Intangible Asset

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Asset

(3)Intangible Asset

Intangible asset consists of website development costs and 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. For the year ended December 31, 2022, the Company capitalized $0.8 million of costs associated with the development of a global company website. 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, 2022, the intangible assets have an estimated weighted-average remaining useful life of 8.1 years. The carrying value as of December 31, 2022 and 2021 is as follows:

In thousands	December 31, 2022			December 31, 2021
Technology rights	$	32,859		$	32,081
Accumulated amortization		(11,079	)		(8,534	)
Intangible asset, net	$	21,780		$	23,547

Amortization expense for the years ended December 31, 2022 and 2021 was $2.5 million and $2.3 million, respectively. Estimated future amortization expense, based upon the Company’s intangible asset, as of December 31, 2022 is as follows:

In thousands
Year Ending December 31,	Amount
2023	$	2,805
2024		2,805
2025		2,805
2026		2,546
2027		2,546
Thereafter		8,273
Total	$	21,780