| Intangible Assets, Net Intangible assets consist of the following:
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March 31, 2024 |
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December 31, 2023 |
| (in thousands) |
Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
| Amortizable intangible assets: |
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| Patents |
$ |
5,204 |
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$ |
(881) |
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$ |
4,323 |
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$ |
4,905 |
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$ |
(820) |
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$ |
4,085 |
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| License agreements |
1,101 |
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(1,089) |
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12 |
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1,101 |
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(1,087) |
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14 |
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| Total amortizable intangible assets |
6,305 |
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(1,969) |
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4,335 |
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6,006 |
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(1,907) |
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4,099 |
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| Unamortized intangible assets: |
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| Trademarks |
433 |
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— |
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433 |
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432 |
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— |
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432 |
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| Total intangible assets |
$ |
6,737 |
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$ |
(1,969) |
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$ |
4,768 |
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$ |
6,438 |
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$ |
(1,907) |
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$ |
4,531 |
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Amortization expense is as follows:
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Three Months Ended March 31, |
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| (in thousands) |
2024 |
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2023 |
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| Amortization expense |
$ |
62 |
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$ |
71 |
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As of March 31, 2024, future amortization of patents and license agreements is as follows:
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| Year Ending December 31, |
(in thousands) |
| 2024 (excluding the three months ended March 31, 2024) |
$ |
189 |
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| 2025 |
252 |
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| 2026 |
250 |
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| 2027 |
247 |
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| 2028 |
247 |
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| Thereafter |
3,150 |
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| Total |
$ |
4,335 |
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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:
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Three Months Ended March 31, |
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| (in thousands) |
2024 |
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2023 |
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Royalty fee expense (1)
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$ |
— |
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$ |
831 |
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(1) Royalty fees are no longer being paid due to the expiration of the patents in 2023.
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