Intangible Assets |
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| Intangible Assets | 10. Intangible Assets
The following provides a breakdown of identifiable intangible assets as of June 30, 2026 and December 31, 2025:
As discussed in Note 1, on April 17, 2026, the Company completed the acquisition of an exclusive license and certain related assets from Celularity pursuant to the License Agreement. The Company accounted for the transaction as an asset acquisition and recorded a finite-lived intangible asset with an initial carrying value of $13.3 million, consisting of $8.3 million in cash and a $5.0 million convertible promissory note. The acquired license is being amortized on a straight-line basis over its estimated useful life of three years.
In connection with the May 15, 2024 acquisition of Silly George, the Company identified intangible assets of $600 thousand representing trademark related intangibles with indefinite lives.
The intangible assets with definite lives are being amortized on a straight-line basis over their weighted average estimated useful life of 2.8 years and amortization expense amounted to $795 and $32 thousand for the six months ended June 30, 2026 and 2025, respectively.
As of June 30, 2026, the estimated annual amortization expense for each of the next five fiscal years is as follows ($ in thousands):
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