Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill of $16.9 million represents the excess of the purchase price over the estimated fair value of the net assets acquired from Humabs. The Company tests goodwill for impairment on an annual basis or sooner, if deemed necessary. There was no impairment for the year ended December 31, 2022.

Intangible Assets

The following table summarizes the carrying amount of the Company’s finite-lived intangible assets (in thousands):


	December 31,						Weighted- Average Remaining Useful
	2022			2021			Life (Years)
Developed technology	$	4,260		$	7,000			5.5
Contract-based intangible asset		502			502			12.9
Finite-lived intangible assets, gross		4,762			7,502
Less accumulated amortization		(2,738	)		(4,114	)
Less impairment of intangible assets		—			(832	)
Finite-lived intangible assets, net	$	2,024		$	2,556

Finite-lived intangible assets are carried at cost less accumulated amortization. The contract-based intangible asset resulted from the product approval of a sublicensed intellectual property right in December 2020. The intellectual property right was previously accounted for as IPR&D. Amortization expense related to finite-lived intangible assets, included in research and development expenses on the consolidated statements of operations, totaled $0.5 million, $0.5 million and $1.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Management reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, like that of property and equipment.

Based on the finite-lived intangible assets recorded as of December 31, 2022, the estimated future amortization expense for the next five years is as follows (in thousands):


Year Ending December 31:
2023	$	532
2024		260
2025		213
2026		213
2027		213
Total	$	1,431

Indefinite-Lived Intangible Assets

As of December 31, 2022 and 2021, the Company had indefinite-lived intangible assets of $30.7 million, respectively, related to the purchased IPR&D from the Humabs acquisition. No impairment losses have been recorded for the years ended December 31, 2022 and 2021.