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

Intangible Assets, Net

v3.25.4
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net
Intangible assets consist of the following as of the periods presented:
December 31, 2025 December 31, 2024
(in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount
Amortizable intangible assets:
Patents $ 7,498  $ (1,418) $ 6,080  $ 6,090  $ (1,073) $ 5,017 
Unamortized intangible assets:
Trademarks 670  —  670  562  —  562 
Total intangible assets $ 8,168  $ (1,418) $ 6,750  $ 6,652  $ (1,073) $ 5,579 
The amortization expense is as follows for the periods presented:
Years Ended December 31,
(in thousands) 2025 2024 2023
Amortization expense $ 315  $ 267  $ 273 
As of December 31, 2025, future amortization of patents is as follows:
Years Ending December 31, (in thousands)
2026 $ 388 
2027 388 
2028 388 
2029 388 
2030 388 
Thereafter 4,140 
Total $ 6,080 
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 were $3,110 for the year ended December 31, 2023.