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Goodwill and Other Intangible Assets | 9 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 7. Goodwill and Other Intangible Assets The Company’s strategy is to continue building its portfolio of revenue-generating products by leveraging its commercial team’s expertise to build leading brands within large therapeutic and consumer health markets. As a result of focusing on building the portfolio of revenue-generating products, the Company has decided to abandon active development of its NT0502 (N-desethyloxybutynin), a new chemical entity that is for the treatment of sialorrhea, which is excessive salivation or drooling. During the nine months ended March 31, 2023, the Company incurred an impairment charge of $2.6 million related to NT0502. The Company has terminated the licensing agreement. The Company has also terminated the license agreement with Cedars-Sinai Medical Center surrounding the Healight technology platform as an additional result of terminating the development of the Healight program. The following table provides the summary of the Company’s intangible assets as of March 31, 2023 and June 30, 2022, respectively. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted-
​ | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net | ​ | Average
​ | ​ | Carrying | ​ | Accumulated | ​ | ​ | ​ | ​ | Carrying | ​ | Remaining
​ |  | Amount |  | Amortization |  | Impairment |  | Amount |  | Life (in years)
​ | ​ | (In thousands)
Definite-lived intangibles: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquired product technology rights | ​ | ​ | 45,400 | ​ | ​ | (10,077) | ​ | ​ | (3,224) | ​ | ​ | 32,099 |  | 11.55
Acquired technology right | ​ | ​ | 30,200 | ​ | ​ | (3,610) | ​ | ​ | — | ​ | ​ | 26,590 | ​ | 15.00
Acquired product distribution rights | ​ |  | 11,354 | ​ |  | (4,407) | ​ |  | (2,172) | ​ |  | 4,775 |  | 6.85
​ | ​ | ​ | 86,954 | ​ | ​ | (18,094) | ​ | ​ | (5,396) | ​ | ​ | 63,464 | ​ | 12.64
Indefinite-lived intangibles: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquired in-process R&D | ​ | ​ | 2,600 | ​ | ​ | — | ​ | ​ | (2,600) | ​ | ​ | — | ​ | Indefinite-lived
​ | ​ | ​ | 2,600 | ​ | ​ | — | ​ | ​ | (2,600) | ​ | ​ | — | ​ | ​
Total | ​ | $ | 89,554 | ​ | $ | (18,094) | ​ | $ | (7,996) | ​ | $ | 63,464 |  | 12.64
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted-
​ | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net | ​ | Average
​ | ​ | Carrying | ​ | Accumulated | ​ | ​ | ​ | ​ | Carrying | ​ | Remaining
​ |  | Amount |  | Amortization |  | Impairment |  | Amount |  | Life (in years)
​ | ​ | (In thousands)
Definite-lived intangibles: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquired product technology rights | ​ | $ | 45,400 | ​ | $ | (7,667) | ​ | $ | (3,224) | ​ | $ | 34,509 |  | 12.33
Acquired technology right | ​ | ​ | 30,200 | ​ | ​ | (2,278) | ​ | ​ | — | ​ | ​ | 27,922 | ​ | 15.75
Acquired product distribution rights | ​ |  | 11,354 | ​ |  | (3,581) | ​ |  | (2,172) | ​ |  | 5,601 |  | 7.60
Other intangible assets | ​ | ​ | 4,666 | ​ | ​ | (3,004) | ​ | ​ | (1,662) | ​ | ​ | — | ​ | —
​ | ​ | ​ | 91,620 | ​ | ​ | (16,530) | ​ | ​ | (7,058) | ​ | ​ | 68,032 | ​ | 13.35
Indefinite-lived intangibles: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquired in-process R&D | ​ | ​ | 2,600 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,600 | ​ | Indefinite-lived
​ | ​ | ​ | 2,600 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,600 | ​ | ​
Total | ​ | $ | 94,220 | ​ | $ | (16,530) | ​ | $ | (7,058) | ​ | $ | 70,632 |  | 13.35
​ ​ ​ The following table summarizes the estimated future amortization expense to be recognized over the next five years and periods thereafter: ​
​ | ​ | ​ | ​
​ |  | ​
​ | ​ | (In thousands)
2023 (remaining 3 months) | ​ | $ | 1,518
2024 | ​ | ​ | 6,074
2025 | ​ | ​ | 5,934
2026 | ​ | ​ | 5,683
2027 | ​ | ​ | 5,653
2028 | ​ | ​ | 5,553
Thereafter | ​ | ​ | 33,049
Total future amortization expense | ​ | $ | 63,464
​ ​ Acquired Product Technology Rights The acquired product technology rights are related to the rights to production, supply and distribution agreements of various products pursuant to the acquisitions of the Pediatric Portfolio in November 2019 and the Neos Acquisition in March 2021. Karbinal ER. The Company acquired and assumed all rights and obligations pursuant to the Supply and Distribution Agreement, as Amended, with Tris for the exclusive rights to commercialize Karbinal ER in the United States (the “Tris Karbinal Agreement”). The Tris Karbinal Agreement’s initial term terminates in August of 2033, with an optional initial 20-year extension. Poly-Vi-Flor and Tri-Vi-Flor. The Company acquired and assumed all rights and obligations pursuant to a Supply and License Agreement and various assignment and release agreements, including a previously agreed to Settlement and License Agreements (the “Poly-Tri Agreements”) for the exclusive rights to commercialize Poly-Vi-Flor and Tri-Vi-Flor in the United States. ADHD Portfolio. As part of the Neos Acquisition, the Company acquired product technology for the production and sale of Adzenys XR-ODT and Cotempla XR-ODT. The formulations for the ADHD products are protected by patented technology. The estimated economic life of these proprietary technologies is 17 years. Acquired Technology Right TRRP Technology. As part of the Neos Acquisition, the Company acquired Time Release Resin Particle (“TRRP”) proprietary technology, which is a proprietary drug delivery technology protected by the Company as a trade secret that allows the Company to modify the drug release characteristics of each of its respective products. The TRRP technology underlines the ADHD portfolio and can potentially be used in future product development initiatives as well. Acquired Product Distribution Rights (and Customer List) In connection with the Innovus Acquisition, the Company obtained 35 products with a combination of over 300 registered trademarks and/or patent rights and customer lists. As of June 30, 2022, the customer list intangible asset was fully amortized. Acquired In-Process R&D IPR&D – NT0502. As part of the Neos Acquisition, the Company acquired in-process research and development associated with NT0502, a new chemical entity that is for the treatment of sialorrhea, which is excessive salivation or drooling. As this is an indefinite-lived intangible asset, this acquired asset remains an indefinite-lived asset until the completion or abandonment of the associated research and development efforts. If a product using this technology is eventually approved for commercial sale, at that time, the in-process research and development will begin amortizing on a straight-line over the life of the product. Certain of the Company’s amortizable intangible assets include renewal options, extending the expected life of the asset. The renewal periods range between approximately 1 to 20 years depending on the license, patent or other agreement. Renewals are accounted for when they are reasonably assured. Intangible assets are amortized using the straight-line method over the estimated useful lives. Amortization expense of intangible assets was $1.5 million and $2.0 million for the three months ended March 31, 2023 and 2022, respectively; and $4.6 million and $6.1 million during the nine months ended March 31, 2023 and 2022, respectively.

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