The Company’s goodwill arose from the GQ Bio Acquisition in February 2025. As of September 30, 2026 and December 31, 2025, the goodwill balance was $19.5 million and $20.2 million, respectively. The change in the goodwill balance from December 31, 2025 was due to $0.7 million in foreign currency translation adjustments.

The Company previously had goodwill resulting from the acquisition of Pacira Pharmaceuticals, Inc. (the Company’s California operating subsidiary) from SkyePharma Holding, Inc. (now a subsidiary of Vectura Group plc, a subsidiary of Molex Asia Holdings Ltd.) in 2007, the acquisition of MyoScience, Inc. (the “MyoScience Acquisition”) in 2019 and the Flexion Acquisition in 2021. Accumulated goodwill impairment charges through September 30, 2026 were $163.2 million.

Intangible assets, net, consists of in-process research and development, or IPR&D, from the GQ Bio Acquisition and Flexion Acquisition and developed technology from the Flexion Acquisition. In June 2026, $53.2 million, net, of developed technologies and a nominal amount of customer relationships related to iovera° from the MyoScience Acquisition were reclassified to assets held for sale that have since been derecognized in July 2026 as part of the Divestiture with Zimmer. For more information, see Note 3, iovera° Divestiture.


September 30, 2026	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	480,000	$	(240,440)	$	239,560	9 years, 9 months


Acquired IPR&D (1)	33,438		—		33,438
Total intangible assets, net	$	513,438	$	(240,440)	$	272,998
(1) The change in the gross carrying value compared to December 31, 2025 reflects the impact of foreign currency translation adjustments related to the IPR&D acquired from the GQ Bio Acquisition.


December 31, 2025	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	(256,213)	$	333,787	10 years, 5 months
Customer relationships	90		(61)		29		10 years
Total finite-lived intangible assets, net	590,090		(256,274)		333,816
Acquired IPR&D	34,284		—		34,284
Total intangible assets, net	$	624,374	$	(256,274)	$	368,100

Amortization expense on intangible assets was $12.4 million and $14.3 million for the three months ended September 30, 2026 and 2025, respectively. Amortization expense on intangible assets was $41.0 million and $43.0 million for the nine months ended September 30, 2026 and 2025, respectively.

Assuming no changes in the gross carrying amount of these intangible assets, the future estimated amortization expense on the finite-lived intangible assets will be $12.4 million for the remaining three months of 2026, $49.4 million each year from 2027 to 2030, and $29.5 million in 2031.

The Company reviews its indefinite-lived intangible assets for impairment annually and whenever an event or change in circumstances arises that indicates the carrying amount of an indefinite-lived intangible asset is at risk of not being recoverable. During the three months ended September 30, 2025, the Company determined the fair value of the ZILRETTA acquired IPR&D for the treatment of shoulder OA pain may be at risk of impairment due to revised completion timelines for clinical trials and commercial availability which directly impacted revenue forecasts, among other factors. The Company determined that these events indicated that it was more likely than not that the fair value of the acquired IPR&D may be less than its carrying value. The impairment assessment was conducted through a recoverability test by comparing the $33.9 million carrying value of the asset against the fair value through a discounted cash flow model based on new facts and circumstances. The assessment resulted in a fair value of $8.0 million. An impairment of $25.9 million was recognized within other operating