Quarterly report pursuant to Section 13 or 15(d)

LICENSED TECHNOLOGY

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LICENSED TECHNOLOGY
6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
LICENSED TECHNOLOGY

NOTE 4 – LICENSED TECHNOLOGY

 

On May 15, 2015, the Company acquired Abeona Therapeutics LLC, which had an exclusive license through Nationwide Children’s Hospital to the AB-101 and AB-102 patent portfolios for developing treatments for patients with Sanfilippo Syndrome Type A and Type B. The license is amortized over the life of the license of 20 years. On March 31, 2022, the Company announced that it was pursuing a strategic partner to take over development activities of ABO-102 and that it was discontinuing development of ABO-101. As a result of this shift in priorities, the Company determined the remaining value of the licensed technology had no future value and thus, recorded an impairment charge of nil and $1.4 million for the three and six months ended June 30, 2022, respectively.

 

The following table provides a summary of licensed technology (in thousands):

 

    June 30, 2022     December 31, 2021  
             
Licensed technology   $ 2,156     $ 2,156  
Less accumulated amortization     (801 )     (772 )
Less impairment charge     (1,355 )      
Total licensed technology, net   $     $ 1,384  

 

Amortization expense on licensed technology was nil and $29,000 for the three months ended June 30, 2022 and 2021, respectively and $29,000 and $44,000 for the six months ended June 30, 2022 and 2021, respectively.