| Schedule of intangible assets |
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December 31, 2022 |
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Estimated |
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Useful |
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Gross |
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Lives |
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Carrying |
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Accumulated |
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Intangible |
($’s in thousands) |
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(Years) |
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Value |
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Amortization |
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Assets, Net |
Amortizable intangible assets: |
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Ceracade® |
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3 |
|
$ |
300 |
|
$ |
(300) |
|
$ |
— |
Luxamend® |
|
3 |
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50 |
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(50) |
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— |
Targadox® |
|
3 |
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1,250 |
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(1,250) |
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|
— |
Ximino® |
|
7 |
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7,134 |
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(3,482) |
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3,652 |
Exelderm® |
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3 |
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1,600 |
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(1,600) |
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— |
Accutane® |
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5 |
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4,727 |
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(1,733) |
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2,994 |
Amzeeq® |
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9 |
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15,162 |
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(1,597) |
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13,565 |
Zilxi® |
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6 |
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3,760 |
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(716) |
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3,044 |
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33,983 |
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(10,728) |
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|
23,255 |
Non-amortizable intangible assets: |
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Anti-itch product (1) |
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3 |
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3,942 |
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— |
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|
3,942 |
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Total intangible assets |
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|
$ |
37,925 |
|
$ |
(10,728) |
|
$ |
27,197 |
| (1) |
As of December 31, 2022, this asset has not yet been placed in service, therefore no amortization expense was recognized on this asset for the year ended December 31, 2022. Commercial launch of this product is expected in 2023.
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December 31, 2021 |
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Estimated |
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Useful |
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Gross |
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|
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Lives |
|
Carrying |
|
Accumulated |
|
Intangible |
($’s in thousands) |
|
(Years) |
|
Value |
|
Amortization |
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Assets, Net |
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Amortizable intangible assets: |
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Ceracade® |
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|
3 |
|
$ |
300 |
|
$ |
(300) |
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$ |
— |
Luxamend® |
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|
3 |
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50 |
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(50) |
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— |
Targadox® |
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3 |
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1,250 |
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(1,250) |
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— |
Ximino® |
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7 |
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7,134 |
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(2,463) |
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4,671 |
Exelderm® |
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3 |
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1,600 |
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(1,600) |
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|
— |
Accutane® |
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|
5 |
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4,727 |
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(788) |
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|
3,939 |
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|
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15,061 |
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(6,451) |
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|
8,610 |
Non-amortizable intangible assets: |
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|
|
|
|
|
|
|
|
|
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Anti-itch product (1) |
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3 |
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3,942 |
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— |
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3,942 |
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Total intangible assets |
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$ |
19,003 |
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$ |
(6,451) |
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$ |
12,552 |
| (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. The commercial launch of this product is expected in 2023.
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The table below provides a summary for the year ended December 31, 2022 and 2021, of the Company’s recognized intangible amortization expense related to its product licenses, which was recorded in costs of goods sold on the consolidated statement of operations:
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Intangible |
($’s in thousands) |
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Assets, Net |
Balance at December 31, 2020 |
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$ |
15,029 |
License acquisition adjustment |
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(3) |
Amortization expense |
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(2,474) |
Balance at December 31, 2021 |
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$ |
12,552 |
VYNE License agreement |
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|
18,922 |
Amortization expense |
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(4,277) |
Balance at December 31, 2022 |
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$ |
27,197 |
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| Schedule of future amortization of intangible assets |
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Total |
For the years ended |
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Amortization |
December 31, 2023 |
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$ |
4,277 |
December 31, 2024 |
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|
4,277 |
December 31, 2025 |
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|
4,277 |
December 31, 2026 |
|
|
3,064 |
Thereafter |
|
|
7,360 |
Subtotal |
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|
23,255 |
Asset not yet placed in service |
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|
3,942 |
Total |
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$ |
27,197 |
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