7.      INTANGIBLE ASSETS

As of December 31, 2025, intangible assets mainly include cloud computing or office administration software. These intangible assets were originally recorded at fair values and are stated net of accumulated amortization and impairment, if any. These intangible assets are being amortized over their useful lives of 5-10 years.

As mentioned in Note 1, the Company obtained the license of FOLOTYN^® in 2023 under the FOLOTYN^® Assignment Agreement and Payment Agreement which includes certain Deferred Payments. Considering the uncertainties related to the renewal of the drug approval in China, the Company believed it was not probable that the Deferred Payments would be paid. The Company recorded the intangible asset (License of FOLOTYN^®) in amount of US$ 2 million which equals to the initial one-time payment, which is amortized over the remaining initial drug approval period (i.e. 23 months) using the straight-line method. In January 2026, the Company received a formal notice form the NMPA that the Company’s renewal application for FOLOTYN^® was not granted so the Company will not incur any sale of FOLOTYN^® in China pursuant to the relevant regulations and rules. No Deferred Payments will be made.

In 2024, due to lower-than-expected market condition, the Company determined that the carrying value of the intangible asset of FOLOTYN^® license was not recoverable and should be impaired. The Company recognized an impairment loss of $0.7 million in its consolidated statements of operations and comprehensive loss for the year ended December 31, 2024.

Intangible assets at December 31, 2025 and 2024 consists of the following:

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The changes in intangible assets for the years ended December 31, 2025, 2024 and 2023 are as follows:

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Expected future amortization expense is as follows as of December 31, 2025:

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