Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

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Intangible Assets, Net
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net
During the three and six months ended June 30, 2023, the Company acquired intangible assets of $6.8 million included with proprietary intellectual property, in connection with the acquisition of the Stella Purchased Assets. See Note 3.
Intangible assets as of June 30, 2023 and December 31, 2022 consisted of the following (in thousands):
June 30, 2023 December 31, 2022 Estimated Useful Life
(in years)
Trade names $ 5,550  $ 5,550  15
Proprietary intellectual property 11,064  4,260  5
Customer relationships 1,180  1,180  1
CLIA license 1,307  1,307  3
19,101  12,297 
Less: accumulated amortization (5,332) (3,822)
Total intangible assets, net $ 13,769  $ 8,475 
Amortization expense for acquired intangible assets was $0.8 million and $0.7 million during the three months ended June 30, 2023 and 2022, respectively. Amortization expense for acquired intangible assets was $1.5 million and $1.4 million during the six months ended June 30, 2023 and 2022, respectively. The estimated future amortization expense of acquired intangible assets as of June 30, 2023 is as follows (in thousands):
Remaining periods in the year ended December 31, 2023 $ 1,436 
Year ended December 31, 2024 2,583 
Year ended December 31, 2025 2,583 
Year ended December 31, 2026 2,251 
Year ended December 31, 2027 1,731 
Thereafter 3,185 
$ 13,769