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Intangible Assets
 3 Months Ended
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®
2042104,894 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®
2035104,894 588 104,306 
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)Total20242025202620272028Thereafter
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