Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Intangible Assets, Net

Goodwill and intangible assets, net consisted of the following as of June 30, 2025 and December 31, 2024:


(in thousands)	June 30, 2025		December 31, 2024
Goodwill	$	83,979	$	83,979
Finite-lived intangible assets
Completed technology	233,158		233,158
Less: Accumulated amortization	(104,878)		(98,773)
Customer relationships	11,100		11,100
Less: Accumulated amortization	(7,775)		(7,425)
Intangible assets, net	$	131,605	$	138,060
Total goodwill and other identifiable intangible assets, net	$	215,584	$	222,039

Goodwill

There were no changes in the carrying amount of goodwill during the three and six months ended June 30, 2025 and 2024.

Intangible Assets

Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful life of the asset of up to 20 years and is reflected within “Amortization of intangibles” in the condensed consolidated statements of operations. Amortization expense of $3.2 million and $6.5 million was recognized during the three and six months ended June 30, 2025 respectively. Amortization expense of $4.5 million and $8.0 million was recognized during the three and six months ended June 30, 2024, respectively.

For each of the three and six months ended June 30, 2025, there was no impairment of finite-lived intangible assets. During the three and six months ended June 30, 2024, the Company determined that certain of its finite-lived intangible assets related to the acquisition of Ab Initio in July 2019 were fully impaired, and recorded a $1.2 million write-off of the net carrying value, which is recorded as “Amortization of intangibles” in the condensed consolidated statements of operations.

The remaining weighted-average useful life of finite-lived intangible assets is 10.6 years. At June 30, 2025, future amortization expense on intangible assets is estimated to be as follows (in thousands):


Dates	Amount
Remaining six months ended December 31, 2025	$	6,456
2026	12,912
2027	12,912
2028	12,912
2029	12,912
Thereafter	73,501
Total future amortization expense	$	131,605

Gain on Sale of Ion Channel Asset

On May 7, 2025, the Company entered into an Asset Purchase and Assignment Agreement (the “Asset Purchase Agreement”) with Angelini Pharma S.p.A. (“Angelini”). Under the Asset Purchase Agreement, the Company sold, transferred, assigned and conveyed to Angelini, and Angelini purchased, acquired and accepted from the Company, all of the Company’s rights, title and interest in and to the transferred assets, which include among other things the intellectual property and related know-how (collectively, the “Purchased Assets”) generated in connection with the license agreement, dated December 4, 2018, as amended on June 30, 2021, October 21, 2022, and December 22, 2023, by and between F. Hoffmann-La Roche Ltd (“Roche”) and the Company’s subsidiary Icagen, which allowed the Company to receive potential development and commercial milestones and royalties on net sales of any approved products.

The sale qualified as a sale of a non-financial asset and the carrying value of the Purchased Assets as of May 7, 2025 was zero. Cash proceeds from the sale of $3.0 million were recorded to other operating income, net during the three months ended June 30, 2025, and included as a part of income from operations in accordance with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets.