<SEC-DOCUMENT>0001193125-25-239375.txt : 20251015
<SEC-HEADER>0001193125-25-239375.hdr.sgml : 20251015
<ACCEPTANCE-DATETIME>20251014211029
ACCESSION NUMBER:		0001193125-25-239375
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251015
DATE AS OF CHANGE:		20251014

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EyePoint Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001314102
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				262774444
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-290867
		FILM NUMBER:		251393253

	BUSINESS ADDRESS:	
		STREET 1:		480 PLEASANT STREET
		STREET 2:		SUITE C400
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472
		BUSINESS PHONE:		617-926-5000

	MAIL ADDRESS:	
		STREET 1:		480 PLEASANT STREET
		STREET 2:		SUITE C400
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	pSivida Corp.
		DATE OF NAME CHANGE:	20080619

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	pSivida LTD
		DATE OF NAME CHANGE:	20050111

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EyePoint Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001314102
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				262774444
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		480 PLEASANT STREET
		STREET 2:		SUITE C400
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472
		BUSINESS PHONE:		617-926-5000

	MAIL ADDRESS:	
		STREET 1:		480 PLEASANT STREET
		STREET 2:		SUITE C400
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	pSivida Corp.
		DATE OF NAME CHANGE:	20080619

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	pSivida LTD
		DATE OF NAME CHANGE:	20050111
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d59295dfwp.htm
<DESCRIPTION>FWP
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Issuer Free Writing Prospectus </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Dated October&nbsp;14, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Relating to the Preliminary Prospectus Supplement Dated October&nbsp;14, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-290867</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g59295g1014024820267.jpg" ALT="LOGO" STYLE="width:3.10764in;height:0.645833in;">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Common Stock </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">Pre-funded</FONT> warrants to purchase common stock </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This free writing prospectus relates only to the offering described below and should be read together with the preliminary prospectus supplement dated
October&nbsp;14, 2025, or the Preliminary Prospectus Supplement, including the documents incorporated by reference therein, and the accompanying base prospectus. This free writing prospectus supplements the Preliminary Prospectus Supplement
primarily to reflect the addition of <FONT STYLE="white-space:nowrap">certain&nbsp;pre-funded</FONT> warrants, and the shares of common stock issuable upon the exercise of <FONT STYLE="white-space:nowrap">such&nbsp;pre-funded</FONT> warrants, to the
securities being offered by EyePoint Pharmaceuticals, Inc. Except as otherwise indicated, all information in this free writing prospectus and the Preliminary Prospectus Supplement assumes no exercise of outstanding options or warrants, no exercise
of the underwriters&#8217; option to purchase additional shares of our common stock and no exercise of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded</FONT> warrants&nbsp;included in this offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This free writing prospectus is qualified in its entirety by reference to the Preliminary Prospectus Supplement, including the documents incorporated by
reference therein, and the accompanying base prospectus. Financial information and other information presented in the Preliminary Prospectus Supplement or incorporated by reference therein is deemed to have changed to the extent affected by the
changes described herein. This free writing prospectus should be read together with the Preliminary Prospectus Supplement, including the documents incorporated by reference therein, and the accompanying base prospectus, before making a decision in
connection with an investment in the securities. Capitalized terms used in this free writing prospectus but not defined have the meanings given to them in the Preliminary Prospectus Supplement. </P>
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<TD VALIGN="top"><B>Issuer</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">EyePoint Pharmaceuticals, Inc.</TD></TR>
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<TD VALIGN="top"><B>Common stock offered by us</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#8195;&#8195;&#8195;shares of our common stock (or &#8195;&#8195;&#8195;shares of our common stock if the underwriters exercise their option to purchase additional shares of our common stock in full).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Pre-funded</FONT> warrants offered by us</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">We are also offering, in lieu of common stock to certain investors, <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants to purchase &#8195;&#8195;&#8195;shares of our common stock. The purchase price of each <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant will equal the price per share at which shares of our common stock are being sold to the public in this offering, minus $0.001, and the exercise price of each
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant will equal $0.001 per share. Each <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant will be exercisable from the date of issuance until the date the warrant is exercised in full,
subject to an ownership limitation. See &#8220;Description of <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants.&#8221; This free writing prospectus also relates to the offering of the shares of our common stock issuable upon the exercise
of such <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Option to purchase additional shares</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">We have granted the underwriters an option, exercisable for 30 days from the date of the final prospectus supplement, to purchase up to an additional &#8195;&#8195;&#8195;&#8195;&#8195;million of shares of our common stock from us
at the public offering price, less underwriting discounts and commissions.</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Common stock to be outstanding immediately after this offering</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#8195;&#8195;&#8195;shares or &#8195;&#8195;&#8195;shares if the underwriters exercise their option to purchase additional shares of our common stock in full, in each case assuming no exercise of any
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants offered and sold by us.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Use of Proceeds</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We estimate that our net proceeds from this offering will be approximately $&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;million, or
$&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;million if the option to purchase additional shares is exercised in full by the underwriters, in each case assuming no exercise of any <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants offered and
sold by us, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">We intend to use the net proceeds from this offering to advance clinical development of DURAVYU<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> for
wet AMD and DME, as well as support our earlier stage pipeline development initiatives, and for general corporate purposes. See &#8220;Use of Proceeds.&#8221;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Risk Factors</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">An investment in our securities involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page <FONT STYLE="white-space:nowrap">S-6</FONT> of the Preliminary Prospectus Supplement, and under similar headings in
other documents filed after the date hereof and incorporated by reference into this prospectus supplement and the accompanying prospectus.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Nasdaq Global Market symbol</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our common stock is listed on The Nasdaq Global Market under the symbol &#8220;EYPT.&#8221;</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">There is no established public trading market for the
