v3.26.1
INTANGIBLE ASSETS AND GOODWILL
 3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 6. INTANGIBLE ASSETS AND GOODWILL

 

The Company’s intangible assets at March 31, 2026 consisted of the following:

 

  

Weighted-average useful life

(in years)

   Cost  

Accumulated

Amortization

  

Net

Carrying Value

 
Definite-lived Intangibles                   
Patents  19   $239,000   $(70,000)  $169,000 
Licenses  20    50,000    (39,000)   11,000 
Acquired product rights  14    225,480,000    (45,042,000)   180,438,000 
Customer relationships  7    190,000    (152,000)   38,000 
Trade name  5    70,000    (4,000)   66,000 
State pharmacy licenses  25    8,000    (4,000)   4,000 
Indefinite-lived Intangibles                   
Trademarks  Indefinite    328,000    -    328,000 
       $226,365,000   $(45,311,000)  $181,054,000 

 

Amortization expense for intangible assets for the three months ended March 31, 2026 and 2025 was as follows:

 

   2026   2025 
   For the Three Months Ended March 31, 
   2026   2025 
Patents  $5,000   $3,000 
Acquired NDAs   5,121,000    4,220,000 
Customer relationships   3,000    3,000 
Amortization expense of intangible assets  $5,129,000   $4,226,000 

 

Estimated future amortization expense for the Company’s intangible assets at March 31, 2026 was as follows:

 

      
Remainder of 2026  $16,334,000 
2027   19,369,000 
2028   16,414,000 
2029   16,244,000 
2030   15,739,000 
Thereafter   96,626,000 
Intangible assets  $180,726,000 

 

In January 2026, the Company amended the Asset Purchase Agreement with Eyevance Pharmaceuticals, LLC and License Agreement with Santen S.A.S. (collectively, the “Santen Agreements”), each a subsidiary of Santen Pharmaceuticals Co., Ltd. (collectively, “Santen”). Pursuant to the amendment, the parties agreed to a full and final settlement of all contingent milestone obligations related to specified manufacturing-related events for the Santen products in exchange for a one-time lump sum payment by the Company of $7,000,000. Following this payment, no further milestone payments will be due under the Santen Agreements. The Company capitalized this payment as an intangible asset within acquired product rights.

 

 

In February 2026, the Company made a one-time upfront payment of $4,000,000 to Samsung Bioepis Co., Ltd. (“Samsung”) upon the license effective date related to the development and commercialization agreement with Samsung entered into in July 2025. The milestone was capitalized as an intangible asset within acquired product rights.

 

In March 2026, the Company paid a commercial milestone payment of $7,000,000 related to the sales of VEVYE during 2025. The milestone payment was included in accounts payable and accrued expenses on the December 31, 2025 condensed consolidated balance sheet and was capitalized in acquired product rights.

 

There were no changes to the carrying value of the Company’s goodwill during the three months ended March 31, 2026 and 2025.