Annual report pursuant to Section 13 and 15(d)

Intangibles, net (Tables)

v3.23.1
Intangibles, net (Tables)
12 Months Ended
Dec. 31, 2022
Intangibles, net  
Schedule of Intangible Assets

The table below provides a summary of intangible assets as of December 31, 2022 and 2021, respectively:

Estimated Useful

($ in thousands)

    

Lives (Years)

    

December 31, 2022

    

December 31, 2021

Intangible assets – product licenses

3 to 9

$

37,925

$

19,003

Accumulated amortization

 

  

 

(10,728)

 

(6,451)

Net intangible assets

 

  

$

27,197

$

12,552

Summary of aggregate consideration transferred in connection with VYNE Product Acquisition

The following table summarizes the aggregate consideration transferred for the assets acquired by Journey in connection with the Vyne APA:

($ in thousands)

Aggregate Consideration Transferred

Consideration transferred to Vyne at closing

$

20,000

Fair value of deferred cash payment due January 2023

 

4,740

Transaction costs

223

Total consideration transferred at closing

$

24,963

Summary of assets acquired in VYNE Product Acquisition

The following table summarizes the assets acquired in the Vyne Product Acquisition Agreement:

($ in thousands)

    

Assets Recognized

Inventory

$

6,041

Identifiable intangibles:

Amzeeq

15,162

Zilxi

3,760

Fair value of net identifiable assets acquired

$

24,963

Schedule of JMC recognized expense related to its product licenses

Intangible asset activity for the years ended December 31, 2022 and 2021:

Intangible

($ in thousands)

    

Assets, Net

Ending balance at December 31, 2020

$

14,629

Additions:

Exelderm milestone

397

Amortization expense

(2,474)

Bbalance at December 31, 2021

$

12,552

VYNE Product Acquisition:

Amzeeq®

15,162

Zilxi®

3,760

Amortization expense (recorded in cost of goods sold)

 

(4,277)

Ending balance at December 31, 2022

$

27,197

Schedule of future amortization of intangible assets

The future amortization of these intangible assets is as follows:

Total

($ in thousands)

    

Amortization

December 31, 2023

$

4,277

December 31, 2024

4,277

December 31, 2025

 

4,277

December 31, 2026

 

3,064

Thereafter

7,360

Sub-total

$

23,255

Asset not yet placed in service

3,942

Total

$

27,197