Intangibles, Net

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

10. Intangibles, Net

Intangibles, net, consisted of the following:


	March 31, 2025
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,399)	$	1,141
Customer relationships	15 - 25	Accelerated	157,750		(138,725)		19,025

Currently marketed products	9 - 15	Straight-Line	132,800		(56,722)		76,078
Licenses	11 - 16	Straight-Line	22,233		(13,444)		8,789
Developed technology	7 - 9	Straight-Line	55,982		(7,270)		48,712

Total			$	382,305	$	(228,560)	$	153,745


	December 31, 2024
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		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			$	382,297	$	(220,536)	$	161,761

The Company recorded amortization expense for its intangible assets of $8.0 million and $9.9 million for the three months ended March 31, 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 a specified threshold. The additional payment would be recognized upon achievement of the specified threshold. No sales-based milestone payment was earned in the three months ended March 31, 2025 and 2024.

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	$	24,047
2026	32,860
2027	27,335
2028	23,849
2029	23,691
2030 and thereafter	21,963
Total	$	153,745