########## Property and Equipment

– Property and equipment consist of the following:

September 30, 2022	December 31, 2021
Equipment and furnishings	$ 725,812	$ 591,554
Leasehold improvements	115,605	115,605
Total property and equipment	841,417	707,159
Accumulated depreciation and amortization	(592,434)	(550,221)
Total property and equipment, net	$ 248,983	$ 156,938

########## Other

Assets – Other assets consist of the following:

September 30, 2022	December 31, 2021
Prepaid clinical trial costs (noncurrent portion)	$ 2,083,276	$ -
Prepaid technology license fees	90,000	-
Deposits	11,010	11,010
Total other assets	$ 2,184,286	$ 11,010

########## Accrued Expenses

– Accrued expenses consist of the following:

September 30, 2022	December 31, 2021
Accrued technology license fees – current portion	$ 3,000,000	$ 3,000,000
Accrued compensation	-	269,000
Other accrued expenses	709,984	108,826
Total accrued expenses	$ 3,709,984	$ 3,377,826

Other Liabilities Liabilities – Other liabilities were $2,000,000 at September 30, 2022 and December 31, 2021 and consist of the noncurrent portion of accrued technology license fees.

########## 4. Commitments

Operating Lease – Lease – We lease approximately 8,400 square feet of office and laboratory space pursuant to an operating lease which expires on December 31, 2022, but which we expect to extend. Rent expense for the three-month and nine-month periods ended September 30, 2022 was $44,089 and $132,267, respectively, as compared to $42,803 and $128,410, respectively, for the same periods of 2021. Future minimum lease payments total $44,089 in 2022.

License Agreements – Agreements – We have entered into license agreements for various technologies and patent rights associated with our product development activities. These agreements may contain provisions for upfront payments, milestone fees due upon the achievement of selected development and regulatory events, minimum annual royalties or other fees, and royalties based on future net sales. Unrecorded future minimum payments under these agreements (excluding milestone and royalty payments due upon contingent future events) are approximately $409,000 in the aggregate.

Clinical Trial Commitments Trial Commitments – We have entered into agreements with contract research organizations (“CROs”) and with testing sites to conduct clinical trials of our products under development. Contracts with CROs are generally cancellable with notice. We have also entered into arrangements with contract manufacturing organizations (“CMOs”) to produce materials for use in our clinical trials. These contracts generally provide for non-cancellable obligations or cancellation penalties depending on the time of cancellation. As of September 30, 2022, the total non-cancellable obligations under contracts with CMOs were approximately $1.2 million.

Other Commitments – Commitments – In the normal course of business, we enter into various firm purchase commitments and other contractual obligations related to production and testing of our product candidates, conduct of clinical trials and preclinical research studies, and other activities. As of September 30, 2022, there are approximately $612,000 of unrecorded noncancelable purchase commitments to our vendors and subcontractors.

########## 5. Stockholders’ Equity

January 2022 Private Placement 2022 Private Placement – On January 19, 2022, we closed a private placement of 707,484 shares of common stock, a pre-funded warrant to purchase 2,360,000 shares of common stock for a nominal exercise price per share (the “Jan 2022 Pre-Funded Warrant”), and a warrant to purchase up to 3,067,484 shares of common stock at an exercise price of $3.26 per share (the “Jan 2022 Common Warrant”). Net proceeds after deducting placement agent commissions and other