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Intangible Asset | 12 Months Ended
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Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Asset | (3) Intangible Asset Intangible asset consists of website development costs and milestone payments to the former shareholders of Laxdale related to the 2004 acquisition of the rights to VASCEPA, which is the result of VASCEPA receiving marketing approval in the U.S. for the first indication in 2012, the expanded label in 2019 and marketing approval in Europe in 2021. For the year ended December 31, 2022, the Company capitalized $0.8 million of costs associated with the development of a global company website. In accordance with ASC 350, the Company evaluates the remaining useful life of the intangible asset at each reporting period to determine if any events or circumstances warrant a revision to the remaining period of amortization. As of December 31, 2022, the intangible assets have an estimated weighted-average remaining useful life of 8.1 years. The carrying value as of December 31, 2022 and 2021 is as follows:
In thousands |  | December 31, 2022 |  |  | December 31, 2021 |
Technology rights |  | $ | 32,859 |  |  | $ | 32,081 |
Accumulated amortization |  |  | (11,079 | ) |  |  | (8,534 | )
Intangible asset, net |  | $ | 21,780 |  |  | $ | 23,547 |
Amortization expense for the years ended December 31, 2022 and 2021 was $2.5 million and $2.3 million, respectively. Estimated future amortization expense, based upon the Company’s intangible asset, as of December 31, 2022 is as follows:
In thousands |  |  |
Year Ending December 31, |  | Amount |
2023 |  | $ | 2,805 |
2024 |  |  | 2,805 |
2025 |  |  | 2,805 |
2026 |  |  | 2,546 |
2027 |  |  | 2,546 |
Thereafter |  |  | 8,273 |
Total |  | $ | 21,780 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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