Annual report pursuant to Section 13 and 15(d)

Goodwill and In-Process Research and Development

v3.19.1
Goodwill and In-Process Research and Development
12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and In-Process Research and Development

5. Goodwill and In-Process Research and Development

 

A reconciliation of the beginning and ending goodwill for the years ended December 31, 2018 and 2017 is as follows (in thousands): 

 

    2018     2017  
Balance, January 1,   $ 65,195     $ 65,195  
Impairment charges     -       -  
Balance at December 31,   $ 65,195     $ 65,195  

 

At December 31, 2018 and 2017, the Company had goodwill of $65,195,000 and determined the fair value of its reporting unit, measured by the Company’s Nasdaq market capitalization and an income approach analysis, exceeded the carrying value; therefore, management did not consider goodwill to be impaired.

 

A reconciliation of the beginning and ending in-process research and development intangible assets for the years ended December 31, 2018 and 2017 is as follows (in thousands):

 

    2018     2017  
Balance, January 1,   $ 53,905     $ 53,905  
Impairment charges     (53,905 )     -  
Balance at December 31,   $ -     $ 53,905