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Intangible Assets | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets |
5. | Intangible Assets
Intangible assets with finite lives consist primarily of patents, technological know-how, computer software, and technology rights. Technology rights refer to the intellectual property (“IP”) associated with Nintedanib, which were obtained upon the successful transfer of the marketing authorization holder following approval by the PRC National Medical Products Administration (the “NMPA”) in March 2025. As of March 31, 2025, the Company recognized the total consideration for the Nintedanib technology rights in the amount of RMB 35.0 million, or approximately $4.9 million, based on the March 31, 2025 spot exchange rate. The gross carrying amounts and accumulated amortization of the Company’s intangible assets with determinable lives as of March 31, 2025 and December 31, 2024 were as follows (in thousands):
|  | March 31, 2025 |
|  | Gross carrying amount |  |  | Accumulated amortization |  |  | Intangible assets, net |
Intangible assets with finite lives: |  |  |  |  |  |  |  |  |
Technological know-how |  | $ | 424 |  |  | $ | (308 | ) |  | $ | 116 |
Computer software |  |  | 278 |  |  |  | (136 | ) |  |  | 142 |
Technology rights |  |  | 4,876 |  |  |  | (51 | ) |  |  | 4,825 |
Total intangible assets |  | $ | 5,578 |  |  | $ | (495 | ) |  | $ | 5,083 |
|  | December 31, 2024 |
|  | Gross carrying amount |  |  | Accumulated amortization |  |  | Intangible assets, net |
Intangible assets with finite lives: |  |  |  |  |  |  |  |  |
Technological know-how |  | $ | 423 |  |  | $ | (303 | ) |  | $ | 120 |
Computer software |  |  | 278 |  |  |  | (125 | ) |  |  | 153 |
Technology rights |  |  | — |  |  |  | — |  |  |  | — |
Total intangible assets |  | $ | 701 |  |  | $ | (428 | ) |  | $ | 273 |
Intangible assets are carried at cost less accumulated amortization and impairment, if applicable, and the amortization expense is recorded in operating expenses. The weighted average amortization period for the intangible assets was 7.7 years as of March 31, 2025, compared to 4.04 years as of December 31, 2024. Amortization expense was $67 thousand and $100 thousand for the three months ended March 31, 2025 and 2024, respectively. Based on finite-lived intangible assets recorded as of March 31, 2025, the estimated future amortization expense is as follows (in thousands):
|  | Estimated amortization expense |
2025 |  | $ | 502 |
2026 |  |  | 669 |
2027 |  |  | 665 |
2028 |  |  | 636 |
2029 |  |  | 635 |
Thereafter |  |  | 1,976 |
Total |  | $ | 5,083 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
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