INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

INTANGIBLE ASSETS

The following table reflects the gross carrying amounts and net book values of intangible assets as of December 31, 2022 and 2021 (dollar amounts in thousands):

	December 31, 2022							December 31, 2021
Product rights	Remaining Useful Life (In years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
INDOCIN	9.4	$	154,100	$	(33,495)	$	120,605	$	154,100	$	(20,654)	$	133,446
Otrexup	7.0	44,086		(5,511)		38,575		44,086		—		44,086
Sympazan	11.8	14,550		(202)		14,348		—		—		—
SPRIX	4.4	39,000		(14,532)		24,468		39,000		(8,960)		30,040
CAMBIA	0.0	51,360		(51,360)		—		51,360		(43,410)		7,950
Zipsor	0.0	27,250		(27,250)		—		27,250		(26,718)		532
Total Intangible Assets		$	330,646	$	(132,650)	$	197,996	$	316,096	$	(100,042)	$	216,054

Amortization expense was $32.6 million and $28.1 million for the years ended December 31, 2022 and 2021, respectively.

The following table reflects future amortization expense the Company expects for its intangible assets (in thousands):

Year Ending December 31,	Estimated Amortization Expense
2023	$	25,136
2024	25,136
2025	25,136
2026	25,136
2027	21,747
Thereafter	75,705
Total	$	197,996

The Company evaluates long-lived assets, including property and equipment and acquired intangible assets consisting of product rights, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. In the third quarter of 2022, the Company determined that there was an indicator of impairment present based on the Company’s market capitalization as of September 30, 2022, compared to its carrying value. After grouping the long-lived assets, including purchased developed technology and trademarks, at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other assets and liabilities, the Company estimated the future net undiscounted cash flows expected to be generated from the use of the long-lived asset group and its eventual disposition. The Company then compared the estimated undiscounted cash flows to the carrying amount of the long-lived asset group. Based on this test, the Company determined that the estimated undiscounted cash flows were in excess of the carrying amount of the long-lived asset group and, accordingly, the long-lived asset group is fully recoverable. There were no indicators of impairment identified during the three months ended December 31, 2022. The Company recognized no impairment of its long-lived assets during the years ended December 31, 2022 and 2021.