Intangible Assets

9 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

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 following table presents the components of intangible assets:

	Gross Carrying Amount		Accumulated Amortization		Impairment		Net Carrying Amount		Useful Lives
	(in thousands)								(in years)
As of June 30, 2023
Patents	$	21,728	$	12,933	$	—	$	8,795	14
License	3,129		1,237		—		1,892		21
Total intangible assets, net	$	24,857	$	14,170	$	—	$	10,687
As of September 30, 2022
Patents	$	21,728	$	11,770	$	—	$	9,958	14
License	3,129		1,125		—		2,004		21
Total intangible assets, net	$	24,857	$	12,895	$	—	$	11,962

Intangible assets are reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during the nine months ended June 30, 2023 and 2022.

Intangible assets with definite useful lives are amortized on a straight-line basis over their useful lives. Intangible assets amortization expense was $0.4 million for each of the three months ended June 30, 2023 and 2022, and $1.3 million and for each of the nine months ended June 30, 2023 and 2022. None of the intangible assets with definite useful lives are anticipated to have a residual value.

The following table presents the estimated future amortization expense related to intangible assets as of June 30, 2023:

	Amortization Expense
Year Ending September 30,	(in thousands)
2023 (remainder)	$	425
2024	1,700
2025	1,700
2026	1,700
2027	1,700
Thereafter	3,462
Total	$	10,687