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Goodwill and Intangible Assets, Net
 3 Months Ended
Mar. 31, 2024
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net
6.
Goodwill and Intangible Assets, Net

Goodwill

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 and comprehensive loss. There was no goodwill impairment recognized

during three months ended March 31, 2024. The carrying value of goodwill, all of which is assigned to the Company's BioBanking reporting unit, was $7,347 at both March 31, 2024 and December 31, 2023.

Intangible Assets, Net

Intangible assets, net consisted of the following:

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

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

 

 

(8,015

)

 

 

(7,722

)

 

 

Customer relationships

 

 

(1,766

)

 

 

(1,700

)

 

 

Trade names & trademarks

 

 

(343

)

 

 

(330

)

 

 

Reacquired rights

 

 

(4,114

)

 

 

(3,940

)

 

 

 

 

(14,238

)

 

 

(13,692

)

 

 

Amortizable intangible assets, net

 

 

9,755

 

 

 

10,301

 

 

 

 

 

 

 

 

 

 

 

Non-amortized intangible assets:

 

 

 

 

 

 

 

 

Acquired IPR&D product rights

 

 

700

 

 

 

700

 

 

indefinite

 

$

10,455

 

 

$

11,001

 

 

 

For the three months ended March 31, 2024 and 2023, amortization expense for intangible assets was $546 and $541, respectively. No impairment charges were recorded on intangible assets for the three months ended March 31, 2024 and 2023.