Quarterly report pursuant to Section 13 or 15(d)

ACCRUED EXPENSES

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ACCRUED EXPENSES
 3 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

10. ACCRUED EXPENSES

 

Accrued expenses consisted of the following:

 

 

 

March 31,
2024

 

 

December 31,
2023

 

 

 

 

 

 

 

 

Accrued pre-clinical and clinical costs

 

$

700,430

 

 

$

1,449,188

 

Accrued product development costs

 

 

1,506,800

 

 

 

745,447

 

Accrued license costs

 

 

4,525,000

 

 

 

4,825,000

 

Accrued compensation

 

 

800,246

 

 

 

2,325,488

 

Accrued administrative costs

 

 

420,008

 

 

 

343,285

 

Accrued interest

 

 

1,445,741

 

 

 

1,342,098

 

Total

 

$

9,398,225

 

 

$

11,030,506

 

 

For the three months ended March 31, 2024 and 2023, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials.