6.Intangible Assets, Net

Intangible assets were as follows:

	December 31, 2014						December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, net		Gross Carrying Amount		Accumulated Amortization			Intangible Assets, net
Finite lived intangible assets	$	—	$	—	$	—	$	7,779,000	$	(87,318	)	$	7,691,682
In-process research and development costs (IPR&D)	6,449,628		—		6,449,628		—		—			—
Total intangible assets	$	6,449,628	$	—	$	6,449,628	$	7,779,000	$	(87,318	)	$	7,691,682

In finalizing the purchase accounting for our acquisitions of Canterbury and Hygeia during 2014, the Company determined that one of the acquired intangible assets should have been classified as an in-process research and development intangible asset and reclassified the asset, accordingly, upon the finalization of purchase accounting in 2014.

The Company recorded amortization expense on finite lived intangible assets of $554,338 within depreciation and amortization on the consolidated statements of operations. The Company performed a review of finite lived intangible assets to determine if the carrying amount of those assets may not be recoverable. If such facts and circumstances exist, the Company assesses recoverability by comparing the projected undiscounted net cash flows associated with the related assets over their remaining lives against its respective carrying amounts. The Company also performed an assessment for IPR&D to determine whether it is more likely than not that the carrying value of the assets may not be recoverable. Impairments, if any, are based on the excess of the carrying amount over the fair value of those assets.

In the fourth quarter of 2014, the Company strategically decided that its initial focus would be its development efforts with respect to RES-529 on ophthalmology (specifically age-related macular degeneration) and oncology (specifically glioblastoma multiforme) and RES-440 on dermatology (specifically acne vulgaris). Based on the Company’s decision to abandon its development efforts on the Canterbury cosmeceutical finite lived intangible assets and the Canterbury IPR&D asset, the Company determined that the carrying value of such assets was no longer recoverable. The Company recorded an impairment of its intangible assets of $6,670,345 on its consolidated statements of operations as of December 31, 2014. The impairment consisted of $3,035,000 of impairment of IPR&D assets and $3,635,345 of impairment of finite lived intangible assets.