Intangible asset, net

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible asset, net

Intangible asset, net

The following table summarizes intangible asset (in thousands):

	December 31,
	2020		2019
Cost	$	659	$	659
Accumulated amortization	(312)		(92)
Net intangible asset	$	347	$	567

As part of the Merger as discussed in Note 3, Merger of Neoleukin Therapeutics, Inc. and Aquinox Pharmaceuticals, Inc., an assembled workforce was acquired. In an asset acquisition, an assembled workforce meets the asset recognition criteria and is separately recognized as an intangible asset and amortized over its expected life. The amortization period has been established as 3 years based on management's judgement. The Company will recognize $0.2 million and $0.1 million of amortization expense in fiscal years 2021 and 2022, respectively.