The intangible assets primarily consist of $4.1 million of in-process research and development (“IPR&D”) from the acquisition of VisLab S.r.l., or VisLab, in June 2015 and $13.2 million of software licenses, net of amortization expense. Acquired IPR&D is capitalized at fair value and the amortization commences upon completion of the underlying projects. Once research and development efforts are completed, the corresponding amount of IPR&D is reclassified as an amortizable purchased intangible asset and is amortized over its estimated useful life. As of April 30, 2021, there was no IPR&D amortized. The Company will determine the project incorporating the VisLab IPR&D to be completed when a related chip begins mass production to address the level 3 and above advanced driving assistance systems markets.

The Company enters into certain software license agreements with third parties from time-to-time. The software licenses consist of noncancelable on premise internal-use software and software with alternative use that is to be sold, leased or otherwise marketed as part of a product. The licenses have been capitalized as intangible assets, and the corresponding future payments have been recorded as liabilities at net present value. As of April 30, 2021, $5.6 million was recorded in accrued and other current liabilities and $4.2 million was recorded in other long-term liabilities in the condensed consolidated balance sheets. The carrying amounts of intangible assets as of April 30, 2021 and January 31, 2021 were as follows:

	As of April 30, 2021							As of January 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(in thousands)
In-process research and development	$	4,100	$	—		$	4,100	$	4,100	$	—		$	4,100
Software licenses		21,125		(7,934	)		13,191		21,043		(6,440	)		14,603
Total acquired intangible assets	$	25,225	$	(7,934	)	$	17,291	$	25,143	$	(6,440	)	$	18,703

The amortization expense related to the software licenses was approximately $1.5 million and $1.5 million for the three months ended April 30, 2021 and 2020, respectively. The expected future amortization expense related to these software licenses as of April 30, 2021 is as follows:

	As of
	April 30, 2021
Fiscal Year	(in thousands)
2022 (9 months remaining)	$	4,409
2023		6,298
2024		2,484
2025		—
2026		—
Thereafter		—
Total future amortization expenses:	$	13,191

IPR&D is required to be tested for impairment at least annually in the fourth fiscal quarter or sooner whenever events or changes in circumstances indicate that the assets may be impaired. There were no intangible asset impairments for the three months ended April 30, 2021 and 2020, respectively.