4. Intangible Assets, net

The Company’s identifiable intangible assets, net, consist of the following (in thousands):

	September 30, 2018
	Cost/Fair Value			Accumulated Amortization		Impairments		Net
Amortizable intangible assets:
Licenses	$	4,650		$	1,836	$	—	$	2,814
Polymed customer list		1,593			873		—		720
Polymed technology		3,712			930		—		2,782
Product rights		530			231		—		299
Indefinite-lived intangible assets:
CDE in-process research and development (IPR&D)		1,026			—		—		1,026
Effect of currency translation adjustment		(387	)		—		—		(387	)
Total intangible assets, net	$	11,124		$	3,870	$	-	$	7,254

	December 31, 2017
	Cost/Fair Value			Accumulated Amortization		Impairments		Net
Amortizable intangible assets
Licenses	$	4,650		$	1,173	$	—	$	3,477
Polymed customer list		1,593			675		—		918
Polymed technology		3,712			762		—		2,950
Product rights		530			132		—		398
Indefinite-lived intangible assets:
CDE in-process research and development (IPR&D)		1,106			—		80		1,026
Effect of currency translation adjustment		(197	)		—		—		(197	)
Total intangibles, net	$	11,394		$	2,742	$	80	$	8,572

As of September 30, 2018, licenses at cost include an Orascovery license of $0.4 million and licenses purchased from Gland Pharma Limited (“Gland”) of $4.3 million. The Company purchased the Orascovery license directly from Hanmi Pharmaceuticals Co. Ltd. (“Hanmi”) and is amortizing it on a straight-line basis over a period of 12.75 years, the remaining life of the license agreement at the time of purchase. The licenses purchased from Gland are being amortized on a straight-line basis over a period of five years, the remaining life of the license agreement at the time of purchase.

The remaining intangible assets were acquired in connection with the acquisitions of Athenex Pharma Solutions (“APS” or “Athenex Pharma Solutions,” and formerly known as QuaDPharma), Polymed Therapeutics, Inc. (“Polymed”), and Comprehensive Drug Enterprises (“CDE”). Intangible assets are amortized using an economic consumption model over their useful lives. The APS customer list was being amortized on a straight-line basis over 7 years. The Polymed customer list and technology are amortized on a straight-line basis over 6 and 12 years, respectively. The CDE in-process research and development, (“IPR&D”), will not be amortized until the related projects are completed. IPR&D will be tested annually for impairment, unless conditions exist causing an earlier impairment test (e.g., abandonment of project). No impairment charges were recorded during the nine months ended September 30, 2018. During the nine months ended September 30, 2017, the Company abandoned a project and thus wrote off the related balance of $0.1 million as impaired and included it in the research and development expenses in the consolidated statement of operations and comprehensive loss for the nine months ended September 30, 2017. The weighted-average useful life for all intangible assets was 8.77 years as of September 30, 2018.

The Company recorded $0.4 million of amortization expense for both the three-month periods ended September 30, 2018 and 2017, respectively, and $1.2 million of amortization expense for both the nine-month periods ended September 30, 2018 and 2017, respectively.