Intangible Assets

9 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

Intangible assets subject to amortization include patents and a license agreement capitalized as part of the Novartis RNAi asset acquisition in March 2015. The following table presents the components of intangible assets:

	Gross Carrying Amount		Accumulated Amortization		Impairment		Net Carrying Amount		Useful Lives
	(in thousands)								(in years)
As of June 30, 2025
Patents	$	21,728	$	16,037	$	—	$	5,691	14
License	3,129		1,534		—		1,595		21
Total intangible assets, net	$	24,857	$	17,571	$	—	$	7,286
As of September 30, 2024
Patents	$	21,728	$	14,873	$	—	$	6,855	14
License	3,129		1,422		—		1,707		21
Total intangible assets, net	$	24,857	$	16,295	$	—	$	8,562

Intangible assets are reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during the nine months ended June 30, 2025 and 2024.

Intangible assets with definite useful lives are amortized on a straight-line basis over their useful lives. Intangible assets amortization expense was $0.4 million for the three months ended June 30, 2025 and 2024, and $1.3 million for each of the nine months ended June 30, 2025 and 2024. None of the intangible assets with definite useful lives are anticipated to have a residual value.

The following table presents the estimated future amortization expense related to intangible assets as of June 30, 2025:

	Amortization Expense
Year Ending September 30,	(in thousands)
2025 (remainder)	$	424
2026	1,700
2027	1,700
2028	1,700
2029	795
2030 and thereafter	967
Total	$	7,286