Intangible Asset

3 Months Ended

Mar. 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 5 – Commitments and Contingencies for further details. In accordance with ASC 350, the Company evaluates the remaining useful lives 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 March 31, 2021, the Company determined the useful life of the intangible asset, which had a remaining useful life of 9.3 years, has been extended to 10.0 years due to the approval of VAZKEPA in Europe and the related period of market protection. The carrying value as of March 31, 2021 and December 31, 2020 is as follows:

In thousands	March 31, 2021			December 31, 2020
Technology rights	$	32,081		$	20,081
Accumulated amortization		(6,625	)		(6,264	)
Intangible asset, net	$	25,456		$	13,817