INTANGIBLE ASSET AND GOODWILL

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSET AND GOODWILL

INTANGIBLE ASSET AND GOODWILL

Intangible Asset

Intangible asset, net of accumulated amortization, prior impairments and adjustments as of June 30, 2023 and December 31, 2022 consisted of the following (in thousands):

	Three Months Ended June 30, 2023						December 31, 2022
Intangible asset:	Gross Carrying Value		Accumulated Amortization		Net Book Value		Net Book Value		Estimated Useful Life
Developed product rights for Auryxia	$	214,705	$	(160,642)	$	54,063	$	72,084	6 years

The Company recorded $9.0 million in amortization expense for each of the three month periods ended June 30, 2023 and 2022, and $18.0 million for each of the six month periods ended June 30, 2023 and 2022.

Goodwill

On December 12, 2018, in connection with the consummation of the merger (Merger) of the Company and Keryx Biopharmaceuticals, Inc. (Keryx), Keryx became a wholly owned subsidiary of the Company, and the Company recorded goodwill representing the excess of the purchase price over the fair market value, at the date of the Merger, of the assets that were not individually identified and separately recognized as net assets. As of June 30, 2023 and December 31, 2022, the Company had goodwill of $59.0 million and no accumulated impairment losses related to goodwill. The Company's assessment included events that could indicate impairment and trigger an interim impairment assessment include, but are not limited to, an adverse change in current economic or market conditions, including a significant prolonged decline in market capitalization, a significant adverse change in legal factors, unexpected adverse business conditions, and an adverse action by a regulator.