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Goodwill and Other Intangible Asset
 12 Months Ended
Dec. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Asset

8. Goodwill and Other Intangible Asset 

Goodwill — Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired plus liabilities assumed arising from business combinations. The balance of goodwill was approximately $2.4 million as of December 31, 2022 as a result of our acquisition of V-Go in May 2022. Goodwill is tested at least annually for impairment by assessing qualitative factors in determining whether it is more likely than not that the fair value of net assets is below their carrying amounts. See Note 2 – Summary of Significant Accounting Policies.

Other Intangible Asset — Other intangible asset consisted of the following (in thousands):

 

 

 

Estimated Useful

 

 

December 31, 2022

 

 

 

Life (Years)

 

 

Cost

 

 

Accumulated

Amortization

 

 

Net Book Value

 

Developed technology

 

 

15

 

 

$

1,200

 

 

$

(47

)

 

$

1,153

 

 

Amortization expense related to the other intangible asset was de minimis for the year ended December 31, 2022.

The estimated annual amortization expense for the other intangible asset for the years ended December 31, 2023 through 2027 will be approximately $0.1 million per year and $0.7 million, thereafter.

The Company evaluates its other intangible asset for potential impairment when events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. See Note 2 – Summary of Significant Accounting Policies.