3. ACCRUED EXPENSES

Accrued Bonus

During the years ended December 31, 2024 and 2023, the Company accrued $941,098 and $786,999, respectively, in bonus expense relating to employees and officers of the Company. In April 2024, the Compensation Committee determined that bonuses relating to 2023 would not be paid to all executive and non-executive employees. This change in estimated bonuses was recorded against the same general ledger accounts that the original estimate was recorded to and is reflected within the general and administrative expenses and research and development expenses on the statement of operations for the year ended December 31, 2024.

Accrued Severance

On November 10, 2023, Joseph McGuire and Dr. Mihail Obrocea were terminated from their positions as Chief Financial Officer (and principal financial and accounting officer) and Chief Medical Officer, respectively, of the Company, effective immediately, as part of the Company’s effort to streamline operations. Mr. McGuire’s and Dr. Obrocea’s terminations were not based on any disagreement with the Company’s operations, policies or practices. The accrued severance included in accrued expense was $824,435 as of December 31 ,2023. The accrued severance was paid in 2024. There was no accrued severance as of December 31, 2024.