Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Intangible Assets

As of June 30, 2023 and December 31, 2022, the Company had recorded goodwill of $13.5 million. No goodwill impairment was recognized for the six months ended June 30, 2023 and 2022.

Amortization of the intangible assets that have finite useful lives is generally recorded on a straight-line basis over their useful lives. A summary of the Company’s identifiable intangible assets as of June 30, 2023 and December 31, 2022 is as follows (in thousands):


	June 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Intangibles, net
Patent rights	$	32,630	$	14,503	$	18,127
Acquired technology		21,940		6,947		14,993
Acquired licenses		5,711		368		5,343
Assembled workforce		500		425		75
Total intangible assets	$	60,781	$	22,243	$	38,538


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Intangibles, net
Patent rights	$	32,630	$	13,415	$	19,215
Acquired technology		21,940		6,216		15,724
Acquired licenses		5,711		184		5,527
Assembled workforce		500		375		125
Total intangible assets	$	60,781	$	20,190	$	40,591

As of June 30, 2023, the weighted average remaining life for identifiable intangible assets was 9.9 years. Aggregate amortization expense was $1.0 million and $2.1 million for the three and six months ended June 30, 2023, respectively. Aggregate amortization expense was $0.9 million and $1.9 million for the three and six months ended June 30, 2022, respectively.

Estimated future amortization expense related to intangible assets as of June 30, 2023 is as follows (in thousands):


	Amount
2023 (Remainder of 2023)	$	2,053
2024		4,031
2025		4,006
2026		4,006
2027		4,006
Thereafter		20,436
Total	$	38,538