Intangible Assets

9 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 5. INTANGIBLE ASSETS

Intangible assets subject to amortization include patents and a license agreement capitalized as part of the Novartis RNAi asset acquisition in March 2015. The license agreement associated with the Novartis RNAi asset acquisition is being amortized over the estimated life remaining at the time of acquisition, which was 21 years, and the accumulated amortization of the asset is $791,495.  The patents associated with the Novartis RNAi asset acquisition are being amortized over the estimated life remaining at the time of acquisition, which was 14 years, and the accumulated amortization of the assets is $8,277,460.  Amortization expense for the three months ended June 30, 2020 and 2019 was $425,107 and $425,107, respectively. Amortization expense for the nine months ended June 30, 2020 and 2019 was $1,275,322 and $1,275,322, respectively. Amortization expense is expected to be $425,107 for the remainder of fiscal 2020, $1,700,429 in 2021, $1,700,429 in 2022, $1,700,429 in 2023, $1,700,429 in 2024, and $8,561,435 thereafter.

The following table provides details on the Company’s intangible asset balances:

	Intangible assets subject to amortization
Balance at September 30, 2019	$	17,063,580
Impairment		—
Amortization		(1,275,322	)
Balance at June 30, 2020	$	15,788,258