Intangible Asset, Net

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

The Company’s net definite-lived intangible asset is comprised of the capitalization of certain milestone payments made or accrued related to its license agreement for the intellectual property contained in its drug product. As of June 30, 2026 and December 31, 2025, net definite-lived intangible assets included a gross intangible asset of $15.5 million and $10.5 million, respectively, less accumulated amortization of $2.4 million and $1.3 million, respectively, for a net intangible asset of $13.1 million and $9.3 million, respectively. The Company amortizes the intangible asset to cost of revenue over the remaining life of the underlying patent protecting the intellectual property through 2038.

As of June 30, 2026, amortization expense for the next five years and beyond is summarized as follows (in thousands):


Year	Amortization expense

2026 (remainder of year)	554
2027	1,107
2028	1,107
2029	1,107
2030	1,108
2031	1,107
Thereafter	7,011
Total	$	13,101

The Company began amortizing its finite-lived intangible assets in April 2024 over a 14-year period based on the expected patent exclusivity period for XOLREMDI. Amortization expense totaled $1.0 million and $1.1 million for the three and six months ended June 30, 2026, respectively and $0.2 million and $0.4 million for the comparable prior year periods, respectively. Amortization expense is recorded as a component of cost of revenue on the condensed consolidated statements of operations and comprehensive loss.