Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2025

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 8 – Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	June 30,		December 31,
	2025		2024
Accrued licensee reimbursement		295,711		295,711
Accrued offering costs		275,568		—
Accrued rework of clinical supply returns		250,000		250,000
Accrued professional services		196,730		111,750
Accrued deposit for cancelled equipment orders		162,066		162,066
Accrued franchise tax		100,000		—
Accrued dividend		97,167		—
Accrued legal settlement		75,000		100,000
Other		44,562		48,577
Accrued compensation expense		—		144,161
Accrued fixed asset disposal costs		—		125,000
Accrued clinical studies costs		—		85,409
Total accrued expenses and other current liabilities	$	1,496,804	$	1,322,674

Accrued Former Licensor Obligations

On August 15, 2023, the Company entered into a license agreement (the “License Agreement”) with Formosa Pharmaceuticals, Inc. (“Formosa”), whereby the Company acquired an exclusive license to commercialize, in the United States and its territories, products related to a novel formulation of Clobetasol Proprionate. On June 6, 2025 (the “Termination Date”), the Company and Formosa entered into the Mutual Termination Agreement, whereby the License Agreement (and all other agreements between the Company and Formosa)

would be terminated, subject to certain terms and conditions. Formosa and the Company each agreed to provide the other party with a release of all claims, including Formosa releasing the Company from total obligations of $2.2 million. The Company met the conditions to be released from the obligations in July 2025 and the liabilities were extinguished at that time.