MARAVAI LIFESCIENCES HOLDINGS, INC.MRVI
MARAVAI LIFESCIENCES HOLDINGS, INC. Goodwill & Intangibles Disclosure
Goodwill and Intangible Assets
Goodwill
The following table summarizes the activity in the Company’s goodwill by segment for the period presented (in thousands):
TriLink (1) | Cygnus (2) | Total | |||||||||||||||
| Balance as of December 31, 2024 | $ | 39,950 | $ | 119,928 | $ | 159,878 | |||||||||||
Acquisitions | 12,207 | — | 12,207 | ||||||||||||||
| (42,884) | — | (42,884) | |||||||||||||||
| Foreign currency translation | 228 | — | 228 | ||||||||||||||
| Balance as of December 31, 2025 | $ | 9,501 | $ | 119,928 | $ | 129,429 | |||||||||||
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(1)The TriLink segment had accumulated goodwill impairment of $209.0 million and $166.2 million as of December 31, 2025 and 2024, respectively. The TriLink segment includes the TriLink BioTechnologies, Glen Research, and Alphazyme reporting units.
(2)The Cygnus segment had no accumulated goodwill impairment as of December 31, 2025 and 2024.
During the first quarter of 2025, the Company recorded goodwill of $3.4 million in connection with the acquisition of assets from Molecular, and goodwill of $8.8 million in connection with the acquisition of Officinae (see Note 2). These acquisitions were included within the TriLink BioTechnologies reporting unit.
In connection with preparing its financial statements for the first quarter of 2025, the Company performed a qualitative goodwill impairment analysis on each of its four reporting units (TriLink BioTechnologies, Glen Research, Alphazyme and Cygnus Technologies) and concluded that it was more likely than not that the fair value of goodwill exceeded its carrying value for three of the reporting units and no further testing was required. As a result, no impairment was recorded for these three reporting units. The Company performed a quantitative impairment test on the TriLink BioTechnologies reporting unit in response to impairment indicators identified during the first quarter of 2025. The indicators of impairment primarily related to the Company’s long-term forecast which reflected lower projected near term revenues due to lower demand in research and discovery products within the TriLink BioTechnologies reporting unit and slower than expected transition to new mRNA clinical trials as customers prioritize existing programs and more conservatively invest in new programs as the result of macroeconomic pressures. The Company performed the impairment test using a combination of the income and the market approach to determine whether the fair value of the TriLink BioTechnologies reporting unit was less than its carrying value. Based on its interim quantitative assessment, the Company concluded that the TriLink BioTechnologies reporting unit had a
carrying value that exceeded its estimated fair value. As a result, during the first quarter of 2025, the Company recorded impairment of $12.4 million, within impairment of goodwill and intangible assets, on the consolidated statements of operations, which represented the entire remaining goodwill balance for the TriLink BioTechnologies reporting unit.
In connection with preparing its financial statements for the second quarter of 2025, the Company performed a qualitative goodwill impairment analysis on each of the three reporting units with goodwill balances. For two of the reporting units (Glen Research and Cygnus Technologies), the Company concluded that it was more likely than not that the fair value of goodwill exceeded its carrying value for these reporting units and no further testing was required. As a result, no goodwill impairment was recorded for these two reporting units. The Company performed a quantitative impairment test on the Alphazyme reporting unit in response to impairment indicators identified during the Company’s forecast process. As of June 30, 2025, the Company’s long-term forecast reflected lower projected revenues within its Alphazyme reporting unit due to lower anticipated demand in enzyme products. The Company performed the impairment test using a combination of the income approach and the market approach to determine whether the fair value of the Alphazyme reporting unit was less than its carrying value. Based on its quantitative assessment, the Company concluded that the Alphazyme reporting unit had a carrying value that exceeded its estimated fair value. As a result, during the second quarter of 2025, the Company recorded impairment of $30.4 million, within impairment of goodwill and intangible assets on the consolidated statements of operations, which represented the entire remaining goodwill balance for the Alphazyme reporting unit.
