Annual report [Section 13 and 15(d), not S-K Item 405]

GOODWILL AND INTANGIBLE ASSETS

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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

NOTE 5 – GOODWILL AND INTANGIBLE ASSETS

 

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

 

      Amounts  
      (in thousands)  
Balance at December 31, 2023     $ 965  
Impairment of goodwill       (965 )
Balance at December 31, 2024     $ —  

 

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 year ended December 31, 2024.

 

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

 

    December 31,
2024 		    December 31,
2023 		 
    (in thousands)  
Intangible assets subject to amortization                
Developed technology   $ 10,100     $ 10,100  
Less: Impairment charge     9,147       —  
Less: Accumulated amortization     953       477  
Total   $ —     $ 9,623  
Intangible assets not subject to amortization                
Internet domain rights   $ 120     $ 120  
Total intangible assets, net   $ 120     $ 9,743  

 

During the years ended December 31, 2024 and 2023, the Company recorded amortization of $476,000 and $477,000, respectively.

  

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 year ended December 31, 2024.