v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS  
GOODWILL AND OTHER INTANGIBLE ASSETS

(5)   GOODWILL AND OTHER INTANGIBLES

On December 22, 2021, the Company completed the acquisition of Kestrel, which resulted in goodwill of $20.4 million (see Note 3).

As of December 31, 2024, there were no impairment indicators of the Company’s net asset value.

The following table provides the summary of the Company’s intangible assets as of December 31, 2024.

Weighted-

 

Average

 

Gross

 

Remaining

 

Carrying

 

Accumulated

 

Net Carrying

 

Life (in

    

Amount

    

Amortization

    

Amount

    

years)

Acquired patents at December 31, 2023

$

10,000

$

(1,842)

$

8,158

9.00

Amortization expense

(911)

(911)

Acquired patents at December 31, 2024

$

10,000

$

(2,753)

$

7,247

 

8.00

The following table summarizes the estimated future amortization expense to be recognized over the next five years:

    

December 31, 

    

(In thousands)

2025

908

2026

 

908

2027

 

908

2028

 

911

2029

 

908

Thereafter

 

2,704

Total future amortization expense

$

7,247