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Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2012

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

In accordance with the guidance regarding goodwill and other intangible assets, the Company’s goodwill is not amortized, but is subject to an annual impairment test, which the Company performs as of November each year or sooner if indicators of impairment exist. The following sets forth the intangible assets by major asset class:

		Useful Life (Yrs)		September 30, 2012												December 31, 2011
				Gross				Accumulated Amortization				Net Book Value				Gross				Accumulated Amortization				Net Book Value
Non-Amortizing:
Goodwill(a)				$	10,113,371			$	—			$	10,113,371			$	10,113,371			$	—			$	10,113,371
Amortizing:
Patents		8 - 17			5,802,528				(4,775,995	)			1,026,533				5,802,528				(4,526,488	)			1,276,040
Licenses		8 - 17			1,323,761				(1,039,683	)			284,078				1,323,761				(1,018,122	)			305,639
CELLECTRA®(b)		5 - 11			8,106,270				(4,031,844	)			4,074,426				8,106,270				(3,124,680	)			4,981,590
GHRH(b)		11			335,314				(105,610	)			229,704				335,314				(81,848	)			253,466
Other(c)		18			4,050,000				(1,725,000	)			2,325,000				4,050,000				(1,556,250	)			2,493,750
Total intangible assets					19,617,873				(11,678,132	)			7,939,741				19,617,873				(10,307,388	)			9,310,485
Total goodwill and intangible assets				$	29,731,244			$	(11,678,132	)		$	18,053,112			$	29,731,244			$	(10,307,388	)		$	19,423,856

(a) Goodwill was recorded from the Inovio AS acquisition in January 2005 and from the acquisition of VGX in June 2009 for $3.9 million and $6.2 million, respectively.

(b) CELLECTRA^® and GHRH are developed technologies that were recorded from the acquisition of VGX.

(c) Other intangible assets represent the fair value of acquired contracts and intellectual property from the Inovio AS acquisition.

Aggregate amortization expense on intangible assets for the three and nine months ended September 30, 2012 was $453,000 and $1.4 million, respectively. Aggregate amortization expense on intangible assets for the three and nine months ended September 30, 2011 was $466,000 and $1.4 million, respectively. Estimated aggregate amortization expense for each of the five succeeding fiscal years is $449,000 for the remainder of fiscal year 2012, $1.8 million for 2013, $943,000 for 2014, $870,000 for 2015, $816,000 for 2016 and $775,000 for 2017.

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The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References

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