Licensed Rights and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Licensed Rights and Other Intangible Assets [Abstract]

Licensed rights and other intangible assets

4. Licensed rights and other intangible assets

The following provides information about our license rights and other intangible assets, net (in thousands):

	As of December 31, 2024						As of December 31, 2023
	Gross						Gross
	Carrying		Accumulated				Carrying		Accumulated
	Amount		Amortization		Net		Amount		Amortization		Net
Intangible assets subject to amortization:
Hormone therapy drug patents	$	5,766	$	2,058	$	3,708	$	6,818	$	1,871	$	4,947
Hormone therapy drug patents applied and pending approval		304		—		304		842		—		842
Intangible assets subject to amortization		6,070		2,058		4,012		7,660		1,871		5,789
Intangible assets not subject to amortization:
Trademarks/trade name rights		309		—		309		309		—		309
Intangible assets, net	$	6,379	$	2,058	$	4,321	$	7,969	$	1,871	$	6,098

We recorded, in continuing operations, amortization expense related to patents of $509.1 thousand for 2024 and $844.2 thousand for 2023, of which $483.5 thousand is accelerated amortization as a result of a review of our intangible assets.

The Company conducts regular reviews of the individual patents and portfolios. As a result of this review and also based on input from its licensing partners, in the three months ended June 30, 2024 the Company determined it had an indicator of impairment, as it had abandoned the legal right and title to a portion of its granted patent portfolio and had ceased pursuit of a portion of its pending patents based on input from its licensing partners. The Company recognized an impairment loss of $1,268 thousand related to those abandoned patents and applications, which is classified as an impairment of long-lived assets on the Company’s consolidated statements of operations for the twelve months ended December 31, 2024.  In the year ending December 31, 2023, we did not impair any of our hormone therapy drug patent assets.

Our intangible assets subject to amortization are expected to be amortized as follows (in thousands):

Year ending December 31,
2025	$	384
2026		384
2027		384
2028		385
2029		384
Thereafter		1,787
Total	$	3,708