<SEC-DOCUMENT>0001193125-25-313415.txt : 20251210
<SEC-HEADER>0001193125-25-313415.hdr.sgml : 20251210
<ACCEPTANCE-DATETIME>20251210060610
ACCESSION NUMBER:		0001193125-25-313415
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251210
DATE AS OF CHANGE:		20251210

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fulcrum Therapeutics, Inc.
		CENTRAL INDEX KEY:			0001680581
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				474839948
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-277419
		FILM NUMBER:		251560765

	BUSINESS ADDRESS:	
		STREET 1:		26 LANDSDOWNE STREET
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139
		BUSINESS PHONE:		617-651-8851

	MAIL ADDRESS:	
		STREET 1:		26 LANDSDOWNE STREET
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fulcrum Therapeutics, Inc.
		CENTRAL INDEX KEY:			0001680581
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				474839948
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		26 LANDSDOWNE STREET
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139
		BUSINESS PHONE:		617-651-8851

	MAIL ADDRESS:	
		STREET 1:		26 LANDSDOWNE STREET
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d59184dfwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML><HEAD>
<TITLE>FWP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<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 December&nbsp;10, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Relating to Preliminary Prospectus Supplement Dated December&nbsp;8, 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;333-277419</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="g59184dsp0001.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Common Stock </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This free writing prospectus relates only to the public offering described below and should be read together with the preliminary prospectus supplement dated
December&nbsp;8, 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 and, to
the extent inconsistent, supersedes the information in the Preliminary Prospectus Supplement. This free writing prospectus supplements the Preliminary Prospectus Supplement primarily to reflect the addition of certain
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, and the shares of common stock issuable upon the exercise of such <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, to the securities being offered by Fulcrum Therapeutics, 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 settlement of outstanding restricted stock units, no exercise of the
underwriters&#8217; option to purchase additional shares of our common stock and no exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants 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>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Common stock offered by us</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#8195;&#8195;&#8195;&#8195; shares of common stock</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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 <FONT STYLE="white-space:nowrap">stock,&nbsp;pre-funded&nbsp;warrants</FONT> to purchase up to&nbsp;&#8195;&#8195;&#8195; shares of our common stock to certain investors whose purchase of
shares of common stock in this offering would otherwise result in such investor, together with its affiliates, beneficially owning shares of common stock with a value of or in excess of (i)&nbsp;the notification threshold of the HSR Act, or
(ii)&nbsp;4.99% (or, at the election of the purchaser, 9.99%) of the total number of shares of our common stock outstanding immediately after giving effect to such exercise. The purchase price of
<FONT STYLE="white-space:nowrap">each&nbsp;pre-funded&nbsp;warrant</FONT> will equal the price per share at which shares of common stock are being sold to the public in this offering, minus $0.001, which is the exercise price of
each&nbsp;pre-funded&nbsp;warrant. <FONT STYLE="white-space:nowrap">The&nbsp;pre-funded&nbsp;warrants</FONT> do not expire, and <FONT STYLE="white-space:nowrap">each&nbsp;pre-funded&nbsp;warrant</FONT> will be exercisable at any time
after</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">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the date of issuance, subject to an ownership limitation and in some cases clearance under the HSR Act. See &#8220;Description <FONT STYLE="white-space:nowrap">of&nbsp;Pre-Funded&nbsp;Warrants&#8221;</FONT> in this free writing
prospectus for additional information. This free writing prospectus and the Preliminary Prospectus Supplement also relates to the offering of the shares of common stock issuable upon the exercise of
<FONT STYLE="white-space:nowrap">such&nbsp;pre-funded&nbsp;warrants.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Option to purchase additional shares</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The underwriters have a <FONT STYLE="white-space:nowrap">30-day</FONT> option to purchase up to an additional $22,500,000 of shares of common stock.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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;&#8195;shares (&#8195;&#8195;&#8195;&#8195;&#8195;shares if the underwriters exercise their option to purchase additional shares in full), in each case assuming no exercise of
<FONT STYLE="white-space:nowrap">any&nbsp;pre-funded&nbsp;warrants</FONT> offered and to be sold by us.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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 the net proceeds to us from this offering will be approximately $&#8195;&#8195;million, or approximately
$&#8195;&#8195;million if the underwriters exercise their option to purchase additional shares in full.</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 currently intend to use the net proceeds from the sale of securities offered under this free writing prospectus and the Preliminary Prospectus Supplement
primarily for general corporate purposes, which may include working capital and capital expenditures, research and development expenses, including to fund clinical trials, regulatory submissions, commercialization, discovery and additional
preclinical research and development of additional product candidates and platform enhancement, general and administrative expenses, and potential acquisitions of, or investments in, companies, technologies, products or assets that complement our
business. See &#8220;Use of Proceeds&#8221; in this free writing prospectus and the Preliminary Prospectus Supplement for more information.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Risk factors</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">You should read the &#8220;Risk Factors&#8221; in this free writing prospectus, the accompanying base prospectus, and the risks set forth under the caption &#8220;Item 1A. Risk Factors&#8221; included in our Quarterly Report on Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> for the three months ended September&nbsp;30, 2025 and the other documents incorporated by reference into this free writing prospectus and the Preliminary Prospectus Supplement for a discussion of factors
to consider carefully before deciding to purchase our securities.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Nasdaq Global Market Symbol</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#8220;FULC&#8221;. We do not intend to list <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> on The Nasdaq Global Market or any other national securities exchange or any recognized trading system. Without
an active market, the liquidity of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> will be limited.</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"><B>Risk Factors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of
the other information contained in this free writing prospectus, the Preliminary Prospectus Supplement and the accompanying base prospectus and the risk factors in our most recent Annual Report on
<FONT STYLE="white-space:nowrap">Form&nbsp;10-K,&nbsp;our</FONT> most recent Quarterly Reports on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q,&nbsp;together</FONT> with other information in this free writing prospectus, the Preliminary
Prospectus Supplement, the accompanying base prospectus and the information and documents incorporated by reference in this free writing prospectus, the Preliminary Prospectus Supplement and the accompanying base prospectus, and in any prospectus
supplement or free writing prospectus that we authorize for use in connection with this offering. If any of the following risks actually occur, our business, prospects, operating results and financial condition could suffer materially. In such
event, the trading price of our common stock could decline and you might lose all or part of your investment. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to This Offering
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Sale of a substantial number of shares of our common stock, including by us, could cause the market price of our common stock to drop
significantly, even if our business is doing well. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sales of a substantial number of shares of our common stock in the public market, or the
perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of our common stock. All of our outstanding shares of common stock are, and the shares of common stock (including shares of
common stock underlying the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants) sold in this offering will be, freely tradeable without restriction or further registration under the Securities Act, unless owned or purchased by our
