Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible Assets, Net

The following table provides the components of identifiable intangible assets, all of which are finite lived:

	September 30, 2024		December 31, 2023
Purchased intangible	$	3,858	$	3,858
Purchased patent	509		509
	4,367		4,367
Less: accumulated amortization	(4,367)		(3,089)
Intangible assets, net	$	—	$	1,278

Amortization expense was $39 for the three months ended September 30, 2023. There was no amortization expense incurred during the three months ended September 30, 2024. For the nine months ended September 30, 2024 and 2023, these expenses totaled $78 and $117, respectively. In June 2024, in connection with a termination of an agreement, the Company recorded a gain on termination of the contract in the amount of $1,500, which was partially offset by an adjustment to the remaining balance of $1,200 of the intangible asset. The net gain of $300 was recorded within Other income, net on the Condensed Statements of Operations and Comprehensive (Loss) Income for the nine months ended September 30, 2024. See Note 5, Material Agreements.