Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 4. Intangible Assets

As of March 31, 2024 and December 31, 2023, the gross book value, accumulated amortization, net book value and estimated useful life of acquired intangible assets were as follows (in thousands, except estimated useful life data):

	March 31, 2024
	Gross Book Value		Accumulated Amortization		Net Book Value		Estimated Useful Life
Licensing Agreement(1)	$	29,400	$	23,445	$	5,955		10
Trade names and trademarks		210		97		113		10
Customer relationships		240		110		130		10
Total intangible assets	$	29,850	$	23,652	$	6,198
	December 31, 2023
	Gross Book Value		Accumulated Amortization		Net Book Value		Estimated Useful Life
Licensing Agreement(1)	$	29,400	$	23,167	$	6,233		10
Trade names and trademarks		210		92		118		10
Customer relationships		240		104		136		10
Total intangible assets	$	29,850	$	23,363	$	6,487

⁽¹⁾ Prior to our acquisition of Enteris, Enteris entered into the License Agreement with Cara Therapeutics, Inc. (“Cara”), for oral formulation rights to Enteris’ Peptelligence® technology to develop and commercialize Oral KORSUVA^TM in any indication worldwide, excluding South Korea and Japan. Cara is obligated to pay Enteris certain development, regulatory and tiered commercial milestone payments, as well as low single-digit royalties based on net sales in the licensed territory.

Amortization expense was $0.3 million and $0.4 million for the three months ended March 31, 2024 and 2023, respectively, and was recognized within depreciation and amortization expense on the unaudited condensed consolidated statements of income. Based on amounts recorded at March 31, 2024, the Company will recognize acquired intangible asset amortization as follows (in thousands):

Remainder of 2024	$	866
2025		1,154
2026		1,154
2027		1,154
2028		1,037
Thereafter		833
Total	$	6,198