Goodwill and Intangibles, Net

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

11. Goodwill and Intangibles, Net

Goodwill

The following table represents the change in the carrying value of goodwill for the six months ended June 30, 2025:


(in thousands)	Amount
Balance at January 1, 2025	$	61,189
Acquisition of Evergreen		116,221
Reclassification to assets held for sale(1)		(541	)
Balance at June 30, 2025	$	176,869

(1)

Amounts reclassified to assets held for sale as a result of the pending sale of the assets and liabilities associated with the Company’s SPECT business. See Note 8, “Assets and Liabilities Held for Sale”, for more information.

Intangibles, net, consisted of the following:


	June 30, 2025
(in thousands)	Useful Lives (in years)	Amortization Method	Gross		Accumulated Amortization			Net
Amortizable:
Trademarks	15 - 25	Straight-line	$	13,540	$	(12,436	)	$	1,104
Customer relationships	5	Accelerated		102,961		(86,788	)		16,173
Currently marketed products	9 - 15	Straight-line		132,800		(60,411	)		72,389
Licenses	11 - 16	Straight-line		22,233		(13,685	)		8,548
Developed technology	7 - 9	Straight-line		55,982		(9,250	)		46,732
Total amortizable intangibles				327,516		(182,570	)		144,946
Non-amortizable:
In-process research and development	Indefinite			215,000		—			215,000
Total intangibles, net			$	542,516	$	(182,570	)	$	359,946


	December 31, 2024
(in thousands)	Useful Lives (in years)	Amortization Method	Gross		Accumulated Amortization			Net
Trademarks	15 - 25	Straight-line	$	13,540	$	(12,363	)	$	1,177
Customer relationships	15 - 25	Accelerated		157,742		(136,647	)		21,095
Currently marketed products	9 -15	Straight-line		132,800		(53,033	)		79,767
Licenses	11 - 16	Straight-line		22,233		(13,203	)		9,030
Developed technology	7 - 9	Straight-line		55,982		(5,290	)		50,692
Total intangibles, net			$	382,297	$	(220,536	)	$	161,761

The Company recorded amortization expense for its intangible assets of $8.0 million and $10.2 million for the three months ended June 30, 2025 and 2024, respectively and $16.0 million and $20.1 million for the six months ended June 30, 2025 and 2024, respectively.

On August 2, 2023, the Company sold the right to its RELISTOR royalty asset under its license agreement with Bausch Health Companies, Inc.; the Company retained the rights to future sales-based milestone payments. The Company received an initial payment of approximately $98.0 million in connection with the sale and has the right to receive an additional payment from the buyer of $5.0 million, if worldwide net sales of RELISTOR in 2025 exceed specified thresholds. No sales-based milestone payment was earned in the three and six months ended June 30, 2025.

In the first quarter of 2024, the Company discontinued the production and promotion of AZEDRA and no AZEDRA was manufactured after March 1, 2024, when the Company transferred the tangible assets and associated lease of its Somerset Facility to Perspective. See Note 7, “Property, Plant and Equipment, Net” for impairment analysis.

In June 2024, the Company entered into an agreement with the stockholders of Meilleur (“Meilleur Stockholders”) to purchase all of the outstanding capital stock of Meilleur (which holds the rights under a license agreement to develop and commercialize NAV-4694) for approximately $32.9 million. The Company recorded a developed technology intangible asset of $40.3 million as a result of the purchase price and the specific assets and liabilities of Meilleur that were acquired as part of the asset acquisition based on their value at the agreed upon closing date. In August 2024, upon successful completion of a technology transfer, the Company paid $10.0 million to the Meilleur Stockholders. This additional contingent payment was capitalized as part of the asset cost and increased the total value of the Company’s developed technology intangible assets. See Note 19, “Acquisitions” for further discussion of the Meilleur acquisition.

The below table summarizes the estimated aggregate amortization expense expected to be recognized on the above intangible assets:


(in thousands)	Amount
Remainder of 2025	$	15,941
2026		32,606
2027		27,095
2028		23,789
2029		23,645
2030 and thereafter		21,870
Total	$	144,946