As of December 31, 2025 and 2024, goodwill was $20.9 million and $20.7 million, respectively. As of December 31, 2025 and 2024, goodwill of $2.4 million was allocated to the Company’s BAGH reporting unit, which has a negative carrying amount of net assets as of December 31, 2025 and 2024, due to the inclusion of the mezzanine equity, refer to “Note 18 – Mezzanine Equity.” There were no impairment charges recorded for goodwill for the years ended December 31, 2025 and 2024.

Changes in the carrying amount of goodwill for years ended December 31, 2025 and 2024 were as follows:


dollars in thousands	Goodwill
As of December 31, 2023	$	13,163
Addition from FMS Acquisition	11,578
Measurement period adjustment	(3,992)
As of December 31, 2024	$	20,749
Measurement period adjustment	139
As of December 31, 2025	$	20,888


		As of December 31, 2025
dollars in thousands	Estimated Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
In-process research and development (“IPR&D”)	5	$	4,109	$	(926)	$	3,183
Contracts	5.5	3,400		(927)		2,473
Trade name	9.5	300		(47)		253
Internal-use software	3	297		(297)		—
Customer relationships	3.5	200		(86)		114
Licenses	10	68		(68)		—
Total intangible assets		$	8,374	$	(2,351)	$	6,023


		As of December 31, 2024
dollars in thousands	Estimated Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Contracts	5.5	$	3,400	$	(309)	$	3,091
IPR&D	5	2,783		(260)		2,523
Trade name	9.5	300		(16)		284
Internal-use software	3	297		(297)		—
Customer relationships	3.5	200		(29)		171
Licenses	10	68		(61)		7
Total intangible assets		$	7,048	$	(972)	$	6,076

IPR&D is the historical know-how, software, formula protocols, designs and procedures expected to be needed to complete the development of the technology asset and receive regulatory approval. The Company amortizes the IPR&D over its useful life of five years when placed into service. As of December 31, 2025 and 2024, the Company capitalized costs of $1.3 million and $1.2 million related to IPR&D, respectively.

Amortization expense for intangible assets and other noncurrent assets was $1.4 million and $0.7 million for the years ended December 31, 2025 and 2024, respectively. Amortization expense is included in Selling, general and administrative expense in the Consolidated Statements of Operations.

Future amortization expense for intangible assets subject to amortization is expected to be as follows:


dollars in thousands	Expected Amortization
2026	$	1,502
2027	1,502
2028	1,445
2029	1,445
2030	34
Thereafter	95
Total	$	6,023