Company: SERV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832483-25-000112
Chunk: 42

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 at acquisitionDeveloped technology5$32,439 

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4. GOODWILL AND INTANGIBLE ASSETS, NET

The changes in the carrying amount of goodwill during the nine months ended September 30, 2025 were as follows (in thousands):TotalBalance as of December 31, 2024$— Acquisitions11,839Balance as of September 30, 2025$11,839 Goodwill represents the excess of the cost over the net tangible and identifiable intangible assets of acquired businesses.Intangible assets, net consisted of the following as of September 30, 2025 (in thousands): Weighted-Average Remaining Useful Life (in years)Gross Carrying ValueAccumulated AmortizationNet Carrying ValueDeveloped technology5.1$33,419 $927 $32,492 Customer relationships24.52555250Trade names9.51356129Balance as of September 30, 2025$33,809 $938 $32,871 Amortization expense related to intangible assets was $915 thousand and zero for the three months ended September 30, 2025 and 2024, respectively, and $938 thousand and zero for the nine months ended September 30, 2025 and 2024, respectively.The technology intangible assets are being amortized over five to 15 years, customer relationships over 25 years, and trade names over 10 years.The estimated future amortization expense of intangible assets as of September 30, 2025 is as follows (in thousands): Year Ending December 31,Amortization ExpenseRemainder of 2025$1,644 20266,57720276,57720286,57720296,577Thereafter4,919Total estimated future amortization expense$32,871 

5. FAIR VALUE MEASUREMENTS

Assets Measured at Fair Value on a Recurring BasisThe following table sets forth the Company’s cash equivalents and short-term marketable securities that were measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2025 (in thousands): 

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Fair Value Measurementsas of September 30, 2025:Level 1Level 2Level 3TotalCash equivalentsMoney market funds$71,296 $— $— $71,296 Certificates of deposit10,004——10,004U.S. Treasury securities12