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

Accrued Expenses and other current liabilities

v3.25.1
Accrued Expenses and other current liabilities
12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accrued Expenses and other current liabilities

 

6. Accrued Expenses and other current liabilities

 

Accrued expenses and other current liabilities consist of the following:

           
    December 31,
2024
    December 31,
2023
 
Accrued payroll and benefits   $ 243,396     $ 216,547  
Accrued professional fees     143,661       233,950  
Accrued research costs     189,388       70,000  
Other     34,203       48,256  
Total accrued expenses   $ 610,648     $ 568,753  

 

On June 19, 2024, the Company entered into a confidential separation agreement and general release with each of Jeffrey F. Eisenberg, the Company’s former Chief Executive Officer (the “Eisenberg Separation Agreement”), and Curtis Lockshin, the Company’s former Chief Scientific Officer (together, the “Separation Agreements”) pursuant to which Messrs. Eisenberg and Lockshin were each eligible for certain severance payments and benefits consistent with the terms of their existing employment agreements as described under “Employment Agreements with our Named Executive Officers” in our Proxy Statement on Schedule 14A filed by the Company with the SEC on October 31, 2024. In addition, the Eisenberg Separation Agreement provided for accelerated vesting of all of the unvested stock options held by Mr. Eisenberg as of May 16, 2024. During the year ended December 31, 2024, the Company expensed approximately $0.8 million of accrued payroll and benefits related to the Separation Agreements. In addition, the Company recorded approximately $13,000 of share-based expense for the accelerated vesting of unvested stock options. As of December 31, 2024, approximately $0.2 million was accrued within accrued expenses and other current liabilities related to these obligations.