v3.26.1
Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2025
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 5 – INTANGIBLE ASSETS AND GOODWILL

 

Intangible assets, net consists of the following (in thousands):

 

   December 31, 2025   December 31, 2024 
   Gross Carrying Amount   Accumulated Amortization   Impairment   Net   Gross Carrying Amount   Accumulated Amortization   Net 
In-process research and development  $2,900,000   $
-
   $(2,900,000)  $
-
   $2,900,000   $
-
   $2,900,000 
Patents and intellectual property   5,671,478    (1,890,492)   
-
    3,780,986    5,671,478    (1,260,328)   4,411,150 
Intangible assets, net  $8,571,478   $(1,890,492)  $(2,900,000)  $3,780,986   $8,571,478   $(1,260,328)  $7,311,150 

 

As of December 31, 2025, future expected amortization expense of Intangible assets was as follows:

 

2026  $630,164 
2027   630,164 
2028   630,164 
2029   630,164 
2030   630,164 
Thereafter   630,166 
Remaining future amortization expense  $3,780,986 

 

During the year ended December 31, 2025, the Company performed its annual impairment test and determined that a triggering event occurred due to the Company strategically determining to abandon its PAS-003 program which represented a significant adverse change in the expected use and future cash flows of the associated assets. Therefore, the Company impaired the entirety of its intangible assets and goodwill related to the PAS-003 program in the amounts of approximately $2.9 million and $1.3 million, respectively, during the year ended December 31, 2025. These expenses were recorded in general and administrative expenses on the consolidated statements of operations and comprehensive loss.

 

There were no changes to goodwill for the year ended December 31, 2024.