Intangible Assets

Definite-lived Intangible Assets

In connection with the Company’s acquisition of IGX (see Note 4, Acquisitions), the Company acquired ownership and intellectual property rights to IGX’s Oral Thin Film (“OTF”) platform technology. This platform technology serves as the foundation and platform to deliver active pharmaceutical ingredients for both the Company’s and other potential customer products. The Company determined there to be legal and competitive factors that limit the useful life of these OTF Technologies and therefore designated them as a definite-lived intangible asset.

In addition, the Company acquired a manufacturing contract with regards to IGX's right to manufacture gBelBuca, a generic version of Belbuca®, an opioid that is used to manage chronic pain severe enough to require daily, around-the-clock, long-term treatment. This manufacturing contract includes potential future royalty and milestone payments, for which the Company is now eligible to receive.

In accordance with the acquisition method of accounting, the Company allocated the acquisition cost for the transaction to the underlying assets acquired and liabilities assumed, based upon the estimated fair values of those assets and liabilities at the date of acquisition. The value allocated to the OTF Technology was $2.4 million, which will be amortized over the remaining estimated useful life of approximately 10 years. The value allocated to the gBelBuca contract was $0.2 million, which will be amortized over the estimated remaining useful life of approximately 19 years.

In addition to the definite-lived intangible assets above, the Company's definite-lived intangible assets also includes internal-use software costs, which will be amortized over the estimated remaining useful life of approximately 4.2 years from the date the software was put into service.

Indefinite-lived Intangible Assets

As of December 31, 2025, the Company owned various intellectual property, including clinical trial data from previously consolidated or wholly owned subsidiaries and other intangible assets. The Company has designated each of these intangible assets to be indefinite-lived as there are no characteristics that limit each asset's useful life. For the year ended December 31, 2025, the Company impaired certain intangible assets and recognized an immaterial impairment expense within Research and development expenses in its consolidated statement of operations.

As of December 31, 2024, the Company determined it was no longer pursuing digital therapeutics as an enabling technology for its product compounds. The Company performed an impairment assessment and concluded its in-process digital therapeutics application platforms were fully impaired. The carrying value of these indefinite-lived intangible assets prior to the Company's assessment was $0.9 million and the Company recognized impairment expense of $0.9 million within Research and development expenses in its consolidated statement of operations for the year ended December 31, 2024.

The Company continually evaluates whether events or circumstances have occurred that indicate that the carrying value of the intangible assets may be impaired or that the estimated remaining useful lives of these assets may warrant revision. The Company recognized an immaterial impairment for the year ended December 31, 2025 related to certain in-process research and development intangible assets. Other than the impairment explained above, as of December 31, 2025, the Company determined that no other intangible assets were impaired and that there are no facts or circumstances that would indicate a need for changing the estimated remaining useful lives of these assets.

For the years ended December 31, 2025 and 2024, amortization expense related to these intangible assets was $0.4 million and $0.2 million, respectively.

The weighted average remaining useful lives of all amortizable assets is approximately 9.4 years.

Goodwill

In connection with the Company's acquisition of Nualtis (see Note 4, Acquisitions), the Company also recognized $0.3 million in goodwill, which was the difference between the amount of consideration associated with the transaction in excess of the fair value of net assets acquired. The goodwill is primarily attributable to the synergies of merging operations, expected future cash flows and the value of the acquired workforce. As of December 31, 2025 and 2024, the balance of goodwill was approximately $0.3 million.

Digital Assets

In 2025, the Company paid approximately $10.0 million in cash in return for approximately 100 Bitcoins. As of December 31, 2025, the Company's holdings in digital assets consisted exclusively of Bitcoin. The Company did not hold any digital assets until 2025.

Under ASC 350-60, the Company’s digital assets are measured at fair value based on quoted prices on active exchanges, and are therefore categorized as Level 1 investments in the fair value hierarchy. The Company recognizes changes in the fair value of its digital assets as gains or losses in Change in fair value of digital assets, net on the Company's consolidated statements of operations during the period in which they occur.