Annual report pursuant to Section 13 and 15(d)

Intangible Assets and Goodwill

v3.23.1
Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 7 – INTANGIBLE ASSETS AND GOODWILL

 

Intangible assets, net consists of the following (in thousands):

 

    December 31, 2022  
    Gross Carrying Amount     Accumulated Amortization     Net  
In-process research and development     2,900,000      
-
       2,900,000  
Patents and intellectual property     5,688,074       (835 )     5,687,239  
Intangible assets, net     8,588,074       (835 )     8,587,239  

 

As of December 31, 2022, future expected amortization expense of Intangible assets was as follows:

 

2023     630,134  
2024     630,134  
2025     630,134  
2026     630,134  
2027     630,134  

 

During the year ended December 31, 2022, the Company acquired $1.3 million of goodwill in connection with the acquisition of Alpha-5 Integrin. The goodwill recognized is allocated to the Therapeutics segment.