Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2024

Goodwill and other intangible assets

Goodwill and other intangible assets

8.        Goodwill and other intangible assets

The Company performs an annual impairment test at the reporting unit level as of April 1st of each fiscal year or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable.

Elusys Therapeutics Goodwill and Intangible Assets

In connection with the 2022 acquisition of Elusys Therapeutics, Goodwill of $3.3 million and an intangible asset of $8.7 million was allocated to the Elusys Therapeutics reporting unit. The Elusys Therapeutics’ intangible asset relates to the ANTHIM® formulation and was being amortized over its remaining patent life. During the second quarter of 2023, the

Company finalized the purchase price allocation for the Elusys Therapeutics acquisition and recorded a measurement period adjustment that increased goodwill by approximately $0.6 million to a balance of $3.9 million.

During the third quarter of 2023, the Company’s activities with regard to the divesture of the Elusys Therapeutics business met the criteria to report as discontinued operations. The Company evaluated its intangible asset and goodwill for impairment under ASC 360, Property, Plant, and Equipmment and ASC 350, Intangibles—Goodwill and Other. As a result, goodwill was fully impaired by $3.9 million and intangible assets were partially impaired by $2.3 million. These impairments resulted in the carrying value of the assets of discontinued operations being less than the fair value and therefore no loss was recognized upon reclassification of the disposal group to discontinued operations. See Note 2.

The following table provides the Company’s goodwill and intangible assets as of December 31, 2023:

			Intangible
	Goodwill		Assets
Balance at December 31, 2022	$	3,301,959	$	8,669,375
Acquisition fair value adjustment		571,120		—
Impairment		(3,873,079)		(2,277,921)
Amortization		—		(1,091,250)
Reclassified to discontinued operations		—		(5,300,204)
Balance at December 31, 2023	$	—	$	—

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