Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 10 – GOODWILL AND INTANGIBLE ASSETS, NET

Changes in the carrying amount of goodwill for years ended December 31, 2024 and 2023 were as follows:


$s in thousands	Goodwill
As of December 31, 2022	$	2,458
Addition from Ignis Acquisition	10,676
Measurement period adjustment	29
As of December 31, 2023	$	13,163
Addition from FMS Acquisition	11,578
Measurement period adjustment	(3,992)
As of December 31, 2024	$	20,749

Intangible assets consisted of the following:


		As of December 31, 2024
$s in thousands	Estimated Life (Years)	Cost		Accumulated Amortization		Net
Contracts	5.5	$	3,400	$	(309)	$	3,091
IPR&D	5	2,783		(260)		2,523
Trade name	9.5	300		(16)		284
Customer relationships	3.5	200		(29)		171
Licenses	10	68		(61)		7
Internal-use software	3	297		(297)		—
Total intangible assets		$	7,048	$	(972)	$	6,076


		As of December 31, 2023
$s in thousands	Estimated Life (Years)	Cost		Accumulated Amortization		Net
IPR&D	5	$	1,628	$	—	$	1,628
Internal-use software	3	297		(208)		89
Licenses	10	67		(54)		13
Total intangible assets		$	1,992	$	(262)	$	1,730

IPR&D is the historical know-how, software, formula protocols, designs and procedures expected to be needed to complete the development of the technology asset and receive regulatory approval. The Company expects to amortize the IPR&D over its useful life of five years when placed into service. As of December 31, 2024 and 2023, the Company capitalized costs of $1.2 million and $0.3 million, respectively, related to IPR&D.

Amortization expense for intangible assets and other noncurrent assets was $0.7 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively. Amortization expense is included in Selling, general and administrative expense in the Consolidated Statements of Operations.

Future amortization expense for intangible assets subject to amortization is expected to be as follows:


$s in thousands	Expected Amortization
2025	$	1,234
2026	1,227
2027	1,227
2028	1,170
2029	1,092
Thereafter	126
Total	$	6,076