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Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets HETLIOZ®. In January 2014, the Company announced that the FDA had approved the New Drug Application (NDA) for HETLIOZ®. As a result of this approval, the Company met a milestone under its license agreement with Bristol-Myers Squibb (BMS) that required the Company to make a license payment of $8.0 million to BMS. In April 2018, the Company met its final milestone under its license agreement with BMS when cumulative worldwide sales of HETLIOZ® reached $250.0 million. As a result of the achievement of this milestone, the Company made a payment to BMS of $25.0 million in 2018. These milestone payments were determined to be additional consideration for the acquisition of HETLIOZ® and capitalized as an intangible asset and are being amortized on a straight-line basis over the estimated economic useful life of the related product patents. PONVORY®. On December 7, 2023, the Company acquired the U.S. and Canadian rights to PONVORY® from Janssen. The total purchase price was allocated to the acquired intangible for the U.S. and Canada rights to PONVORY®. See Note 3, PONVORY® Acquisition, for additional details. The PONVORY® intangible asset is being amortized on a straight-line basis over the estimated economic useful life of the related product rights. During the first quarter of 2024, the estimated useful life for the PONVORY® intangible asset was changed from 2035 to 2042 based on a change in the estimated economic useful life of the related product rights. The following is a summary of the Company’s amortizing intangible assets as of March 31, 2024:
|  |  | March 31, 2024
(in thousands) | Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
HETLIOZ® | 2035 |  | $ | 33,000 |  |  | $ | 16,303 |  |  | $ | 16,697 |
PONVORY® | 2042 |  | 104,894 |  |  | 2,240 |  |  | 102,654 |
Total amortizing intangible assets |  |  | $ | 137,894 |  |  | $ | 18,543 |  |  | $ | 119,351 |
The following is a summary of the Company’s amortizing intangible assets as of December 31, 2023:
|  |  | December 31, 2023
(in thousands) | Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
HETLIOZ® | 2035 |  | $ | 33,000 |  |  | $ | 15,937 |  |  | $ | 17,063 |
PONVORY® | 2035 |  | 104,894 |  |  | 588 |  |  | 104,306 |
Total amortizing intangible assets |  |  | $ | 137,894 |  |  | $ | 16,525 |  |  | $ | 121,369 |
As of March 31, 2024 and December 31, 2023, the Company also had $27.9 million of fully amortized intangible assets related to Fanapt®. Intangible assets are amortized over their estimated useful economic life using the straight-line method. Amortization expense was $2.0 million and $0.4 million for the three months ended March 31, 2024 and 2023, respectively. The following is a summary of the future intangible asset amortization schedule as of March 31, 2024:
(in thousands) | Total |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter
HETLIOZ® | $ | 16,697 |  |  | $ | 1,097 |  |  | $ | 1,463 |  |  | $ | 1,463 |  |  | $ | 1,463 |  |  | $ | 1,463 |  |  | $ | 9,748 |
PONVORY® | 102,654 |  |  | 4,158 |  |  | 5,544 |  |  | 5,544 |  |  | 5,544 |  |  | 5,544 |  |  | 76,320 |
Total amortizing intangible assets | $ | 119,351 |  |  | $ | 5,255 |  |  | $ | 7,007 |  |  | $ | 7,007 |  |  | $ | 7,007 |  |  | $ | 7,007 |  |  | $ | 86,068 |

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