| Intangible Assets, Net Intangible assets consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
| (in thousands) |
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Carrying Amount |
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Carrying Amount |
| Amortizable intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
| Patents |
$ |
5,467 |
|
|
$ |
(944) |
|
|
$ |
4,523 |
|
|
$ |
4,905 |
|
|
$ |
(820) |
|
|
$ |
4,085 |
|
| License agreements |
— |
|
|
— |
|
|
— |
|
|
1,101 |
|
|
(1,087) |
|
|
14 |
|
| Total amortizable intangible assets |
5,467 |
|
|
(944) |
|
|
4,523 |
|
|
6,006 |
|
|
(1,907) |
|
|
4,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unamortized intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
| Trademarks |
443 |
|
|
— |
|
|
443 |
|
|
432 |
|
|
— |
|
|
432 |
|
| Total intangible assets |
$ |
5,910 |
|
|
$ |
(944) |
|
|
$ |
4,966 |
|
|
$ |
6,438 |
|
|
$ |
(1,907) |
|
|
$ |
4,531 |
|
Amortization expense is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| (in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Amortization expense |
$ |
76 |
|
|
$ |
73 |
|
|
$ |
138 |
|
|
$ |
144 |
|
As of June 30, 2024, future amortization of patents and license agreements is as follows:
|
|
|
|
|
|
| Year Ending December 31, |
(in thousands) |
| 2024 (excluding the six months ended June 30, 2024) |
$ |
129 |
|
| 2025 |
261 |
|
| 2026 |
261 |
|
| 2027 |
261 |
|
| 2028 |
261 |
|
| Thereafter |
3,350 |
|
| Total |
$ |
4,523 |
|
License Agreements
The Company had various license agreements that require the payment of royalty fees.
Royalty fee expense included in sales and marketing expense is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
| (in thousands) |
2024 |
|
2023 |
2024 |
|
2023 |
Royalty fee expense (1)
|
$ |
— |
|
|
$ |
868 |
|
$ |
— |
|
|
$ |
1,698 |
|
(1) Royalty fees are no longer being paid due to the expiration of the patents in 2023.
|