INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The following table reflects the gross carrying amounts and net book values of intangible assets as of June 30, 2025 and December 31, 2024 (dollar amounts in thousands):


		June 30, 2025				December 31, 2024
Products rights:	Remaining Useful Life (In years)	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization		Impairment		Net Book Value
ROLVEDON	2.5	$	63,405	$	(20,014)		$	43,391	$	63,405	$	(11,336)	$	—	$	52,069
Sympazan	9.3	14,550		(3,233)			11,317		14,550		(2,627)		—		11,923
SPRIX	1.9	32,673		(25,375)			7,298		32,673		(23,471)		—		9,202
INDOCIN	0.0	65,605		(65,605)			—		65,605		(58,328)		—		7,277
Otrexup	0.0	—		—			—		16,364		(11,147)		(5,217)		—
Total intangible assets		$	176,233	$	(114,227)		$	62,006	$	192,597	$	(106,909)	$	(5,217)	$	80,471

Amortization expense was $9.2 million and $18.5 million for the three and six months ended June 30, 2025, respectively, and $6.7 million and $12.3 million for the three and six months ended June 30, 2024, respectively.

The following table reflects future amortization expense the Company expects for its intangible assets (in thousands):


Year Ending December 31,	Estimated Amortization Expense
2025 (remainder)	$	11,188
2026	22,377
2027	20,155
2028	1,213
2029	1,213
Thereafter	5,860
Total	$	62,006

During each of the three months ended June 30, 2025 and March 31, 2025, the Company’s market capitalization was below the book value of the Company’s equity, which management determined represented an indicator of impairment with respect to its long-lived assets. Applying the relevant accounting guidance, the Company first assessed the recoverability of its long-lived assets at the product level at each date. After grouping the long-lived assets at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other assets and liabilities, the Company estimated the future net undiscounted cash flows expected to be generated from the use of the long-lived asset groups and their eventual

disposition at each impairment testing date. The Company then compared the estimated undiscounted cash flows to the carrying amounts of the long-lived asset groups at each date. Based on these tests, the Company determined that the estimated undiscounted cash flows were in excess of the carrying amounts for all of the Company’s long-lived asset groups as of June 30, 2025 and March 31, 2025. Accordingly, the Company concluded that the long-lived asset groups are fully recoverable and no adjustment to their carrying values was required.