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


	June 30, 2026			December 31, 2025
Capitalized milestone payments(1)	$	15,360		$	15,360
Less accumulated amortization		(1,460	)		(908	)
Total	$	13,900		$	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.

Amortization expense for the three and six months ended June 30, 2026 was $0.3 million and $0.6 million, respectively, and was recorded in cost of goods sold in the accompanying condensed consolidated statements of operations and comprehensive loss. For the three and six months ended June 30, 2025, amortization expense was $0.1 million and $0.3 million, respectively.

The weighted-average amortization period of intangible assets is 12.6 years. As of June 30, 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 six months)	$	552
2027		1,105
2028		1,105
2029		1,105
2030		1,105
Total	$	4,972