Amortization		Carrying Amount
Jornay	$	635,000	$	(6,285)	$	628,715	$	—	$	—	$	—
Belbuca		360,000		(190,366)		169,634		360,000		(133,821)		226,179
Nucynta Products		521,170		(424,247)		96,923		521,170		(382,710)		138,460
Symproic		70,000		(18,397)		51,603		70,000		(12,931)		57,069
Total intangible assets	$	1,586,170	$	(639,295)	$	946,875	$	951,170	$	(529,462)	$	421,708

The following table presents amortization expense recognized in cost of product revenues for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
Jornay PM	$	6,285	$	—	$	6,285	$	—
Belbuca		18,849		18,850		56,545		56,545
Nucynta Products		13,847		15,646		41,537		49,237
Symproic		1,820		1,821		5,466		5,464
Total amortization expense	$	40,801	$	36,317	$	109,833	$	111,246

As of September 30, 2024, the remaining amortization expense expected to be recognized is as follows:


Years ended December 31,	Jornay		Belbuca		Nucynta Products		Symproic		Total
2024	$	20,957	$	18,848	$	13,847	$	1,819	$	55,471
2025		83,829		75,393		55,384		7,285		221,891
2026		83,829		75,393		27,692		7,285		194,199
2027		83,829		—		—		7,285		91,114
2028		83,829		—		—		7,285		91,114
Thereafter		272,442		—		—		20,644		293,086
Remaining amortization expense	$	628,715	$	169,634	$	96,923	$	51,603	$	946,875