Patent License Agreement

6 Months Ended

Jun. 30, 2019

Finite-Lived Intangible Assets, Net [Abstract]

Patent License Agreement

Patent License Agreement

In January 2017, the Company entered into a license agreement with a biotechnology company for an exclusive, non-transferable right to use proprietary technology related to high-throughput screening and identification of mutations in targeted gene sequences. The transaction was treated as an acquisition of an asset and the Company capitalized a total of $9.7 million under the arrangement.

As of June 30, 2019 and December 31, 2018, unamortized capitalized license fees were $7.3 million and $7.8 million, respectively, which will be amortized over the remaining useful life of 7.5 and 8.0 years, respectively. Amortization of capitalized license fees totaled $243,000 and $239,000 for the three months ended June 30, 2019 and 2018, respectively, and $486,000 and $428,000 for the six months ended June 30, 2019 and 2018, respectively.