Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Intangible Assets

As of June 30, 2024 and December 31, 2023, the Company had recorded goodwill of $13.5 million. No goodwill impairment was recognized for the six months ended June 30, 2024 and 2023.

Amortization of the intangible assets that have finite useful lives is generally recorded on a straight-line basis over their useful lives. A summary of the Company’s identifiable intangible assets as of June 30, 2024 and December 31, 2023 is as follows (in thousands):


	June 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Intangibles, net
Patent rights	$	32,630	$	16,681	$	15,949
Acquired technology		21,940		8,411		13,529
Acquired licenses		5,711		733		4,978
Assembled workforce		500		500		—
Total intangible assets	$	60,781	$	26,325	$	34,456


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Intangibles, net
Patent rights	$	32,630	$	15,591	$	17,039
Acquired technology		21,940		7,679		14,261
Acquired licenses		5,711		551		5,160
Assembled workforce		500		475		25
Total intangible assets	$	60,781	$	24,296	$	36,485

As of June 30, 2024, the weighted average remaining life for identifiable intangible assets was 9.0 years. Aggregate amortization expense was $1.0 million and $2.0 million for the three and six months ended June 30, 2024. Aggregate amortization expense was $1.0 million and $2.1 million for the three and six months ended June 30, 2023, respectively.

Estimated future amortization expense related to intangible assets as of June 30, 2024 is as follows (in thousands):


	Amount
2024 (remainder of 2024)	$	2,002
2025		4,006
2026		4,006
2027		4,006
2028		4,006
Thereafter		16,430
Total	$	34,456