Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

Intangible assets consist of patent defense costs, which are deferred legal fees incurred in conjunction with defending patents for Oxtellar XR and Trokendi XR. The Company amortizes these costs over the useful life of the respective patents.

The following sets forth the gross carrying amount and related accumulated amortization of the intangible assets (dollars in thousands):

	Weighted- Average Life	December 31, 2019			December 31, 2018
Capitalized patent defense costs	3.01 - 7.25 years	$	43,375		$	44,724
Less accumulated amortization		(18,535		)	(13,356		)
Total		$	24,840		$	31,368

U.S. patents covering Oxtellar XR and Trokendi XR will expire no earlier than 2027. As regards Trokendi XR, the Company entered into settlement agreements that allow third parties to enter the market by January 1, 2023, or earlier under certain circumstances.

Amortization expense on intangible assets was approximately $5.2 million, $5.2 million and $6.9 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Anticipated annual amortization expense for intangible assets from 2020 to 2022 is estimated at $5.0 million per year. Anticipated annual amortization expense for intangible assets in 2023 and 2024 is estimated at $2.3 million per year.

The Company annually performs an impairment assessment of its intangible assets in the fourth quarter of each year, or earlier, if impairment indicators exist. As of December 31, 2019, there were no identified indicators of impairment.