Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

4.Goodwill and Intangible Assets

Goodwill

In May 2017, the Company closed on a business combination and recorded an initial purchase price allocation including goodwill. The measurement period ended on the one year anniversary of the business combination and during the three months ended March 31, 2018, the Company recorded adjustments to the purchase price allocation resulting in a net decrease in tax refunds receivable, with a corresponding net increase in goodwill, of $490,676. As goodwill related to this transaction had previously been determined to be fully impaired, the Company recognized an impairment charge of $490,676 as a result of these purchase price allocation adjustments. The purchase price allocation was considered final in May 2018, and no further adjustments were recorded.

Intangibles assets

The Company’s intangible assets consisted of the following:

	March 31, 2019
	Estimated Useful Lives	Gross Carrying Value		Accumulated Amortization			Net Book Value
Internally developed patents	6-10 years	$	721,570	$	(405,969	)	$	315,601
Acquired licenses	16-20 years	$	285,000		(257,369	)		27,631
Total intangible assets subject to amortization			1,006,570		(663,338	)		343,232
IPR&D assets	Indefinite		13,418,967		—			13,418,967
Total		$	14,425,537	$	(663,338	)	$	13,762,199

	December 31, 2018
	Estimated Useful Lives	Gross Carrying Value		Accumulated Amortization			Impairment			Net Book Value
Internally developed patents	6-10 years	$	718,559	$	(317,172	)	$	—		$	401,387
Acquired licenses	16-20 years		285,000		(253,430	)		—			31,570
Total intangible assets subject to amortization		$	1,003,559	$	(570,602	)	$	—		$	432,957
IPR&D assets	Indefinite		37,868,978		—			(24,450,011	)		13,418,967
Total		$	38,872,537	$	(570,602	)	$	(24,450,011	)	$	13,851,924

Amortization expense of intangible assets subject to amortization was $92,744 and $14,628 for the three months ended March 31, 2019 and 2018, respectively. Amortization expense was classified as research and development expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.

As of March 31, 2019, future estimated amortization expense was as follows:

Years ending December 31,
The remainder of 2019	$	44,535
2020		45,933
2021		25,375
2022		25,371
2023		25,375
2024 and thereafter		176,643
Total	$	343,232