Intangibles, Net

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles, Net

Intangibles, Net

As of March 31, 2020, the Company's identifiable intangible assets consisted of acquired ARIKAYCE R&D and a milestone paid to PARI for the license to use PARI's Lamira® Nebulizer System for the delivery of ARIKAYCE to patients as a result of the FDA approval of ARIKAYCE in September 2018. Total intangible assets, net was $52.4 million and $53.7 million as of March 31, 2020 and December 31, 2019, respectively.

The Company began amortizing its intangible assets in October 2018, over ARIKAYCE's initial regulatory exclusivity period of 12 years. Amortization of intangible assets during each of the next five years is estimated to be approximately $5.0 million per year. A rollforward of the Company's intangible assets for the three months ended March 31, 2020 follows (in thousands):

	2020
Intangible Asset	January 1,		Additions		Amortization		March 31,
Acquired ARIKAYCE R&D	$	52,139	$	—	$	(1,213)	$	50,926
PARI milestone upon FDA approval	1,543		—		(36)		1,507
	$	53,682	$	—	$	(1,249)	$	52,433

The Company reviews the recoverability of these finite-lived intangible assets whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company determined that no indicators of impairment of finite-lived intangible assets existed at March 31, 2020.