v3.26.1
Goodwill and Intangible Assets, Net
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Intangible Assets, Net
NOTE 10 – GOODWILL AND INTANGIBLE ASSETS, NET
There were no changes to the carrying amount of goodwill during the three and six months ended June 30, 2026. Goodwill was $20.9 million as of June 30, 2026 and December 31, 2025. As of June 30, 2026 and December 31, 2025, 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 June 30, 2026 and December 31, 2025, due to the inclusion of the mezzanine equity, refer to “Note 18 – Mezzanine Equity.” There were no impairment charges recorded for goodwill for the three and six months ended June 30, 2026 and 2025.
Intangible assets consisted of the following:
As of June 30, 2026
dollars in thousands
Estimated Life (Years)
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
In-process research and development (“IPR&D”)
5
$
4,840 
$
(1,392)
$
3,448 
Contracts
5.5
3,400 
(1,236)
2,164 
Trade name
9.5
300 
(64)
236 
Internal-use software
3
297 
(297)
— 
Customer relationships
3.5
200 
(114)
86 
Licenses
10
68 
(68)
— 
Total intangible assets
$
9,105 
$
(3,171)
$
5,934 
As of December 31, 2025
dollars in thousands
Estimated Life (Years)
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
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 
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. For the six months ended June 30, 2026 and 2025, the Company capitalized costs of $0.7 million and $0.6 million related to IPR&D, respectively.
Amortization expense for intangible assets and other noncurrent assets was $0.5 million and $0.9 million for the three and six months ended June 30, 2026, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 2025, respectively. Amortization expense is included in Selling, general and administrative expense in the Condensed Consolidated Statements of Operations.