Goodwill and Intangibles, Net

9 Months Ended

Sep. 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 nine months ended September 30, 2025:


(in thousands)	Amount
Balance at January 1, 2025	$	61,189
Acquisition of Evergreen	$	116,221
Acquisition of Life Molecular	$	64,464
Reclassification to assets held for sale(1)	$	(2,138	)
Foreign currency translation adjustments	$	592
Balance at September 30, 2025	$	240,328

(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:


	September 30, 2025
(in thousands)	Useful Lives (in years)	Amortization Method	Gross		Accumulated Amortization			Net
Amortizable:
Trademarks	25	Straight-line	$	13,540	$	(12,473	)	$	1,067
Customer relationships	5	Accelerated		102,908		(88,781	)		14,127
Currently marketed products	9 - 10.5	Straight-line		492,800		(70,788	)		422,012
Licenses	13 - 16	Straight-line		22,233		(13,926	)		8,307
Developed technology	7 - 9	Straight-line		55,982		(11,231	)		44,751
Total amortizable intangibles				687,463		(197,199	)		490,264
Non-amortizable:
In-process research and development	Indefinite			249,000		—			249,000
Total intangibles, net			$	936,463	$	(197,199	)	$	739,264


	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 $14.6 million and $11.9 million for the three months ended September 30, 2025 and 2024, respectively and $30.6 million and $32.0 million for the nine months ended September 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 nine months ended September 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 18, “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	$	16,521
2026		66,891
2027		61,380
2028		58,074
2029		57,930
2030 and thereafter		229,468
Total	$	490,264