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 B and Sanfilippo Syndrome Type A, respectively. The license was being amortized to expense 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 $1.4 million for the year ended December 31, 2022. There is no remaining net value of licensed technology as of December 31, 2023 and December 31, 2022.

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

SCHEDULE OF LICENSED TECHNOLOGY 

Amortization expense on licensed technology was nil and approximately $29,000 for the years ended December 31, 2023 and 2022, respectively.