&#8220;affiliates&#8221; as that term is defined in Rule 144 under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, we have filed or intend to file registration
statements registering all shares of common stock that we may issue under our equity compensation plans or pursuant to equity awards made to newly hired employees outside of equity compensation plans. These shares can be freely sold in the public
market upon issuance, subject to volume limitations applicable to affiliates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our management may invest or spend the proceeds of this offering in
ways with which you may not agree or in ways that may not yield a return. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our management will have broad discretion in the application of the net
proceeds from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the value of our common stock. The failure by our management to apply these funds effectively could result in financial losses
that could cause the price of our common stock to decline and delay the development of our product candidates. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the issuance from time to time of shares of our common stock in this offering (including shares of common stock underlying the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants), or our ability to issue these shares of common stock, could result in resales of our common stock by our current stockholders concerned about the potential dilution of their holdings. In turn,
these resales could have the effect of depressing the market price for our common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Purchasers will experience immediate dilution in the book
value per share of the common stock purchased in the offering. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The price of the securities to be sold in this offering is substantially higher
than the net tangible book value per share of our common stock. Therefore, if you purchase shares of our common stock (or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants in lieu thereof) in this offering, you will pay a price per share
that substantially exceeds our net tangible book value per share after this offering. After giving effect to the sale of shares of our common stock and <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants in the aggregate amount of
$&#8195;&#8195; at the public offering price of $&#8195;&#8195;per share of common stock and $&#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 as adjusted net tangible book value as of September&nbsp;30, 2025 would have been approximately $&#8195;&#8195;million, or approximately $&#8195;&#8195;per share. This represents an immediate increase in as
adjusted net tangible book value of approximately $&#8195;&#8195; per share to our existing stockholders and an immediate dilution in as adjusted net tangible book value of approximately $&#8195;&#8195;per share to purchasers of our common stock or <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants in this offering. See &#8220;Dilution&#8221; in this free writing prospectus and the Preliminary Prospectus Supplement for more information. </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><I>The price of our common stock may be volatile and fluctuate substantially, which could result in
substantial losses for our stockholders. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The trading price of our common stock has been, and is likely to continue to be, volatile and could be
subject to wide fluctuations in response to various factors, some of which are beyond our control. During the period from July&nbsp;18, 2019 to December&nbsp;8, 2025, the closing price of our common stock ranged from a high of $30.97 per share to a
low of $2.26 per share. The stock market in general and the market for smaller biopharmaceutical companies in particular have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>You may experience future dilution as a result of future equity offerings. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In order to raise additional capital, we may in the future offer additional shares of our common stock or other securities convertible into or exchangeable for
our common stock at prices that may not be the same as the price per share in this offering. We may sell shares or other securities in any other offering at a price per share that is less than the price per share paid by any investors in this
offering, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders. The price per share at which we sell additional shares of our common stock, or securities convertible or exchangeable
into common stock, in future transactions may be higher or lower than the price per share paid by any investors in this offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We do not
anticipate paying any cash dividends on our common stock in the foreseeable future. Accordingly, stockholders must rely on capital appreciation, if any, for any return on their investment. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have never declared or paid cash dividends on our common stock. We currently intend to retain all of our future earnings, if any, to finance the growth and
development of our business. As a result, capital appreciation, if any, of our common stock will be our stockholders&#8217; sole source of gain for the foreseeable future. </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 <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> 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 <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> being offered in this offering, and we do not
expect a market to develop. In addition, we do not intend to list <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> on The Nasdaq Global Market or any other national securities exchange or nationally recognized trading
system. Without an active trading market, the liquidity of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> will be limited. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Except for the right to participate in certain dividends and distributions, holders of
<FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> will have no rights as common stockholders until such holders exercise <FONT STYLE="white-space:nowrap">their&nbsp;pre-funded&nbsp;warrants</FONT> 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 <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> exercise
<FONT STYLE="white-space:nowrap">their&nbsp;pre-funded&nbsp;warrants</FONT> and acquire shares of our common stock, such holders will have no rights with respect to the shares of our common stock underlying
<FONT STYLE="white-space:nowrap">such&nbsp;pre-funded&nbsp;warrants,</FONT> except that the holder of <FONT STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> shall be entitled to participate in certain distributions, including cash
dividends, if any, to all holders of our common stock for no consideration, subject to certain ownership limitations and in some cases clearance under the HSR Act. Upon exercise of
<FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants,</FONT> the holders will be entitled to exercise the rights of a common stockholder only as to matters for which the record date occurs after the exercise date. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Significant holders or beneficial owners of our common stock may not be permitted to exercise
<FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> 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
<FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> will not be entitled to exercise any portion of <FONT STYLE="white-space:nowrap">any&nbsp;pre-funded&nbsp;warrant</FONT> 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, at the election of the purchaser, 9.99%) 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, at the election of the purchaser, 9.99%) 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 <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT>
and subject to such holder&#8217;s rights under <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> to increase or decrease such </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">
percentage to any other percentage not in excess of 19.99% upon at least 61 days&#8217; prior notice from the holder to us. In addition, where a holder notifies us that a filing under the HSR Act
is required, we may not effect the exercise of any portion of <FONT STYLE="white-space:nowrap">any&nbsp;pre-funded&nbsp;warrant,</FONT> and a holder will not be entitled to exercise any portion of
<FONT STYLE="white-space:nowrap">any&nbsp;pre-funded&nbsp;warrant,</FONT> which, upon giving effect to such exercise, would cause the aggregate number of shares of our common stock beneficially owned by the holder (together with its attribution
parties) to equal or exceed the HSR Threshold (as defined below), until the applicable waiting period under the HSR Act has expired. As a result, you may not be able to exercise
<FONT STYLE="white-space:nowrap">your&nbsp;pre-funded&nbsp;warrants</FONT> for shares of our common stock at a time when it would be financially beneficial for you to do so. In such a circumstance, you could seek to sell <FONT
STYLE="white-space:nowrap">your&nbsp;pre-funded&nbsp;warrants</FONT> to realize value, but you may be unable to do so in the absence of an established trading market. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We will not receive any meaningful amount of additional funds upon the exercise of
<FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants.</FONT> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Each&nbsp;pre-funded&nbsp;warrant</FONT> will be exercisable until it is fully exercised and by means of payment of the
