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Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2019

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Note 8. Intangible Assets and Goodwill

Intangible Assets, Net

The components of intangible assets were as follows (in thousands, except for useful life):

Balance at December 31, 2019

Balance at December 31, 2018

Weighted-

Gross

Net

Gross

Net

Average Useful

Carrying

Accumulated

Carrying

Accumulated

Carrying

Lives (Years)

Amount

Amortization

Amount

Amortization

Amount

Finite-lived intangible assets:

Licensed IP

12.5

271,000

77,172

193,828

271,000

55,636

215,364

Amortization expense was $21.5 million for the years ended December 31, 2019, 2018 and 2017 and is recorded in cost of product revenues on the consolidated statement of operations. Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets will be as follows for the years ending December 31 (in thousands):


		2020		2021		2022		2023		2024		Thereafter
Amortization expense	$	21,536	$	21,536	$	21,536	$	21,536	$	21,536	$	86,148

For the year ended December 31, 2017, we considered our previously acquired indefinite-lived in-process research and development asset to be impaired and recorded a $12.0 million impairment charge in research and development expense on the consolidated statements of operations. The impairment was due to the discontinuation of the ICLUSIG clinical study, OPTIC-2L, by ARIAD. OPTIC-2L was included in the initial fair value assumptions upon acquisition on June 1, 2016.

Goodwill

There were no changes to the carrying amount of goodwill for the years ended December 31, 2019 and 2018.