Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

6. Intangible assets, net

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

	As of December 31, 2022
	Cost		Accumulated Amortization			Net
License milestones	$	4,069	$	(509	)	$	3,560
Total	$	4,069	$	(509	)	$	3,560
	As of December 31, 2021
	Cost		Accumulated Amortization			Net
License milestones	$	4,329	$	(180	)		4,149
Total	$	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. Amortization of intangible assets was $0.3 million and $0.2 million for the years ended December 31, 2022 and 2021, respectively. The effect of foreign currency translation on the net carrying value of intangible assets during the year ended December 31, 2022 was $0.2 million. The effect of foreign currency translation on the net carrying value of intangible assets during 2021 was not material.

The following table summarizes the estimated future amortization for intangible assets for the next five years and thereafter (in thousands):

2023	$	343
2024		343
2025		343
2026		343
2027		343
Thereafter		1,845
Total	$	3,560