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, and we do not expect a market to develop. We do not intend to list the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants on The Nasdaq Global Market or any other national
securities exchange or nationally recognized trading system. Without an active trading market, the liquidity of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will be limited. See &#8220;Description of
<FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants.&#8221;</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risk factors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>You will experience immediate and substantial dilution if you purchase our securities in this offering</I></B>.</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since the price per share of our common stock and the price per <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant being offered is substantially
higher than the pro forma net tangible book value per share of our common stock, you will suffer substantial dilution with respect to the securities you purchase in this offering. Our pro forma net tangible book value as of June&nbsp;30, 2025 was
approximately $257.31&nbsp;million, or $3.69 per share of our common stock, based on (i) 68,889,649 shares of our common stock outstanding on June&nbsp;30, 2025, plus (ii) 825,844 shares of our common stock issued pursuant to the Sales Agreement
subsequent to June&nbsp;30, 2025 through October&nbsp;6, 2025. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on the public offering price of $&#8195;&#8195;&#8195;&#8195;per share of our common
stock and $&#8195;&#8195;&#8195;&#8195;per <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible
book value as of June&nbsp;30, 2025, would have been approximately $&#8195;&#8195;&#8195;&#8195;million, or approximately $&#8195;&#8195;&#8195;&#8195;per share of our common stock. As a result, investors purchasing securities in this offering will
incur immediate dilution of $&#8195;&#8195;&#8195;&#8195; per share. As a result of the dilution to investors purchasing shares in this offering, investors may receive significantly less than the purchase price paid in this offering, if anything, in
the event of our liquidation. See &#8220;Dilution&#8221; on page <FONT STYLE="white-space:nowrap">S-14</FONT> of this prospectus supplement for a more detailed discussion of the dilution you will incur if you purchase shares of our common stock or <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants in this offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, as of June&nbsp;30, 2025, we had outstanding options to acquire
approximately 9,475,631 shares of our common stock at a weighted-average exercise price of $11.37 per share, outstanding restricted stock units to acquire 1,522,267 shares of our common stock, and <FONT STYLE="white-space:nowrap">pre-funded</FONT>
warrants to acquire 1,090,909 shares of our common stock at an exercise price of $0.01. The issuance of shares of our common stock upon exercise of the stock options or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants or the settlement of
the restricted stock units could result in dilution to the interests of other holders of our common stock and could adversely affect our stock price. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>There is no public market for the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants being offered in this offering. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is no public trading market for the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants being offered in this offering, and we do not expect a
market to develop. In addition, we do not intend to list the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants on The Nasdaq Global Market or any other national securities exchange or nationally recognized trading system. Without an active
trading market, the liquidity of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will be limited. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Holders of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants will have no rights as common stockholders until such holders exercise their <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants and acquire our common stock. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Until holders of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants exercise their <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants and
acquire shares of our common stock, such holders will have no rights with respect to the shares of our common stock underlying such <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may not receive any additional funds upon the exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant may be exercised by way of a cashless exercise, meaning that the holder may not pay a cash
purchase price upon exercise, but instead would receive upon such exercise the net number of shares of our common stock determined according to the formula set forth in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant. Accordingly, we
may not receive any additional funds upon the exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Significant holders or beneficial holders of our common stock may not be permitted to exercise <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants that they hold. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A holder of a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant
will not be entitled to exercise any portion of any <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant which, upon giving effect to such exercise, would cause (i)&nbsp;the aggregate number of shares of our common stock beneficially owned by
the holder (together with its affiliates) to exceed 4.99% or 9.99% (at the election the purchaser) of the number of shares of our common stock outstanding immediately after giving effect to the exercise, or (ii)&nbsp;the combined voting power of our
securities beneficially owned by the holder (together with its affiliates) to exceed 4.99% or 9.99% (at the election the purchaser) of the combined voting power of all of our securities then outstanding immediately after giving effect to the
exercise, as such percentage ownership is determined in accordance with the terms of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. Such percentage may be increased by the holder of the
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant to any other percentage not in excess of 19.99% upon at least 61 days&#8217; prior notice from the holder to us. As a result, you may not be able to exercise your <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants for shares of our common stock at a time when it would be financially beneficial for you to do so. In such circumstance you could seek to sell your
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants to realize value, but you may be unable to do so in the absence of an established trading market for the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Use of Proceeds </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We estimate that the net proceeds from this offering, including proceeds from the sale of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, after
deducting the underwriting discounts and commissions and estimated offering expenses payable by us, will be approximately $&#8195;&#8195;&#8195;&#8195; million (or approximately $&#8195;&#8195;&#8195;&#8195;million if the underwriters exercise their
option to purchase additional shares in full). We will receive nominal proceeds, if any, upon exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We currently intend to use the net proceeds from this offering to advance clinical development of
DURAVYU<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> for wet AMD and DME, as well as support our earlier stage pipeline development initiatives, and for general corporate purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on our current plans, we believe our existing cash, cash equivalents and marketable securities, together with the expected net proceeds from this
offering, will be sufficient to fund our operating expenses and capital expenditure requirements into the fourth quarter of 2027, beyond anticipated Phase&nbsp;3 wet AMD topline data for
DURAVYU<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> in 2026.<B><I> </I></B>We have based these estimates on assumptions that may prove to be incorrect, and we could use our available capital resources sooner than we currently expect.
