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Goodwill and Net Intangible Assets
 12 Months Ended
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:
20242023
(In thousands)
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology$11,000 $305 $10,695 $— $— $— 
Assembled workforce3,188 1,727 1,461 3,180 132 3,048 
Customer relationships1,000 167 833 — — — 
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 technology2.9 years
Assembled workforce0.9 years
Customer relationships0.4 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 
20263,667 
20273,361 
Total
12,989