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Intangible Asset, Net
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Asset, Net

11. Intangible Asset, Net

 

Intangible asset, net consists of the following:

 

(in thousands) 

March 31,

2022

  

December 31,

2021

 
Xepi® license  $4,600   $4,600 
Less: Accumulated amortization   (1,255)   (1,150)
Intangible asset, net  $3,345   $3,450 

 

 

The Xepi® license intangible asset was recorded at acquisition-date fair value of $4.6 million and is amortized on a straight-line basis over the useful life of 11 years. Amortization expense for the three months ended March 31, 2022 and 2021 was $0.1 million.

 

We review the Xepi® license intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company did not recognize any impairment charges during the three months ended March 31, 2022 or March 31, 2021.