Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.23.1
Intangible Assets, Net
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net
During the three months ended March 31, 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 March 31, 2023 and December 31, 2022 consisted of the following (in thousands):
March 31, 2023 December 31, 2022 Estimated Useful Life
(in years)
Trade names $ 5,550  $ 5,550  15
Proprietary intellectual property 11,063  4,260  5
Customer relationships 1,180  1,180  1
CLIA license 1,307  1,307  3
19,100  12,297 
Less: accumulated amortization (4,576) (3,822)
Total intangible assets, net $ 14,524  $ 8,475 
Amortization expense for acquired intangible assets was $754,000 and $709,000 during the three months ended March 31, 2023 and 2022, respectively. The estimated future amortization expense of acquired intangible assets as of March 31, 2023 is as follows (in thousands):
Remaining periods in the year ended December 31, 2023 $ 2,191 
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 
$ 14,524