In any event, we may require additional funding to be able to continue to advance our research and development pipeline, support our commercialization activities, or conduct additional business development activities. We may satisfy our future cash
needs through the sale of equity securities, debt financings, working capital lines of credit, corporate collaborations or license agreements, grant funding, interest income earned on invested cash balances or a combination of one or more of these
sources. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amounts and timing of our use of the net proceeds from this offering will depend on a number of factors, such as the timing and progress of
our commercialization efforts, research and development efforts, the timing and progress of any partnering efforts, technological advances and the competitive environment for our products. As of the date of this prospectus supplement, we cannot
specify with certainty all of the particular uses for the net proceeds from the sale of the securities offered by us hereunder. Accordingly, our management will have broad discretion in the timing and application of these proceeds. Pending
application of the net proceeds as described above, we intend to temporarily invest the proceeds in short-term, interest-bearing instruments. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dilution </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Purchasers of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants in this offering will experience immediate dilution to the extent
of the difference between the public offering price per share of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, as applicable, and the pro forma as adjusted net tangible book value per share of our common stock
immediately after this offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We calculate net tangible book value per share by dividing our net tangible book value, which is tangible assets less
total liabilities, by the number of outstanding shares of our common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our net tangible book value as of June&nbsp;30, 2025 was approximately
$246&nbsp;million, or $3.57 per share of our common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our pro forma net tangible book value as of June&nbsp;30, 2025 was $257.31&nbsp;million, or
$3.69 per share of our common stock. Pro forma net tangible book value per share represents pro forma net tangible book value divided by the pro forma number of shares of our common stock outstanding, after giving effect to our issuance of
825,844&nbsp;shares of our common stock issued pursuant to Sales Agreement subsequent to June&nbsp;30, 2025 through October&nbsp;6, 2025. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dilution per
share to new investors represents the difference between the amount per share paid by purchasers of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants in this offering and the pro forma as adjusted net tangible book
value per share of our common stock immediately following the completion of this offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After giving effect to the sale of
(i)&#8195;&#8195;&#8195;&#8195;shares of our common stock in this offering at the public offering price of $&#8195;&#8195;&#8195;&#8195;per share and <FONT STYLE="white-space:nowrap">(ii)&nbsp;pre-funded</FONT> warrants to
purchase&#8195;&#8195;&#8195;&#8195;shares of our common stock in this offering at the public offering price of $&#8195;&#8195;&#8195;&#8195;per <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant (which equals the price per share at which
shares of our common stock are being sold to the public in this offering, minus the $0.001 per share exercise price of each such <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant) and after deducting the underwriting discounts and
commissions and the estimated offering expenses payable by us and excluding the proceeds, if any, from the exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants issued pursuant to this offering or any resulting accounting
associated with the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, our pro forma as adjusted net tangible book value as of June&nbsp;30, 2025 would have been approximately $&#8195;&#8195;&#8195;&#8195;, or approximately
$&#8195;&#8195;&#8195;&#8195;per share of our common stock. This represents an immediate increase in pro forma net tangible book value of $&#8195;&#8195;&#8195;&#8195;per share of our common stock to our existing stockholders and an immediate
dilution in pro forma net tangible book value of $&#8195;&#8195;&#8195;&#8195;per share of our common stock to purchasers of our common stock and <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants in this offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table illustrates this calculation on a per share basis: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

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<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Offering price per share in this offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net tangible book value per share as of June&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in net tangible book value per share attributable to shares issued pursuant to the Sales
Agreement subsequent to June&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pro forma net tangible book value per share as of June&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in pro forma net tangible book value per share attributable to purchasers in this
offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pro forma as adjusted net tangible book value per share immediately after this offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dilution per share to purchasers in this offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The above table is based on 68,889,649 shares of our common stock outstanding as of June&nbsp;30, 2025, plus
825,844 shares of our common stock issued pursuant to the Sales Agreement subsequent to June 30, 2024 through October&nbsp;6, 2025, assumes no exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants sold in this offering, and
excludes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">9,475,631 shares of our common stock issuable upon the exercise of stock options outstanding as of June&nbsp;30,
2025 at a weighted-average exercise price of $11.37 per share; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">1,522,267 shares of our common stock underlying our restricted stock units outstanding as of June&nbsp;30, 2025;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">4,743,299 shares of our common stock available for future issuance under the 2023 Long-Term Incentive Plan, or
the 2023 Plan, as of June&nbsp;30, 2025; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">1,090,909 shares of our common stock issuable upon the exercise of
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants outstanding as of June&nbsp;30, 2025 at an exercise price of $0.01 per share; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">272,916 shares of our common stock reserved for future issuance the 2019 Employee Stock Purchase Plan, or the
