Goodwill and Intangible Assets, net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

During the year ended December 31, 2024, due to a sustained decrease in the market price of the Company's Class A common stock and market capitalization, the Company identified that an indicator of impairment was present during the second quarter of 2024. As such, the Company completed a quantitative impairment test related to its Cell Engineering reporting unit. To conduct the impairment test of goodwill, the estimated fair value of the reporting unit was compared to its carrying value. The estimated fair value of the reporting unit was determined using a weighted approach that considered a discounted cash flow (“DCF”) model under the income approach and the guideline public company (“GPC”) method under the market approach. Significant inputs used in the DCF model included the projected future operating results of the reporting unit and the applicable discount rate, while inputs used in the GPC method consisted of a revenue multiple. The projected future operating results were based on historical experience and internal annual operating plans reviewed by management, extrapolated over the forecast period. The discount rate was determined using a weighted average cost of capital adjusted for risk factors specific to the reporting unit. The revenue multiple was based on the GPC method using comparable publicly traded company multiples of revenue for a group of benchmark companies. The DCF method was

weighted 75% and the GPC 25%. The fair value measurement of the reporting unit is classified as Level 3 in the fair value hierarchy because it involves significant unobservable inputs. The Company reconciled the resulting fair value of its reporting unit to the market capitalization of the Company to corroborate the fair value estimate used in the impairment test.

The result of the interim impairment test indicated that the estimated fair value of the reporting unit was less than its carrying value. As a result, the Company fully impaired goodwill and recorded an impairment loss of $47.9 million in the second quarter of 2024 and for the year ended December 31, 2024.

Changes in the carrying amount of goodwill consisted of the following year ended December 31, 2024 (in thousands):


Balance at December 31, 2023	$	49,238
Goodwill impairment (accumulated impairment loss)	(47,858)
Impact of foreign currency translation	(1,380)
Balance at December 31, 2024	$	—

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


	Gross Carrying Value (1)		Accumulated Amortization (1)		Net Carrying Value		Weighted Average Amortization Period (in Years)
December 31, 2025:
Developed technology	$	111,202	$	(54,278)	$	56,924	6.9
December 31, 2024:
Developed technology	$	111,393	$	(38,883)	$	72,510	6.6

(1)Gross carrying value and accumulated amortization include the impact of cumulative foreign currency translation adjustments.

Amortization expense was $18.7 million, $18.0 million and $15.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. The estimated future amortization expense for intangible assets remaining as of December 31, 2025 is as follows (in thousands):


2026	$	18,700
2027	11,613
2028	2,987
2029	2,987
2030	2,987
Thereafter	17,650
Total	$	56,924