The Company recognized goodwill as a result of the Merger on December 15, 2025. The goodwill represents the excess of the purchase price over the fair value of net assets acquired and is attributable to expected synergies from the Merger, as well as the value of the assembled workforce. The goodwill is not deductible for tax purposes.

As of June 30, 2026 and December 31, 2025, goodwill totaled $3.2 million and $3.1 million, respectively. During the six months ended June 30, 2026, the Company recorded measurement period adjustments that increased goodwill by $0.1 million. See Note 2 - Merger and Related Transactions for additional information.

We evaluate goodwill for impairment annually on October 1st of each year, or more frequently if events or changes in circumstances indicate the asset might be impaired. No indicators of impairment were identified for the three and six months ended June 30, 2026 and 2025.


	As of June 30, 2026						As of December 31, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Proprietary technology	$	1,150	$	(125)	$	1,025	$	1,150	$	(10)	$	1,140
Customer relationships	4,750		(171)		$	4,579	4,750		(8)		4,742
Total	$	5,900	$	(296)	$	5,604	$	5,900	$	(18)	$	5,882

Indefinite-lived intangible assets:
Trade name	4,300		—		4,300		4,300		—		4,300
Total intangible assets	$	10,200	$	(296)	$	9,904	$	10,200	$	(18)	$	10,182

Amortization expense for the three months ended June 30, 2026 and 2025 was $0.2 million and $0 million, respectively, and amortization expense for the six months ended June 30, 2026 and 2025 was $0.3 million and $0 million, respectively. No indicators of impairment were identified for the three and six months ended June 30, 2026 and 2025.