5. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following (in thousands):

 Schedule of Accounts Payable and Accrued Expenses

In April 2026, the Company issued 219,429 shares of its common stock, par value $0.0001 per share (“Common Stock”), at a price of $0.83 per share in exchange for the settlement of approximately $0.2 million of unpaid cash salary due to an officer and related party investor of the Company. The transaction was accounted for as a capital transaction with a related party and no gain or loss was recognized. As such, the net carrying value of $0.2 million was reclassified to stockholders’ deficit in the condensed consolidated balance sheets at the time of the conversion.