The carrying values of amortizable intangible assets are summarized as follows as at June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Book Value
Trade name	$	200	$	50	$	150
Developed technology	650		406		244
Customer relationships	50		31		19
In-place leases	5,210		4,638		572
Intangible assets, net	$	6,110	$	5,125	$	985


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Book Value
Trade name	$	200	$	40	$	160
Developed technology	650		325		325
Customer relationships	50		25		25
In-place leases	5,210		3,212		1,998
Intangible assets, net	$	6,110	$	3,602	$	2,508

Estimated annual pretax amortization of intangible assets for each of the next five years and thereafter is as follows (in thousands):

Amortization expense related to intangible assets was $0.5 million and $48 thousand, for the three months ended June 30, 2026 and June 30, 2025, respectively, and $1.5 million and $97 thousand, for the six months ended June 30, 2026 and 2025, respectively.

The recoverability of the carrying value of these intangible assets is evaluated when events or changes in circumstances indicate that the asset’s value may be impaired. If such analysis indicates that the carrying value of these assets is not recoverable, the carrying value of such assets is reduced to fair value, which is determined based on discounted future cash flows, through a change to the condensed consolidated statement of operations and comprehensive loss.

The Company’s goodwill balance was $1.2 million as of June 30, 2026 and December 31, 2025. There were no impairment charges related to goodwill during the six months ended June 30, 2026 and 2025.