Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2020

Intangible Assets

Intangible Assets

7. Intangible Assets and Goodwill

Intangible assets related to capitalized milestones under license agreements consisted of the following (in thousands):

	March 31,		December 31,
	2020		2019
Intangible asset - milestones	$	71,850	$	71,850
Accumulated amortization		(10,142)		(8,930)
Total intangible asset, net	$	61,708	$	62,920

The estimated useful lives of these intangible assets are based on the estimated remaining patent life of Rubraca and extend through 2031 in Europe and 2035 in the U.S.

We recorded amortization expense of $1.2 million and $1.1 million related to capitalized milestone payments during the three months ended March 31, 2020 and March 31, 2019, respectively. Amortization expense is included in cost of sales – intangible asset amortization on the Consolidated Statements of Operations and Comprehensive Loss.

Estimated future amortization expense associated with intangibles is expected to be as follows (in thousands):

2020	$	3,635
2021		4,847
2022		4,847
2023		4,847
2024		4,847
Thereafter		38,685
	$	61,708