Note 7 - Intangible Assets

A summary of the Company’s intangible assets, all of which are definite-lived intangible assets, as of June 30, 2026, and June 30, 2025, is as follows:

Gross carrying amounts are net of any impairment charges from prior periods. An intangible asset with zero net carrying amount at the end of a reporting period is not presented in the table of a future reporting period. Certain of the Company’s amortizable intangible assets include renewal options, extending the expected life of the asset. Renewal periods generally range between approximately 1 to 20 years depending on the license, patent or other agreement. Renewals are accounted for when they are reasonably assured. Intangible assets are amortized using the straight-line method over the estimated useful lives.

Amortization expense of intangible assets from continuing operations included in the consolidated statements of operations for the years ended June 30, 2026, and 2025, are set forth in the table below:

The following table summarizes the estimated future amortization expense of intangible assets to be recognized over the next five years and periods thereafter:

Product Technology Rights

The product technology rights are related to the rights to production, supply and distribution agreements of various products.

ADHD Portfolio

The Company has developed product technology rights related to the production and sale of Adzenys and Cotempla. The formulations for the ADHD products are protected by patented technology. As of June 30, 2026, the estimated remaining economic life of these proprietary product technology rights is 11.7 years.

Karbinal

The Company acquired and assumed all rights and obligations pursuant to the supply and distribution agreement, as amended, with Tris Pharma, Inc. (“Tris”) for the exclusive rights to commercialize Karbinal in the United States (the “Tris Karbinal Agreement”). The Tris Karbinal Agreement’s initial term terminates in August of 2033, with an optional initial 20-year extension. As a result of the Company’s shifted focus of its commercial efforts on EXXUA and its ADHD Portfolio the Company recorded a full impairment of these intangible assets in June 2025, resulting in impairment expense of $2.7 million being recognized. Please refer to Note 12 - Fair Value Measurements for further discussion on the fair value measurement of intangible assets.

Pediatric Portfolio - Other

The Company acquired and assumed all rights and obligations pursuant to a supply and license agreement and various assignment and release agreements, including a previously agreed to settlement and license agreement for the exclusive rights to commercialize certain products in the United States. As a result of the Company's shifted focus of its commercial efforts on EXXUA and its ADHD Portfolio, the Company recorded a full impairment of these intangible assets in June 2025, resulting in impairment expense of $5.6 million being recognized. Please refer to Note 12 - Fair Value Measurements for further discussion on the fair value measurement of intangible assets.

Technology Rights

TRRP Proprietary Technology

The Company has time release resin particle (“TRRP”) proprietary technology, which is a proprietary drug delivery technology protected by the Company as a trade secret that allows the Company to modify the drug release characteristics of each of its respective products. The TRRP technology underlies each of the ADHD Portfolio core products and can potentially be used in future product development initiatives as well. As of  June 30, 2026, the estimated remaining economic life of these proprietary technology rights is 11.7 years.

Commercialization Rights

As part of the Commercialization Agreement for the exclusive commercialization rights of EXXUA in the United States, the Company capitalizes to the carrying value of intangible assets any contingent payments made that are considered part of the Commercialization Agreement’s total consideration and which are not within the scope of derivative guidance once the contingencies related to these payments are resolved. In December 2025, the commercialization rights were considered placed in service commensurate with the launch date of EXXUA. The Company began amortizing the commercialization rights on a straight-line basis over the estimated life of the asset and, if necessary, the Company will adjust the carrying value of the commercialization rights on a cumulative catch-up basis for any future payments as if the additional capitalized amount had been capitalized on the same date that the intangible asset was placed in service. As of  June 30, 2026, the estimated remaining economic life of the EXXUA commercialization rights is 4.2 years.