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Prepaid Expenses and Other Current Assets
3 Months Ended
Mar. 31, 2024
Prepaid Expenses and Other Current Assets  
Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

March 31, 

December 31, 

    

2024

    

2023

Tax credits

249,133

242,577

Prepaid and deferred expenses

 

952,889

 

608,638

Prepaid D&O insurance costs

133,000

Total prepaid expenses and other current assets

$

952,889

$

741,638

Tax credits consist of a value added tax credit (“VAT”), which is an indirect tax receivable from Swiss and Spanish tax authorities on purchases of goods and services executed in those countries.

Prepaid expenses refers to pre-payments made to the Company’s vendors for future services. Deferred expenses mainly refer to research agreements entered with third parties for research projects that will be recognized as expenses throughout the research period.