2019 ESPP, as of June&nbsp;30, 2025; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Additional shares of our common stock that may be sold from time to time pursuant to the Controlled Equity
Offering<SUP STYLE="font-size:75%; vertical-align:top">SM</SUP> Sales Agreement, dated as of August&nbsp;5, 2020, or the Sales Agreement; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">290,450 shares of our common stock underlying equity awards granted since June&nbsp;30, 2025.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless otherwise indicated above, all information in the table above assumes the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">No exercise or forfeiture of any outstanding options, <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants
or warrants or settlement of restricted stock units since June&nbsp;30, 2025; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">No exercise by the underwriters of their option to purchase additional shares of our common stock.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the underwriters exercise in full their option to purchase up to&#8195;&#8195;&#8195;&#8195;additional shares of our common stock at
the public offering price of $&#8195;&#8195;&#8195;&#8195;per share (and excluding shares of our common stock issued and any proceeds received upon exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants or any resulting
accounting associated with the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants), the pro forma as adjusted net tangible book value after this offering would be $&#8195;&#8195;&#8195;&#8195;per share, representing an increase in pro forma
net tangible book value of $&#8195;&#8195;&#8195;&#8195;per share to existing stockholders and immediate dilution in pro forma net tangible book value of $ &#8195;&#8195;&#8195;per share to investors purchasing our common stock and <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants in this offering at the public offering price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent that options, <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants or warrants are exercised, other equity awards vest and settle, new equity awards are issued under our equity incentive plans or pursuant to inducement awards, new shares are issued under the
2019 ESPP, or we issue additional shares of common stock in the future (including pursuant to the Sales Agreement), there may be further dilution to investors participating in this offering. In addition, we may choose to raise additional capital
because of market conditions or strategic considerations, even if we believe that we have sufficient funds for our current or future operating plans. If we raise additional capital through the sale of equity or convertible debt securities, the
issuance of these securities could result in further dilution to our stockholders. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Description of <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a summary of certain terms and conditions of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants being offered in this offering.
The following description is subject in all respects to the provisions contained in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will be issued as individual warrant agreements to the purchasers. The form of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant will be filed as an exhibit to a Current Report on
Form <FONT STYLE="white-space:nowrap">8-K</FONT> that we expect to file with the Securities and Exchange Commission, or the SEC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Term </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will expire on the date the warrant is exercised in full. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exercisability </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants are exercisable at any time after their original issuance. The <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will be exercisable, at the option of each holder, in whole or in
part by delivering to us a duly executed exercise notice and by payment in full of the exercise price in immediately available funds for the number of shares of common stock purchased upon such exercise. As an alternative to payment in immediately
available funds, the holder may, in its sole discretion, elect to exercise the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant through a cashless exercise, in which the holder would receive upon such exercise the net number of shares of
our common stock determined according to the formula set forth in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant. No fractional shares of our common stock will be issued in connection with the exercise of a <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the last closing trading price of our common stock on the exercise date. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exercise Limitations </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We may not effect the exercise of
any <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant, and a holder will not be entitled to exercise any portion of any <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant that, upon giving effect to such exercise, would cause:
(i)&nbsp;the aggregate number of shares of our common stock beneficially owned by such holder (together with its affiliates) to exceed 4.99% or 9.99% (at the election the purchaser) of the number of shares of our common stock outstanding immediately
after giving effect to the exercise; or (ii)&nbsp;the combined voting power of our securities beneficially owned by such holder (together with its affiliates) to exceed 4.99% or 9.99% (at the election the purchaser) of the combined voting power of
all of our securities outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. However, any holder of a <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant may increase or decrease such percentage to any other percentage not in excess of 19.99% upon at least 61 days&#8217; prior notice from the holder to us. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exercise Price </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The exercise price per whole share of our
common stock purchasable upon the exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants is $0.001 per share of common stock. The exercise price of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants and the number
of shares of our common stock issuable upon exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations,
reclassifications or similar events affecting our common stock, as well as upon any distribution of assets, including cash, stock or other property, to our stockholders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transferability </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to applicable laws, the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants may be offered for sale, sold, transferred or assigned without our consent. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exchange Listing
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is no established trading market for the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, and we do not expect a market to develop.
