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Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

11. Goodwill and Intangible Assets

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. Refer to Note 4, Acquisitions, for more information.

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 December 31, 2023	$	133,857
Goodwill resulting from Ironshore Acquisition		28,476
Balance as of December 31, 2024	$	162,333

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


	As of December 31, 2024						As of December 31, 2023
		Cost		Accumulated Amortization		Carrying Amount		Cost		Accumulated Amortization		Carrying Amount
Jornay	$	635,000	$	(27,242)	$	607,758	$	—	$	—	$	—
Belbuca		360,000		(209,214)		150,786		360,000		(133,821)		226,179
Nucynta Products⁽¹⁾		521,170		(438,094)		83,076		521,170		(382,710)		138,460
Symproic		70,000		(20,218)		49,782		70,000		(12,931)		57,069
Elyxyb		—		—		—		—		—		—
Total intangibles	$	1,586,170	$	(694,768)	$	891,402	$	951,170	$	(529,462)	$	421,708

The following table presents amortization and impairment expense recognized in cost of product revenues for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
		2024		2023		2022
Jornay	$	27,242	$	—	$	—
Belbuca		75,393		75,393		58,428
Nucynta Products⁽¹⁾		55,384		63,082		67,181
Symproic		7,285		7,285		5,646
Elyxyb ⁽²⁾		—		—		5,000
Total amortization and impairment expense	$	165,304	$	145,760	$	136,255

(1)

During the year ended December 31, 2023, the United States Food and Drug Administration (“FDA”) granted New Patient Population exclusivity in pediatrics 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.

(2)

Includes $214 of amortization expense and $4,786 of impairment expense.

Intangible Asset Impairment

During the three months ended December 31, 2022, the Company made the decision to discontinue the commercialization of Elyxyb. Accordingly, an asset impairment evaluation performed during the three months ended December 31, 2022 resulted in the Company recognizing $4,786 of impairment expense related to the Elyxyb intangible asset, which was equivalent to the carrying amount of the Elyxyb asset at the time of the impairment determination. The impairment expense reflects that no significant proceeds are expected to be realized from its disposition. The impairment expense is included in “Intangible asset amortization and impairment” in the consolidated statements of operations. Other expenses associated with the discontinuation of Elyxyb were immaterial. In February 2023, the Company transferred all of the assets, rights, and obligations necessary to commercialize Elyxyb in the United States and Canada to a third party.

As of December 31, 2024, the remaining amortization expense expected to be recognized is as follows:


Years ended December 31,	Jornay		Belbuca		Nucynta Products		Symproic		Total
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
2029		83,829		—		—		7,285		91,114
Thereafter		188,613		—		—		13,357		201,970
Remaining amortization expense	$	607,758	$	150,786	$	83,076	$	49,782	$	891,402