GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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