We do not intend to apply for the listing of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants on The Nasdaq Global Market, any other national securities exchange or any other nationally recognized trading system. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fundamental Transactions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the consummation of a fundamental transaction (as described in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, and generally including
any reorganization, recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition
of more than 50% of our outstanding common stock, or any person or group becoming the beneficial owner of 50% of the voting power of our outstanding common stock), the holders of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will
be entitled to receive, upon exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, the kind and amount of securities, cash or other property that such holders would have received had they exercised the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants immediately prior to such fundamental transaction, without regard to any limitations on exercise contained in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. In the event the
holder of a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant does not exercise the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant as contemplated by the fundamental transaction provisions in the
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant, the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant will be deemed exercised in full without regard to any limitations on exercise contained herein pursuant to the
&#8220;cashless exercise&#8221; provision in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant upon the effective date of the consummation of such fundamental transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Rights as a Stockholder </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except by virtue of such
holder&#8217;s ownership of shares of our common stock, the holder of a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant does not have the rights or privileges of a holder of our common stock, including any voting rights, until such holder
exercises the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Material U.S. Federal Income Tax Consequences </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following discussion is a summary of the material U.S. federal income tax consequences of the purchase, ownership and disposition of shares of our common
stock and <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift
tax laws, and any applicable state, local or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> tax laws are not discussed. This discussion is based on the Internal Revenue Code of 1986, as amended, or the Code, Treasury Regulations promulgated
thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service, or IRS, in effect as of the date of this offering. These authorities may change or be subject to differing interpretations.
Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a holder of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. We have not sought and will not seek any
rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position regarding the tax consequences of the purchase, ownership and disposition of our common stock or <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This discussion is limited to holders that hold our common stock or
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants as a &#8220;capital asset&#8221; within the meaning of Section&nbsp;1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax
consequences relevant to a holder&#8217;s particular circumstances, including the impact of any alternative minimum tax or the unearned income Medicare contribution tax on net investment income or the special tax accounting rules under
Section&nbsp;451(b) of the Code. In addition, it does not address consequences relevant to holders subject to special rules, including, without limitation: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">U.S. expatriates and certain former citizens or long-term residents of the U.S.; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons holding our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants as part of a
hedge, straddle or other risk reduction strategy or as part of a conversion transaction or other integrated investment; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">banks, insurance companies, and other financial institutions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">brokers, dealers or traders in securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">controlled foreign corporations, &#8220;passive foreign investment companies,&#8221; and corporations that
accumulate earnings to avoid U.S. federal income tax; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and
investors therein); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">tax-exempt</FONT> organizations or governmental organizations;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons deemed to sell our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants under the
constructive sale provisions of the Code; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons for whom our stock constitutes &#8220;qualified small business stock&#8221; within the meaning of
Section&nbsp;1202 of the Code; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons who hold or receive our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants
pursuant to the exercise of any employee stock option or otherwise as compensation; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons that own, or have owned, actually or constructively, more than 5% of our common stock at any time;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">tax-qualified</FONT> retirement plans; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#8220;qualified foreign pension funds&#8221; as defined in Section&nbsp;897(l)(2) of the Code and entities, all
of the interests of which are held by qualified foreign pension funds. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a partnership (or other entity or arrangement treated as a
partnership for U.S. federal income tax purposes) holds our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of
the partnership and certain determinations made at the partner level. Accordingly, partnerships holding our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants and the partners in such partnerships should consult their tax
advisors regarding the U.S. federal income tax consequences to them. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS DISCUSSION IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED AS TAX ADVICE. INVESTORS SHOULD
CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK OR <FONT
STYLE="white-space:nowrap">PRE-FUNDED</FONT> WARRANTS ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR <FONT STYLE="white-space:nowrap">NON-U.S.</FONT> TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME
TAX TREATY. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this discussion, a &#8220;U.S. holder&#8221; is any beneficial owner of our common stock or <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants that, for U.S. federal income tax purposes, is: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an individual who is a citizen or resident of the U.S.; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or
organized under the laws of the U.S., any state thereof, or the District of Columbia; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an estate, the income of which is subject to U.S. federal income tax regardless of its source; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a trust that (1)&nbsp;is subject to the primary supervision of a U.S. court and the control of one or more U.S.
