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| INTANGIBLE ASSETS, NET | INTANGIBLE ASSETS, NET In September 2023, the Company acquired patent rights valued at $5.0 million under a Patent License Agreement with UOP LLC (“UOP”), an affiliate of Honeywell International Inc. (“Honeywell”), a related party. These patent rights were recorded at fair value based on the value of the IP Warrants issued, as defined in Note 11, Common Stock Warrants, and are amortized over an average useful life of 19 years based on the remaining useful lives of the patents acquired. Amortization expense for the three and six months ended June 30, 2026 and 2025 was $67 thousand and $134 thousand, respectively. Intangible assets, net consisted of the following (in thousands):
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