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Intangible Asset

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

(3)

Intangible Asset

Intangible asset consists of internal-use software, 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, 2023, the Company capitalized $0.3 million of costs associated with the implementation of internal-use software. 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, 2023, the intangible assets have an estimated weighted-average remaining useful life of 7.0 years. The carrying value as of December 31, 2023 and 2022 is as follows:


In thousands	December 31, 2023			December 31, 2022
Technology rights	$	33,188		$	32,859
Accumulated amortization		(13,884	)		(11,079	)
Intangible asset, net	$	19,304		$	21,780

Amortization expense for the years ended December 31, 2023 and 2022 was $2.8 million and $2.5 million, respectively. Estimated future amortization expense as of December 31, 2023 is as follows:


In thousands
Year Ending December 31,	Amount
2024	$	2,915
2025		2,915
2026		2,655
2027		2,546
2028		2,546
Thereafter		5,727
Total	$	19,304