|6 Months Ended|
Jun. 30, 2020
The Company’s intangible assets consist of the following:
License agreements are being amortized over periods ranging from 17-20 years. Patent costs are being amortized over periods up to 20 years. Amortization expense was approximately $36 and $30 for the three months ended June 30, 2020 and 2019, respectively. Amortization was approximately $72 and $56 for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, future amortization of license agreements and patents are as follows:
The Company has entered into multiple license agreements (together, the “License Agreements”) with the University of Florida Research Foundation and the University of Texas at Austin. Under the terms of the License Agreements, the Company acquired exclusive worldwide licenses for underlying technology used in repairing and regenerating nerves. The licensed technologies include the rights to issued patents and patents pending in the United States and international markets. The effective term of the License Agreements extends through the term of the related patents and the agreements may be terminated by the Company with 60 days’ prior written notice. Additionally, in the event of default, licensors may terminate an agreement if the Company fails to cure a breach after written notice. The License Agreements contain the key terms listed below:
Royalty fees were approximately $436 and $547 during the three months ended June 30, 2020 and 2019, respectively, and approximately $929 and $996 during the six months ended June 30, 2020 and 2019, respectively, and are included in sales and marketing expense on the accompanying condensed consolidated statements of operations.
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef