Annual report [Section 13 and 15(d), not S-K Item 405]

Intangible Assets and Goodwill

v3.26.1
Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2025
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 5 – INTANGIBLE ASSETS AND GOODWILL

 

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

 

    December 31, 2025     December 31, 2024  
    Gross Carrying Amount     Accumulated Amortization     Impairment     Net     Gross Carrying Amount     Accumulated Amortization     Net  
In-process research and development   $ 2,900,000     $
-
     $ (2,900,000 )   $
-
     $ 2,900,000     $
-
     $ 2,900,000  
Patents and intellectual property     5,671,478       (1,890,492 )    
-
       3,780,986       5,671,478       (1,260,328 )     4,411,150  
Intangible assets, net   $ 8,571,478     $ (1,890,492 )   $ (2,900,000 )   $ 3,780,986     $ 8,571,478     $ (1,260,328 )   $ 7,311,150  

 

As of December 31, 2025, future expected amortization expense of Intangible assets was as follows:

 

2026   $ 630,164  
2027     630,164  
2028     630,164  
2029     630,164  
2030     630,164  
Thereafter     630,166  
Remaining future amortization expense   $ 3,780,986  

 

During the year ended December 31, 2025, the Company performed its annual impairment test and determined that a triggering event occurred due to the Company strategically determining to abandon its PAS-003 program which represented a significant adverse change in the expected use and future cash flows of the associated assets. Therefore, the Company impaired the entirety of its intangible assets and goodwill related to the PAS-003 program in the amounts of approximately $2.9 million and $1.3 million, respectively, during the year ended December 31, 2025. These expenses were recorded in general and administrative expenses on the consolidated statements of operations and comprehensive loss.

 

There were no changes to goodwill for the year ended December 31, 2024.