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Goodwill and Intangible Assets, Net
 9 Months Ended
Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net

8.     Goodwill and Intangible Assets, Net

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

 

 

 

September 30, 2021

 

 

December 31, 2020

 

Cell Therapy

 

$

112,347

 

 

$

112,347

 

Degenerative Disease

 

 

3,610

 

 

 

3,610

 

Biobanking

 

 

7,347

 

 

 

7,347

 

 

 

$

123,304

 

 

$

123,304

 

 

 

Intangible Assets, Net

Intangible assets, net consisted of the following:

 

 

 

September 30, 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

 

 

(5,081

)

 

 

(4,203

)

 

 

Customer relationships

 

 

(1,104

)

 

 

(906

)

 

 

Trade names & trademarks

 

 

(206

)

 

 

(165

)

 

 

Reacquired rights

 

 

(2,363

)

 

 

(1,840

)

 

 

 

 

 

(8,754

)

 

 

(7,114

)

 

 

Amortizable intangible assets, net

 

 

15,239

 

 

 

16,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-amortized intangible assets

 

 

 

 

 

 

 

 

 

 

Acquired IPR&D product rights

 

 

108,500

 

 

 

108,500

 

 

indefinite

 

 

$

123,739

 

 

$

125,379

 

 

 

 

For the three months ended September 30, 2021 and 2020, amortization expense for intangible assets was $553 and $783, respectively. Amortization expense for intangible assets was $1,640 and $2,843, for the nine months ended September 30, 2021 and 2020, respectively.

 

During the third quarter of 2020, Legacy Celularity 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, Legacy Celularity determined PDA-001 did not have future cash flows as Legacy Celularity did not intend to further develop and commercialize the asset. The triggering event required Legacy Celularity to perform a quantitative impairment test as of September 30, 2020. As a result of this impairment test, Legacy Celularity recorded a $129,400 impairment charge to write-off the entire IPR&D intangible asset related to PDA-001.