Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 13. Intangible Assets

EryDel Intangible Assets

The following table provides details of the carrying amount of the Company's indefinite-lived intangible asset (in thousands):

		March 31, 2024
In-process research and development:
	Balance as of December 31, 2023	$	63,197
	Impairment charge		—
	Foreign currency translation adjustments		(1,402	)
	Balance as of March 31, 2024	$	61,795

The following table provides details of the carrying amount of the Company's finite-lived intangible asset (in thousands, except useful life):

			As of March 31, 2024							As of December 31, 2023
		Useful life	Cost		Accumulated Amortization			Net Carrying Value		Cost		Accumulated Amortization			Net Carrying Value
Finite life intangible assets:
	Trade name	21 years	$	460	$	(10	)	$	450	$	460	$	(4	)	$	456
	Impairment charge								—							—
	Foreign currency translation adjustments								8							19
	Total							$	458						$	475

The Company performs annual impairment reviews of its intangible assets during the fourth fiscal quarter or more frequently if appropriate. As of March 31, 2024, the Company did not incur any impairment losses related to its EryDel intangible assets.

Novosteo Intangible Assets

In January 2023, the Company decided to abandon internal development of NOV004 and pursue out-licensing opportunities. As a result, several of the assumptions used in determining the initial fair value have changed including discount rate and expected cash flows and thus triggered the need for an interim impairment assessment as required under ASC 350. And so, the Company performed a fair value assessment of the Intellectual Property as of March 31, 2023, and based upon this assessment, the fair value was determined to be significantly below its carrying value and resulted in an asset impairment charge of $5.9 million during the three months ended March 31, 2023.

Goodwill

The following table summarizes the changes in the carrying amount of goodwill (in thousands):

Balance as of December 31, 2023	$	17,625
Foreign currency translation adjustments		(380	)
Balance as of March 31, 2024	$	17,245

As part of the EryDel Acquisition, the Company recorded goodwill, the excess of the fair value of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired.

The Company evaluates goodwill at least annually, as well as whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. The Company concluded that no impairment exists for the three months ended March 31, 2024.