Intangible assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

Intangible assets

Intangible assets, net of accumulated amortization, are summarized as follows (in thousands):

	As of December 31, 2023
	Cost		Accumulated amortization		Impairment		Net
In-licensed rights	11,089		(651)		—		10,438
Total	$	11,089	$	(651)	$	—	$	10,438

	As of December 31, 2022
	Cost		Accumulated amortization		Impairment		Net
In-licensed rights	5,000		(132)		—		4,868
Total	$	5,000	$	(132)	$	—	$	4,868

Amortization expense for intangible assets was $0.5 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively.

In-licensed rights

In-licensed rights consist of capitalized milestone payments made to third parties upon receiving regulatory approval of ZYNTEGLO, SKYSONA, and LYFGENIA in the U.S. The in-licensed rights are being amortized on a straight-line basis over the remaining life of the product exclusivity period in the U.S. of approximately twelve years per product, as the life of the product exclusivity reflects the expected time period that the Company will benefit from the in-licensed rights.

The following table summarizes the estimated future amortization for intangible assets for the next five years and thereafter (in thousands):

	As of December 31, 2023
2024	$	926
2025	926
2026	926
2027	926
2028	926
2029 and thereafter	$	5,808
Total	$	10,438