nominal cash purchase price upon exercise or by means of a &#8220;cashless exercise&#8221; according to a formula set forth in <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrant.</FONT> Accordingly, we will not receive any meaningful
additional funds upon the exercise of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants.</FONT> </P> <P STYLE="margin-top:18pt; 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 to us from the issuance and sale of&#8195;&#8195;&#8195; shares of common stock (or
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants in lieu thereof) in this offering will be approximately $&#8195;&#8195;million, or approximately $&#8195;&#8195; million if the underwriters exercise their option to purchase additional
shares in full, in each case after deducting underwriting discounts and commissions and estimated offering expenses payable to us. We will receive nominal proceeds, if any, from any exercise
<FONT STYLE="white-space:nowrap">of&nbsp;pre-funded&nbsp;warrants.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We currently anticipate that we will use the net proceeds from this offering,
together with our existing cash, cash equivalents and marketable securities, primarily for general corporate purposes, which may include working capital and capital expenditures, research and development expenses, including to fund clinical trials,
regulatory submissions, commercialization, discovery and additional preclinical research and development of additional product candidates and platform enhancement, general and administrative expenses, and potential acquisitions of, or investments
in, companies, technologies, products or assets that complement our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This expected use of net proceeds from this offering represents our
intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. The amounts and timing of our actual use of the net proceeds may vary significantly depending on numerous
factors, including the actual net proceeds from this offering, the progress of our development, the status of and results from clinical trials, the timing of regulatory submissions and the outcome of regulatory review, as well as any collaborations
that we may enter into with third parties for our product candidates, and any unforeseen cash needs. As a result, our management will retain broad discretion over the allocation of the net proceeds from this offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pending the use of proceeds described above, we intend to invest the net proceeds in a variety of capital preservation investments, including short-term,
investment-grade, interest-bearing instruments and U.S. government securities. </P> <P STYLE="margin-top:18pt; 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">If you invest in our common stock, or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants in lieu thereof, in this offering, your ownership interest
will be diluted immediately 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 you will pay in this offering and the as adjusted net tangible
book value per share of our common stock immediately after this offering. </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">Our historical net tangible book value as of September&nbsp;30, 2025 was approximately $198.4&nbsp;million,
or $3.67 per share of our common stock. Our historical net tangible book value is the amount of our total tangible assets less our total liabilities. Historical net tangible book value per share represents historical net tangible book value divided
by the 54,108,438 shares of our common stock outstanding as of September&nbsp;30, 2025. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After giving effect to the issuance and sale
of&#8195;&#8195;&#8195; shares of our common stock that we are offering at the public offering price of $&#8195;&#8195;per share, <FONT STYLE="white-space:nowrap">and&nbsp;pre-funded&nbsp;warrants</FONT> to purchase up to&#8195;&#8195;&#8195; shares
of common stock at the public offering price of $&#8195;&#8195; <FONT STYLE="white-space:nowrap">per&nbsp;pre-funded&nbsp;warrant</FONT> (which equals the public offering price of the common stock at which shares of our common stock are being sold
to the public in this offering less the $0.001 per share exercise price of each <FONT STYLE="white-space:nowrap">such&nbsp;pre-funded&nbsp;warrant)</FONT> (excluding shares of common stock issuable upon exercise of
<FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants,</FONT> any proceeds which may be received upon exercise of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> or any resulting accounting associated with the
exercise of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants),</FONT> and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value at
September&nbsp;30, 2025 would have been approximately $&#8195;&#8195; million, or $&#8195;&#8195;per share. This represents an immediate increase in as adjusted net tangible book value of $&#8195;&#8195; per share to existing stockholders and an
immediate dilution of $&#8195;&#8195;per share to investors in this offering. Dilution per share to new investors is determined by subtracting as adjusted net tangible book value per share after this offering from the public offering price per share
paid by new investors. The following table illustrates this per share dilution. </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>

<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<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">Public offering price per share</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">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Historical net tangible book value per share as of September&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.67</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:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in net tangible book value per share attributable to 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 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">As adjusted net tangible book value per share after giving effect to 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 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"></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 new investors purchasing shares 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> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assuming <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> were immediately and fully exercised, this
would result in an as adjusted net tangible book value per share, after giving effect to this offering and <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant exercise, of $&#8195;&#8195;, or $&#8195;&#8195; per share. This represents an
increase in net tangible book value of $&#8195;&#8195;per share to existing stockholders and dilution in net tangible book value per share of $&#8195;&#8195;to new investors participating in this offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the underwriters exercise their option to purchase additional shares in full, the immediate dilution in as adjusted net tangible book value per share to
investors in this offering would be $&#8195;&#8195;per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The table and discussion above are based on 54,108,438 shares of our common stock
outstanding as of September&nbsp;30, 2025, and exclude 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">11,870,785 shares of common stock issuable upon the exercise of stock options outstanding as of
September&nbsp;30, 2025 at a weighted average exercise price of $6.57 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">69,486 shares of common stock issuable upon vesting of RSUs outstanding as of September&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">4,779,386, 1,681,184 and 2,052,030 shares of our common stock available for future issuance as of
September&nbsp;30, 2025 under the 2019 Plan, the Inducement Plan and the ESPP, respectively, as well as any automatic increases in the number of shares of common stock reserved under these 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">8,500,000 shares of common stock issuable upon the exercise of <FONT STYLE="white-space:nowrap">pre-funded</FONT>
warrants outstanding as of September&nbsp;30, 2025 at an exercise price of $0.001 per share. </P></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">Further, the number of shares of our common stock to be outstanding after this offering does not take into
account the&#8195;&#8195;shares of our common stock issuable upon the 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">To the
extent that outstanding stock options are exercised, outstanding RSUs are settled, outstanding or new <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants are exercised, new stock options are issued, or we issue additional shares of common
stock in the future, including pursuant to our Controlled Equity Offering<SUP STYLE="font-size:75%; vertical-align:top">SM</SUP> Agreement with Cantor Fitzgerald&nbsp;&amp; Co. and Stifel, Nicolas&nbsp;&amp; Company, Incorporated, there will be
further dilution to investors purchasing securities in this offering. </P> <P STYLE="margin-top:18pt; 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 brief summary of certain terms and conditions of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> being
