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Intangibles, Net

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

As of June 30, 2021, the Company's identifiable intangible assets consisted of acquired ARIKAYCE R&D and milestones paid to PARI for the license to use PARI's Lamira® Nebulizer System for the delivery of ARIKAYCE to patients as a result of the FDA and EC approvals of ARIKAYCE in September 2018 and October 2020, respectively. Total intangible assets, net was $46.7 million and $49.3 million as of June 30, 2021 and December 31, 2020, respectively.

The Company began amortizing its intangible assets in October 2018, over ARIKAYCE's initial regulatory exclusivity period of 12 years. Amortization of intangible assets during each of the next five years is estimated to be approximately $5.1 million per year. A rollforward of the Company's intangible assets for the six months ended June 30, 2021 follows (in thousands):



Intangible Asset	December 31, 2020		Additions		Amortization		June 30, 2021

Acquired ARIKAYCE R&D	$	47,289	$	—	$	(2,425)	$	44,864
PARI milestones	1,972		—		(101)		1,871
	$	49,261	$	—	$	(2,526)	$	46,735

The Company reviews the recoverability of these finite-lived intangible assets whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company determined that no indicators of impairment of finite-lived intangible assets existed at June 30, 2021.