Licensed Rights and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Licensed Rights and Other Intangible Assets [Abstract]

Licensed rights and other intangible assets

5. Licensed rights and other intangible assets

The following provides information about our license rights and other intangible assets, net (in thousands):

	As of December 31, 2023						As of December 31, 2022
	Gross						Gross
	Carrying		Accumulated				Carrying		Accumulated
	Amount		Amortization		Net		Amount		Amortization		Net
Intangible assets subject to amortization:
Hormone therapy drug patents	$	6,818	$	1,871	$	4,947	$	6,225	$	1,598	$	4,627
Hormone therapy drug patents applied and pending approval		842		—		842		1,995		—		1,995
Intangible assets subject to amortization		7,660		1,871		5,789		8,220		1,598		6,622
Intangible assets not subject to amortization:
Trademarks/trade name rights		309		—		309		321		—		321
Intangible assets, net	$	7,969	$	1,871	$	6,098	$	8,541	$	1,598	$	6,943

We recorded, in continuing operations, amortization expense related to patents of $0.8 million for 2023, of which $0.5 million is accelerated amortization as a result of a review of our intangible assets, and $0.6 million for 2022. We recorded amortization expense related to the exclusive license rights agreement with Population Council of $3.0 million for 2022, which was reclassified to discontinued operations after we completed transaction with Mayne Pharma in December 2022, and excluded from the table above.

Our intangible assets subject to amortization are expected to be amortized as follows (in thousands):

Year ending December 31,
2024		533
2025		445
2026		445
2027		445
2028		445
Thereafter		5,347
Total	$	7,660

We use a combination of qualitative and quantitative factors to assess licensed rights and intangible assets for impairment. In the year ending December 31, 2023, we have not impaired any of our hormone therapy drug patent assets.