Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangibles Assets, Net

The following table sets forth the gross carrying amounts and related accumulated amortization of intangible assets (dollars in thousands):

	September 30, 2024							December 31, 2023
	(unaudited)
	Remaining Weighted Average Life (Years)	Carrying Amount, Gross		Accumulated Amortization		Carrying Amount, Net		Carrying Amount, Gross		Accumulated Amortization		Carrying Amount, Net
Acquired in-process research and development		$	124,000	$	—	$	124,000	$	124,000	$	—	$	124,000
Intangible assets subject to amortization:
Acquired developed technology and product rights	6.15	661,311		(245,155)		416,156		661,311		(190,395)		470,916
Capitalized patent defense costs	0.00	43,820		(43,820)		—		43,820		(38,847)		4,973
Total intangible assets	6.15	$	829,131	$	(288,975)	$	540,156	$	829,131	$	(229,242)	$	599,889

Amortization expense for intangible assets was $19.5 million and $59.7 million for the three and nine months ended September 30, 2024, and $21.2 million and $61.3 million for the three and nine months ended September 30, 2023, respectively.

U.S. patents covering Trokendi XR and Oxtellar XR will expire no earlier than 2027. The Company entered into settlement agreements that allowed third parties to enter the Trokendi XR market on January 1, 2023. The Company entered into settlement and license agreements that allowed a third party to enter the Oxtellar XR market in September 2024.

The Company entered into settlement and license agreements that allows third parties to enter the XADAGO market in December 2027, or sooner under certain conditions.