As described in Note 10 – In-Licensing and Supply, under the Aegis Agreement the Company capitalized a $2.5 million milestone payment in August 2024 and a $5.0 million milestone payment in September 2024. Capitalized milestone payments are amortized on a straight-line basis over the estimated life of the intellectual property of 14.5 years, beginning from the first commercial sale of neffy in September 2024.

As described in Note 8 – Collaboration and Out-Licensing, under the Recordati Termination Agreement the Company capitalized the achievement of a €5.0 million ($5.9 million in U.S. dollars) milestone in June 2025. Capitalized milestone payments are amortized on a straight-line basis over the estimated life of the intellectual property of 13.5 years, beginning from the first commercial sale of EURneffy in June 2025.

Intangible assets, net, all of which are finite-lived, consisted of the following (in thousands):


	June 30, 2025			December 31, 2024
Capitalized milestone payments	$	13,360		$	7,500
Less accumulated depreciation		(388	)		(129	)
Total	$	12,972		$	7,371

The amortization expense for the three and six months ended June 30, 2025 was $0.1 million and $0.3 million, respectively. No intangible assets were held as of June 30, 2024, and there was no amortization expense recognized for the three and six months ended June 30, 2024.

As of June 30, 2025, estimated future amortization expense for capitalized intangible assets for the next five years is as follows (in thousands):


Year Ended December 31,	Amount
2025 (remaining six months)	$	476
2026		517
2027		517
2028		517
2029		517
Total	$	2,544