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Licensed Rights and Other Intangible Assets
 9 Months Ended
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