offered. The following description is subject in all respects to the provisions contained in <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants.</FONT> </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"><FONT STYLE="white-space:nowrap">The&nbsp;pre-funded&nbsp;warrants</FONT> will be issued as individual warrant agreements to investors. The form <FONT
STYLE="white-space:nowrap">of&nbsp;pre-funded&nbsp;warrant</FONT> will be filed as an exhibit to a Current Report on <FONT STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;that</FONT> we expect to file with 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"><FONT STYLE="white-space:nowrap">The&nbsp;pre-funded&nbsp;warrants</FONT> do not expire. </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"><FONT STYLE="white-space:nowrap">The&nbsp;pre-funded&nbsp;warrants</FONT> are exercisable at any time on or after their original issuance. <FONT
STYLE="white-space:nowrap">The&nbsp;pre-funded&nbsp;warrants</FONT> are 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 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
<FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrant</FONT> through a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of common stock determined according to the formula set forth in
<FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrant.</FONT> No fractional shares of common stock will be issued in connection with the exercise of <FONT STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant.</FONT> In lieu of
fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the fair market value of the 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 <FONT
STYLE="white-space:nowrap">any&nbsp;pre-funded&nbsp;warrant,</FONT> and a holder will not be entitled to exercise any portion of <FONT STYLE="white-space:nowrap">any&nbsp;pre-funded&nbsp;warrant</FONT> that, upon giving effect to such exercise,
would cause the aggregate number of shares of our common stock beneficially owned by the holder (together with its attribution affiliates (as defined below)) to exceed 4.99% (or, at the election of the purchaser, 9.99%) of the number of shares of
our common stock that would be outstanding immediately after giving effect to the exercise. However, any holder of <FONT STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> 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. For purposes of the foregoing, &#8220;attribution affiliates&#8221; means, collectively, the following persons and entities with respect to any
holder: (i)&nbsp;its direct or indirect affiliates, (ii)&nbsp;any person acting or who could be deemed to be acting as a Section&nbsp;13(d) &#8220;group&#8221; together with the holder or any attribution parties and (iii)&nbsp;any other persons
whose beneficial ownership of our common stock would or could be aggregated with the holder and/or any other attribution parties for purposes of Section&nbsp;13(d) or Section&nbsp;16 of the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, if the exercise of <FONT STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> would result in a holder
<FONT STYLE="white-space:nowrap">of&nbsp;pre-funded&nbsp;warrants</FONT> (together with its attribution affiliates) acquiring beneficial ownership of our common stock (together with all other equity owned by such holder at such time) equal to or in
excess of the notification threshold applicable to the holder under the HSR Act as of the date of delivery of the applicable exercise notice, which we refer to as the HSR Threshold, and no exemption to filing a notice and report form under the HSR
Act is applicable, then only such portion of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> held by such holder, which when exercised does not exceed the HSR Threshold, shall be exercisable and the applicable exercise
notice shall be deemed to relate only to such portion of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants,</FONT> and the remaining portion of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> in excess of
the HSR Threshold shall not be exercisable until the expiration or early termination of the applicable waiting period under the HSR Act or receipt of applicable approval. </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>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
<FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> is $0.001 per share of common stock. The exercise price of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> 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 and also upon any distributions 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, <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> may be offered for sale, sold, transferred or assigned without our consent. The ownership of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT>
and any transfers of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> will be registered in a warrant register maintained by the warrant agent. We will initially act as warrant agent. </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 <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants,</FONT> and we do not expect a market to develop. We do not plan on applying to list <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> on The Nasdaq
Global Market or any other national securities exchange or any nationally recognized trading system. </P> <P STYLE="margin-top:18pt; 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">In the event of a fundamental transaction, as described in <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> 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 represented by our outstanding common stock, the holders of
<FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> will be entitled to receive upon exercise of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> the kind and amount of securities, cash or other
property that the holders would have received had they exercised <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> immediately prior to such fundamental transaction without regard to any limitations on exercise contained in <FONT
STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants.</FONT> In the event a holder does not exercise <FONT STYLE="white-space:nowrap">its&nbsp;pre-funded&nbsp;warrants</FONT> in connection with a fundamental transaction, such <FONT
STYLE="white-space:nowrap">holder&#8217;s&nbsp;pre-funded&nbsp;warrants</FONT> will be deemed exercised in full pursuant to the &#8220;cashless exercise&#8221; mechanic described above upon the consummation of such transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>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 <FONT STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> does not have the rights or privileges of a holder of our common stock, including any voting rights, until
the holder exercises <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrant.</FONT> In the event of certain distributions, including cash dividends, if any, to all holders of our common stock for no consideration, the holder of <FONT
STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> shall be entitled to participate in such distributions to the same extent as if such holder held the number of shares of our common stock acquirable upon complete exercise of <FONT
STYLE="white-space:nowrap">its&nbsp;pre-funded&nbsp;warrant</FONT> (without regard to any limitations on exercise). If such distribution would result in such holder and its affiliates to exceed the exercise limitations described above, a portion of
such distribution shall be held in abeyance for the benefit of such holder until such time as the ownership limitations would not be exceeded. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR INVESTORS IN COMMON STOCK AND <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 summary describes the material U.S. federal income tax considerations applicable to the acquisition, ownership and disposition of our common
stock <FONT STYLE="white-space:nowrap">and&nbsp;pre-funded&nbsp;warrants</FONT> acquired in this offering. This discussion does not address all aspects of U.S. federal income taxes, does not discuss the potential application of the alternative
minimum tax or Medicare Contribution tax and does not deal with state or local taxes, U.S. federal gift and estate tax laws or <FONT STYLE="white-space:nowrap">any&nbsp;non-U.S.&nbsp;tax</FONT> consequences that may be relevant to investors in light
of their particular circumstances. </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">Special rules different from those described below may apply to certain investors that are subject to
special treatment under the Internal Revenue Code of 1986, as amended, or the Code, such as:</P> <P STYLE="font-size:12pt;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">insurance companies, banks and other financial institutions; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;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&nbsp;organizations</FONT> (including private foundations) <FONT
STYLE="white-space:nowrap">and&nbsp;tax-qualified&nbsp;retirement</FONT> plans; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;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">foreign governments and international organizations; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;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">broker-dealers and traders in securities; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;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 former citizens or long-term residents of the United States; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;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">Non-U.S.&nbsp;Holders</FONT> (as defined below) that own, or are deemed to own,
