Company: PCRX
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050176
Chunk: 61

Company: Pacira BioSciences, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 follows (in thousands):YearAggregate MinimumPayments Due2025 (remaining three months)$3,198 202612,789 202712,336 202811,188 202911,076 Thereafter6,384    Total future lease payments56,971    Less: imputed interest(8,384)   Total operating lease liabilities$48,587 

NOTE 8—GOODWILL AND INTANGIBLE ASSETS

GoodwillThe Company’s goodwill arose from the GQ Bio Acquisition in February 2025. As discussed below, the Company previously had goodwill resulting from the acquisition of Pacira Pharmaceuticals, Inc. (the Company’s California operating subsidiary) from SkyePharma Holding, Inc. (now a subsidiary of Vectura Group plc, a subsidiary of Molex Asia Holdings Ltd.) in 2007, the MyoScience Acquisition in 2019 and the Flexion Acquisition in 2021. The change in the carrying value of the Company’s goodwill is summarized as follows (in thousands):Carrying ValueBalance at December 31, 2023$163,243 Goodwill impairment(163,243)Balance at December 31, 2024— Goodwill arising from the GQ Bio Acquisition18,099 Foreign currency adjustments2,218 Balance at September 30, 2025$20,317 Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination and is subject to impairment testing at least annually or upon the occurrence of a triggering event that could indicate a potential impairment. During the three months ended September 30, 2024, the U.S. Food and Drug Administration, or FDA, approved a generic competitor to EXPAREL and a U.S. District Court ruled that one of the Company’s patents was not valid. The Company determined that these events, combined with a subsequent decrease in the Company’s common stock price, indicated that it was more likely than not that the fair value of goodwill may be less than its carrying value, which required the Company to perform a quantitative impairment test. This was performed by comparing the fair value of the Company to its carrying value. If the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, impairment is indicated, requiring recognition of a goodwill impairment charge up to the carrying value of goodwill. The fair value of the Company was calculated through an income approach, in which the Company calculated the fair value based on