Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The Company acquired the assets of Canadian pharmaceutical company Alveda Pharmaceuticals, Inc., in November 2015. As a result of the acquisition, goodwill of $0.4 million was recorded. Our annual impairment test is conducted annually on October 1. Goodwill is also tested for impairment whenever an event occurs or circumstances change that would more likely than not reduce the fair value of its reporting unit below its carrying amount. There have been no events or changes in circumstances that would have reduced the fair value of our reporting unit below its carrying value and therefore no impairment losses have been recognized pertaining to goodwill.

Changes in goodwill during the two years ended December 31, 2019 and December 31, 2018 were as follows (in thousands):

	Goodwill
January 1, 2018	$	471
Foreign currency translation	(1)
December 31, 2018	470
Foreign currency translation	21
December 31, 2019	$	491

Intangible Assets

The following sets forth the major categories of the Company’s intangible assets and the weighted-average remaining amortization period as of December 31, 2019 and December 31, 2018 for those assets that are not already fully amortized (in thousands):

	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period
Trademarks and Technology	$	39,943	$	(10,885)	$	29,058	10.8
Product acquisition costs	13,103		—		13,103		N/A - See description below
In-process research and development (“IPR&D”)	327		—		327		N/A - See description below
Customer relationships	3,658		(1,501)		2,157		5.9
Total	$	57,031	$	(12,386)	$	44,645

	December 31, 2018
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period
Trademarks and Technology	$	40,169	$	(8,239)	$	31,930	11.8
Product acquisition costs	13,308		—		13,308		N/A - See description below
In-process research and development (“IPR&D”)	719		—		719		N/A - See description below
Customer relationships	3,557		(1,139)		2,418		6.9
Total	$	57,753	$	(9,378)	$	48,375

Changes in intangibles during the year ended December 31, 2019 were as follows (in thousands):

	Product Acquisition Costs		Trademarks and Technology		IPR&D		Customer Relationships
Balance at December 31, 2018	$	13,308	$	31,930	$	719	$	2,418
Amortization	—		(2,646)		—		(362)
Intangible assets placed in service	—		301		(301)		—
Foreign currency translation	(205)		(527)		(91)		101
Balance at December 31, 2019	$	13,103	$	29,058	$	327	$	2,157

The Company recorded amortization expense of $3.0 million and $3.1 million in 2019 and 2018, respectively. The Company recorded an impairment loss of $0.7 million and $1.2 million related with product acquisition costs and IPR&D, respectively, in 2018. There were no impairment losses pertaining to intangibles for the year ending December 31, 2019.

Assuming no additions, disposals or adjustments are made to the carrying values and/or useful lives of the intangible assets, annual amortization expense on trademarks and technology and customer relationships for each of the following years is estimated to be as follows (in thousands):

Year ending December 31,	Amortization Expense *
2020	$	3,008
2021	3,008
2022	3,008
2023	3,008
2024	3,008
Thereafter	16,175
Total	$	31,215

*IPR&D and Product Acquisition Costs are not included in the table.

The useful lives of the Company’s intangible assets are as follows:

Intangibles Category	Amortizable Life
Product Acquisition Costs	10 years
Trademarks & Technology	15 years
Customer Relationships	10 years