Company: TEM
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025603
Chunk: 331

Company: Tempus AI, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 331
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 payments was also recorded in Research and development during the year ended December 31, 2023. The impairment resulted in a reduction of $40.1 million and $32.7 million to gross intangible assets and accumulated amortization, respectively. There were no impairment charges recognized related to intangible assets during the year ended December 31, 2024. The following table summarizes intangible assets as of December 31, 2024 and 2023 (in thousands):  

        December 31, 2024

        December 31,2023

        Gross Amount

        Accumulated Amortization

        Net

        Gross Amount

        Accumulated Amortization

        Net

        Customer relationships
         
        $
        20,550

        $
        15,606

        $
        4,944

        $
        20,550

        $
        12,219

        $
        8,331

        Licensed data

        20,010

        17,828

        2,182

        19,321

        11,469

        7,852

        Website domain

        19

        —

        19

        19

        —

        19

        Trade names

        8,000

        3,429

        4,571

        8,000

        2,286

        5,714

        $
        48,579

        $
        36,863

        $
        11,716

        $
        47,890

        $
        25,974

        $
        21,916

       Amortization of intangible assets is recognized using the straight-line method over their estimated useful lives, which range from three to seven years. Amortization expense was $10.9 million, $11.9 million and $13.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is recorded in cost of revenues, research and development, or selling, general and administrative expense, depending on use of the asset. The weighted average life of the Company’s intangibles is approximately six years. As of December 31, 2024, the estimated future amortization expense related to intangible assets is as follows (in thousands): 

        2025
         
        $
        4,784