Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Intangible Assets

As of September 30, 2024 and December 31, 2023, the Company had recorded goodwill of $13.5 million. No goodwill impairment was recognized for the nine months ended September 30, 2024 and 2023.

Amortization of the intangible assets that have finite useful lives is generally recorded on a straight-line basis over their useful lives, ranging from 7.1 to 13.3 years. A summary of the Company’s identifiable intangible assets as of September 30, 2024 and December 31, 2023 is as follows (in thousands):


	September 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Intangibles, net
Patent rights	$	32,630	$	17,226	$	15,404
Acquired technology		21,940		8,777		13,163
Acquired licenses		5,711		824		4,887
Assembled workforce		500		500		—
Total intangible assets	$	60,781	$	27,327	$	33,454


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Intangibles, net
Patent rights	$	32,630	$	15,591	$	17,039
Acquired technology		21,940		7,679		14,261
Acquired licenses		5,711		551		5,160
Assembled workforce		500		475		25
Total intangible assets	$	60,781	$	24,296	$	36,485

As of September 30, 2024, the weighted average remaining life for identifiable intangible assets was 8.7 years. Aggregate amortization expense was $1.0 million and $3.0 million for the three and nine months ended September 30, 2024. Aggregate amortization expense was $1.0 million and $3.1 million for the three and nine months ended September 30, 2023, respectively.

Estimated future amortization expense related to intangible assets as of September 30, 2024 is as follows (in thousands):


	Amount
2024 (remainder of 2024)	$	1,000
2025		4,006
2026		4,006
2027		4,006
2028		4,006
Thereafter		16,430
Total	$	33,454