more than 5% of our common stock (directly, indirectly or by attribution) or more than 5% of <FONT STYLE="white-space:nowrap">our&nbsp;pre-funded&nbsp;warrants;</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;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 required for U.S. federal income tax purposes to conform the timing of income accruals to their financial
statements under Section&nbsp;451(b) of the Code; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;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;controlled foreign corporations,&#8221; &#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:12pt;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 hold our common stock <FONT STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants</FONT> as
part of a &#8220;straddle,&#8221; &#8220;hedge,&#8221; &#8220;conversion transaction,&#8221; &#8220;synthetic security&#8221; or integrated investment or other risk reduction strategy; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;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. Holders (as defined below) whose functional currency for U.S. tax purposes is not the U.S. dollar;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;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 do not hold our common stock <FONT STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants</FONT>
as &#8220;capital assets&#8221; within the meaning of Section&nbsp;1221 of the Code (generally, for investment purposes); and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;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 and other pass-through entities, and investors in such pass-through entities (regardless of their
places of organization or formation). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Such investors are urged to consult their own tax advisors to determine the U.S. federal, state,
local and other tax consequences that may be relevant to them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Furthermore, the discussion below is based upon the provisions of the Code, and Treasury
regulations, rulings and judicial decisions thereunder as of the date hereof, and such authorities may be repealed, revoked or modified, possibly retroactively, and are subject to differing interpretations which could result in U.S. federal income
tax consequences different from those discussed below. We have not requested a ruling from the Internal Revenue Service, or the IRS, with respect to the statements made and the conclusions reached in the following summary, and there can be no
assurance that the IRS will agree with such statements and conclusions or will not take a contrary position regarding the tax consequences described herein, or that any such contrary position would not be sustained by a court. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the purposes of this discussion, a &#8220;U.S. Holder&#8221; means a beneficial owner of our common stock
<FONT STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants,</FONT> other than a partnership or other pass-through entity, that is, for U.S. federal income tax purposes, (a)&nbsp;an individual citizen or resident of the United States,
(b)&nbsp;a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes), created or organized in or under the laws of the United States, any state thereof or the District of Columbia, (c)&nbsp;an estate the income of
which is subject to U.S. federal income taxation regardless of its source, or (d)&nbsp;a trust if it (1)&nbsp;is subject to the primary supervision of a court within the United States and one or more &#8221;United States persons&#8221; (within the
meaning of Section&nbsp;7701(a)(30) of the Code) have the authority to control all substantial decisions of the trust or (2)&nbsp;has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you are an <FONT STYLE="white-space:nowrap">individual&nbsp;non-U.S.&nbsp;citizen,</FONT> you may, in some cases, be deemed to be a resident alien (as
opposed to a nonresident alien) by virtue of being present in the United States for at least 31 days in the calendar year and for an aggregate of at least 183 days during a three-year period ending in the current calendar year. Generally, for this
purpose, all the days present in the current <FONT STYLE="white-space:nowrap">year,&nbsp;one-third&nbsp;of</FONT> the days present in the immediately preceding year, <FONT STYLE="white-space:nowrap">and&nbsp;one-sixth&nbsp;of</FONT> the days present
in the second preceding year, are counted. </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">Resident aliens are generally subject to U.S. federal income tax as if they were U.S. citizens. Individuals
who are uncertain of their status as resident or nonresident aliens for U.S. federal income tax purposes are urged to consult their own tax advisors regarding the U.S. federal income tax consequences of the ownership or disposition of our common
stock <FONT STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PERSONS CONSIDERING THE PURCHASE OF OUR COMMON STOCK <FONT
STYLE="white-space:nowrap">OR&nbsp;PRE-FUNDED&nbsp;WARRANTS</FONT> PURSUANT TO THIS OFFERING SHOULD CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF ACQUIRING, OWNING AND DISPOSING OF OUR COMMON STOCK <FONT
STYLE="white-space:nowrap">AND&nbsp;PRE-FUNDED&nbsp;WARRANTS</FONT> IN LIGHT OF THEIR PARTICULAR SITUATIONS AS WELL AS ANY CONSEQUENCES ARISING UNDER THE LAWS OF ANY OTHER TAXING JURISDICTION, INCLUDING ANY STATE, LOCAL <FONT
STYLE="white-space:nowrap">OR&nbsp;NON-U.S.&nbsp;TAX</FONT> CONSEQUENCES OR ANY U.S. <FONT STYLE="white-space:nowrap">FEDERAL&nbsp;NON-INCOME&nbsp;TAX</FONT> CONSEQUENCES, AND THE POSSIBLE APPLICATION OF TAX TREATIES. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Characterization of <FONT STYLE="white-space:nowrap">the&nbsp;Pre-Funded&nbsp;Warrants</FONT> for Tax Purposes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the characterization of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> for U.S. federal income tax purposes is not entirely
clear, because the exercise price of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> is a nominal amount, we expect to treat <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> as our common stock for
U.S. federal income tax purposes and a holder <FONT STYLE="white-space:nowrap">of&nbsp;pre-funded&nbsp;warrants</FONT> should generally be taxed in the same manner as a holder of common stock as described below. Accordingly, for U.S. federal income
tax purposes, no gain or loss should be recognized upon the exercise of <FONT STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant,</FONT> and upon exercise, the holding period of the share of common stock received should include the holding
period of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrant.</FONT> Similarly, the tax basis of a share of common stock received upon exercise of <FONT STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> should include
the tax basis of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrant</FONT> increased by the exercise price of $0.001 per share. 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our position with respect to the characterization
<FONT STYLE="white-space:nowrap">of&nbsp;pre-funded&nbsp;warrants</FONT> is not binding on the IRS and the IRS may treat <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> as warrants to acquire our common stock and, if so,
the amount and character of your gain with respect to an investment in <FONT STYLE="white-space:nowrap">our&nbsp;pre-funded&nbsp;warrants</FONT> could change. You should consult your tax advisor regarding the characterization <FONT
STYLE="white-space:nowrap">of&nbsp;pre-funded&nbsp;warrants</FONT> for U.S. federal income tax purposes, and the consequences to you of an investment in <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants</FONT> based on your own
particular facts and circumstances. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tax Consequences to U.S. Holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Distributions on Common Stock <FONT STYLE="white-space:nowrap">and&nbsp;Pre-funded&nbsp;Warrants</FONT> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We do not expect to make distributions on our common stock <FONT STYLE="white-space:nowrap">(or&nbsp;pre-funded&nbsp;warrants)</FONT> in the foreseeable
future. In the event that we do make distributions of cash or other property, distributions paid on common stock <FONT STYLE="white-space:nowrap">(or&nbsp;pre-funded&nbsp;warrants)</FONT> will be treated as a dividend to the extent paid out of our
current or accumulated earnings and profits (as determined under U.S. federal income tax principles), and will be includible in your income as ordinary income when received. However, with respect to dividends received by individuals, such dividends
are generally taxed at the lower applicable long-term capital gains rates, provided certain holding period requirements are satisfied. Distributions in excess of our current and accumulated earnings and profits will be treated as a return of capital
to the extent of a U.S. Holder&#8217;s tax basis in the common stock <FONT STYLE="white-space:nowrap">(or&nbsp;pre-funded&nbsp;warrant)</FONT> and thereafter as capital gain from the sale or exchange of such common stock <FONT
STYLE="white-space:nowrap">(or&nbsp;pre-funded&nbsp;warrant).</FONT> The tax treatment of such gain is further described in &#8220; &#8212;Sale or Other Disposition of Common
<FONT STYLE="white-space:nowrap">Stock&nbsp;or&nbsp;Pre-Funded&nbsp;Warrants&#8221;</FONT> below. Dividends received by a corporation may be eligible for a dividends received deduction, subject to applicable limitations. Any such distributions will
