Annual report [Section 13 and 15(d), not S-K Item 405]

Intangible Assets, Net

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Intangible Assets, Net
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net
Intangible assets consist of the following:
December 31, 2024 December 31, 2023
(in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount
Amortizable intangible assets:
Patents $ 6,090  $ (1,073) $ 5,017  $ 4,905  $ (820) $ 4,085 
License agreements —  —  —  1,101  (1,087) 14 
Total amortizable intangible assets 6,090  (1,073) 5,017  6,006  (1,907) 4,099 
Unamortized intangible assets:
Trademarks 562  —  562  432  —  432 
Total intangible assets $ 6,652  $ (1,073) $ 5,579  $ 6,438  $ (1,907) $ 4,531 
The amortization expense is as follows for the years ended:
December 31,
(in thousands) 2024 2023 2022
Amortization expense $ 267  $ 273  $ 265 
As of December 31, 2024, future amortization of patents and license agreements is as follows:
Year Ending December 31,
(in thousands)
2025 $ 292 
2026 292 
2027 292 
2028 292 
2029 292 
Thereafter 3,557 
Total $ 5,017 
License Agreements
The Company had 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 included the rights to issue 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 applied, capping total royalties at 3.75%.
Royalty fees included in Sales and marketing costs and expenses on the Consolidated Statements of Operations are as follows for the years ended:
December 31,
(in thousands) 2024 2023 2022
Royalty fees $ —  $ 3,110  $ 3,103