Note 3. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets were $165,963 as of June 30, 2025, compared to $607,670 as of December 31, 2024. The decrease was primarily due to amortization of prepaid insurance and timing of vendor milestone payments related to research and development services.

The Company’s prepaid balances typically consist of insurance premiums, research and development service agreements, and other vendor advances aligned with ongoing clinical and regulatory activities.