Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill

The following table summarizes the changes in the carrying amount of goodwill:


(in thousands)
Balance as of December 31, 2025	$	162,158
Foreign currency translation adjustments	(1,808)
Balance as of June 30, 2026	$	160,350

No goodwill impairment was recorded during the three and six months ended June 30, 2026 and 2025.

Intangible Assets, Net

The following table summarizes intangible assets:


	June 30, 2026						December 31, 2025
(in thousands)	Gross carrying amount		Accumulated Amortization		Net carrying amount		Gross carrying amount		Accumulated Amortization		Net carrying amount
Definite-lived technology intangible assets	$	233,403	$	(90,223)	$	143,180	$	236,497	$	(69,156)	$	167,341
Definite-lived licensed intangible assets	13,073		(9,137)		3,936		11,158		(6,619)		4,539
Indefinite-lived intangible assets	135,772		—		135,772		138,023		—		138,023
Total intangible assets	$	382,248	$	(99,360)	$	282,888	$	385,678	$	(75,775)	$	309,903

Amortization expense was $11.7 million and $24.4 million during the three and six months ended June 30, 2026, respectively. Amortization expense was $12.3 million and $24.0 million during the three and six months ended June 30, 2025, respectively. Amortization expense was included in “Research and Development” in the Condensed Consolidated Statements of Operations. Intangible assets, net decreased by $27.0 million during the six months ended June 30, 2026 of which $4.5 million was attributable to foreign currency translation adjustments.

No indefinite-lived intangible asset impairment charges were recorded during the three and six months ended June 30, 2026 and 2025.