Goodwill — Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired and liabilities assumed in business combinations. Goodwill is tested for impairment at least annually, or more frequently if events or changes in circumstances indicate that it may be impaired. The Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that impairment may exist, a quantitative impairment test is performed. See Note 1 – Description of Business and Significant Accounting Policies.

In 2025, the Company recorded additions of $65.7 million to Goodwill related to its merger with scPharma. See Note 2 – Business Combinations.

Intangible Assets — Intangible assets consisted of the following (dollars in thousands):


	Estimated		September 30, 2026							December 31, 2025
	Useful Life (Years)		Cost		Accumulated Amortization			Net Book Value		Cost		Accumulated Amortization			Net Book Value
Developed technology – Furoscix(1)		15.2		323,600		(17,723	)		305,877		194,000		(3,973	)		190,027
IPR&D - ReadyFlow Formulation(1)		—		—		—			—		129,600		—			129,600
iSPERSE License – IPR&D(2)		—		4,300		—			4,300		4,300		—			4,300
Developed technology – V-Go(2)		7.5		1,200		(573	)		627		1,200		(428	)		772
Total			$	329,100		(18,296	)	$	310,804	$	329,100	$	(4,401	)	$	324,699

(1)

The carrying amount of Developed technology – Furoscix as of September 30, 2026 includes both the on-body infusor and the ReadyFlow formulation which has been reclassified from IPR&D – Furoscix ReadyFlow to Developed technology – Furoscix on the consolidated balance sheets following the July 2026 FDA approval of the asset and the useful life was extended to December 31, 2040.

(2)

Included within Other intangible assets on the consolidated balance sheets.

Amortization expense related to the Developed technology – Furoscix was $5.2 million and $13.9 million for the three and nine months ended September 30, 2026, respectively. The Furoscix ReadyFlow formulation was initially determined to be an indefinite-lived intangible asset. Upon receipt of FDA approval on July 23, 2026, the ReadyFlow formulation became available for its intended use. The Company determined that this was a definite lived asset and subsequently performed a qualitative assessment for impairment. The assessment indicated no impairment and the ReadyFlow formulation was then reclassified to Furoscix developed technology. The Company amortizes Furoscix developed technology on a straight-line basis and the estimated annual amortization expense for Furoscix developed technology will be approximately $21.5 million per year for the years ending December 31, 2027 through 2040, with partial amortization for the year ending December 31, 2026.

The iSPERSE License – IPR&D is an indefinite-lived intangible asset, and as such is not amortized but rather is tested for impairment annually, or when facts or circumstances indicate the carrying value of the asset may not be recoverable. Upon completion of the underlying R&D efforts, the intangible asset will be accounted for as a finite-lived intangible asset. If the R&D efforts are abandoned, the IPR&D asset balance will be written off to R&D expense. The iSPERSE License – IPR&D was acquired from Pulmatrix in July 2024.

Amortization expense related to the Developed technology – V-Go was de minimis and $0.1 million for the three and nine months ended September 30, 2026 and de minimis and $0.1 million for the three and nine months ended September 30, 2025. The estimated annual amortization expense for the Developed technology – V-Go will be approximately $0.2 million per year for the years ending December 31, 2026 through 2029.

The Company evaluates its intangible assets for potential impairment when events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. See Note 1 – Description of Business and Significant Accounting Policies.