v3.25.2
Intangible Assets, Net
6 Months Ended
Jun. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets, Net

6. INTANGIBLE ASSETS, NET

The following tables provide information pertaining to the Company’s intangible assets as of:

 

 

June 30, 2025

 

 

(in thousands)

 

Weighted-Average Remaining Useful Life

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Intangible Assets, Net

 

 

Intangible assets with finite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

     Software

 

 

1.1

 

 

$

1,149

 

 

$

(1,132

)

 

$

17

 

 

     Customer relationships

 

 

0.7

 

 

 

3,007

 

 

 

(2,971

)

 

 

36

 

 

Intangible assets with indefinite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

     Trademarks

 

N/A

 

 

 

3,000

 

 

 

 

 

 

3,000

 

 

Intangible assets, net

 

 

 

 

$

7,156

 

 

$

(4,103

)

 

$

3,053

 

 

 

 

 

December 31, 2024

 

 

(in thousands)

 

Weighted-Average Remaining Useful Life

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Intangible Assets, Net

 

 

Intangible assets with finite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

     Software

 

 

1.2

 

 

$

1,167

 

 

$

(1,124

)

 

$

43

 

 

     Customer relationships

 

 

0.8

 

 

 

3,007

 

 

 

(2,871

)

 

 

136

 

 

Intangible assets with indefinite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

     Trademarks

 

N/A

 

 

 

3,000

 

 

 

 

 

 

3,000

 

 

Intangible assets, net

 

 

 

 

$

7,174

 

 

$

(3,995

)

 

$

3,179

 

 

For the three months ended June 30, 2025 and 2024, total amortization expense amounted to $0.1 million and $0.1 million, respectively, including less than $0.1 million and $0.1 million, respectively, of amortization expense related to software. For the six months ended June 30, 2025 and 2024, total amortization expense amounted to $0.1 million and $0.2 million, respectively, including less than $0.1 million and $0.1 million, respectively, of amortization expense related to software. These amounts are included under depreciation and amortization in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. No impairment losses have been recorded on any of the Company’s intangible assets for the three and six months ended June 30, 2025 and 2024, respectively.

Amortization expense for intangible assets with definite lives is expected to be as follows:

(in thousands)

 

 

Remainder of 2025

 

45

 

2026

 

8

 

Expected amortization expense for intangible assets with definite lives

$

53