NOTE 6 – GOODWILL AND INTANGIBLE ASSETS

The following table provides the gross carrying value of goodwill as follows:

The Company completed its annual impairment test for goodwill during the second quarter of 2024, which resulted in full impairment of the Company’s $965,000 of goodwill, which is reflected in asset impairment charges in the consolidated statements of operations for the nine months ended September 30, 2024.

The following table provides the gross carrying amount and accumulated amortization for each major class of intangible asset:

During the three and nine months ended September 30, 2024, the Company recorded amortization of $0 and $476,000, respectively. During the three and nine months ended September 30, 2023, the Company recorded amortization of $238,000.

As a result of certain triggering events identified impacting the Company’s commercialized products asset group during the second quarter of 2024, the Company tested the asset group for impairment as of June 30, 2024, resulting in a full impairment of its Zembrace and Tosymra developed technology intangible assets, of $6.2 million and $3.0 million, respectively, which is reflected in asset impairment charges in the consolidated statements of operations for the nine months ended September 30, 2024.