Quarterly report pursuant to Section 13 or 15(d)

Intangible assets, net

v3.22.1
Intangible assets, net
9 Months Ended
Feb. 28, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets, net

Note 4. Intangible assets, net

Intangible assets were as follows:

(in thousands)

    

February 28, 2022

    

May 31, 2021

Leronlimab (PRO 140) patent

$

3,500

$

3,500

ProstaGene, LLC intangible asset acquisition, net of impairment

 

2,926

2,926

Website development costs

 

20

 

20

Gross carrying value

6,446

6,446

Accumulated amortization, net of impairment

 

(5,403)

 

(4,793)

Total intangible assets, net

$

1,043

$

1,653

Amortization expense related to intangible assets, all of which are classified as finite-lived, was $0.1 million and $0.7 million, and $0.5 million and $1.5 million for the three and nine months ended February 28, 2022 and 2021, respectively. The Company recognized an impairment charge of $10.0 million related to the ProstaGene, LLC intangible asset acquisition during the quarter ended February 28, 2021. Refer to Note 8, Acquisition of Patents and Intangibles, of the 2021 Form 10-K for further information.

The following table summarizes the estimated aggregate future amortization expense related to the Company’s intangible assets with finite lives as of February 28, 2022:

Fiscal Year (in thousands)

    

Amount

2022 (3 months remaining)

$

110

2023

217

2024

85

2025

85

Thereafter

546

Total

$

1,043