Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net

v3.22.4
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net
Intangible assets consist of the following:
December 31, 2022 December 31, 2021
(in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount
Amortizable intangible assets:
Patents $ 3,792  $ (621) $ 3,170  $ 2,469  $ (234) $ 2,235 
License agreements 1,101  (1,014) 87  1,101  (852) 249 
Total amortizable intangible assets 4,893  (1,635) 3,258  3,570  (1,086) 2,484 
Unamortized intangible assets:
Trademarks 391  —  391  375  —  375 
Total intangible assets $ 5,284  $ (1,635) $ 3,649  $ 3,945  $ (1,086) $ 2,859 
The amortization expense is as follows for the years ended:
December 31,
2022 2021 2020
Amortization expense $ 265  202  153 
As of December 31, 2022, future amortization of patents and license agreements are as follows:
Year Ending December 31, (in thousands)
2023 $ 250 
2024 181 
2025 181 
2026 180 
2027 176 
Thereafter 2,290 
Total $ 3,258 
License Agreements
The Company has multiple license agreements with the University of Florida Research Foundation and the University of Texas at Austin (the "License Agreements") in which 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 U.S. and international markets. The effective term of the License Agreements extends through the term of the related patents.
The Company pays royalty fees ranging from 1% to 3% under the License Agreements based on net sales of licensed products. Also, when the Company pays royalties to more than one licensor for sales of the same product, a royalty stack cap applies, capping total royalties at 3.75%.
Royalty fees included in sales and marketing on the consolidated statement of operations are as follows for the years ended:
December 31,
2022 2021 2020
Royalty fees $ 3,103  $ 2,715  $ 2,289