|9 Months Ended|
Sep. 30, 2022
|Goodwill and Intangible Assets Disclosure [Abstract]|
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 and $1.4 million for the three and nine months ended September 30, 2022, respectively.
The following table provides a summary of licensed technology (in thousands):
SCHEDULE OF LICENSED TECHNOLOGY
Amortization expense on licensed technology was and $29,000 for the three months ended September 30, 2022 and 2021, respectively and $29,000 and $87,000 for the nine months ended September 30, 2022 and 2021, respectively.
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef