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Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 6 – Intangible Assets

 

Intangible assets, net consisted of the following:

 

   December 31, 2025
   Weighted-Average  Gross       Net 
   Useful Life  Carrying   Accumulated   Carrying 
   (in Years)  Amount   Amortization   Amount 
In-process research and development  Indefinite  $7,219,000   $-   $7,219,000 
Non-competition agreements     1,094,000    (1,094,000)   - 
Total intangible assets     $8,313,000   $(1,094,000)  $7,219,000 

 

   December 31, 2024
   Weighted-Average  Gross       Net 
   Useful Life   Carrying   Accumulated   Carrying 
   (in Years)  Amount   Amortization   Amount 
In-process research and development  Indefinite  $26,101,000   $-   $26,101,000 
Non-competition agreements     1,094,000    (1,094,000)   - 
Total intangible assets     $27,195,000   $(1,094,000)  $26,101,000 

 

The Company completed its impairment test for the in-process research and development during the fourth quarter of 2025, resulting in a partial impairment of the intangible asset which is reflected in impairment charges on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2025. The Company did not record any impairment during the year ended December 31, 2024.

 

Changes in the Company’s in-process research and development for the year ended December 31, 2025 were as follows:

 

Balance as of December 31, 2024  $26,101,000 
Impairment of in-process research and development   (18,882,000)
Balance as of December 31, 2025  $7,219,000