Goodwill and Intangibles

3 Months Ended

Mar. 31, 2023

Goodwill and Intangibles

Goodwill and Intangibles

4. Goodwill and Intangibles

The following table provides the Company’s Goodwill as of March 31, 2023.

	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
Effects of exchange rates		92
Balance at March 31, 2023	$	5,617

4. Goodwill and Intangibles – (continued)

The following table provides the Company’s in-process R&D as of March 31, 2023.

	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
Effects of exchange rates		319
Balance at March 31, 2023	$	19,469

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. There was no trigger event during the three months ended March 31, 2023.