INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2024

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

NOTE 5. INTANGIBLE ASSETS, NET

The gross carrying amounts and net book value of intangible assets as of June 30, 2024 and December 31, 2023, are as follows (in thousands):

	June 30,		December 31,
	2024		2023
Developed technology	$	307,213	$	238,612
Assembled workforce		648		652
Intellectual property license		7,500		-
Total intangible assets	$	315,361	$	239,264
Less: accumulated amortization		(20,062)		(10,006)
Intangible assets, net	$	295,299	$	229,258

The Company recognized amortization expense of $5.5 million and $10.1 million during the three and six months ended June 30, 2024 and $1.9 million for each of the same periods ended June 30, 2023. Amortization expense for the developed technology and the intellectual property license intangible assets is recorded in cost of sales, and amortization expense for the assembled workforce is recorded in selling, general and administrative expense in the condensed consolidated statement of operations for the three and six months ended June 30, 2024.

The total estimated amortization of the Company’s intangible assets for the remaining six months ending December 31, 2024, and the years ending December 31, 2025, 2026, 2027, and 2028 are $10.8 million, $21.7 million, $21.6 million, $21.5 million, and $21.5 million, respectively.