Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.21.2
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