Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

5.Goodwill and Intangible Assets

Goodwill

In May 2017, the Company closed on a business combination and recorded an initial purchase price allocation including goodwill. During the six months ended June 30, 2018 and prior to the end of the measurement period for accounting for the business combination, 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 during the six months ended June 30, 2018. 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:

	June 30, 2019
	Estimated Useful Lives	Gross Carrying Value		Accumulated Amortization			Net Book Value
Internally developed patents	6-10 years	$	734,432	$	(416,857	)	$	317,575
Acquired licenses	16-20 years		285,000		(261,326	)		23,674
Total intangible assets subject to amortization			1,019,432		(678,183	)		341,249
IPR&D assets	Indefinite		13,418,967		—			13,418,967
Total		$	14,438,399	$	(678,183	)	$	13,760,216

	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 $14,836 and $14,972 for the three months ended June 30, 2019 and 2018, and $107,580 and $29,446 for the six months ended June 30, 2019 and 2018, respectively. Amortization expense was classified as research and development expenses in the accompanying unaudited consolidated statements of operations and comprehensive loss.

As of June 30, 2019, future estimated amortization expense was as follows:

Years ending December 31,
The remainder of 2019	$	29,690
2020		45,933
2021		25,375
2022		25,375
2023		25,375
2024 and thereafter		189,501
Total	$	341,249