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Goodwill and Net Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Net Intangible Assets | Goodwill and Net Intangible Assets Goodwill The following table summarizes the change in the carrying value amount of goodwill for the year ended December 31, 2024.
Balance at December 31, 2023 | $ | 118,219 |
Increase in goodwill related to business combination | 2,845 |
Balance at December 31, 2024 | $ | 121,064 |
Net Intangible Assets The Company’s intangible assets include identifiable, finite-lived intangible assets including developed technology and customer relationships, acquired as part of the Objective AI acquisition, and an assembled workforce, acquired as part of an asset acquisition in November 2023. The following table summarizes the components of net intangible assets as of December 31, 2024 and 2023:
| 2024 |  | 2023 |  |  |  |  |  |  |  |  |  |
(In thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  |  |  |  |  |  |  |  |  |
Developed technology | $ | 11,000 |  |  | $ | 305 |  |  | $ | 10,695 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |
Assembled workforce | 3,188 |  |  | 1,727 |  |  | 1,461 |  |  | 3,180 |  |  | 132 |  |  | 3,048 |  |  |  |  |  |  |  |  |  |  |
Customer relationships | 1,000 |  |  | 167 |  |  | 833 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |
Total | $ | 15,188 |  |  | $ | 2,199 |  |  | $ | 12,989 |  |  | $ | 3,180 |  |  | $ | 132 |  |  | $ | 3,048 |  |  |  |  |  |  |  |  |  |  |
For the year ended December 31, 2024, amortization expense of intangible assets was $2.1 million, which includes the amortization expense of intangible assets acquired in the Objective AI acquisition. For the year ended December 31 2023, amortization expense of intangible assets was immaterial. For the year ended December 31, 2022, there was no amortization expense. As of December 31, 2024, the weighted average amortization periods for the finite-lived intangible assets are as follows:
Developed technology | 2.9 years
Assembled workforce | 0.9 years
Customer relationships | 0.4 years
As of December 31, 2024, the estimated annual amortization expense for finite-lived intangible assets over the remaining useful life is as follows (in thousands):
(In thousands) |  |
Year Ended December 31, |  | Estimated Amortization Expense
2025 |  | $ | 5,961 |
2026 |  | 3,667 |
2027 |  | 3,361 |
Total |  | 12,989 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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