also be subject to the discussions below under the section titled &#8220; &#8212;Information Reporting and Backup Withholding.&#8221; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A U.S. Holder of <FONT
STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> is expected to receive any distributions paid with respect to common stock prior to the exercise of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrant</FONT> and, in
such case, would be taxed in the same manner as a U.S. Holder of common stock that receives such a distribution. However, under certain circumstances, it is possible for cash to be held in abeyance for the U.S. Holder until <FONT
STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> is exercised or the ownership limitations (described under &#8220;Description <FONT STYLE="white-space:nowrap">of&nbsp;Pre-Funded&nbsp;Warrants&#8221;)</FONT> would not be exceeded, at
which time such U.S. Holder shall be entitled to receive distributions. It is possible that such entitlement to distributions could cause the declaration of a distribution on our common stock to be currently taxable to U.S. Holders <FONT
STYLE="white-space:nowrap">of&nbsp;pre-funded&nbsp;warrants,</FONT> including under the principles governing Section&nbsp;305 of the Code, even though the holders will not receive such </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">
distributions until a future date. Additionally, it is possible that other adjustments to the terms of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrant</FONT> may be considered
constructive distributions under Section&nbsp;305 of the Code and taxable as discussed above. A holder of <FONT STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> should consult its tax advisor regarding the tax treatment of any
distribution with respect to <FONT STYLE="white-space:nowrap">such&nbsp;pre-funded&nbsp;warrant</FONT> that is held in abeyance in connection with any applicable limitation on the holder&#8217;s beneficial ownership of our common stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Sale or Other Disposition of Common Stock <FONT STYLE="white-space:nowrap">or&nbsp;Pre-Funded&nbsp;Warrants</FONT> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For U.S. federal income tax purposes, gain or loss realized on the sale or other disposition of common stock
<FONT STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants</FONT> will be capital gain or loss, and will be long-term capital gain or loss if you have held the common stock
<FONT STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants</FONT> for more than one year. The amount of the gain or loss will equal the difference between your tax basis in the common stock
<FONT STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants</FONT> disposed of and the amount realized on the disposition. Long-term capital gains recognized <FONT STYLE="white-space:nowrap">by&nbsp;non-corporate&nbsp;U.S.</FONT> Holders will
be subject to reduced tax rates. The deductibility of capital losses is subject to limitations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Information Reporting and Backup Withholding
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information reporting requirements generally will apply to any payments of dividends on our common stock
<FONT STYLE="white-space:nowrap">and&nbsp;pre-funded&nbsp;warrants,</FONT> constructive dividends on <FONT STYLE="white-space:nowrap">our&nbsp;pre-funded&nbsp;warrants,</FONT> and gross proceeds on the sale or other disposition of our common stock <FONT
STYLE="white-space:nowrap">and&nbsp;pre-funded&nbsp;warrants,</FONT> unless the U.S. Holder is an exempt recipient (such as a corporation). Backup withholding (currently at a 24% rate) will apply to those payments if the U.S. Holder fails to provide
its correct taxpayer identification number, or certification of exempt status, or if the U.S. Holder is notified by the IRS that it has failed to report in full payments of interest and dividend income. Any amounts withheld under the backup
withholding rules will be allowed as a refund or a credit against a U.S. Holder&#8217;s U.S. federal income tax liability provided the required information is furnished timely to the IRS. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tax Consequences <FONT STYLE="white-space:nowrap">to&nbsp;Non-U.S.&nbsp;Holders</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this discussion, <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> is a beneficial owner of our common stock <FONT
STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants,</FONT> other than a partnership or other pass-through entity that is <FONT STYLE="white-space:nowrap">(i)&nbsp;a&nbsp;non-resident&nbsp;alien</FONT> individual, (ii)&nbsp;a corporation or
other foreign organization taxable as a corporation for U.S. federal income tax purposes that is created or organized in or under laws other than the laws of the United States, any state thereof, or the District of Columbia; (iii)&nbsp;an estate,
the income of which is not subject to U.S. federal income tax on a net income basis; or (iv)&nbsp;a trust the income of which is not subject to U.S. federal income tax on a net income basis and that (1)&nbsp;has not made an election to be treated as
a U.S. person under applicable U.S. Treasury Regulations and (2)&nbsp;either (i)&nbsp;is not subject to the primary supervision of a court within the United States or (ii)&nbsp;is not subject to the substantial control of one or more U.S. persons is
not a U.S. Holder. If you are not <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder,</FONT> this section does not apply to you. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Distributions on Common Stock <FONT STYLE="white-space:nowrap">and&nbsp;Pre-funded&nbsp;Warrants</FONT> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We do not expect to make any distributions on our common stock <FONT STYLE="white-space:nowrap">(or&nbsp;pre-funded&nbsp;warrants)</FONT> in the foreseeable
future. If we do make distributions on our common stock <FONT STYLE="white-space:nowrap">(or&nbsp;pre-funded&nbsp;warrants),</FONT> however, such distributions made to <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> will
constitute dividends for U.S. tax purposes to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Distributions in excess of our current and accumulated earnings and
profits will constitute a return of capital that is applied against and reduces, but not below zero, <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder&#8217;s</FONT> adjusted tax basis in our common stock
<FONT STYLE="white-space:nowrap">(or&nbsp;pre-funded&nbsp;warrants).</FONT> Any remaining excess will be treated as gain realized as described below under the section titled &#8220; &#8212;Sale or Other Disposition of Common Stock<I></I><FONT
STYLE="white-space:nowrap">&nbsp;and&nbsp;Pre-Funded&nbsp;Warrants.&#8221;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any distribution on our common stock
<FONT STYLE="white-space:nowrap">(or&nbsp;pre-funded&nbsp;warrants)</FONT> that is treated as a dividend paid to <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> that is not effectively connected with the holder&#8217;s conduct of
a trade or business in the United States will generally be subject to withholding tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty between the United States and
<FONT STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder&#8217;s</FONT> country of residence. To obtain a reduced rate of withholding under a treaty, <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> generally will be
required to provide the applicable withholding agent with a properly executed IRS <FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN,&nbsp;IRS</FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN-E&nbsp;or</FONT></FONT> other appropriate form, certifying <FONT STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder&#8217;s</FONT> entitlement to benefits under
that treaty. Such form must be provided prior to the payment of dividends and must be updated periodically. If <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> holds stock through a financial institution or other agent acting
</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">
on the holder&#8217;s behalf, the holder will be required to provide appropriate documentation to such agent. The holder&#8217;s agent may then be required to provide certification to the
applicable withholding agent, either directly or through other intermediaries. If you are eligible for a reduced rate of U.S. withholding tax under an income tax treaty, you should consult with your own tax advisor to determine if you are able to
obtain a refund or credit of any excess amounts withheld by timely filing an appropriate claim with the IRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We generally are not required to withhold
tax on dividends paid (or constructive dividends deemed paid) to <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> that are effectively connected with the holder&#8217;s conduct of a trade or business within the United States (and,
if required by an applicable income tax treaty, are attributable to a permanent establishment that the holder maintains in the United States) if a properly executed IRS <FONT STYLE="white-space:nowrap">Form&nbsp;W-8ECI,&nbsp;stating</FONT> that the
dividends are so connected, is furnished to us (or, if shares of our common stock are held through a financial institution or other agent, to the applicable withholding agent). In general, such effectively connected dividends will be subject to U.S.
