Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. During the three months ended March 31, 2025, goodwill of $252.3 million was recorded in connection with the Ambry Acquisition and Deep 6 Acquisition. There were no goodwill additions for the three months ended March 31, 2024. The Company recorded no impairment loss during the three months ended March 31, 2025 and 2024.

Intangible assets are initially recorded at their acquisition cost, or fair value if acquired as part of a business combination and amortized over their estimated useful lives. Intangible assets consist of a website domain, customer relationships and trade names acquired as part of a business combination, and licensed data acquired by entering into research collaboration agreements. In each license arrangement, the other party provides the Company with specified data, which currently is used primarily for research and development purposes but may also be licensed to third parties. The asset represents the Company’s right to use these datasets. The Company also recognizes a liability for the associated minimum payments that are presented within accrued data licensing fees.

During the three months ended March 31, 2025, the Company recorded an additional $234.0 million in customer relationships, $114.0 million in developed technology - biotech, $33.0 million in trade names, $18.0 million in developed technology - software, and $1.3 million in capitalized software. During the three months ended March 31, 2024, the Company did not record any additions in intangible assets.

There were no impairment charges recognized related to intangible assets during the three months ended March 31, 2025 and 2024, respectively.

The following table summarizes intangible assets as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025						December 31, 2024
	Gross Amount		Accumulated Amortization		Net		Gross Amount		Accumulated Amortization		Net
Customer relationships	$	254,550	$	21,795	$	232,755	$	20,550	$	15,606	$	4,944
Licensed data		20,010		18,238		1,772		20,010		17,828		2,182
Website domain		19		—		19		19		—		19
Trade names		41,000		4,500		36,500		8,000		3,429		4,571
Capitalized software		1,298		—		1,298		—		—		—
Developed technology - biotech		114,000		3,800		110,200		—		—		—
Developed technology - software		18,000		1,000		17,000		—		—		—
	$	448,877	$	49,333	$	399,544	$	48,579	$	36,863	$	11,716

Amortization of intangible assets is recognized using the straight-line method over their estimated useful lives, which range from three to seven years. Amortization expense was $12.5 million and $2.9 million for the three months ended March 31, 2025 and 2024, respectively, and is recorded in cost of revenues, research and development, or selling, general and administrative expense, depending on use of the asset. The weighted average life of the Company’s intangibles is approximately six years.