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Goodwill and Intangible Assets
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill and Intangible Assets
5.
Goodwill and Intangible Assets
As of September 30, 2022 and December 31, 2021, the Company had recorded goodwill of $
13.5
 million. The Company performed a qualitative test for goodwill impairment during the fourth quarter of 2021. Based upon the results of the qualitative testing, the Company concluded that it is
more-likely-than-not
that the fair value of the Company’s goodwill was in excess of the carrying value and therefore performing the first step of the
two-step
impairment test was unnecessary. The conclusion has not changed as of September 30, 2022 and
no
goodwill impairment was recognized for the nine months ended September 30, 2022 and 2021.
The Company’s intangible assets, excluding goodwill, are composed of patent rights, acquired technology, acquired licenses, and assembled workforce. Amortization of the intangible assets that have finite useful lives is generally recorded on a straight-line basis over their useful lives.
A summary of the Company’s identifiable intangible assets as of September 30, 2022 and December 31, 2021 is as follows (in thousands):
 
     Nine
 
months
 
ended
 
September
 
30,
 
2022		  
     Gross carrying
amount		      Accumulated
amortization		      Intangibles, net  
Patent rights
    $ 32,630      $ 12,871      $ 19,759  
Acquired technology
      21,940        5,851        16,089  
Acquired licenses
      5,711        92        5,619  
Assembled workforce
      500        350        150  
    
 
 
     
 
 
     
 
 
  
Total intangible assets
    $ 60,781      $ 19,164      $ 41,617  
    
 
 
     
 
 
     
 
 
  
 
     December
 
31.
 
2021		  
     Gross carrying
amount		      Accumulated
amortization		      Intangibles, net  
Patent rights
    $ 32,630      $ 11,239      $ 21,391  
Acquired technology
      21,940        4,754        17,186  
Assembled workforce
      500        275        225  
    
 
 
     
 
 
     
 
 
  
Total intangible assets
    $ 55,070      $ 16,268      $ 38,802  
    
 
 
     
 
 
     
 
 
  
On June 14, 2022, the Company entered into Romeg License Agreement to acquire an exclusive license to use GLOPERBA from Romeg (see Note 3). The Company determined the acquisition of licenses to be an asset acquisition. The fair value of consideration transferred of $
5.7
 million was assigned to acquired licenses with an amortization period of approximately
15
years.
As of September 30, 2022, the weighted average remaining life for identifiable intangible assets was
10.6
 
years. Aggregate amortization expense was $
2.9
 
million and $
2.8
 million for the nine months ended September 30,
 
2022 and 2021, respectively. Patent rights and acquired technology are amortized over a
15-year
period. Assembled workforce is amortized over a
5-year
period.
 
Estimated future amortization expense related to intangible assets at September 30, 2022 is as follows (in tho
us
ands):
 
Year ended December 31,    Amount  
2022 (remaining three months)
    $ 1,027  
2023
    $ 4,106  
2024
    $ 4,031  
2025
    $ 4,006  
2026
    $ 4,006  
Thereafter
    $ 24,441  
Total
    $ 41,617  
7.
Goodwill and Intangible Assets
As of December 
31
,
2021
and
2020
, the Company had recorded goodwill of $
13.5
 million. The Company performed a qualitative test for goodwill impairment during the fourth quarter of
2021
. Based upon the results of the qualitative testing, the Company concluded that it is
more-likely-than-not
that the fair value of the Company’s goodwill was in excess of the carrying value and therefore performing the first step of the
two-step
impairment test was unnecessary.
No
goodwill impairment was recognized for the years ended December 
31
,
2021
,
2020
, and
2019
.

The
 Company’s intangible assets, excluding goodwill, are composed of patent rights, acquired technology and assembled workforce. Amortization of the intangible assets that have finite useful lives is generally recorded on a straight-line basis over their useful lives.
A summary of the Company’s identifiable intangible assets as of December 31, 2021 and 2020 is as follows (in thousands):
 
    
December 31, 2021
  
    
Gross 
carrying

amount
     
Accumulated

amortization
     
Intangibles,

net
  
Patent rights
    $ 32,630      $ 11,239      $ 21,391  
Acquired technology
      21,940        4,754        17,186  
Assembled workforce
      500        275        225  
    
 
 
     
 
 
     
 
 
  
Total intangible assets
    $ 55,070      $ 16,268      $ 38,802  
 
    
December 31, 2020
  
    
Gross 
carrying

amount
     
Accumulated

amortization
     
Intangibles,

net
  
Patent rights
    $ 32,630      $ 9,064      $ 23,566  
Acquired technology
      21,940        3,291        18,649  
Assembled workforce
      500        175        325  
    
 
 
     
 
 
     
 
 
  
Total intangible assets
    $ 55,070      $ 12,530      $ 42,540  
As of December 
31
,
2021
, the weighted average remaining life for identifiable intangible assets is
10.6
 years. Aggregate amortization expense was $
3.7
 million for each of the years ended December 
31
,
2021
,
2020
, and
2019
. Patent rights and acquired technology are amortized over a
15-year
period. Assembled workforce is amortized over a
5-year
period.
Estimated future amortization expense related to intangible assets at December 31, 2021 is as follows (in thousands):
 
Year Ending December 31,
  
Amount
 
2022
    $ 3,738  
2023
      3,738  
2024
      3,663  
2025
      3,638  
2026
      3,638  
Thereafter
      20,387  
    
 
 
  
Total
    $ 38,802  
No
impairment charges related to intangible assets were recorded during the years ended
December 31, 2021 and 2020.