Annual report [Section 13 and 15(d), not S-K Item 405]

Goodwill and Intangible Assets

v3.25.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
9. Goodwill and Intangible Assets

Goodwill
The Company performed an annual qualitative goodwill assessment of the goodwill held related to its reporting unit as of October 1, 2024. The Company determined that no triggering events occurred that would require the Company to quantitatively test goodwill for impairment during the year ended December 31, 2024. As of December 31, 2024, the Company believes that the estimated fair value of its reporting unit is still in excess of its respective carrying value and therefore is not at-risk of being impaired. As a result, the Company did not have any impairment losses during the years ended December 31, 2024 and 2023. To the extent this reporting unit realizes actual operating results in the future below forecasted results, or realizes decreases in forecasted results as compared to previous forecasts or, in the event the estimated fair value of the reporting unit decreases (as a result, among other things, of changes in market capitalization, including further declines in the stock price), the Company may incur goodwill impairment charges in the future. Goodwill was as follows:
Gross Carrying Amount
 Accumulated Impairment Losses
Net Carrying Value of Goodwill
(in thousands)
December 31, 2024
Balance as of January 1, 2024
 $ 9,393  $ —  $ 9,393 
Acquisition
 867  —  867 
Balance as of December 31, 2024 $ 10,260  $ —  $ 10,260 
December 31, 2023
Balance as of January 1, 2023
 $ 9,393  $ —  $ 9,393 
Balance as of December 31, 2023
 $ 9,393  $ —  $ 9,393 
Intangible Assets - net
Intangible assets - net was as follows:
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
(in thousands)
December 31, 2024
Finite-lived intangible assets:
Trade names and trademarks $ 1,200  $ (49) $ 1,151 
Customer relationships 5,614  (4,819) 795 
Total finite-lived intangible assets:
 6,814  (4,868) 1,946 
Indefinite-lived intangible assets:
In-process research and development 3,500  —  3,500 
Total intangible assets at December 31, 2024
 $ 10,314  $ (4,868) $ 5,446 
December 31, 2023
Finite-lived intangible assets:
Customer relationships $ 6,530  $ (5,173) $ 1,357 
Distribution agreements 326  (326) — 
Technology and domain name 3,948  (3,948) — 
Total intangible assets at December 31, 2023
 $ 10,804  $ (9,447) $ 1,357 

For the years ended December 31, 2024 and 2023, amortization expense related to intangible assets was $0.6 million. This amount is included in depreciation and amortization expense in the consolidated statements of operations and comprehensive loss. The Company estimates that it will have the following amortization expense for the future periods indicated below:
For the years ending December 31: (in thousands)
2025 $ 788 
2026 474 
2027 240 
2028 240 
2029 204 
Thereafter
 3,500 
Total $ 5,446