Code produces value for programmers, but none for end users. Software businesses can thus usually only charge end users for access to the runnable programs (or running programs, in an SaaS business's case).
You're certainly right that when a business's customers include programmers who want to extend or modify the programs, the source code can be an asset. I was mistaken to say categorically that code's never an asset.
On average, though, I think it's still more often a liability on the balance sheet.
It's why we lionize programmers who cut out thousands of lines without removing any features - they reduced the liabilities while retaining all the assets.
You're certainly right that when a business's customers include programmers who want to extend or modify the programs, the source code can be an asset. I was mistaken to say categorically that code's never an asset.
On average, though, I think it's still more often a liability on the balance sheet.
It's why we lionize programmers who cut out thousands of lines without removing any features - they reduced the liabilities while retaining all the assets.