INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The following table reflects the gross carrying amounts and net book values of intangible assets as of March 31, 2024 and December 31, 2023 (dollar amounts in thousands):


		March 31, 2024				December 31, 2023
Products rights:	Remaining Useful Life (In years)	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization		Impairment		Net Book Value
ROLVEDON	9.3	$	63,405	$	(6,787)		$	56,618	$	220,500	$	(5,270)	$	(157,095)	$	58,135
INDOCIN	1.8	65,606		(47,413)			18,193		154,100		(44,814)		(88,494)		20,792
Sympazan	10.6	14,550		(1,718)			12,832		14,550		(1,415)		—		13,135
Otrexup	5.7	16,364		(10,364)			6,000		44,086		(10,103)		(27,723)		6,260
SPRIX	3.1	32,673		(20,615)			12,058		39,000		(19,663)		(6,327)		13,010
Total intangible Assets		$	192,598	$	(86,897)		$	105,701	$	472,236	$	(81,265)	$	(279,639)	$	111,332

Amortization expense was $5.6 million and $6.3 million for the three months ended March 31, 2024 and 2023, respectively.

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


Year Ending December 31,	Estimated Amortization Expense
2024 (remainder)	16,894
2025	22,526
2026	12,130
2027	9,909
2028	8,322
Thereafter	35,920
Total	$	105,701

During the three months ended March 31, 2024, the Company’s market capitalization declined to below the book value of the Company’s equity, which management determined represented an indicator of impairment with respect to its long-lived assets. Applying the relevant accounting guidance, the Company first assessed the recoverability of its long-lived assets. Similar to its previous assessment in the fourth quarter of 2023, as described in the Company’s 2023 Form 10-K, management concluded it was appropriate to group its assets at the product level. After grouping the long-lived assets 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 groups and their eventual disposition. The Company then compared the estimated undiscounted cash flows to the carrying amounts of the long-lived asset groups. Based on this test, the Company determined that the estimated undiscounted cash flows were in excess of the carrying amounts for all of the long-lived asset groups and, accordingly, that the long-lived asset groups are fully recoverable and no adjustment to their carrying values was required.