federal income tax on a net income basis at the regular graduated rates applicable to U.S. persons, unless a specific treaty exemption applies. A <FONT STYLE="white-space:nowrap">corporate&nbsp;Non-U.S.&nbsp;Holder</FONT> receiving effectively
connected dividends may also be subject to an additional &#8220;branch profits tax,&#8221; which is imposed, under certain circumstances, at a rate of 30% (or such lower rate as may be specified by an applicable treaty) on the <FONT
STYLE="white-space:nowrap">corporate&nbsp;Non-U.S.&nbsp;Holder&#8217;s</FONT> effectively connected earnings and profits, subject to certain adjustments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A&nbsp;Non-U.S.&nbsp;Holder</FONT> of <FONT STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> is expected to
receive any distributions paid with respect to common stock prior to the exercise of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrant</FONT> and, in such case, would be taxed in the same manner
<FONT STYLE="white-space:nowrap">as&nbsp;Non-U.S.&nbsp;Holder</FONT> of common stock that receives such a distribution. However, under certain circumstances, it is possible for cash to be held in abeyance for
<FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> until <FONT STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> is exercised or the ownership limitations (described under &#8220;Description <FONT
STYLE="white-space:nowrap">of&nbsp;Pre-Funded&nbsp;Warrants&#8221;)</FONT> would not be exceeded, at which time <FONT STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder</FONT> shall be entitled to receive distributions. It is possible that
such entitlement to distributions could cause the declaration of a distribution on our common stock to be currently taxable <FONT STYLE="white-space:nowrap">to&nbsp;Non-U.S.&nbsp;Holders</FONT>
<FONT STYLE="white-space:nowrap">of&nbsp;pre-funded&nbsp;warrants,</FONT> including under the principles governing Section&nbsp;305 of the Code, even though such holders will not receive the distributions until a future date. Additionally, it is
possible that other adjustments to the terms of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrant</FONT> may be considered constructive distributions under Section&nbsp;305 of the Code and taxable as discussed above. A holder of <FONT
STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> should consult its tax advisor regarding the tax treatment of any distribution with respect to <FONT STYLE="white-space:nowrap">such&nbsp;pre-funded&nbsp;warrant</FONT> that is held in
abeyance in connection with any applicable limitation on the holder&#8217;s beneficial ownership of our common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See also the section below titled
&#8220;&#8212;Foreign Accounts&#8221; for additional withholding rules that may apply to dividends paid to certain foreign financial institutions <FONT STYLE="white-space:nowrap">or&nbsp;non-financial&nbsp;foreign</FONT> entities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Sale or Other Disposition of Common Stock <FONT STYLE="white-space:nowrap">and&nbsp;Pre-Funded&nbsp;Warrants</FONT> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the discussion below under the sections titled &#8220;&#8212;Information Reporting and Backup Withholding&#8221; and &#8220;&#8212;Foreign
Accounts,&#8221; <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> generally will not be subject to U.S. federal income or withholding tax with respect to gain realized on a sale or other disposition of our common stock <FONT
STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants</FONT> unless (a)&nbsp;the gain is effectively connected with a trade or business of the holder in the United States (and, if required by an applicable income tax treaty, is attributable to
a permanent establishment that the holder maintains in the United States), (b) <FONT STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder</FONT> is a nonresident alien individual and is present in the United States for a period or periods
aggregating 183 or more days in the taxable year of the disposition and certain other conditions are met, or (c)&nbsp;we are or have been a &#8220;United States real property holding corporation&#8221; within the meaning of Code
Section&nbsp;897(c)(2), unless any class of our stock is regularly traded on an established securities market and <FONT STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder</FONT> disposes of such class of stock and holds no more than 5% of such
class of stock, directly or indirectly, actually or constructively, during the shorter of <FONT STYLE="white-space:nowrap">the&nbsp;5-year&nbsp;period</FONT> ending on the date of the disposition or the period that
<FONT STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder</FONT> held such class of stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you are
<FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> described in (a)&nbsp;above, you will be required to pay tax on the net gain derived from the sale at the regular graduated U.S. federal income tax rates applicable to U.S. persons,
unless a specific treaty exemption applies. <FONT STYLE="white-space:nowrap">Corporate&nbsp;Non-U.S.&nbsp;Holders</FONT> described in (a)&nbsp;above may also be subject to the additional branch profits tax at a 30% rate or such lower rate as may be
specified by an applicable income tax treaty. If you are an <FONT STYLE="white-space:nowrap">individual&nbsp;Non-U.S.&nbsp;Holder</FONT> described in (b)&nbsp;above, you will be required to pay a flat 30% tax on the gain derived from the sale, which
gain may be offset by certain U.S. source capital losses (even though you are not considered a resident of the United States), provided you have timely filed U.S. federal income tax returns with respect to such losses. With respect to
(c)&nbsp;above, in </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">
general, we would be a U.S. real property holding corporation if interests in U.S. real estate comprised (by fair market value) at least half of our worldwide real property interests plus our
other assets used or held for use in a trade or business. We believe that we are not, and do not anticipate becoming, a U.S. real property holding corporation. However, there can be no assurance that we will not become a U.S. real property holding
corporation in the future. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Information Reporting and Backup Withholding </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Generally, we or certain financial middlemen must report information to the IRS with respect to any dividends we pay on our common stock <FONT
STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants</FONT> and any constructive dividends deemed paid <FONT STYLE="white-space:nowrap">on&nbsp;pre-funded&nbsp;warrants</FONT> including the amount of any such dividends, the name and address
of the recipient, and the amount, if any, of tax withheld. A similar report is sent to the holder to whom any such dividends are paid. Pursuant to tax treaties or certain other agreements, the IRS may make its reports available to tax authorities in
the recipient&#8217;s country of residence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dividends paid by us (or our paying agents) to
<FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> may also be subject to U.S. backup withholding. U.S. backup withholding generally will not apply to <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> who provides
a properly executed IRS <FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN&nbsp;or</FONT> IRS <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN-E,&nbsp;as</FONT></FONT> applicable, or otherwise establishes an
exemption, provided that the applicable withholding agent does not have actual knowledge or reason to know the holder is a U.S. person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under current
U.S. federal income tax law, U.S. information reporting and backup withholding requirements generally will apply to the proceeds of a disposition of our common stock <FONT STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants</FONT> effected
