Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The following table presents the components of net intangible assets (in thousands):


	December 31,
	2023		2022
Developed technology	$	—	$	486
Trade names	—		204

Total intangible assets	—		690
Accumulated amortization	—		(86)
Intangible assets, net	$	—	$	604

At each reporting period, we determine if there was a triggering event that may result in an impairment of our intangible assets.

Collaboration Products Reportable Segment

During the year ended December 31, 2023, we considered the declines in revenue for the Collaboration Products reporting segment and the decline in the Company’s market capitalization to be triggering events for an impairment test of intangible assets for this segment. Based on the corresponding recoverability tests of the asset group for this segment, it was determined that the carrying value exceeded the gross cash flows of the asset group. The recoverability test consisted of comparing the estimated undiscounted cash flows expected to be generated by those assets to the respective carrying amounts, and involves significant judgements and assumptions, related primarily to the future revenue and profitability of the assets. Based on the fair value of the asset group, which was determined using a market approach, we recorded impairment charges of $259,000 for the year ended December 31, 2023, writing down our intangible assets to zero as of December 31, 2023. During the year ended December 31, 2022, we recorded impairment charges of $5,133,000 on intangible assets.

Historically, intangible assets with finite lives were amortized using the straight-line method over the estimated economic lives of the assets, which ranged from five years to twelve years in accordance with ASC Topic 350.

Related amortization expense was $345,000 and $1,825,000 for the years ended December 31, 2023 and 2022, respectively.

Goodwill

During 2022, goodwill was written down to zero with impairment charges of $7,367,000.