Intangible Assets

9 Months Ended

Sep. 30, 2024

Intangible Assets

Intangible Assets

9. Intangible Assets

Identifiable intangible assets consist of acquired patents, which management evaluates to determine whether they (i) support current products, (ii) support planned research and development, or (iii) prevent others from competing with Gevo’s products, and identifiable intangible assets acquired as part of the acquisition of Cultivate Agricultural Intelligence, LLC, see Note 18 Business Combinations for additional information.

The following tables set forth the Company’s intangible assets by classification (in thousands) as of:

	September 30, 2024
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, net		(Years)
Patents	$	4,580	$	(2,057)	$	2,523	7.4
Defensive assets		4,900		(1,775)		3,125	8.4
Developed technology		1,300		—		1,300	5.0
Customer-related intangible		1,500		—		1,500	16.0
Trade name		100		—		100	4.0
Intangible assets	$	12,380	$	(3,832)	$	8,548	8.9

	December 31, 2023
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, Net		(Years)
Patents	$	4,580	$	(1,621)	$	2,959	7.4
Defensive assets		4,900		(1,335)		3,565	8.4
Intangible assets	$	9,480	$	(2,956)	$	6,524	7.9

The Company recorded amortization expense of $0.3 million and $0.9 million for each of the three and nine months ended September 30, 2024 and 2023, respectively.

The following table details the estimated amortization of identifiable intangible assets as of September 30, 2024 (in thousands):

					Developed		Customer-Related
Year Ending December 31,	Patents		Defensive Assets		Technology		Intangible		Trade Name		Total
2024 (remaining)	$	146	$	146	$	65	$	23	$	6	$	386
2025		582		586		260		94		25		1,547
2026		582		586		260		94		25		1,547
2027		582		586		260		94		25		1,547
2028		582		586		260		94		19		1,541
2029 and thereafter		49		635		195		1,101		—		1,980
Total intangible assets	$	2,523	$	3,125	$	1,300	$	1,500	$	100	$	8,548