Fortress Biotech, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, net

Intangible Assets, net

9 Months Ended

Sep. 30, 2024

7. Intangible Assets, net

The Company’s finite-lived intangible assets consist of intangible assets acquired by Journey. The table below provides a summary of the Journey intangible assets for the periods presented:


	Estimated Useful	September 30,		December 31,
($ in thousands)	Lives (Years)	2024		2023
Intangible assets – product licenses	3 to 9	$	37,925	$	37,925
Accumulated amortization			(16,938)		(14,495)
Accumulated Impairment loss			(3,143)		(3,143)
Net intangible assets		$	17,844	$	20,287

For the three months ended September 30, 2024 and 2023, Journey’s amortization expense related to its product licenses was $0.8 million and $0.8 million, respectively. For the nine months ended September 30, 2024 and 2023, Journey’s amortization expense related to its product licenses was $2.4 million and $3.0 million, respectively. Journey records amortization expense related to its product licenses as a component of cost of goods sold on the unaudited condensed consolidated statement of operations.

The future amortization of these intangible assets is as follows:


	Total
($ in thousands)	Amortization
Remainder of 2024	$	814
December 31, 2025		3,257
December 31, 2026		2,471
December 31, 2027		1,775
December 31, 2028		1,595
Thereafter		3,990
Sub-total	$	13,902
Asset not yet placed in service		3,942
Total	$	17,844