Goodwill and Intangible Assets

The table below shows the weighted-average life, original cost, accumulated amortization, and net book value by major intangible asset classification (in thousands):



	Weighted-Average Life (Years)	Original Cost		Accumulated Amortization			Net Book Value
Definite-lived intangible assets
Distribution right	20	$	58,076	$	(484	)	$	57,592
Capitalized software	2	1,190		—			1,190
Intangible assets, net		59,266		(484		)	58,782
Indefinite-lived intangible asset
Goodwill	*	21,208		—			21,208
Total as of March 31, 2019		$	80,474	$	(484	)	$	79,990



	Weighted-Average Life (Years)	Original Cost		Accumulated Amortization		Net Book Value
Indefinite-lived intangible assets
IPR&D**	*	$	56,076	$	—	$	56,076
Goodwill	*	21,208		—		21,208
Total as of December 31, 2018		$	77,284	$	—	$	77,284

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* Intangible assets with indefinite lives have an indeterminable average life.

** IPR&D is presented as “intangible asset, net” in the accompanying condensed balance sheets.

The following table outlines the estimated future amortization expense related to intangible assets held as of March 31, 2019 that are subject to amortization:



Fiscal year	(in thousands)
Remaining in 2019	$	2,178
2020	2,904
2021	2,904
2022	2,904
2023	2,904
Thereafter	43,798
	$	57,592

In connection with the acquisition of the Company by SCH in 2013, the Company recorded goodwill of $21.2 million and IPR&D of $56.1 million. The IPR&D recognized represents the license and associated distribution right to develop the Product, the initial term of which will expire in September 2023 and which will be automatically extended for unlimited additional three-year terms provided that the Company meets certain performance requirements. Additionally, pursuant to the Daewoong Agreement, $13.5 million in additional cash consideration is due to Daewoong based upon the Company’s successful completion of certain technical and sales milestones. Upon FDA approval of the Product on February 1, 2019, the Company paid Daewoong a $2.0 million milestone payment which increased the cost basis of the IPR&D, and the IPR&D project was completed and reclassified as an definite-lived distribution right intangible asset, which is amortized on a straight-line basis over the estimated useful life of 20 years and is recorded within depreciation and amortization on the accompanying condensed statements of operations and comprehensive loss.

During the three months ended March 31, 2019, the Company capitalized $1.2 million related to costs of computer software developed or obtained for internal use and expects to amortize this software over a two-year period using the straight-line method once placed in service.