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Goodwill and In-Process Research & Development
12 Months Ended
Dec. 31, 2021
Goodwill and In-Process Research & Development [Abstract]  
Goodwill and In-Process Research & Development
8)
Goodwill and In-Process Research & Development

The Company recorded goodwill and IPR&D in the amount of $2,044,000 and $6,860,000, respectively, in connection with the IRX Acquisition in the year ended December 31, 2018. IPR&D assets are considered to be indefinite lived until the completion or abandonment of the associated research and development projects.

In connection with the Acquisition, the Company expensed the fair value of the IPR&D it acquired in the amount of $80,538,000, as the Company determined there were no future alternative uses or separate economic values from its original intended purpose. (See Note 4.)