Goodwill and Intangibles

3 Months Ended

Mar. 31, 2022

Goodwill and Intangibles

Goodwill and Intangibles

3. Goodwill and Intangibles

Goodwill of $5.8 million and in-process R&D of $21.7 million were recorded in connection with the acquisition of VCN, as described in Note 2. The Company will perform an annual impairment test unless condition exist where an interim impairment analysis is necessary. This analysis requires significant judgments, including primarily the estimation of future development costs, the probability of success in various phases of its development programs, potential post-launch cash flows and a risk-adjusted weighted average cost of capital.

The following table provides the Company’s goodwill as of March 31, 2022. There was no goodwill impairment during the quarter ended March 31, 2022.

	Goodwill
Balance at December 31, 2021	$	—
Goodwill from Acquisition of VCN		5,765
Goodwill impairment loss		—
Effects of exchange rates		44
Balance at March 31, 2022	$	5,809

The following table provides the Company’s in-process R&D as of March 31, 2022. There was no change in in-process R&D during the quarter ended March 31, 2022.

	In-process
	R&D
Balance at December 31, 2021	$	—
Acquired IPR&D -		21,703
In-process R&D impairment loss		—
Effects of exchange rates		166
Balance at March 31, 2022	$	21,869