INTANGIBLE ASSETS AND GOODWILL

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

The Company’s intangible assets at June 30, 2026 consisted of the following:


	Weighted-average useful life (in years)	Cost		Accumulated Amortization		Net Carrying Value
Definite-lived Intangibles
Patents	19	$	269,000	$	(83,000)	$	186,000
Licenses	20	50,000		(40,000)		10,000
Acquired product rights	14	225,481,000		(50,552,000)		174,929,000
Customer relationships	7	190,000		(155,000)		35,000
Trade name	5	70,000		(4,000)		66,000
State pharmacy licenses	25	8,000		(4,000)		4,000
Indefinite-lived Intangibles
Trademarks	Indefinite	340,000		—		340,000
		$	226,408,000	$	(50,838,000)	$	175,570,000

Amortization expense for intangible assets for the three and six months ended June 30, 2026 and 2025 was as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Patents	$	12,000	$	3,000	$	17,000	$	6,000
Acquired product rights	5,512,000		4,220,000		10,633,000		8,440,000
Customer relationships	3,000		3,000		6,000		6,000
	$	5,527,000	$	4,226,000	$	10,656,000	$	8,452,000

Estimated future amortization expense for the Company’s intangible assets at June 30, 2026 was as follows:


Remainder of 2026	$	11,238,000
2027	20,241,000
2028	17,112,000
2029	17,013,000
2030	16,582,000
Thereafter	93,044,000
	$	175,230,000

In January 2026, the Company amended the Asset Purchase Agreement with Eyevance Pharmaceuticals, LLC and the 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 and six months ended June 30, 2026 and 2025.