Note 7. Intangible assets Identified intangible assets consisted of the following (in thousands): December 31, 2021 Life (Years) Gross assets Accumulated amortization Net Definite-lived intangible asset - Keveyis 5 $ 11,000 $ (550) $ 10,450 Definite-lived intangible asset - Recorlev 14 121,000 — 121,000 Total intangible assets $ 132,000 $ (550) $ 131,450 Keveyis is the developed product rights obtained from Strongbridge's acquisition of U.S. marketing rights to Keveyis (dichlorphenamide) from Taro Pharmaceuticals U.S.A., Inc. ("Taro"). The IPR&D product Recorlev acquired from the Acquisition was approved by FDA on December 30, 2021. The IPR&D asset has been reclassified as a definite-lived intangible asset to be amortized on a straight-line basis over an estimated useful life of 14 years assigned based on the economic life and remaining patent life. As of December 31, 2021, expected amortization expense for intangible assets subject to amortization for the next five years is as follows (in thousands): 2022 $ 10,843 2023 10,843 2024 10,843 2025 10,843 2026 10,293 Thereafter 77,785 Total minimum lease payments $ 131,450 XERIS BIOPHARMA HOLDINGS, INC. Notes to Consolidated Financial Statements 107
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