INTANGIBLE ASSETS AND GOODWILL

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The following table summarizes the net-book-value and estimated remaining life of the Company’s intangible assets as of September 30, 2024:


(In thousands)	Weighted Average Remaining Life (Years)	Cost		Accumulated Amortization		Net Balance at September 30, 2024
Finite-lived intangible assets
Trade name	11.0	$	104,000	$	(33,340)	$	70,660
Customer relationships	6.3	4,000		(1,222)		2,778
Patents and licenses	9.7	56,542		(11,811)		44,731
Acquired developed technology (1)	6.6	887,708		(391,478)		496,230
Total finite-lived intangible assets		1,052,250		(437,851)		614,399
In-process research and development	n/a	1,250,000		—		1,250,000
Total intangible assets		$	2,302,250	$	(437,851)	$	1,864,399

The following table summarizes the net-book-value and estimated remaining life of the Company’s intangible assets as of December 31, 2023:


(In thousands)	Weighted Average Remaining Life (Years)	Cost		Accumulated Amortization		Net Balance at December 31, 2023
Finite-lived intangible assets
Trade name	11.6	$	104,000	$	(27,903)	$	76,097
Customer relationships	7.0	4,000		(889)		3,111
Patents and licenses	4.5	11,542		(9,600)		1,942
Acquired developed technology (1)	7.3	887,789		(328,543)		559,246
Total finite-lived intangible assets		1,007,331		(366,935)		640,396
In-process research and development	n/a	1,250,000		—		1,250,000
Total intangible assets		$	2,257,331	$	(366,935)	$	1,890,396

______________

(1)The gross carrying amount includes an insignificant foreign currency translation adjustment related to the intangible asset acquired as a result of the acquisition of OmicEra Diagnostics GmbH (“OmicEra”).

As of September 30, 2024, the estimated future amortization expense associated with the Company’s finite-lived intangible assets for each of the five succeeding fiscal years is as follows:


(In thousands)
2024 (remaining three months)	$	24,100
2025	96,361
2026	95,300
2027	95,300
2028	95,300
Thereafter	208,038
	$	614,399

The Company’s acquired intangible assets are being amortized on a straight-line basis over their estimated useful lives.

There were no impairment losses recorded on finite-lived intangible assets during the three and nine months ended September 30, 2024 and 2023. Updates to key assumptions used to calculate the fair value of the Company’s in-process research and development asset (“IPR&D”) could change the Company’s estimate that it will recover the carrying amount of the IPR&D asset in the near term.

Goodwill

The change in the carrying amount of goodwill for the periods ended September 30, 2024 and December 31, 2023 is as follows:


(In thousands)
Balance, January 1, 2023	$	2,346,040
Resolution Bioscience acquisition	20,692
Effects of changes in foreign currency exchange rates (1)	388
Balance, December 31, 2023	2,367,120
Resolution Bioscience acquisition adjustments	225
Effects of changes in foreign currency exchange rates (1)	105
Balance September 30, 2024	$	2,367,450

______________

(1)Represents the impact of foreign currency translation related to the goodwill acquired as a result of the acquisition of OmicEra.

There were no impairment losses for the three and nine months ended September 30, 2024 and 2023.