by or through a U.S. office of any broker, U.S. <FONT STYLE="white-space:nowrap">or&nbsp;non-U.S.,&nbsp;unless</FONT> <FONT STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder</FONT> provides a properly executed IRS <FONT
STYLE="white-space:nowrap">Form&nbsp;W-8BEN&nbsp;or</FONT> IRS <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN-E,&nbsp;as</FONT></FONT> applicable, or otherwise meets documentary evidence requirements for <FONT
STYLE="white-space:nowrap">establishing&nbsp;non-U.S.&nbsp;person</FONT> status or otherwise establishes an exemption. Generally, U.S. information reporting and backup withholding requirements will not apply to a payment of disposition proceeds to <FONT
STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> where the transaction is effected outside the United States through <FONT STYLE="white-space:nowrap">a&nbsp;non-U.S.&nbsp;office</FONT> of
<FONT STYLE="white-space:nowrap">a&nbsp;non-U.S.&nbsp;broker.</FONT> Information reporting and backup withholding requirements may, however, apply to a payment of disposition proceeds if the broker has actual knowledge, or reason to know, that the
holder is, in fact, a U.S. person. For information reporting purposes, certain brokers with substantial U.S. ownership or operations will generally be treated in a manner similar to U.S. brokers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. If backup withholding is applied to you, you should consult with your own tax advisor to determine whether you
have overpaid your U.S. federal income tax, and whether you are able to obtain a tax refund or credit of the overpaid amount. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Foreign Accounts
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to, and separately from the withholding rules described above, U.S. federal withholding taxes may apply under the Foreign Account Tax
Compliance Act, or FATCA, on certain types of payments, including dividends <FONT STYLE="white-space:nowrap">to&nbsp;non-U.S.&nbsp;financial</FONT> institutions and certain <FONT STYLE="white-space:nowrap">other&nbsp;non-U.S.&nbsp;entities.</FONT>
Specifically, a 30% withholding tax may be imposed on dividends paid in respect of our common stock <FONT STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants,</FONT> constructive distributions deemed paid with respect <FONT
STYLE="white-space:nowrap">to&nbsp;pre-funded&nbsp;warrants</FONT> and the gross proceeds of the disposition on our common stock <FONT STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants</FONT> paid to a &#8220;foreign financial
institution&#8221; or <FONT STYLE="white-space:nowrap">a&nbsp;&#8220;non-financial&nbsp;foreign</FONT> entity&#8221; (each as defined in the Code), unless (1)&nbsp;the foreign financial institution agrees to undertake certain diligence and reporting
obligations, <FONT STYLE="white-space:nowrap">(2)&nbsp;the&nbsp;non-financial&nbsp;foreign</FONT> 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 United States owner, or (3)&nbsp;the foreign financial institution <FONT STYLE="white-space:nowrap">or&nbsp;non-financial&nbsp;foreign</FONT> entity otherwise qualifies for an exemption from these rules. The
30% federal withholding tax described in this paragraph cannot be reduced under an income tax treaty with the United States. 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), annually report certain information about such accounts, and withhold 30% on certain payments <FONT STYLE="white-space:nowrap">to&nbsp;non-compliant&nbsp;foreign</FONT> financial
institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. </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">The Treasury Secretary has issued proposed regulations providing that the withholding provisions under FATCA
do not apply with respect to payment of gross proceeds from a sale or other disposition of our common stock <FONT STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants,</FONT> which may be relied upon by taxpayers until final regulations are
issued. Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock <FONT STYLE="white-space:nowrap">or&nbsp;pre-funded&nbsp;warrants.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR COMMON STOCK <FONT
STYLE="white-space:nowrap">AND&nbsp;PRE-FUNDED&nbsp;WARRANTS,</FONT> INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAW, AS WELL AS TAX CONSEQUENCES ARISING UNDER ANY STATE,
<FONT STYLE="white-space:nowrap">LOCAL,&nbsp;NON-U.S.&nbsp;OR</FONT> U.S. <FONT STYLE="white-space:nowrap">FEDERAL&nbsp;NON-INCOME&nbsp;TAX</FONT> LAWS SUCH AS ESTATE AND GIFT TAX. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Underwriting </B></P> <P STYLE="margin-top:12pt; 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. The underwriters have not
been engaged to act as warrant agent for the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants or to act as underwriter or agent or otherwise participate in the issuance of the shares of our common stock upon the 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"><B>General </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional conforming changes are hereby made to the Preliminary Prospectus Supplement to reflect the changes described in this free writing prospectus. All
terms of the Preliminary Prospectus Supplement applicable to our common stock will be applicable to the shares underlying the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants upon issuance. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fulcrum Therapeutics, Inc. has filed a registration statement (including a preliminary prospectus supplement dated December&nbsp;8, 2025 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 and the accompanying base prospectus and other documents the Issuer has filed
with the SEC for more complete information about the Issuer and the offering. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies may be obtained from: J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at <FONT STYLE="white-space:nowrap">prospectus-eq_fi@jpmorgan.com</FONT> and&nbsp;postsalemanualrequests@broadridge.com; Leerink Partners LLC, Attention:
Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) <FONT STYLE="white-space:nowrap">808-7525,</FONT> ext. 6105, or by email at&nbsp;syndicate@leerink.com; Cantor Fitzgerald&nbsp;&amp; Co. by mail at Attention:
Capital Markets, 110 East 59th Street, New York 10022 or by email at&nbsp;prospectus@cantor.com; Oppenheimer&nbsp;&amp; Co. Inc. Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) <FONT
STYLE="white-space:nowrap">667-8055,</FONT> or by email at EquityProspectus@opco.com; or Truist Securities, Inc., Attention: Equity Capital Markets, 740 Battery Ave SE, Atlanta, Georgia 30339, by telephone at (800)
<FONT STYLE="white-space:nowrap">685-4786</FONT> or by email at truistsecurities.prospectus@truist.com. </B></P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g59184dsp0001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g59184dsp0001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" !@ 64# 1$  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#]4Z "@ H
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M  ZD9W#'UH -Z_WA^= "[AZC\Z %H * "@ H * "@ H * "@ H * "@ H *
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M-)>3?-+O*9SN/O38'CG_  3JO9K/Q3XTT?>S6D961!G@$,5I ?>B']U[]Z3
MF7[HI@+0 4 % !0 4 % !0 4 % #&E5#@G% "K(K#((H /,7^\/SIV%</,7^
M\/SHL%RG=LID()&"N#S4M-:HJZM8\S^(7[/W@GXF2"?7-'M[FX7_ );A</\
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M:=KNER&73[Z+SH788)4^WX4 =&J+C&.E "X4=A0 A /I^- !M4CG% !M7M0
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M-^5 %[P_XST7Q/$7TG5K;4%[F"4,: (]0\<Z#I=[]BO=9L[2Z'6&6=58>G%
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M7P?J%M;1:?%%)E?,4 R,!Z$YI ?1=, H A<-YO#8&*74"C.WE%F8Y[Y]^?\
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M"&W-O#I]XP,$8)Z@>U %[XQ_ :R^,%_H=]=:O?Z-=Z0SO!-8,%?)P,YQQP*
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M8=>: &_9T]* #[-'_=R?6@!#:H>U #DA5%VC./>@ 6!%.1D'ZT 'DH>JY^M
M ;=#T&#Z@XH #"I()R2/4T (\"OC.>/>@ %O& 1MSGUH <L2H21G\Z 'T ?_
!V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
