Intangible Assets, Net (Tables)
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3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
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Schedule of Intangible Assets |
Intangible assets consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | (in thousands) | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Amortizable intangible assets: | | | | | | | | | | | | Patents | $ | 5,204 | | | $ | (881) | | | $ | 4,323 | | | $ | 4,905 | | | $ | (820) | | | $ | 4,085 | | License agreements | 1,101 | | | (1,089) | | | 12 | | | 1,101 | | | (1,087) | | | 14 | | Total amortizable intangible assets | 6,305 | | | (1,969) | | | 4,335 | | | 6,006 | | | (1,907) | | | 4,099 | | | | | | | | | | | | | | Unamortized intangible assets: | | | | | | | | | | | | Trademarks | 433 | | | — | | | 433 | | | 432 | | | — | | | 432 | | Total intangible assets | $ | 6,737 | | | $ | (1,969) | | | $ | 4,768 | | | $ | 6,438 | | | $ | (1,907) | | | $ | 4,531 | |
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Schedule of Indefinite-Lived Intangible Assets |
Intangible assets consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | (in thousands) | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Amortizable intangible assets: | | | | | | | | | | | | Patents | $ | 5,204 | | | $ | (881) | | | $ | 4,323 | | | $ | 4,905 | | | $ | (820) | | | $ | 4,085 | | License agreements | 1,101 | | | (1,089) | | | 12 | | | 1,101 | | | (1,087) | | | 14 | | Total amortizable intangible assets | 6,305 | | | (1,969) | | | 4,335 | | | 6,006 | | | (1,907) | | | 4,099 | | | | | | | | | | | | | | Unamortized intangible assets: | | | | | | | | | | | | Trademarks | 433 | | | — | | | 433 | | | 432 | | | — | | | 432 | | Total intangible assets | $ | 6,737 | | | $ | (1,969) | | | $ | 4,768 | | | $ | 6,438 | | | $ | (1,907) | | | $ | 4,531 | |
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Schedule of Amortization Expense |
Amortization expense is as follows: | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | (in thousands) | 2024 | | 2023 | | | | | Amortization expense | $ | 62 | | | $ | 71 | | | | | |
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Schedule of Future Amortization |
As of March 31, 2024, future amortization of patents and license agreements is as follows: | | | | | | Year Ending December 31, | (in thousands) | 2024 (excluding the three months ended March 31, 2024) | $ | 189 | | 2025 | 252 | | 2026 | 250 | | 2027 | 247 | | 2028 | 247 | | Thereafter | 3,150 | | Total | $ | 4,335 | |
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Schedule of Royalty Expenses |
Royalty fee expense included in sales and marketing expense is as follows: | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | (in thousands) | 2024 | | 2023 | | | | | | | | Royalty fee expense (1) | $ | — | | | $ | 831 | | | | | | | | |
(1) Royalty fees are no longer being paid due to the expiration of the patents in 2023.
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