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Intangible Assets

3 Months Ended

Mar. 31, 2024

Note 6. Intangible Assets

The following table summarizes the Company’s intangible assets as of March 31, 2024 ($ in thousands):

	Estimated Useful Life in Years		Gross Carrying Amount at January 9, 2023		Accumulated Amortization			Net Book Value at March 31, 2024
Developed technology ‐ VIVO		15	$	8,244	$	(687	)	$	7,557
Developed technology ‐ LockeT		14		18,770		(1,676	)		17,094
Customer relationships		6		62		(13	)		49
Trademarks/trade names ‐ VIVO		9		876		(122	)		754
Trademarks/trade names ‐ LockeT		9		409		(56	)		353
			$	28,361	$	2,554	)	$	25,807

The following table summarizes the Company’s intangible assets as of December 31, 2023 ($ in thousands):

	Estimated Useful Life in Years		Gross Carrying Amount at January 9, 2023		Accumulated Amortization			Net Book Value at December 31, 2023
Developed technology ‐ VIVO		15	$	8,244	$	(550	)	$	7,694
Developed technology ‐ LockeT		14		18,770		(1,341	)		17,429
Customer relationships		6		62		(10	)		52
Trademarks/trade names ‐ VIVO		9		876		(97	)		779
Trademarks/trade names ‐ LockeT		9		409		(45	)		364
			$	28,361	$	(2,043	)	$	26,318

The estimated future amortization expense for the next five years and thereafter is as follows ($ in thousands):

Years ending December 31,	Future Amortization Expense
Remainder of 2024	$	1,532
2025		2,043
2026		2,043
2027		2,043
2028		2,043
Thereafter		16,103
Total	$	25,807

The Company uses the straight-line method to determine the amortization expense for its definite lived intangible assets. Amortization expense, included within selling, general and administrative expenses, relating to the Company's intangible assets was $0.5 million and $1.4 million for the three months ended March 31, 2024 and 2023, respectively.

The weighted average remaining amortization period for the Company’s intangible assets as of March 31, 2024, is 12.81 years.