Goodwill — Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired and liabilities assumed in business combinations. Goodwill is tested for impairment at least annually, or more frequently if events or changes in circumstances indicate that it may be impaired. The Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that impairment may exist, a quantitative impairment test is performed.

In 2025, the Company recorded additions of $65.7 million to Goodwill related to its merger with scPharma. See Note 2 – Business Combinations.

Intangible Assets — Intangible assets consisted of the following (dollars in thousands):


	Estimated		June 30, 2026							December 31, 2025
	Useful Life (Years)		Cost		Accumulated Amortization			Net Book Value		Cost		Accumulated Amortization			Net Book Value
Developed technology – on-body infusor		11.25		194,000		(12,611	)		181,389		194,000		(3,973	)		190,027
ReadyFlow Formulation – IPR&D		—		129,600		—			129,600		129,600		—			129,600
iSPERSE License – IPR&D(1)		—		4,300		—			4,300		4,300		—			4,300
Developed technology – V-Go(1)		7.5		1,200		(524	)		676		1,200		(428	)		772
Total			$	329,100		(13,135	)	$	315,965	$	329,100	$	(4,401	)	$	324,699

(1)

Included within Other intangible assets on the consolidated balance sheets.

Amortization expense related to the Developed technology – on-body infusor ("on-body infusor") was $4.3 million and $8.6 million for the three and six months ended June 30, 2026, respectively. The on-body infusor was acquired from scPharma in October 2025. See Note 2 – Business Combinations. The estimated annual amortization expense for the on-body infusor will be approximately $17.3 million per year for the years ending December 31, 2026 through 2036. Amortization expense related to the Developed technology – V-Go was de minimis and $0.1 million for the three and six months ended June 30, 2026 and de minimis and $0.1 million for the three and six months ended June 30, 2025. The estimated annual amortization expense for the Developed technology – V-Go will be approximately $0.2 million per year for the years ending December 31, 2026 through 2029.

The ReadyFlow Formulation is an indefinite-lived intangible asset, and as such is not amortized but rather is tested for impairment annually, or when facts or circumstances indicate the carrying value of the asset may not be recoverable. Once available for use, the intangible asset will be accounted for as a finite-lived intangible asset. The ReadyFlow Formulation was acquired from scPharma in October 2025 and was determined to be a Level 3 asset. See Note 11 – Fair Value of Financial Instruments for a description of the fair value hierarchy.

The iSPERSE License – IPR&D is an indefinite-lived intangible asset, and as such is not amortized but rather is tested for impairment annually, or when facts or circumstances indicate the carrying value of the asset may not be recoverable. Upon completion of the underlying R&D efforts, the intangible asset will be accounted for as a finite-lived intangible asset. If the R&D efforts are abandoned, the IPR&D asset balance will be written off to R&D expense. The iSPERSE License – IPR&D was acquired from Pulmatrix in July 2024.

The Company evaluates its other intangible assets for potential impairment when events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. See Note 1 – Description of Business and Significant Accounting Policies.