| Intangibles, net |
8. Intangibles, net
The table below provides a summary of the Journey intangible assets as of March 31, 2021 and December 31, 2020, respectively:
|
|
|
|
|
|
|
|
|
|
|
Estimated Useful |
|
|
|
|
($ in thousands) |
|
Lives (Years) |
|
March 31, 2021 |
|
December 31, 2020 |
|
|
|
|
(Unaudited) |
|
|
|
Total Intangible assets – asset purchases |
|
3 to 7 |
|
$ |
19,003 |
|
$ |
18,606 |
Accumulated amortization |
|
|
|
|
(4,561) |
|
|
(3,977) |
Net intangible assets |
|
|
|
$ |
14,442 |
|
$ |
14,629 |
The table below provides a summary for the three months ended March 31, 2021, of Journey’s recognized expense related to its product licenses, which was recorded in costs of goods sold on the Condensed Consolidated Statement of Operations:
|
|
|
|
|
|
Intangible |
($ in thousands) |
|
Assets, Net |
Beginning balance at January 1, 2021 |
|
$ |
14,629 |
Additions: |
|
|
|
Exelderm milestone |
|
|
397 |
Amortization expense |
|
|
(584) |
Ending balance at March 31, 2021 |
|
$ |
14,442 |
The future amortization of these intangible assets is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
($ in thousands) |
|
Ximino® |
|
Exelderm® |
|
Accutane® |
|
Amortization |
Nine Months Ended December 31, 2021 |
|
$ |
764 |
|
$ |
417 |
|
$ |
709 |
|
$ |
1,890 |
Year Ended December 31, 2022 |
|
|
1,019 |
|
|
— |
|
|
946 |
|
|
1,965 |
Year Ended December 31, 2023 |
|
|
1,019 |
|
|
— |
|
|
945 |
|
|
1,964 |
Year Ended December 31, 2024 |
|
|
1,019 |
|
|
— |
|
|
946 |
|
|
1,965 |
Year Ended December 31, 2025 |
|
|
1,019 |
|
|
— |
|
|
945 |
|
|
1,964 |
Thereafter |
|
|
595 |
|
|
— |
|
|
158 |
|
|
753 |
Sub-total |
|
$ |
5,435 |
|
$ |
417 |
|
$ |
4,649 |
|
$ |
10,501 |
Assets not yet placed in service: |
|
|
|
|
|
|
|
|
|
|
|
|
Anti-itch product license acquisition (amortization commencing second half of 2021) |
|
|
— |
|
|
— |
|
|
— |
|
|
3,941 |
Total |
|
$ |
5,435 |
|
$ |
417 |
|
$ |
4,649 |
|
$ |
14,442 |
|