Certain Balance Sheet Items

12 Months Ended

Dec. 31, 2023

Certain Balance Sheet Items [Abstract]

Prepaid and other current assets at December 31, 2023 and 2022 consisted of the following:


	2023		2022
Insurance recovery (a)	$	—	$	30,000,000
Prepaid manufacturing expenses	1,486,638		1,401,028
Other prepaid expenses	3,907,027		18,729,453

	$	5,393,665	$	50,130,481

Accounts payable and accrued expenses at December 31, 2023 and 2022 consisted of the following:


	2023		2022
Trade accounts payable	$	3,577,826	$	19,862,487
Accrued compensation	9,837,104		12,574,921
Accrued litigation settlement (a)	—		44,000,000
Other accrued expenses (b) (c)	6,432,814		3,249,477
	$	19,847,744	$	79,686,885

(a)In July 2022, the Company entered into a memorandum of understanding for the proposed settlement of class action securities litigation (see Note 11). The final judicial order for the settlement was issued in January 2023. The settlement consisted of $30.0 million in cash and $14.0 million in shares of the Company's common stock to settle all outstanding claims. As of December 31, 2022, the Company's insurance carriers had paid the cash component of the proposed settlement, which amounts were being held in escrow. The Company's insurance carriers paid $252,000 of other expenses on behalf of the Company, which amounts were offset against the insurers' cash commitment as part of the settlement. During the three months ended March 31, 2023, the cash component of the settlement was released from escrow and the Company issued 760,083 shares of common stock pursuant to the securities class action settlement.

(b) In March 2023, the Company entered into a stipulation of settlement for the proposed settlement of shareholder derivative litigation (see Note 11). In June 2023, the court preliminarily approved the proposed settlement. As part of the settlement, in July 2023, the Company paid $1.2 million to plaintiffs’ counsel for their fees and expenses. This amount was accrued within “Other accrued expenses” as of December 31, 2022. On October 12, 2023, the court entered an order and final judgment approving the Settlement, which was effective on November 13, 2023.