Quarterly report pursuant to Section 13 or 15(d)

Acquisition of Patents and Intangibles (Tables)

v3.20.4
Acquisition of Patents and Intangibles (Tables)
 6 Months Ended
Nov. 30, 2020
Summary of the Net Purchase Price and Allocation to the Acquired Assets
A summary of the net purchase price and allocation to the acquired assets is as follows (in thousands):
 
    
ProstaGene,
LLC
  
CytoDyn Inc. equity
    $ 11,558  
Acquisition expenses
      741  
Release of deferred tax asset
      2,827  
    
 
 
  
Total cost of acquisition
    $ 15,126  
    
 
 
  
    
ProstaGene,
LLC
  
Intangible assets
    $ 15,126  
Other
      —    
  
 
 
  
Allocation of acquisition costs
    $ 15,126  
  
 
 
  
Intangible Assets Activity

The following presents intangible assets activity, inclusive of patents (in thousands):
 
   
November 30, 2020
    
May 31, 2020
  
Leronlimab (PRO 140) patent
    $ 3,500      $ 3,500  
ProstaGene, LLC intangible asset acquisition
      15,126        15,126  
Website development costs
      20        20  
Accumulated amortization
      (6,184 )       (5,190 ) 
    
 
 
     
 
 
  
Total amortizable intangible assets, net
      12,462        13,456  
Patents currently not amortized
      —          —    
    
 
 
     
 
 
  
Carrying value of intangibles, net
    $ 12,462      $ 13,456  
    
 
 
     
 
 
  
Summary The Estimated Aggregate Future Amortization Expense The following table summarizes the estimated aggregate future amortization expense related to the Company’s intangible assets with finite lives as of November 30, 2020:
 
Fiscal Year
  
Amount
 
2021 (6 months remaining)
  
$
994
 
2022
  
 
1,912
 
2023
  
 
1,301
 
2024
  
 
1,023
 
2025
  
 
1,023
 
Thereafter
  
 
6,209
 
 
  
 
 
 
Total
  
$
12,462