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Intangible Assets and Goodwill | 12 Months Ended
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Dec. 31, 2020
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 $0.2 million for the year ended December 31, 2018 and $0.0 million for the years ended December 31, 2020 and 2019. At December 31, 2020 and 2019, the carrying value of the Company’s indefinite-lived intangible assets was $30.7 million and $48.7 million, respectively. At December 31, 2020, indefinite-lived intangible assets consist of acquired in-process research and development (“IPR&D”) related to the development of the anti-KIT program (including CDX-0159) and the TAM program, a broad antibody discovery effort to generate antibodies that modulate the TAM family of RTKs, comprised of Tyro3, AXL and MerTK.CDX-0159 is in Phase 1 development and the TAM program is in preclinical development. As of December 31, 2020, 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. During the fourth quarter of 2020, the Company prioritized its preclinical resources towards ILT4 and non-oncology bispecific antibody programs based on recent data supporting their value. The Company also decided that although it had developed promising data for the AxL target within the TAM program, it will focus its efforts on out-licensing opportunities for its TAM program. As a result, the Company evaluated the TAM program IPR&D asset for potential impairment as a result of changes in projected development and regulatory timelines related to the program. As part of this evaluation, the present value of probability adjusted estimated net future cash flows was used to determine the fair value of the program. The Company concluded that the TAM IPR&D asset was partially impaired, and a non-cash impairment charge of $14.5 million was recorded in the fourth quarter of 2020. The Company evaluated the CDX-3379 IPR&D asset for potential impairment as a result of the discontinuation of the CDX-3379 program in the second quarter of 2020. The Company concluded that the CDX-3379 IPR&D asset was fully impaired, and a non-cash impairment charge of $3.5 million was recorded during the second quarter of 2020. 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. The Company performed its annual impairment test of the remaining IPR&D assets during the fourth quarter of 2020 and concluded that the IPR&D assets were not impaired. 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 and it was determined that the carrying amount of the Company exceeded its fair value by over $91.0 million. As such, the Company concluded that the goodwill asset was fully impaired and a non-cash impairment 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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