Intangible Assets
In connection with preparing its financial statements for the year ended December 31, 2025, the Company evaluated the recoverability of its long-lived assets (including finite-lived intangible assets) in response to impairment indicators identified during the Company’s forecast process. As of December 31, 2025, the Company’s long-term forecast reflected lower projected revenues due to lower anticipated demand in enzyme products within the Alphazyme asset group, included in the TriLink reportable segment. As such, the Company performed a recoverability test and concluded that the carrying value of this intangible asset group exceeded its fair value. The Company determined the fair value of the asset group using a weighted discounted cash flow and market approach model. The significant assumptions in the discounted cash flow model included, but are not limited to, discount rate, revenue projections, and EBITDA margins. As a result, the Company recorded impairment of $25.8 million, within impairment of goodwill and intangible assets, on the consolidated statements of operations. See Note 3 for information regarding additional intangible impairment losses recognized as part of the 2025 Corporate Realignment Plan.
Intangible assets are being amortized on a straight-line basis, which reflects the expected pattern in which the economic benefits of the intangible assets are being obtained, over an estimated useful life ranging from 3 to 14 years.
The following are components of finite-lived intangible assets and accumulated amortization as of the periods presented (in thousands):
| December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Accumulated Impairment | Net Carrying Amount | Estimated Useful Life | Weighted Average Remaining Amortization Period | ||||||||||||||||||||||||||||||
(in thousands) | (in years) | (in years) | |||||||||||||||||||||||||||||||||
| Trade Names | $ | 7,800 | $ | (7,352) | $ | (101) | $ | 347 | 3 - 10 | 0.8 | |||||||||||||||||||||||||
Patents and Developed Technology (1) | 333,433 | (160,335) | (27,355) | 145,743 | 10 - 14 | 6.7 | |||||||||||||||||||||||||||||
Customer Relationships (1) | 22,403 | (16,594) | (356) | 5,453 | 6 - 12 | 4.3 | |||||||||||||||||||||||||||||
| Total | $ | 363,636 | $ | (184,281) | $ | (27,812) | $ | 151,543 | 6.6 | ||||||||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Estimated Useful Life | Weighted Average Remaining Amortization Period | |||||||||||||||||||||||||
| (in thousands) | (in years) | (in years) | |||||||||||||||||||||||||||
| Trade Names | $ | 7,800 | $ | (6,885) | $ | 915 | 3 - 10 | 2.0 | |||||||||||||||||||||
| Patents and Developed Technology | 321,149 | (134,822) | 186,327 | 10 - 14 | 8.0 | ||||||||||||||||||||||||
| Customer Relationships | 22,313 | (14,598) | 7,715 | 10 - 12 | 5.2 | ||||||||||||||||||||||||
| Total | $ | 351,262 | $ | (156,305) | $ | 194,957 | 7.8 | ||||||||||||||||||||||
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(1)Certain intangible assets are denominated in currencies other than U.S. dollar; therefore, their gross and net carrying values are subject to foreign currency movements.
During the first quarter of 2025, the Company recorded intangible assets of $3.2 million in connection with the acquisition of assets from Molecular, and intangible assets of $8.2 million in connection with the acquisition of Officinae (see Note 2).
The Company recognized $25.5 million, $24.9 million and $24.8 million of amortization expense from intangible assets directly linked with revenue generating activities within cost of revenue in the consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively. Amortization expense for intangible assets that are not directly related to sales generating activities of $2.5 million, $2.6 million and $2.6 million was recorded as selling, general and administrative expenses for the years ended December 31, 2025, 2024 and 2023, respectively.
As of December 31, 2025, the estimated future amortization expense for finite-lived intangible assets were as follows (in thousands):
| 2026 | $ | 25,665 | |||
| 2027 | 24,648 | ||||
| 2028 | 24,471 | ||||
| 2029 | 23,308 | ||||
| 2030 | 18,999 | ||||
| Thereafter | 34,452 | ||||
| Total estimated amortization expense | $ | 151,543 | |||
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.