Intangible Asset, Net

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSET, NET

As of June 30, 2025, the Company’s net definite-lived intangible asset, which resulted from the capitalization of certain milestone payments made or accrued related to its license agreement for the intellectual property contained in its drug product, included a gross intangible asset of $10.5 million, less accumulated amortization of $0.9 million for a net intangible asset of $9.6 million. The Company amortizes the intangible asset to cost of revenue over the remaining life of the underlying patent protecting the intellectual property through 2038.

As of June 30, 2025, amortization expense for the next five years and beyond is summarized as follows (in thousands):


Year	Amortization expense
2025 (remainder of year)	$	375
2026	750
2027	750
2028	750
2029	750
Thereafter	6,250
Total	$	9,625

The Company began amortizing its finite-lived intangible assets in April 2024 over a 14-year period based on the expected patent exclusivity period for XOLREMDI. Amortization expense totaled $0.2 million and $0.4 million for the three and six months ended June 30, 2025, respectively, and $0.1 million for both the comparable prior year periods. Amortization expense is recorded as a component of cost of revenue on the condensed consolidated statements of operations and comprehensive (loss) income.