Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses

v3.23.3
Accrued Expenses
 9 Months Ended
Sep. 30, 2023
Payables and Accruals [Abstract]  
Accrued Expenses

3. ACCRUED EXPENSES

As of September 30, 2023 and December 31, 2022, accrued expenses consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Bonus

 

$

819,290

 

 

$

1,094,582

 

Professional fees

 

 

659,111

 

 

 

332,589

 

Research and development costs

 

 

1,035,481

 

 

 

516,961

 

Other

 

 

409,971

 

 

 

159,269

 

Total accrued expenses

 

$

2,923,853

 

 

$

2,103,401

 

 

Accrued Bonus

 

On May 31, 2023, the 2022 accrued bonus for current employees and officers was settled by the issuance of 511,225 stock options with a total fair value of $974,224.