Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 7 – Goodwill and Intangible Assets

The Company’s intangible assets, net consists of the following (in thousands):

	Successor
	March 31, 2025
	Useful Life (years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
IPR&D	Indefinite	$	6,969	$	—	$	6,969
Total		$	6,969	$	—	$	6,969

There was no amortization of intangible assets for the three months ended March 31, 2025 (Successor).

	Successor
	December 31, 2024
	Useful Life (years)	Gross Carrying Amount		Accumulated Amortization		Impairment		Net Carrying Amount
IPR&D	Indefinite	$	22,100	$	—		(15,131)	$	6,969
Developed technology	5.0		4,100		(353)		(3,747)		—
Total		$	26,200	$	(353)	$	(18,878)	$	6,969

During the fourth quarter of 2024, the Company performed an impairment assessment on its indefinite lived intangible assets, and determined that as of December 31, 2024, the fair value of its intangible assets was less than the carrying amount. As a result, the Company recorded an $18.9 million impairment charge during the period from July 31, 2024, to December 31, 2024 (Successor). The impairment was driven by a sustained decline in the Company’s share price and market capitalization.

Based on the Company’s qualitative analysis, no intangible assets impairment charges were recorded for the three months ended March 31, 2025 (Successor).

There were no intangible assets as of March 31, 2024 (Predecessor).

The following table presents the changes in goodwill (in thousands):

	Successor
	March 31, 2025
	Carrying Amount		Impairment		Net Carrying Amount
Goodwill	$	13,967	$	—	$	13,967

	Successor
	December 31, 2024
	Carrying Amount		Impairment		Net Carrying Amount
Goodwill	$	44,291	$	(30,324)	$	13,967

 During the fourth quarter of 2024, the Company conducted its annual assessment of goodwill. During its assessment, the Company determined that as of December 31, 2024, its fair value was less than the carrying amount. As a result, the Company recorded a $30.3 million goodwill impairment charge during the period from July 31, 2024, to December 31, 2024 (Successor). The impairment was driven by a sustained decline in the Company’s share price and market capitalization.

Based on the Company’s qualitative analysis, no goodwill impairment charges were recorded for the three months ended March 31, 2025 (Successor).

There was no goodwill as of March 31, 2024 (Predecessor).