Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2023

Goodwill And Intangible Assets Disclosure [Abstract]

During the three months ended March 31, 2023, the Company experienced a sustained decline in its stock price resulting in its market capitalization being less than the carrying value of its combined reporting units. The Company concluded the sustained decline in its stock price and decision to discontinue certain Cell Therapy clinical trials were triggering events during the quarter and performed a quantitative impairment test on goodwill and acquired IPR&D assets. Based on the results of the impairment analysis, the Company recognized a $29,633 goodwill impairment charge for the three months ended March 31, 2023, relating to the Cell Therapy reporting unit in its condensed consolidated statements of operations. During the three months ended March 31, 2022, no goodwill impairment was recognized.

The carrying values of goodwill assigned to the Company’s reporting units are as follows:



	Cell Therapy			Biobanking		Degenerative Disease		Total
Balance at December 31, 2022	$	112,347		$	7,347	$	-	$	119,694
Impairment(1)		(29,633	)		-		-		(29,633	)
Balance at March 31, 2023	$	82,714		$	7,347	$	-	$	90,061

(1) As of March 31, 2023 and December 31, 2022, the accumulated goodwill impairment for the Degenerative Disease reporting unit was $3,610 and for Cell Therapy the accumulated goodwill impairment was $29,633 and $0 as of March 31, 2023 and December 31, 2022, respectively.

Intangible Assets, Net

Intangible assets, net consisted of the following:


	March 31, 2023			December 31, 2022			Estimated Useful Lives
Amortizable intangible assets:
Developed technology	$	16,810		$	16,810		11-16 years
Customer relationships		2,413			2,413		10 years
Trade names & trademarks		570			570		10-13 years
Reacquired rights		4,200			4,200		6 years
		23,993			23,993
Less: Accumulated amortization
Developed technology		(6,839	)		(6,549	)
Customer relationships		(1,501	)		(1,435	)
Trade names & trademarks		(288	)		(275	)
Reacquired rights		(3,412	)		(3,240	)
		(12,040	)		(11,499	)
Amortizable intangible assets, net		11,953			12,494

Non-amortized intangible assets
Acquired IPR&D product rights		108,500			108,500		indefinite
	$	120,453		$	120,994

For the three months ended March 31, 2023 and 2022, amortization expense for intangible assets was $541 and $541, respectively. No impairment charges were recorded on intangible assets for the three months ended March 31, 2023 and 2022.