persons (within the meaning of Section&nbsp;7701(a)(30) of the Code), or (2)&nbsp;has made a valid election under applicable Treasury Regulations to continue to be treated as a U.S. person. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this discussion, a <FONT STYLE="white-space:nowrap">&#8220;non-U.S.</FONT> holder&#8221; is a beneficial owner of our common stock or <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants that is neither a U.S. holder nor an entity treated as a partnership for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>General Treatment of <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the law in this area is not completely settled, because the exercise price of the pre-funded warrants is a nominal amount, the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants are generally expected to be treated as shares of our common stock for U.S. federal income tax purposes and a holder of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants should
generally be taxed in the same manner as a holder of common stock as described below. This position is not binding on the IRS, however, and the IRS may treat the pre-funded warrants as warrants to acquire our common stock and, if so, the amount and
character of a holder&#8217;s gain with respect to an investment in our pre-funded warrants could change. You should discuss with your tax advisor the consequences of the purchase, ownership and disposition of the
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, as well as the exercise of, certain adjustments to, and any payments in respect of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants (including potential alternative
characterizations). The balance of this discussion generally assumes that the characterization described above is respected for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tax Considerations Applicable to U.S. Holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Distributions </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We do not anticipate declaring or paying
distributions to holders of our common stock in the foreseeable future. However, if we do make distributions on our common stock, those payments will constitute dividends for U.S.&nbsp;federal income tax purposes to the extent paid from our current
or accumulated earnings and profits, as determined under U.S.&nbsp;federal income tax principles. To the extent those distributions exceed both our current and our accumulated earnings and profits, the excess will constitute a return of capital and
will first reduce a U.S.&nbsp;holder&#8217;s basis in our common stock, but not below zero, and then will be treated as gain from the sale of stock as described below under &#8220;Tax Considerations Applicable to U.S.&nbsp;Holders&#8212;Gain on
Disposition of Common Stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants.&#8221; A preferential U.S.&nbsp;federal income tax rate may apply to any dividends paid to noncorporate U.S.&nbsp;holders meeting certain holding period
requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The taxation of property received with respect to a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant on exercise other than
common shares is unclear. It is possible such a receipt of property would be treated as a distribution on common stock as described in this section, although other treatments may also be possible. Investors should consult their tax advisors
regarding the proper treatment of any such receipt of property in respect of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants on exercise. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Gain on Disposition of Our Common Stock or <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon a sale or other taxable disposition of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, a U.S.&nbsp;holder
generally will recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S.&nbsp;holder&#8217;s adjusted tax basis in the common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant.
Capital gain or loss will constitute long-term capital gain or loss if such U.S.&nbsp;holder&#8217;s holding period for the common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant exceeds one year. The deductibility of capital
losses is subject to certain limitations. U.S.&nbsp;holders who recognize losses with respect to a disposition of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants should consult their own tax advisors regarding the tax
treatment of such losses. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Exercise of <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As discussed above under the section titled &#8220;Description of <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants&#8212;Exercisability,&#8221; a
U.S.&nbsp;holder may exercise the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant by payment of exercise price or through a cashless exercise. The U.S.&nbsp;federal income tax treatment of a cashless exercise of <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants into our common stock is unclear, and a U.S.&nbsp;holder should consult their own tax advisors regarding the U.S.&nbsp;federal income tax consequences of a cashless exercise of <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants. In general, however, a U.S.&nbsp;holder should not recognize gain or loss for U.S.&nbsp;federal income tax purposes upon exercise of a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant
pursuant to either method, except to the extent such U.S.&nbsp;holder receives a cash payment for a fractional share that would otherwise have been issuable upon exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant, which will
be treated as a sale subject to the rules described above under &#8220;&#8212;Gain on Disposition of Our Common Stock <FONT STYLE="white-space:nowrap">or&nbsp;Pre-Funded&nbsp;Warrants.&#8221;</FONT> A U.S.&nbsp;holder&#8217;s initial tax basis in
the share of common stock received upon exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant generally should be equal to the sum of (i)&nbsp;such U.S. holder&#8217;s tax basis in the
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant and (ii)&nbsp;the exercise price paid or treated as paid by such U.S. holder on the exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant. A U.S.&nbsp;holder&#8217;s
holding period in the common stock received upon exercise generally should include such U.S.&nbsp;holder&#8217;s holding period in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants exchanged therefor. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Certain Adjustments to the <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;305 of the Code, an adjustment to the number of shares of common stock that will be issued on the exercise of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants, or an adjustment to the exercise price of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants,</FONT> may be treated as a constructive distribution to a U.S.&nbsp;holder of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants if, and to the extent that, such adjustment has the effect of increasing your proportionate interest in our earnings and profits or assets, depending on the circumstances of such adjustment (for
example, if such adjustment is to compensate for a distribution of cash or other property to our shareholders). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Information Reporting and Backup
Withholding </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information reporting requirements generally will apply to distributions (including constructive dividends) on the common stock or <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants and to the proceeds of a sale or other disposition of common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants paid by us to you unless you are an exempt recipient, such as
certain corporations. Backup withholding will apply to those payments if a U.S. holder fails to provide their taxpayer identification number, or certification of exempt status, or if a U.S. holder otherwise fails to comply with applicable
requirements to establish an exemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Rather, any amounts withheld under the backup withholding rules may
be allowed as a refund or a credit against a U.S. holder&#8217;s U.S.&nbsp;federal income tax liability, if any, provided the required information is timely furnished to the IRS. Investors should consult their own tax advisors regarding their
qualification for exemption from information reporting and backup withholding and the procedure for obtaining such exemption. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tax Consequences Applicable to <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Distributions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We do not anticipate declaring or paying
