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Goodwill and Intangible Assets

3 Months Ended

12 Months Ended

Mar. 31, 2025

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Intangible Assets

As of March 31, 2025 and December 31, 2024, the Company had recorded goodwill of $13.5 million. No goodwill impairment was recognized for the three months ended March 31, 2025 and 2024.

Amortization of the intangible assets that have finite useful lives is generally recorded on a straight-line basis over their useful lives, with remaining useful lives ranging from 6.58 to 12.75 years. A summary of the Company’s identifiable intangible assets as of March 31, 2025 and December 31, 2024 is as follows (in thousands):


	March 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Intangibles, net
Patent rights	$	32,630	$	18,314	$	14,316
Acquired technology		21,940		9,509		12,431
Acquired licenses		5,711		1,007		4,704
Assembled workforce		500		500		—

Total intangible assets	$	60,781	$	29,330	$	31,451


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Intangibles, net
Patent rights	$	32,630	$	17,770	$	14,860
Acquired technology		21,940		9,143		12,797
Acquired licenses		5,711		915		4,796
Assembled workforce		500		500		—

Total intangible assets	$	60,781	$	28,328	$	32,453

As of March 31, 2025, the weighted average remaining life for identifiable intangible assets was 8.3 years. Aggregate amortization expense was $1.0 million for each of the three months ended March 31, 2025 and 2024. Patent rights, acquired technology and acquired licenses are amortized over a

15-year

period.

Estimated future amortization expense related to intangible assets as of March 31, 2025 is as follows (in thousands):


	Amount
2025 (Remainder of 2025)	$	3,004
2026		4,006
2027		4,006
2028		4,006
2029		4,006
Thereafter		12,423

Total	$	31,451

6. Goodwill and Intangible Assets

As of December 31, 2024 and 2023, the Company had recorded goodwill of $13.5 million. No goodwill impairment was recognized for the years ended December 31, 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 6.8 to 13.0 years. A summary of the Company’s identifiable intangible assets as of December 31, 2024 and 2023 is as follows (in thousands):


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Intangibles, net
Patent rights	$	32,630	$	17,770	$	14,860
Acquired technology		21,940		9,143		12,797
Acquired licenses		5,711		915		4,796
Assembled workforce		500		500		—

Total intangible assets	$	60,781	$	28,328	$	32,453

As of December 31, 2024, the weighted average remaining life for identifiable intangible assets was 8.5 years. Aggregate amortization expense was $4.0 million and $4.1 million for the years ended December 31, 2024 and 2023, respectively. Patent rights, acquired technology and acquired licenses are amortized over a

15-year

period. Assembled workforce is amortized over a five-year period.

Estimated future amortization expense related to intangible assets as of December 31, 2024 is as follows (in thousands):


	Amount
2025	$	4,006
2026		4,006
2027		4,006
2028		4,006
2029		4,006
Thereafter		12,423

Total	$	32,453