Intangible Asset

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Asset

(3)Intangible Asset

Intangible asset consists of milestone payments to the former shareholders of Laxdale related to the 2004 acquisition of the rights to VASCEPA, which is the result of VASCEPA receiving marketing approval in the U.S. for the first indication in 2012, the expanded label in 2019 and marketing approval in Europe in 2021. Upon approval of the marketing authorization application for VAZKEPA in March 2021, a milestone for £7.5 million was achieved, which resulted in the Intangible asset increasing by $12.0 million. Refer to Note 8 – Commitments and Contingencies for further details. In accordance with ASC 350, the Company evaluates the remaining useful life of the intangible asset at each reporting period to determine if any events or circumstances warrant a revision to the remaining period of amortization. As of December 31, 2021, the intangible asset has an estimated weighted-average remaining useful life of 9.3 years. The carrying value as of December 31, 2021 and 2020 is as follows:

In thousands	December 31, 2021			December 31, 2020
Technology rights	$	32,081		$	20,081
Accumulated amortization		(8,534	)		(6,264	)
Intangible asset, net	$	23,547		$	13,817

Amortization expense for the years ended December 31, 2021 and 2020 was $2.3 million and $1.4 million, respectively. Estimated future amortization expense, based upon the Company’s intangible asset, as of December 31, 2021 is as follows:

In thousands
Year Ending December 31,	Amount
2022	$	2,546
2023		2,546
2024		2,546
2025		2,546
2026		2,546
Thereafter		10,817
Total	$	23,547