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GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETSGoodwill In connection with the Merger Transactions with Cibus Global, the Company recognized goodwill totaling $585.3 million (of which $150.4 million was impaired in the fourth quarter of 2023). The Company had no goodwill prior to the Merger Transactions. Goodwill represents future economic benefits arising from acquiring Cibus Global, primarily due to its strong market position and its assembled workforce that are not individually identified and separately recognized as intangible assets. None of the goodwill recognized is expected to be deductible for income tax purposes. Goodwill is as follows:
In Thousands |  | Goodwill
Balance as of December 31, 2023 |  | $ | 434,898 |
Impairment |  | (181,432) |
Balance as of September 30, 2024 |  | $ | 253,466 |
Intangible Assets Intangible assets were as follows:
In Thousands |  | As of September 30, 2024 |  | As of December 31, 2023
Intangible Assets, net: |  |  |  |
Developed technology |  | $ | 14,148 |  |  | $ | 14,148 |
Trade name |  | 22,230 |  |  | 22,230 |
Other |  | 150 |  |  | 150 |
Total intangible assets |  | 36,528 |  |  | 36,528 |
Less accumulated amortization |  | (2,492) |  |  | (1,117) |
Total |  | $ | 34,036 |  |  | $ | 35,411 |
Total amortization expense is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
In Thousands |  | 2024 |  | 2023 |  | 2024 |  | 2023
Amortization expense |  | $ | 458 |  |  | $ | 459 |  |  | $ | 1,375 |  |  | $ | 667 |
As of September 30, 2024, amortization expense for each of the next five years is estimated as follows:
In Thousands |  | Amortization Expense
Remainder of 2024 |  | $ | 458 |
2025 |  | $ | 1,833 |
2026 |  | $ | 1,833 |
2027 |  | $ | 1,833 |
2028 |  | $ | 1,833 |
2029 |  | $ | 1,833 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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