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Goodwill and Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets by Major Asset Class

The Company's intangible assets by major asset class are as follows:

 

 

 

June 30, 2024

 

(in thousands, except for useful life amounts)

 

Weighted Average Useful Life (Years)

 

Gross

 

 

 

Accumulated Amortization

 

 

 

Net Book Value

 

Amortizing:

 

 

 

 

 

 

 

 

 

 

 

 

 

Patents

 

6.7

 

$

450

 

 

 

$

(101

)

 

 

$

349

 

Customer relationships

 

10.0

 

 

170

 

 

 

 

(24

)

 

 

 

146

 

Developed technology

 

10.0

 

 

1,820

 

 

 

 

(258

)

 

 

 

1,562

 

Total intangible assets

 

 

 

$

2,440

 

 

 

$

(383

)

 

 

$

2,057

 

 

 

 

December 31, 2023

 

(in thousands, except for useful life amounts)

 

Weighted Average Useful Life (Years)

 

Gross

 

 

 

Accumulated Amortization

 

 

 

Net Book Value

 

Amortizing:

 

 

 

 

 

 

 

 

 

 

 

 

 

Patents

 

6.7

 

$

450

 

 

 

$

(65

)

 

 

$

385

 

Customer relationships

 

10.0

 

 

170

 

 

 

 

(16

)

 

 

 

154

 

Developed technology

 

10.0

 

 

1,820

 

 

 

 

(167

)

 

 

 

1,653

 

Total intangible assets

 

 

 

$

2,440

 

 

 

$

(248

)

 

 

$

2,192

 

Schedule of Amortization Expense Related to Intangible Assets

Amortization expense related to intangible assets at June 30, 2024, in each of the next five years and beyond is expected to be incurred as follows:

(in thousands)

 

Amount

 

Remainder of 2024

 

$

135

 

2025

 

 

270

 

2026

 

 

270

 

2027

 

 

262

 

2028

 

 

260

 

Thereafter

 

 

860

 

 

 

$

2,057