Goodwill and Intangible Assets

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



	2019							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	1,629		(816		)	813		12,061		(10,432		)	—			1,629
Total amortizable intangible assets	$	1,629	$	(816	)	$	813	$	85,172	$	(17,456	)	$	(66,087	)	$	1,629

Unamortizable intangible assets - Goodwill	$	18,491	$	—		$	18,491	$	18,491	$	—		$	—		$	18,491

The Company recorded amortization expense related to amortizable intangible assets of $816, $6,619 and $3,659 for the years ended December 31, 2019, 2018 and 2017, respectively.

No impairment loss related to goodwill or intangible assets was recognized during the year ended December 31, 2019.

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, we 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 we recorded a full impairment charge of $66,087 at December 31, 2018 related to the acquired developed technology associated with Noctiva. The Chapter 11 bankruptcy filing of Specialty Pharma commenced on February 6, 2019, the subsidiary which marketed, sold and distributed Noctiva, confirmed management’s conclusion on the impairment. This impairment charge is included in the line “Impairment of intangible asset” in the consolidated statements of (loss) income.

Amortizable intangible assets are amortized over their estimated useful lives, which range from three to fifteen years, using the straight-line method. At December 31, 2019, total amortization of intangible assets for the year ended December 31, 2020 is $813. There is no estimated amortization during the years ended December 31, 2021-2024 as the acquired developed technology - Vazculep will be fully amortized at December 31, 2020.