INTANGIBLES (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| INTANGIBLES |
|
| Schedule of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
Estimated Useful |
|
December 31, |
|
December 31, |
($in thousands) |
|
Lives (Years) |
|
2021 |
|
2020 |
Ceracade® |
|
3 |
|
$ |
300 |
|
$ |
300 |
Luxamend® |
|
3 |
|
|
50 |
|
|
50 |
Targadox® |
|
3 |
|
|
1,250 |
|
|
1,250 |
Ximino® |
|
7 |
|
|
7,134 |
|
|
7,134 |
Exelderm® |
|
3 |
|
|
1,600 |
|
|
1,600 |
Accutane |
|
5 |
|
|
4,727 |
|
|
4,727 |
Anti-itch product (1) |
|
3 |
|
|
3,942 |
|
|
3,945 |
Total intangible assets |
|
|
|
|
19,003 |
|
|
19,006 |
Accumulated amortization |
|
|
|
|
(6,451) |
|
|
(3,977) |
Net intangible assets |
|
|
|
$ |
12,552 |
|
$ |
15,029 |
| (1) |
As of December 31, 2021, this asset has not yet been placed in service, therefore no amortization expense was recognized on this asset for the year ended December 31, 2021. Commercial launch of this product is expected in the first half of 2022.
|
|
| Schedule of intangible assets roll forward |
|
|
|
|
|
|
Intangible |
($’s in thousands) |
|
Assets, Net |
Balance at January 1, 2020 |
|
$ |
7,377 |
Isotretinion agreement (1) |
|
|
4,727 |
Anti-itch product license acquisition (2) |
|
|
3,945 |
Exelderm milestone |
|
|
400 |
Amortization expense |
|
|
(1,420) |
Balance at December 31, 2020 |
|
$ |
15,029 |
Anti-itch product license acquisition adjustment |
|
|
(3) |
Amortization expense |
|
|
(2,474) |
Unvested balance at December 31, 2021 |
|
$ |
12,552 |
(1) |
Includes an upfront payment of $1.0 million and one milestone payment of $0.5 million in 2020 as well as four payments totaling $3.5 million due at various points between 2021 through 2023. Such payments were discounted by $0.3 million due to the long-term nature of such payments. As of December 31, 2020, this asset has not yet been placed in service, therefore no amortization |
expense was recognized on this asset for the year ended December 31, 2020. The Company placed the assets in service in the first quarter of 2021.
(2) |
Includes an upfront payment of $0.2 million, three payments totaling $2.8 million due in 2021 and $1.0 million due in 2022. Such payments were discounted by $0.1 million due to the long-term nature of such payments. As of December 31,2021 and 2020, this asset has not yet been placed in service, therefore no amortization expense was recognized on this asset for the year ended December 31, 2021 and 2020 respectively. |
|
| Schedule of future amortization of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
($’s in thousands) |
|
Ximino® |
|
Accutane® |
|
Amortization |
December 31, 2022 |
|
$ |
1,019 |
|
$ |
946 |
|
$ |
1,965 |
December 31, 2023 |
|
|
1,019 |
|
|
945 |
|
|
1,964 |
December 31, 2024 |
|
|
1,019 |
|
|
946 |
|
|
1,965 |
December 31, 2025 |
|
|
1,019 |
|
|
945 |
|
|
1,964 |
Thereafter |
|
|
595 |
|
|
157 |
|
|
752 |
Subtotal |
|
$ |
4,671 |
|
$ |
3,939 |
|
$ |
8,610 |
Asset not yet placed in service |
|
|
— |
|
|
— |
|
|
3,942 |
Total |
|
$ |
4,671 |
|
$ |
3,939 |
|
$ |
12,552 |
|