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


	March 31, 2026			December 31, 2025
Capitalized milestone payments(1)	$	15,360		$	15,360
Less accumulated amortization		(1,184	)		(908	)
Total	$	14,176		$	14,452

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(1) As described in Note 3 – Collaboration, Out-Licensing and Related Agreements and Note 10 – In-Licensing and Supply, capitalized milestone payments were recognized from the Recordati Termination Agreement and Aegis License Agreement, respectively.

The amortization expense for the three months ended March 31, 2026 and 2025 was $0.3 million and $0.1 million, respectively.

The weighted-average amortization period of intangible assets is 12.8 years. As of March 31, 2026, estimated future amortization expense for capitalized intangible assets for the next five years is as follows (in thousands):


Year Ended December 31,	Amount
2026 (remaining nine months)	$	828
2027		1,105
2028		1,105
2029		1,105
2030		1,105
Total	$	5,248