XML 25 R10.htm IDEA: XBRL DOCUMENT v3.22.1
LICENSED TECHNOLOGY
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
LICENSED TECHNOLOGY

NOTE 4 – LICENSED TECHNOLOGY

 

On May 15, 2015, we 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 $1.4 million for the three months ended March 31, 2022.

 

Licensed technology consists of the following:

 

(in thousands)  March 31,
2022		   December 31,
2021		 
Licensed technology  $2,156   $2,156 
Less accumulated amortization   (801)   (772)
Less impairment charge   (1,355)   - 
Licensed technology, net  $-   $1,384 

 

Amortization expense on licensed technology was $29,000 for the three months ended March 31, 2022 and 2021, respectively.