v3.24.3
Intangible Assets, Goodwill and Other
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net INTANGIBLE ASSET, NET
As of September 30, 2024, the Company’s net definite-lived intangible asset, which resulted from the capitalization of certain milestone payments made or accrued related to its license agreement for the intellectual property contained in its drug product, totaled $10.2 million. The Company amortizes the intangible asset to cost of revenue over the remaining life of the underlying patent protecting the intellectual property through 2038.

As of September 30, 2024, amortization expense for the next five years and beyond is summarized as follows (in thousands):


YearAmortization expense
2024 (remainder of year)
$188 
2025750 
2026750 
2027750 
2028750 
Thereafter
7,000 
Total
$10,188 
The Company began amortizing its finite-lived intangible assets in April 2024 over a 14-year period based on the expected patent exclusivity period for XOLREMDI. Amortization expense totaled $0.2 million and $0.3 million for the three and nine months ended September 30, 2024, respectively. Amortization expense is recorded as a component of cost of revenue on the consolidated statements of operations and comprehensive (loss) income.