Quarterly report pursuant to Section 13 or 15(d)

Intangibles, net (Tables)

v3.23.2
Intangibles, net (Tables)
6 Months Ended
Jun. 30, 2023
Intangibles, net  
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 Product Acquisition Agreement:

($ 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

The intangible assets acquired as part of the VYNE Product Acquisition Agreement were valued using an income approach, while the inventory was valued using a final sales value less cost to dispose approach.

The table below provides a summary of the Journey intangible assets as of June 30, 2023 and December 31, 2022, respectively:

Estimated Useful

($ in thousands)

    

Lives (Years)

    

June 30, 2023

    

December 31, 2022

Intangible assets – product licenses

3 to 9

$

37,925

$

37,925

Accumulated amortization

 

  

 

(12,866)

 

(10,728)

Impairment loss

(3,143)

Net intangible assets

 

  

$

21,916

$

27,197

Schedule of future amortization of intangible assets

The future amortization of these intangible assets is as follows:

Total

($ in thousands)

    

Amortization

Six Months Ended December 31, 2023

$

1,627

December 31, 2024

3,258

December 31, 2025

 

3,258

December 31, 2026

 

2,470

December 31, 2027

1,775

Thereafter

5,586

Sub-total

$

17,974

Asset not yet placed in service

3,942

Total

$

21,916