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Goodwill and Intangibles

6 Months Ended

Jun. 30, 2024

Goodwill and Intangibles

Goodwill and Intangibles

4. Goodwill and Intangibles

The following table provides the Company’s Goodwill as of June 30, 2024.


		Goodwill (in thousands)
Balance at December 31, 2023		$	5,700
Goodwill impairment			(4,068)
Effects of exchange rates			(167)
Balance at June 30, 2024		$	1,465

The following table provides the Company’s in-process R&D as of June 30, 2024.


		In-process
		R&D (in thousands)
Balance at December 31, 2023		$	19,755
Effects of exchange rates			(576)
Balance at June 30, 2024		$	19,179

During the quarter ended June 30, 2024, the Company experienced a sustained decline in the quoted market price of the Company’s common stock and the Company deemed this to be a triggering event for impairment. The Company performed an interim impairment analysis using the “Income approach” that requires significant judgments, including primarily the estimation of future development costs, the probability of success in various phases of its development programs, potential post-launch cash flows and a risk-adjusted weighted average cost of capital. The Company concluded that the IPR&D was not impaired as of June 30, 2024, however, goodwill with a carrying value of $5.5 million was written down to its estimated fair value of $1.5 million and an impairment charge of $4.0 million was recorded during the quarter ended June 30, 2024.