| ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following as of the periods indicated: | | | June 30, | | | December 31, | | | | | 2026 | | | 2025 | | | Accrued research and development expense (1) | | $ | 1,741,083 | | | $ | 1,754,083 | | | Accrued directors and officers (owners) compensation | | | 1,360,777 | | | | 1,358,293 | | | Cash portion of the Lind Note repayments | | | 500,000 | | | | 492,376 | | | Accrued compensation and employee benefits | | | 28,435 | | | | 86,744 | | | Others | | | 569,732 | | | | 470,133 | | | Total | | $ | 4,200,027 | | | $ | 4,161,629 | | | (1) | Management continually reviews the stage of clinical trial activity with the finance and clinical operations teams based on latest trial enrollment status, activity logs and vendor invoicing schedules, and then accrues expenses as incurred for services received or performed as of each balance sheet date. To date, there have been no material differences between management estimates of such expenses and the amounts incurred. | | | As of June 30, 2026, the $1,741,083 accrued research and development expense represents the amounts due to third-parties for outside contracted services for manufacturing and process development. According to periodic management review, during the year ended December 31, 2025, there were no significant changes in the stage of clinical trial activities, nor any new vendors added or modifications to contractual terms that would necessitate adjusting the accruals. Based on known information, current progress and services received as of December 31, 2025, it is very likely that the current estimate will not change to a significant extent. | However, the accruals may increase for additional services received in the future with the planned resumption of ophthalmology and CNS trials, or if new clinical trials are initiated. Actual results may differ materially from the current estimated amounts if there are unforeseen changes in trial progress, vendor performance, or billing practices in the future.
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