XML 20 R13.htm IDEA: XBRL DOCUMENT v3.25.1
Intangible Assets
 3 Months Ended
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