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 three and nine months ended September 30, 2020 and 2019.

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

	September 30, 2020			December 31, 2019
	(in thousands)
Developed technology	$	7,000		$	7,000
Less accumulated amortization		(3,456	)		(2,539	)
Less impairment of intangible assets		(832	)		—
Developed technology, net	$	2,712		$	4,461

Finite-lived intangible assets are carried at cost less accumulated amortization. Of the total cost of developed technology, $4.8 million and $2.2 million resulted from the acquisitions of Humabs and Statera Health, LLC, respectively. Amortization expense related to finite-lived intangible assets, included in research and development expenses in the consolidated statements of operations, totaled $0.3 million and $0.9 million for the three and nine months ended September 30, 2020, respectively, and $0.3 million and $0.9 million for the three and nine months ended September 30, 2019, 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. During the quarter ended September 30, 2020, as a result of the availability of other research and analytics platforms, the Company abandoned certain of its acquired developed technologies and concluded that the full remaining book values of the assets were impaired. Therefore, $0.8 million was written off as an impairment charge which was classified as research and development expenses.

As of September 30, 2020, the Company had indefinite-lived intangible assets of $31.2 million related to the purchased IPR&D from the Humabs acquisition. No impairment losses were recorded for the three and nine months ended September 30, 2020 and 2019.