Intangible Assets, Net

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

5. Intangible assets, net

Intangible assets, net of accumulated amortization, consisted of the following (amounts in thousands):

	June 30, 2022							December 31, 2021
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
License intangibles	$	4,075	$	(339	)	$	3,736	$	4,329	$	(180	)	$	4,149
Total	$	4,075	$	(339	)	$	3,736	$	4,329	$	(180	)	$	4,149

License intangibles consist of capitalized milestone payments or accruals of payments the Company has deemed probable upon receiving regulatory approval of Libmeldy in the EU. The license intangibles are being amortized on a straight-line basis over the remaining useful life of the related patents of approximately twelve years. For the three and six months ended June 30, 2022, amortization of intangible assets totaled $0.1 million and $0.2 million, respectively. For the three and six months ended June 30, 2021, amortization of intangible assets was nil. The effect of foreign currency translation on the net carrying value of intangible assets for each of the three and six months ended June 30, 2022 was $0.2 million. The following table summarizes the estimated future amortization for intangible assets for the next five years and thereafter (amounts in thousands):

Year Ending December 31,
2022 (Remaining six months)	$	183
2023		354
2024		354
2025		354
2026		354
Thereafter		2,137
Total	$	3,736