During the year ended December 31, 2021, the Company completed an acquisition of a privately-held company for an aggregate of $9.5 million, consisting of $2.1 million of cash and $7.4 million of equity consideration through the issuance of 0.7 million shares of its common stock. The Company has accounted for this transaction as a business combination. In allocating the aggregate purchase price based on the estimated fair values, the Company recorded $3.8 million of cash, $2.85 million as a developed technology intangible asset, and $0.4 million as a customer related intangible asset, both of which are to be amortized over estimated useful lives of three years. The excess of purchase consideration over the fair value of net assets acquired was recorded as goodwill in the amount of $3.1 million after measurement period and working capital adjustments. As part of the acquisition, the Company also agreed to retention agreements with key employees in which 0.4 million shares of common stock are restricted and vest over a service period of four years. As of December 31, 2022, total unrecognized stock-based compensation expense related to these restricted shares was $2.5 million, which is expected to be recognized over the weighted average remaining vesting period of 2.3 years.

The Company believes the goodwill balances associated with these acquisitions represent the synergies expected from expanded market opportunities when integrating the acquired developed technologies with the Company’s offerings as well as acquiring an assembled workforce. Related goodwill is deductible for income tax purposes.

Aggregate acquisition-related costs associated with these business combinations were not material for all periods presented and were included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. The results

of operations of these business combinations have been included in the Company’s consolidated financial statements from the acquisition date. These business combinations did not have a material impact on the Company’s consolidated financial statements. Therefore, historical results of operations prior to the acquisition dates and pro forma results of operations have not been presented.

Intangible assets, net consisted of the following (in thousands):


		As of December 31, 2022										As of December 31, 2021
		Gross Carrying Amount			Accumulated Amortization				Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization				Net Carrying Amount

Developed technology	$		5,550	$		(4,153	)	$		1,397	$		5,550	$		(2,303	)	$		3,247
Customer related			931			(306	)			625			400			(93	)			307
Intangible assets, net	$		6,481	$		(4,459	)	$		2,022	$		5,950	$		(2,396	)	$		3,554

Amortization expense of intangible assets was $2.1 million, $1.7 million, and $0.7 million for the years ended December 31, 2022, 2021, and 2020, respectively.

As of December 31, 2022, future amortization expense is expected to be as follows (in thousands):


	Amount
2023	$	1,414
2024		509
2025		99
2026		—
2027		—
Total	$	2,022