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Intangible Royalty Assets, Net
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Royalty Assets, Net Intangible Royalty Assets, Net
The following schedules of the intangible royalty assets present the cost, accumulated amortization and net carrying value as of December 31, 2021 and 2020 (in thousands).
As of December 31, 2021CostAccumulated AmortizationNet Carrying Value
DPP-IV patents$606,216 $600,546 $5,670 
Total intangible royalty assets$606,216 $600,546 $5,670 
As of December 31, 2020CostAccumulated AmortizationNet Carrying Value
DPP-IV patents$606,216 $577,550 $28,666 
Total intangible royalty assets$606,216 $577,550 $28,666 

The majority of our DPP-IV patents associated with the intangible royalty assets terminate at various dates through 2022. The weighted average remaining life of the intangible royalty assets is less than one year. We project amortization expense will be $5.7 million in 2022.
Our revenue is tied to underlying patent protected sales of DPP-IV products of various licensees. Such revenue from royalty assets is earned from sales occurring primarily in the United States and Europe; however, we do not have the ability to disaggregate our royalty revenue from licensees based on the geography of the underlying sales, as this level of information is not always included in royalty reports provided to us. The marketers paying us royalties on these products do not always provide, and are not necessarily required to provide, the breakdown of product sales by geography. Individual licensees exceeding 10% or more of revenue from intangible royalty assets accounted for 86%, 97% and 91% of our revenues from intangible royalty assets in the years ended December 31, 2021, 2020 and 2019, respectively.