Goodwill and Intangible Assets

The Company’s amortizable and unamortizable intangible assets at March 31, 2019 and December 31, 2018 are as follows:



	March 31, 2019							December 31, 2018
Goodwill and Intangible Assets:	Gross Value		Accumulated Amortization			Net Carrying Amount		Gross Value		Accumulated Amortization			Impairment			Net Carrying Amount

Amortizable intangible assets:
Acquired developed technology - Noctiva	$	—	$	—		$	—	$	73,111	$	(7,024	)	$	(66,087	)	$	—
Acquired developed technology - Vazculep	12,061		(10,633		)	1,428		12,061		(10,432		)	—			1,629
Total amortizable intangible assets	$	12,061	$	(10,633	)	$	1,428	$	85,172	$	(17,456	)	$	(66,087	)	$	1,629

Unamortizable intangible assets:
Goodwill	$	18,491	$	—		$	18,491	$	18,491	$	—		$	—		$	18,491
Total unamortizable intangible assets	$	18,491	$	—		$	18,491	$	18,491	$	—		$	—		$	18,491

The Company recorded amortization expense related to amortizable intangible assets of $201 and $1,767 for the three months ended March 31, 2019 and 2018, respectively.

During the fourth quarter 2018, certain conditions came to light, largely the lack of a meaningful increase in Noctiva prescriptions despite the substantial investment of resources, which indicated that the carrying value of the asset, may not be fully recoverable. As such, the Company performed an impairment test based on a comparison of the pretax discounted cash flows expected to be generated by the asset, which is a Level 3 fair value estimate, to the recorded value of the asset and concluded that the associated cash flows did not support any of the carrying value of the intangible asset and the Company recorded a full impairment charge of $66,087 at December 31, 2018 related to the acquired developed technology associated with Noctiva. The February 6, 2019 Chapter 11 bankruptcy filing of Specialty Pharma, the subsidiary which markets, sells and distributes Noctiva, confirmed management’s conclusion on the impairment.

Amortizable intangible assets are amortized over their estimated useful lives, which generally range from three to fifteen years. Estimated amortization of intangible assets for the next five years is as follows:



Estimated Amortization Expense:	Amount

2019	$	815
2020	814
2021	—
2022	—
2023	—