Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net

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Intangible Assets, Net
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net
Intangible assets consist of the following:
December 31, 2023 December 31, 2022
(in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount
Amortizable intangible assets:
Patents $ 4,905  $ (820) $ 4,085  $ 3,792  $ (621) $ 3,170 
License agreements 1,101  (1,087) 14  1,101  (1,014) 87 
Total amortizable intangible assets 6,006  (1,907) 4,099  4,893  (1,635) 3,258 
Unamortized intangible assets:
Trademarks 432  —  432  391  —  391 
Total intangible assets $ 6,438  $ (1,907) $ 4,531  $ 5,284  $ (1,635) $ 3,649 
The amortization expense is as follows for the years ended:
December 31,
(in thousands) 2023 2022 2021
Amortization expense 273  265  202 
As of December 31, 2023, future amortization of patents and license agreements are as follows:
Year Ending December 31,
2024 236 
2025 236 
2026 235 
2027 232 
2028 232 
Thereafter 2,928 
Total 4,099 
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 License Agreement with the University of Texas expired in September 2023 and the royalty obligations associated with the License Agreement with the University of Florida Research Foundation expired in December 2023.
The Company paid royalty fees ranging from 1% to 3% under the License Agreements based on net sales of licensed products. Also, when the Company paid 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:
(in thousands) December 31,
2023 2022 2021
Royalty fees $ 3,110  $ 3,103  $ 2,715