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Intangible Assets, Goodwill and Other
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net INTANGIBLE ASSET, NET
As of June 30, 2024, the Company’s definite-lived intangible asset, which totaled $10.4 million, resulted from the capitalization of certain milestone payments made or accrued related to its license agreement for the intellectual property contained in its drug product. The Company amortizes the intangible asset to cost of revenue over the remaining life of the underlying patent protecting the intellectual property through 2038.

As of June 30, 2024, amortization expense for the next five years and beyond is summarized as follows (in thousands):


YearAmortization expense
2024 (remainder of year)
$375 
2025750 
2026750 
2027750 
2028750 
Thereafter
7,000 
Total
$10,375 
The Company began amortizing its finite-lived intangible assets in April 2024 over a 14-year period based on the expected patent exclusivity period for XOLREMDI. Amortization expense totaled $0.1 million for the three and six months ended June 30, 2024. Amortization expense is recorded as a component of cost of revenue on the consolidated statements of operations and comprehensive income (loss).