Intangible Assets, Net

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible Assets, Net

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

	March 31, 2025							December 31, 2024
	(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
Intangible assets subject to amortization:
Acquired developed technology and product rights	6.7	785,311		(283,185)		502,126		661,311		(263,399)		397,912
Capitalized patent defense costs	0.0	43,820		(43,820)		—		43,820		(43,820)		—
Total intangible assets	6.7	$	829,131	$	(327,005)	$	502,126	$	829,131	$	(307,219)	$	521,912

Amortization expense for intangible assets was $19.8 million for the three months ended March 31, 2025, and $20.1 million for the three months ended March 31, 2024, respectively.

In February 2025, the FDA approved ONAPGO and as such, the research and development efforts for the Company's acquired in-process research and development asset is considered complete. As of the FDA approval date, the ONAPGO intangible asset is a definite-life intangible asset subject to amortization and has a useful life of 10 years.

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.