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Intangible Assets and Goodwill | 12 Months Ended
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Dec. 31, 2019
Intangible Assets and Goodwill |
Intangible Assets and Goodwill | (8) Intangible Assets and Goodwill Intangible Assets, Net The Company’s finite-lived intangible assets consisted solely of license rights amended under a 2009 agreement with Amgen Fremont related to developing and commercializing Glemba. As a result of the discontinuation of the Glemba program, the Company concluded that the finite-lived intangible asset was fully impaired and a non-cash impairment charge of $6.9 million was recorded in the first quarter of 2018. Amortization expense for finite intangible assets was $0.0 million, $0.2 million and $0.9 million for the years ended December 31, 2019, 2018 and 2017. At December 31, 2019 and 2018, the Company recorded indefinite-lived intangible assets of $48.7 million. At December 31, 2019, indefinite-lived intangible assets consist of acquired in-process research and development (“IPR&D”) related to the development of CDX-3379, the anti-KIT program and the TAM program. CDX-3379 is in Phase 2 development, the anti-KIT program is in Phase 1 development and the TAM program is in preclinical development. As of December 31, 2019, no IPR&D asset had reached technological feasibility nor did any have alternative future uses. Each IPR&D asset is assessed for impairment at least annually, or more frequently if events or changes in circumstances indicate that IPR&D assets may be impaired. The Company performed its annual impairment test of the IPR&D assets during the fourth quarter of 2019 and concluded that the IPR&D assets were not impaired. In the first quarter of 2018, as a result of the discontinuation of the Glemba program, the Company concluded that the Glemba IPR&D asset was fully impaired and a non-cash impairment charge of $11.8 million was recorded. Due to the nature of IPR&D projects, the Company may experience future delays or failures to obtain regulatory approvals to conduct clinical trials, failures of such clinical trials or other failures to achieve a commercially viable product, and as a result, may recognize further impairment losses in the future. Goodwill In the first quarter of 2018, the Company’s goodwill was evaluated for potential impairment due to the discontinuation of the Glemba program. The carrying amount of the Company was compared to the Company’s fair value. The Company’s fair value assessment reflected a number of significant management assumptions and estimates including the Company’s probability forecasts for pipeline assets, income taxes, capital expenditures, market premium and changes in working capital requirements. Changes in these assumptions and/or discount rates could materially impact the Company’s conclusions. Through this assessment, it was determined that the carrying amount of the Company exceeded its fair value by over $91.0 million. As such, the full goodwill asset was considered impaired and a charge of $91.0 million was recorded during the first quarter of 2018.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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