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Licensed Rights and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Licensed Rights and Other Intangible Assets [Abstract] |
Licensed rights and other intangible assets | 4. Licensed rights and other intangible assets The following provides information about our license rights and other intangible assets, net as of September 30, 2024 and December 31, 2023 (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hormone therapy drug patents |  | $ | 5,753 |  |  | $ | 1,957 |  |  | $ | 3,796 |  |  | $ | 6,818 |  |  | $ | 1,871 |  |  | $ | 4,947 |
Hormone therapy drug patents applied and pending approval |  |  | 323 |  |  |  | — |  |  |  | 323 |  |  |  | 842 |  |  |  | — |  |  |  | 842 |
Intangible assets subject to amortization |  |  | 6,076 |  |  |  | 1,957 |  |  |  | 4,119 |  |  |  | 7,660 |  |  |  | 1,871 |  |  |  | 5,789 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks/trade name rights |  |  | 309 |  |  |  | — |  |  |  | 309 |  |  |  | 309 |  |  |  | — |  |  |  | 309 |
License rights and other intangible assets, net |  | $ | 6,385 |  |  | $ | 1,957 |  |  | $ | 4,428 |  |  | $ | 7,969 |  |  | $ | 1,871 |  |  | $ | 6,098 |
We recorded, in continuing operations, amortization expense related to patents of $96 thousand and $110 thousand for the three months ended September 30, 2024 and 2023, respectively, and $409 thousand and $227 thousand for the nine months ended September 30, 2024 and 2023, respectively. The Company conducts regular reviews of the individual patents and portfolios. As a result of this review, also based on input from its licensing partners in the three months ended June 30, 2024, the Company determined it had an indicator of impairment, as it had abandoned the legal right and title to a portion of its granted patent portfolio and had ceased pursuit of a portion of its pending patents based on input from its licensing partners. The Company recognized an impairment loss of $1,261 thousand related to those abandoned patents and applications, which is classified as an impairment of long-lived assets on the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2024. Our intangible assets subject to amortization are expected to be amortized as follows (in thousands):
Year ending December 31, |  |
2024 |  | $ | 97 |
2025 |  |  | 384 |
2026 |  |  | 384 |
2027 |  |  | 384 |
2028 |  |  | 384 |
Thereafter |  |  | 2,163 |
Total |  | $ | 3,796 |

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