Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

Intangible Assets 

As of December 31, 2024, certain assets of the MOD3 reporting unit were classified as held for sale, including intangible assets net, of $0.2 million - see Note 6 for further details. During the year ended December 31, 2025, the Company recorded an impairment of intangible assets of $0.2 million in the consolidated statement of operations.

Prior to the Company's acquisition of MOD3, MOD3 entered into the License Agreement with Cara, for oral formulation rights to MOD3 technology to develop and commercialize Oral KORSUVATM in any indication worldwide, excluding South Korea and Japan. Cara is obligated to pay MOD3 certain development, regulatory and tiered commercial milestone payments, as well as low single-digit royalties based on net sales in the licensed territory. During 2024, the Company concluded that the milestones and royalties pursuant to the License Agreement would not be realized as a result of non-viability of product covered by the License Agreement and as a result the Company has recognized a full impairment on the license of its remaining net book value of $5.8 million which is included in the "Loss on impairment" section of our consolidated statements of operations.

There was no amortization expense related to intangible assets during the year ended December 31, 2025. Amortization expense related to intangible assets was $0.5 million for the year ended December 31, 2024.