Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

There were no changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021.

The changes in intangible assets for the years ended December 31, 2022 and 2021 were as follows (in thousands):


Balance as of December 31, 2020	$	1,585
Amortization	(1,547)
Balance as of December 31, 2021	$	38
Amortization	(38)
Balance as of December 31, 2022	$	—

Avalo’s acquired assembled workforce and acquired product marketing rights were fully amortized in the first quarter of 2022 and fourth quarter of 2021, respectively. The following is a summary of intangible assets held by the Company at December 31, 2022 and 2021, respectively (in thousands):


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-Average Remaining Life
							(in years)
Acquired Product Marketing Rights	$	5,056	$	(5,056)	$	—	—
Acquired Assembled Workforce	900		(900)		—		—
Total	$	5,956	$	(5,956)	$	—	—


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-Average Remaining Life
							(in years)
Acquired Product Marketing Rights	$	5,056	$	(5,056)	$	—	0.0
Acquired Assembled Workforce	900		(862)		38		0.1
Total	$	5,956	$	(5,918)	$	38	0.1