Intangibles, Net and Goodwill

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

6. Intangibles, Net and Goodwill

Intangibles, Net

Finite-lived Intangible Assets

As of June 30, 2025, the Company's finite-lived intangible assets consisted of acquired ARIKAYCE R&D and the milestones paid to PARI Pharma GmbH (PARI) for the license to use the Lamira® Nebulizer System (Lamira) for the delivery of ARIKAYCE to patients as a result of the FDA and EC approvals of ARIKAYCE in September 2018 and October 2020, respectively. The Company began amortizing its acquired ARIKAYCE R&D and PARI milestone-related intangible assets in October 2018, over ARIKAYCE's initial regulatory exclusivity period of 12 years. Amortization of these assets during each of the next five years is estimated to be approximately $5.1 million per year.

Indefinite-lived Intangible Assets

As of June 30, 2025, the Company's indefinite-lived intangible assets consisted of acquired IPR&D from the Business Acquisition (see Note 16 - Acquisitions). Indefinite-lived intangible assets are not amortized. A rollforward of the Company's intangible assets for the six months ended June 30, 2025 and 2024 is as follows (in thousands):



Intangible Asset	December 31, 2024		Additions		Amortization		June 30, 2025
Acquired ARIKAYCE R&D	$	27,888	$	—	$	(2,425)	$	25,463
Acquired IPR&D	29,600		—		—		29,600
PARI milestones	1,164		—		(101)		1,063
	$	58,652	$	—	$	(2,526)	$	56,126

Intangible Asset	December 31, 2023		Additions		Amortization		June 30, 2024
Acquired ARIKAYCE R&D	$	32,738	$	—	$	(2,425)	$	30,313
Acquired IPR&D	29,600		—		—		29,600
PARI milestones	1,366		—		(101)		1,265
	$	63,704	$	—	$	(2,526)	$	61,178

Goodwill

The Company's goodwill balance of $136.1 million as of June 30, 2025 and December 31, 2024, resulted from the Business Acquisition. See Note 16 - Acquisitions for further details.