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INTANGIBLE ASSETS | 7. INTANGIBLE ASSETS Goodwill As a result of our 2013 merger with BioSante Pharmaceuticals, Inc., we recorded goodwill of $1.8 million. From our acquisition of WellSpring, we recorded additional goodwill of $1.7 million in 2018. From our acquisition of Novitium in 2021, we recorded goodwill of $24.3 million. For the goodwill impairment analyses performed at October 31, 2021 and 2020, we performed qualitative assessments to determine whether it was more likely than not that our goodwill asset was impaired in order to determine the necessity of performing a quantitative impairment test, under which management would calculate the asset’s fair value. When performing the qualitative assessments, we evaluated events and circumstances that would affect the significant inputs used to determine the fair value of the goodwill. Based on our assessments of the aforementioned factors, it was determined that it was more likely than not that the fair value of our one reporting unit is greater than its carrying amount as of October 31, 2021 and 2020, and therefore no quantitative testing for impairment was required. In addition to the qualitative impairment analysis performed at October 31, 2021, there were no events or changes in circumstances that would have reduced the fair value of our reporting unit below its carrying value from October 31, 2021 to December 31, 2021. No impairment loss was recognized during the years ended December 31, 2021, 2020, and 2019, and the balance of goodwill was $27.9 million and $3.6 million as of December 31, 2021 and 2020, respectively. Intangible Assets The components of net definite-lived intangible assets and net indefinite-lived intangible assets other than goodwill are as follows:
Amortization expense was $41.8 million, $39.9 million, and $40.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. Refer to Note 8 for more details on acquired definite-lived and indefinite-lived intangible assets. Expected future amortization expense is as follows for the years ending December 31:
Expected amortization expense is an estimate. Actual amounts of amortization expense may differ due to timing of regulatory approvals related to IPR&D assets, additional intangible assets acquired, impairment of intangible assets, and other events. |