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Goodwill and Intangibles

9 Months Ended

Sep. 30, 2024

4. Goodwill and Intangibles

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


	Goodwill (in thousands)
Balance at December 31, 2023	$	5,700
Goodwill impairment		(5,594)
Effects of exchange rates		(106)
Balance at September 30, 2024	$	—

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


	In-process
	R&D (in thousands)
Balance at December 31, 2023	$	19,755
In-process R&D impairment		(1,325)
Effects of exchange rates		221
Balance at September 30, 2024	$	18,651

During the three and nine months ending September 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 both the replacement cost method and 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. For the three and nine months ending September 30, 2024, the Company concluded that the in-process R&D with a carrying value of $19.8 million was impaired and was written down to its estimated fair value of $18.6 million and an impairment charge of $1.3 million was recorded. For the three and nine months ending September 30, 2024, the Company concluded that goodwill with a carrying value of $1.5 million was impaired and was written down to its estimated fair value of zero and an impairment charge of $1.5 million and $5.6 million, respectively, was recorded.