Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

Goodwill

The change in the carrying amount of goodwill during the period ended September 30, 2024, includes the following (in thousands):

December 31, 2023	$	73,003
Foreign currency fluctuation		394
September 30, 2024	$	73,397

Intangible assets, net

Intangible assets, net consist of the following (in thousands, except as indicated):

	Remaining Avg. Useful lives	Gross		Accumulated			Intangible
September 30, 2024:	(in years)	Amount		Amortization			Assets, net
Developed product technology	6	$	105,916	$	(35,971	)	$	69,945
Internally-developed software	3		1,674		(1,480	)		194
Trademarks and trade names	7		5,651		(1,993	)		3,658
Customer relationships	2		14,603		(10,033	)		4,570
Distribution network	–		2,413		(2,393	)		20
Total amortized intangible assets			130,257		(51,870	)		78,387
Software in development	n/a		14,113		—			14,113
In-process research and development	n/a		6,285		—			6,285
Total intangible assets		$	150,655	$	(51,870	)	$	98,785
		.
	Remaining Avg. Useful lives	Gross		Accumulated			Intangible
December 31, 2023:	(in years)	Amount		Amortization			Assets, net
Developed product technology	6	$	106,782	$	(26,560	)	$	80,222
Trademarks and trade names	7		5,588		(1,561	)		4,027
Customer relationships	3		14,504		(8,692	)		5,812
Distribution network	1		2,413		(2,242	)		171
Total amortized intangible assets			129,287		(39,055	)		90,232
Software in development	n/a		7,934		—			7,934
In-process research and development	n/a		4,285		—			4,285
Total intangible assets		$	141,506	$	(39,055	)	$	102,451

Total amortization expense attributed to intangible assets was $4.2 million and $12.5 million for the three and nine months ended September 30, 2024, respectively. Total amortization expense attributed to intangible assets was $4.1 million and $11.1 million for the three and nine months ended September 30, 2023, respectively. Software in development is amortized when the projects are completed and the assets are ready for their intended use. In-process research and development assets begin amortizing when the relevant products reach full commercial launch.

Future amortization expense related to intangible assets is as follows (in thousands):

Remainder of 2024	$	5,723
2025		15,013
2026		15,013
2027		12,791
2028		10,714
Thereafter		19,133
	$	78,387