INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

11. INTANGIBLE ASSETS, NET

The following table summarizes the components of the Company’s intangible assets for each of the periods indicated:

	As of December 31,
	2023			2022
	(in thousands)
In-licensed rights	$	32,673		$	8,573
Patents		4,889			5,106
Software licenses		302			302
Intangible assets, gross		37,864			13,981
Less: accumulated amortization		(8,244	)		(6,403	)
Intangible assets, net	$	29,620		$	7,578

The in-licensed rights relate to agreements with UWA, Nationwide, BioMarin and PPMD. For the year ended December 31, 2023, the Company had $24.1 million in additions of in-licensed rights, which are being amortized on a straight-line basis over the remaining life of the related patent because the life of the related patent reflects the expected time period that the Company will benefit from the in-licensed right. The weighted-average remaining amortization period for the in-licensed rights additions during 2023 is 13.8 years. For more information related to the Company's in-licensed rights related to its license or settlement agreements with Nationwide, BioMarin and UWA, please refer to Note 3. License and Collaboration Agreements. For the years ended December 31, 2023, 2022 and 2021, the Company recorded $1.9 million, $1.9 million, and $1.4 million, respectively, of amortization expense related to intangible assets.

The following table summarizes the estimated future amortization for intangible assets:

	As of December 31, 2023
	(in thousands)
2024	$	2,717
2025		2,660
2026		2,528
2027		2,458
2028		2,377
Thereafter		16,880
Total	$	29,620