Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 5. Intangible Assets

Our intangible assets consist of both patented and unpatented technological know-how, including that of Novomer. The values of Novomer's patents and unpatented know-how, collectively the “Novomer Technology”, are inseparable.

We capitalize patent defense and application costs. Patent costs are amortized on a straight-line basis over their estimated useful lives, which range from 13 to 16 years. The Novomer Technology is amortized over its estimated 20 year life. Intangible assets, net, consisted of the following:

	September 30,			December 31,
(in thousands)	2021			2020
Intangible assets, gross	$	94,065		$	8,297
Capitalized patent costs not yet subject to amortization		817			469
Intangible assets subject to amortization, gross		93,248			7,828
Accumulated amortization, beginning balance		(6,496	)		(5,996	)
Amortization in the quarter ended:
March 31		(124	)		(125	)
June 30		(125	)		(125	)
September 30		(657	)		(125	)
December 31		-			(125	)
Accumulated amortization, ending balance		(7,402	)		(6,496	)
Intangible assets subject to amortization, net		85,846			1,332
Total intangible assets, net	$	86,663		$	1,801

We expect intangible assets currently subject to amortization will amortize over the coming years as follows:

(in thousands)
Year Ending December 31:	Amortization Expense
2021 remaining	$	1,192
2022		4,770
2023		4,606
2024		4,271
2025		4,271
2026 and thereafter		66,736