Goodwill and Intangibles

12 Months Ended

Dec. 31, 2022

Goodwill and Intangibles

Goodwill and Intangibles

4. Goodwill and Intangibles

The following table provides the Company’s Goodwill as of December 31, 2022.

	Goodwill (in thousands)
Balance at December 31, 2021	$	—
Goodwill from Acquisition of VCN		6,757
Goodwill impairment loss		—
Measurement Period Adjustments		(1,061)
Effects of exchange rates		(171)
Balance at December 31, 2022	$	5,525

The following table provides the Company’s in-process R&D as of December 31, 2022.

	In-process
	R&D (in thousands)
Balance at December 31, 2021	$	—
Acquired IPR&D		18,932
Measurement Period Adjustments		810
Effects of exchange rates		(592)
Balance at December 31, 2022	$	19,150

During the quarter ending September 30, 2022 and the quarter ended December 31, 2022, the Company experienced a sustained decline in the quoted market price of the Company’s common stock and the Company deemed this to be a trigger event for impairment. The Company performed an impairment analysis and concluded that the Goodwill and IPR&D was not impaired as of September 30, 2022 and December 31,2022.