INTANGIBLE ASSETS AND GOODWILL

6 Months Ended

Jun. 30, 2025

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 June 30, 2025:


(In thousands)	Weighted Average Remaining Life (Years)	Cost		Accumulated Amortization		Net Balance at June 30, 2025
Finite-lived intangible assets
Acquired developed technology	6.0	$	888,323	$	(454,769)	$	433,554
Trade name	10.3	104,000		(38,778)		65,222
Patents and licenses	9.0	59,492		(15,342)		44,150
Customer relationships	5.5	4,000		(1,556)		2,444
Total finite-lived intangible assets		1,055,815		(510,445)		545,370
In-process research and development	n/a	420,000		—		420,000
Total intangible assets		$	1,475,815	$	(510,445)	$	965,370

The following table summarizes the net-book-value and estimated remaining life of the Company’s intangible assets as of December 31, 2024:


(In thousands)	Weighted Average Remaining Life (Years)	Cost		Accumulated Amortization		Net Balance at December 31, 2024
Finite-lived intangible assets
Acquired developed technology	6.4	$	887,104	$	(412,504)	$	474,600
Trade name	10.8	104,000		(35,153)		68,847
Patents and licenses	9.5	56,542		(12,963)		43,579
Customer relationships	6.0	4,000		(1,333)		2,667
Total finite-lived intangible assets		1,051,646		(461,953)		589,693
In-process research and development	n/a	420,000		—		420,000
Total intangible assets		$	1,471,646	$	(461,953)	$	1,009,693

Amortization of acquired intangible assets for the three months ended June 30, 2025 and 2024 was $24.2 million and $23.3 million, respectively. Amortization of acquired intangible assets for the six months ended June 30, 2025 and 2024 was $48.3 million and $46.6 million, respectively.

As of June 30, 2025, 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)
2025 (remaining six months)	$	48,339
2026	95,659
2027	95,659
2028	95,659
2029	89,536
Thereafter	120,518
	$	545,370

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 six months ended June 30, 2025 and 2024.

Goodwill

The change in the carrying amount of goodwill for the periods ended June 30, 2025 and December 31, 2024 is as follows:


(In thousands)
Balance, January 1, 2024	$	2,367,120
Resolution Bioscience acquisition adjustments	225
Effects of changes in foreign currency exchange rates	(669)
Balance, December 31, 2024	2,366,676
Effects of changes in foreign currency exchange rates	1,345
Balance, June 30, 2025	$	2,368,021

There were no impairment losses for the three and six months ended June 30, 2025 and 2024.