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Intangible assets | 12 Months Ended
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Dec. 31, 2016
Intangible assets |
Intangible assets | 6 Intangible assets The Company's finite-lived intangible assets include acquired licenses and acquired research and development ("acquired R&D") and are presented in the following table:
|  | December 31, 2016 |  | December 31, 2015 |
|  | Average remaining life |  | Historical costs |  | Accumulated amortization |  | Carrying amount |  | Historical costs |  | Accumulated amortization |  | Carrying amount |
|  | in thousands, except for average remaining life |
Licenses |  |  | 14.8 |  | $ | 7,799 |  | $ | (3,952 | ) | $ | 3,847 |  | $ | 5,730 |  | $ | (3,816 | ) | $ | 1,914 |
Acquired R&D |  |  | 17.3 |  |  | 4,908 |  |  | (431 | ) |  | 4,477 |  |  | 5,080 |  |  | (179 | ) |  | 4,901 |
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Total |  |  | 16.2 |  | $ | 12,707 |  | $ | (4,383 | ) | $ | 8,324 |  | $ | 10,810 |  | $ | (3,995 | ) | $ | 6,815 |
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All intangible assets are owned by Dutch entities. As of December 31, 2016, the estimated future amortization expense for each of the five succeeding years and the period thereafter is as follows:
Years |  | Amount |
|  | ($ in thousands) |
2017 |  | $ | 569 |
2018 |  |  | 566 |
2019 |  |  | 533 |
2020 |  |  | 513 |
2021 |  |  | 509 |
Thereafter |  |  | 5,634 |
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Total |  | $ | 8,324 |
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a. Acquired licenses The carrying amount of the Company's licenses by licensor is set out below.
|  | December 31, 2016 |  | December 31, 2015 |
|  | in thousands |
National Institutes of Health |  | $ | 738 |  | $ | 866 |
St. Jude Children's Hospital |  |  | 659 |  |  | 723 |
Protein Sciences Corporation |  |  | 2,194 |  |  | 49 |
Other |  |  | 256 |  |  | 276 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 3,847 |  | $ | 1,914 |
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The amortization expense related to licenses for the year ended December 31, 2016 was $0.3 million (December 31, 2015: $0.4 million; December 31, 2014: $0.6 million) and is included in research and development expenses. Protein Sciences Corporation In 2016, the Company renegotiated its existing license contract with Protein Sciences Corporation for the exclusive use of its expresSF+ ("SF+") insect cell line to provide the Company with an exclusive royalty free, perpetual right and license to the licensed technology in the field of AAV-based gene therapy. Capitalized cost includes an amount paid of $0.1 million in 2013 and $2.2 million in 2016. Glybera impairment Triggered by the first commercial sale of Glybera in September 2015, the Company assessed the value-in-use of Glybera related licenses (Xenon and Ampliphi). The value-in-use was determined using a discounted cash flow model based on the Company's forecast of net cash flows to be generated by the sale of Glybera in Europe through 2021. In determining the value-in-use the Company applied a WACC of 13.5%. Accordingly, the Company recognized an impairment loss of $1.3 million in the year ended December 31, 2015, which is charged to research and development expense. There were no other material additions in 2016. b. Acquired R&D The Acquired R&D asset was acquired as part of the acquisition of InoCard in July 2014 and relates to the S100A1 program. Following the commercialization of S100A1 as part of the collaboration agreement with BMS in May 2015, amortization commenced on the Acquired R&D asset on a straight-line basis over a 19-year period in line with the recognition of license revenue originating from the BMS collaboration. The amortization expense related to Acquired R&D for the year ended December 31, 2016 was $0.3 million (December 31, 2015: $0.2 million; December 31, 2014: $0.0 million) and is included in research and development expenses.

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