distributions to holders of our common stock in the foreseeable future. However, if we do make distributions on our common stock, such distributions of cash or property will constitute dividends for U.S. federal income tax purposes to the extent
paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against
and reduce a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s adjusted tax basis in its common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below in the section relating to the
sale or disposition of our common stock. Because we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of the withholding rules discussed below we or the applicable
withholding agent may treat the entire distribution as a dividend. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the discussion below on backup withholding and FATCA, dividends paid to a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder that are not effectively connected with the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s conduct of a trade or business within the U.S. will be subject to U.S. federal withholding
tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> holders may be entitled to a reduction in or an exemption from withholding on dividends as a result of either (a)&nbsp;an applicable income tax treaty or (b)&nbsp;the
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder holding our common stock in connection with the conduct of a trade or business within the U.S. and dividends being effectively connected with that trade or business. To claim such a reduction
in or exemption from withholding, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder must provide the applicable withholding agent with a properly executed (a)&nbsp;IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (or other applicable documentation) claiming an exemption from or reduction of the withholding tax under the benefit of an income tax treaty between the U.S. and the
country in which the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder resides or is established, or (b)&nbsp;IRS Form <FONT STYLE="white-space:nowrap">W-8ECI</FONT> stating that the dividends are not subject to withholding tax because they
are effectively connected with the conduct by the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder of a trade or business within the U.S., as may be applicable. These certifications must be provided to the applicable withholding agent prior
to the payment of dividends and must be updated periodically. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders that do not timely provide the applicable withholding agent with the required certification, but that qualify for a reduced rate
under an applicable income tax treaty, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If dividends paid to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder are effectively connected with the
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s conduct of a trade or business within the U.S. (and, if required by an applicable income tax treaty, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder maintains a permanent
establishment in the U.S. to which such dividends are attributable), then, although exempt from U.S. federal withholding tax (provided the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder provides appropriate certification, as described
above), the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will be subject to U.S. federal income tax on such dividends on a net income basis at the regular graduated U.S. federal income tax rates. In addition, a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder that is a corporation may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits for
the taxable year that are attributable to such dividends, as adjusted for certain items. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders should consult their tax advisors regarding their entitlement to benefits under any applicable income
tax treaty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The taxation of property received with respect to a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant on exercise other than common
shares is unclear. It is possible such a receipt of property would be treated as a distribution as described in this section, although other treatments may also be possible. Investors should consult their tax advisors regarding the proper treatment
of any such receipt of property in respect of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants on exercise. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Sale or Other Disposition of Common Stock or <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the discussions below on backup withholding and FATCA, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will not be subject to
U.S. federal income tax on any gain realized upon the sale or other disposition of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the gain is effectively connected with the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s
conduct of a trade or business within the U.S. (and, if required by an applicable income tax treaty, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder maintains a permanent establishment in the U.S. to which such gain is attributable);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is a nonresident alien individual present in the U.S.
for 183 days or more during the taxable year of the disposition and certain other requirements are met; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants constitute a U.S. real property
interests, or USRPIs, by reason of our status as a U.S. real property holding corporation, or USRPHC, for U.S. federal income tax purposes at any time within the shorter of the five-year period preceding the disposition or the non-U.S.
holder&#8217;s holding period for our common stock. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gain described in the first bullet point above will generally be subject to U.S.
federal income tax on a net income basis at the regular graduated U.S. federal income tax rates. A <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder that is a foreign corporation also may be subject to a branch profits tax at a rate of 30% (or
such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on any gain derived from the
disposition, which may be offset by certain U.S. source capital losses of the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder (even though the individual is not considered a resident of the United States) provided the <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder has timely filed U.S. federal income tax returns with respect to such losses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to the third
bullet point above, we believe we are not currently and do not anticipate becoming a USRPHC. The determination of whether we are a USRPHC depends on the fair market value of our USRPIs relative to the fair market value of our other business assets
and our <FONT STYLE="white-space:nowrap">non-U.S.</FONT> real property interests, however, there can be no assurance we are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or
other taxable disposition by a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder of our common stock will not be subject to U.S. federal income tax if our common stock is &#8220;regularly traded,&#8221; as defined by applicable Treasury
Regulations, on an established securities market such as the Nasdaq Global Market, and such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder owned, actually and constructively, 5% or less of our common stock throughout the shorter of the
five-year period ending on the date of the sale or other taxable disposition or the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s holding period. Special rules may apply to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders
of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, who should consult their tax advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exercise of <FONT
STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As discussed above under the section titled &#8220;Description of
<FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants&#8212;Exercisability,&#8221; a <FONT STYLE="white-space:nowrap">Non-U.S.&nbsp;holder</FONT> may exercise the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant by payment of the
exercise price or through a cashless exercise. The U.S. federal income tax treatment of a cashless exercise of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants into our common stock is unclear, and
<FONT STYLE="white-space:nowrap">Non-U.S.&nbsp;holder&#8217;s</FONT> should consult their own tax advisors regarding the U.S. federal income tax consequences of a cashless exercise of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. In
general, however, a <FONT STYLE="white-space:nowrap">Non-U.S.&nbsp;holder</FONT> should not recognize gain or loss for U.S. federal income tax purposes upon exercise of a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant pursuant to either
