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Intangibles
 6 Months Ended
Jun. 30, 2025
Intangibles  
Intangibles

4. Intangibles

As a result of the Acquisition of VCN, the Company has an intangible asset, in-process research and development (“IPR&D”). The IPR&D is deemed to have indefinite lives and therefore not amortized. During the three months ended June 30, 2025, the Company announced in a press release that it had met the primary survival and safety endpoints in its VIRAGE Phase 2b clinical trial evaluating the Company’s lead product candidate VCN-01. As a result, the Company deemed this to be a change in circumstances that could indicate impairment. The Company updated its key assumptions used to value IPR&D including estimates of future cash flows and the discount rate applicable to the future cash flow periods. The Company determined that there was no impairment to the valuation of the IPR&D asset.

The following table provides the Company’s in-process R&D as of June 30, 2025.

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In-process

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R&D (in thousands)

Balance at December 31, 2024

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$

17,358

Effects of exchange rates

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​

2,266

Balance at June 30, 2025

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$

19,624

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There were no impairment charges recorded during the three months ended June 30, 2025 and 2024.