Goodwill and Other Intangible Assets, Net
Goodwill
We had a single reportable segment consisting of a single operating segment where the operating segment and the single reporting unit were the same for the years ended December 31, 2025, 2024 and 2023, where all goodwill was allocated. As of December 31, 2025 and 2024, our goodwill balance was $10.7 million. See Note 16 for additional information on our reportable segment.
We conducted annual impairment testing of goodwill in the fourth quarter which indicated the fair value of our reporting unit exceeded its carrying value by approximately 80%. Therefore, no impairment was indicated for the year ended December 31, 2025. To measure the fair value of our single reporting unit, we used a market approach whereby we calculated our total market capitalization on the impairment test date, based on the closing price of our common stock as reported on the Nasdaq Global Market, and applied a reasonable control premium. The control premium was based on an analysis of control premiums paid in recent acquisitions of companies in the same or similar industry as us. No impairment charges were recorded against goodwill for the years ended December 31, 2025, 2024 and 2023.
Other Intangible Assets, Net
Our other intangible assets, net consisted of the following (in thousands):
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| As of December 31, 2025 |
| | Gross carrying value | | Accumulated amortization | | Net | | Weighted-Average Remaining Life (in years) |
| Developed technology | $ | 153,500 | | | $ | (64,721) | | | $ | 88,779 | | | 10.3 |
| Assembled workforce | 563 | | | (460) | | | 103 | | | 0.9 |
| Total other intangible assets, net | $ | 154,063 | | | $ | (65,181) | | | $ | 88,882 | | | |
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| As of December 31, 2024 |
| | Gross carrying value | | Accumulated amortization | | Net | | Weighted-Average Remaining Life (in years) |
| Developed technology | $ | 125,317 | | | $ | (29,996) | | | $ | 95,321 | | | 8.0 |
| Assembled workforce | 563 | | | (347) | | | 216 | | | 1.9 |
| Total other intangible assets, net | $ | 125,880 | | | $ | (30,343) | | | $ | 95,537 | | | |
The estimated future aggregate amortization expense as of December 31, 2025 was as follows (in thousands):
| | | | | |
| Years Ending December 31, | |
| 2026 | $ | 9,019 | |
| 2027 | 8,916 | |
| 2028 | 8,941 | |
| 2029 | 8,916 | |
| 2030 | 8,916 | |
| Thereafter | 44,174 | |
| Total | $ | 88,882 | |
On December 1, 2024, we revised the estimated remaining useful life of our IDgenetix developed technology intangible asset, which resulted in our recognition of an additional $2.1 million in expense from amortization of acquired intangible assets, reducing net income by the same amount for the year ended December 31, 2024.
During the first quarter of 2025, we decided to discontinue our IDgenetix test offering, effective May 2025. As a result, we revised the estimated useful life of the related intangible asset and fully amortized the asset as of March 31, 2025, resulting in an acceleration of amortization expense of approximately $20.1 million.
In May 2025, in connection with the acquisition of Previse, and in accordance with ASC 805, we determined that substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable asset; accordingly, the transaction was accounted for as an asset acquisition. The acquired intangible asset consists of developed technology with a fair value of $28.2 million, an estimated useful life of 12 years, and is amortized on a straight-line basis.
Amortization expense of intangible assets was $34.8 million, $11.1 million and $9.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.