LICENSED TECHNOLOGY

12 Months Ended

Dec. 31, 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, 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.

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

	As of December 31,
	2022			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 approximately $29,000 and $116,000 for the years ended December 31, 2022 and 2021, respectively.