The Company performs its annual goodwill impairment test in the fourth quarter of every year, unless a triggering event occurs prior to the impairment test. Based on the Company’s annual assessment performed during the fourth quarter of 2021, it was determined that goodwill was not impaired.

The carrying values of goodwill assigned to the Company’s operating segments are as follows:


	Cell Therapy		Degenerative Disease			Biobanking		Total
Balance at December 31, 2019	$	112,347	$	7,374		$	7,347	$	127,068
Derecognition of goodwill related to sale of UltraMIST business		—		(3,764	)		—		(3,764	)
Impairment		—		—			—		—

Balance at December 31, 2020	$	112,347	$	3,610		$	7,347	$	123,304
Impairment		—		—			—		—

Balance at December 31, 2021	$	112,347	$	3,610		$	7,347	$	123,304

Intangible Assets, Net

Intangible assets, net consisted of the following:


	December 31, 2021			December 31, 2020			Estimated Useful Lives
Amortizable intangible assets:
Developed technology	$	16,810		$	16,810			11 – 16 years
Customer relationships		2,413			2,413			10 years
Trade names & trademarks		570			570			10 – 13 years
Reacquired rights		4,200			4,200			6 years

		23,993			23,993
Less: Accumulated amortization
Developed technology		(5,376	)		(4,203	)
Customer relationships		(1,170	)		(906	)
Trade names & trademarks		(220	)		(165	)
Reacquired rights		(2,540	)		(1,840	)

		(9,306	)		(7,114	)

Amortizable intangible assets, net		14,687			16,879
Non-amortized intangible assets
Acquired IPR&D product rights		108,500			108,500			indefinite

	$	123,187		$	125,379

Amortization expense for intangible assets was $2,192 and $3,394 for the years ended December 31, 2021 and 2020, respectively.

Aggregate amortization expense for each of the five succeeding years related to intangible assets held as of December 31, 2021 is estimated as follows:


2022	$	2,193
2023		2,193
2024		1,784
2025		1,493
2026		1,356

During the third quarter of 2020, the Company experienced a triggering event as it discontinued development of

PDA-001 for

an indefinite period of time and opted to pursue an alternative clinical program. As of September 30, 2020, the Company determined

PDA-001 did

not have future cash flows as the Company did not intend to further develop and commercialize the asset. The triggering event required the Company to perform a quantitative impairment test as of September 30, 2020. As a result of this impairment test, the Company recorded a $129,400 impairment charge to

write-off the

entire IPR&D intangible asset related to

PDA-001.