method, except to the extent such <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holder receives a cash payment for a fractional share that would otherwise have been issuable upon exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT>
warrant, which will be treated as a sale subject to the rules described above under &#8220;&#8212;Gain on Disposition of Our Common Stock or <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants.&#8221; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Adjustments to the <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;305 of the Code, an adjustment to the number of shares of common stock that will be issued on the exercise of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants, or an adjustment to the exercise price of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants,</FONT> may be treated as a constructive distribution to a <FONT
STYLE="white-space:nowrap">Non-U.S.&nbsp;holder</FONT> of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants if, and to the extent that, such adjustment has the effect of increasing such
<FONT STYLE="white-space:nowrap">Non-U.S.&nbsp;holder&#8217;s</FONT> proportionate interest in our &#8220;earnings and profits&#8221; or assets, depending on the circumstances of such adjustment (for example, if such adjustment is to compensate for
a distribution of cash or other property to our shareholders). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Information Reporting and Backup Withholding </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the discussion below on FATCA, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will not be subject to backup withholding with respect to
distributions on our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants we make to the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder, provided the applicable withholding agent does not have actual knowledge or
reason to know such holder is a U.S. person and the holder certifies its <FONT STYLE="white-space:nowrap">non-U.S.</FONT> status, such as by providing a valid IRS Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> or other applicable certification. However, information returns generally will be filed with the IRS in connection with any distributions (including
deemed distributions) made on our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants to the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder, even if no withholding was required. Copies of these information returns
may also be made available under the provisions of a specific treaty or agreement to the tax authorities of the country in which the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder resides or is established. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information reporting and backup withholding may apply to the proceeds of a sale or other taxable disposition of our common stock or <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants within the U.S., and information reporting may (although backup withholding generally will not) apply to the proceeds of a sale or other taxable disposition of our common stock or <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants outside the U.S. conducted through certain U.S.-related financial intermediaries, in each case, unless the beneficial owner certifies under penalty of perjury that it is a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder on IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> or other applicable form (and the payor does
not have actual knowledge or reason to know that the beneficial owner is a U.S. person) or such owner otherwise establishes an exemption. Proceeds of a disposition of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants
conducted through a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> office of a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> broker generally will not be subject to backup withholding or information reporting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder&#8217;s U.S. federal income tax liability, if any, provided the required information is timely furnished to the IRS. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FATCA </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Withholding taxes may be imposed under the Foreign
Account Tax Compliance Act, or FATCA, on certain types of payments made to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> financial institutions and certain other <FONT STYLE="white-space:nowrap">non-U.S.</FONT> entities. Specifically, a 30%
withholding tax may be imposed on dividends (including deemed dividends) paid on our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, to a &#8220;foreign financial institution&#8221; or a
<FONT STYLE="white-space:nowrap">&#8220;non-financial</FONT> foreign entity&#8221; (each as defined in the Code), unless (1)&nbsp;the foreign financial institution undertakes certain diligence and reporting obligations, (2)&nbsp;the <FONT
STYLE="white-space:nowrap">non-financial</FONT> foreign entity either certifies it does not have any &#8220;substantial United States owners&#8221; (as defined in the Code) or furnishes identifying information regarding each substantial U.S. owner,
or (3)&nbsp;the foreign financial institution or <FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity otherwise qualifies for an exemption from these rules, in each case subject to the proposed Treasury Regulations discussed below.
If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1)&nbsp;above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake
to identify accounts held by certain &#8220;specified United States persons&#8221; or &#8220;United States-owned foreign entities&#8221; (each as defined in the Code), and annually report certain information about such accounts. Because we may not
know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of these withholding </P>
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rules we, or the applicable withholding agent, may treat the entire distribution as a dividend. While withholding under FATCA would have applied also to payments of gross proceeds from the sale
or other disposition of stock, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.
Prospective investors should consult their tax advisors regarding the potential application of these withholding provisions. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the U.S. governing
FATCA may be subject to different rules. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Underwriting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The underwriters will purchase the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants pursuant to the underwriting agreement described in the
Preliminary Prospectus Supplement on terms generally consistent with those applicable to the shares of common stock being sold in the offering. The underwriting discounts and commissions per <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant
will be equal to the underwriting discounts and commissions per share of common stock sold in the offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have filed a registration statement (including the Preliminary Prospectus Supplement and the accompanying base prospectus) with the SEC for the offering to
which this communication relates. Before you invest, you should read the Preliminary Prospectus Supplement, the accompanying prospectus and other documents the Company has filed with the SEC for more complete information about the Company and this
offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies of the Preliminary Prospectus Supplement and accompanying prospectus relating to the offering may be obtained from J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) <FONT STYLE="white-space:nowrap">803-9204,</FONT> or by email at
<FONT STYLE="white-space:nowrap">prospectus-eq_fi@jpmchase.com;</FONT> Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, or by telephone at (877) 821 -7388, or by email at
Prospectus_Department@Jefferies.com; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146; and Guggenheim Securities, LLC, Attention: Equity Syndicate
Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>You should rely only on the information contained or incorporated by reference in the Preliminary Prospectus Supplement and the accompanying prospectus, as
supplemented by this free writing prospectus, in making an investment decision with respect to the securities described above. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Neither this free
writing prospectus, nor the Preliminary Prospectus Supplement and accompanying prospectus constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction where it is unlawful to do so, where the person making the
offer is not qualified to do so or to any person who cannot legally be offered the securities. </B></P>
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