GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2024

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

6. GOODWILL AND INTANGIBLE ASSETS:

Changes in the carrying amount of goodwill during the nine months ended September 30, 2024 are as follows:

(in thousands)	Goodwill
Balance at December 31, 2023	$	91,849
Goodwill acquired during the period		3,422
Ending balance at September 30, 2024	$	95,271

The $3.4 million of goodwill acquired during the nine months ended September 30, 2024 resulted from the purchase of the assets of Odyssey Semiconductor Technologies (“Odyssey”) see Note 15, Acquisition, for further details.

Intangible Assets

Intangible assets consist primarily of developed technology, in-process research and development, acquired licenses and domain name and are reported net of accumulated amortization. In July 2024, the Company acquired the

assets of Odyssey, a U.S. company and developer of vertical gallium-nitride (“GaN”) transistor technology, resulting in the addition of in-process research and development of $4.9 million.

Amortization of the in-process research and development will commence once development is completed and products are available for sale; the Company does not expect the amortization of its in-process research and development to begin in 2024.

	September 30, 2024						December 31, 2023
			Accumulated						Accumulated
(In thousands)	Gross		Amortization		Net		Gross		Amortization		Net
Domain name	$	1,261	$	—	$	1,261	$	1,261	$	—	$	1,261
In-process research and development		4,930		—		4,930		—		—		—
Developed technology		37,960		(36,346)		1,614		37,960		(35,459)		2,501
Technology licenses		1,926		(1,448)		478		1,926		(1,264)		662
Total intangible assets	$	46,077	$	(37,794)	$	8,283	$	41,147	$	(36,723)	$	4,424

The estimated future amortization expense related to finite-lived intangible assets at September 30, 2024, is as follows:

	Estimated
	Amortization
Fiscal Year	(In thousands)
2024 (remaining three months)	$	208
2025		832
2026		687
2027		365
Total*	$	2,092

* Total excludes $4.9 million of in-process research and development which will be amortized upon completion of development over the estimated useful life of the technology.