INTANGIBLE ASSET AND GOODWILL

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022 consisted of the following (in thousands):  

	September 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	$	(169,652)	$	45,053	$	72,084	6 years

The Company recorded $9.0 million in amortization expense for each of the three month periods ended September 30, 2023 and 2022, and $27.0 million for each of the nine month periods ended September 30, 2023 and 2022.

Goodwill

The Company assesses goodwill for impairment annually, or under certain circumstances, more frequently, such as when events or changes in circumstances indicate there may be an impairment. As of September 30, 2023 and December 31, 2022, the Company had goodwill of $59.0 million and no accumulated impairment losses related to goodwill recorded in connection with the December 2018 merger with Keryx.