Licensed Rights and Other Intangible Assets

6 Months Ended

Jun. 30, 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 as of June 30, 2024 and December 31, 2023 (in thousands):

	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Intangible assets subject to amortization:
Hormone therapy drug patents	$	5,753	$	1,862	$	3,891	$	6,818	$	1,871	$	4,947
Hormone therapy drug patents applied and pending approval		324		—		324		842		—		842
Intangible assets subject to amortization		6,077		1,862		4,215		7,660		1,871		5,789
Intangible assets not subject to amortization:
Trademarks/trade name rights		309		—		309		309		—		309
License rights and other intangible assets, net	$	6,386	$	1,862	$	4,524	$	7,969	$	1,871	$	6,098

We recorded, in continuing operations, amortization expense related to patents of $180 thousand and $19 thousand for the three months ended June 30, 2024 and 2023, respectively, and $313 thousand and $39 thousand for the six months ended June 30, 2024 and 2023, respectively.

The Company conducts regular reviews of the individual patents and portfolios. As a result of this review, also based on input from its licensing partners, for the six 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 $1,261 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.

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

Year ending December 31,
2024	$	192
2025		384
2026		384
2027		384
2028		384
Thereafter		2,163
Total	$	3,891