<SEC-DOCUMENT>0001104659-26-080106.txt : 20260702
<SEC-HEADER>0001104659-26-080106.hdr.sgml : 20260702
<ACCEPTANCE-DATETIME>20260702081648
ACCESSION NUMBER:		0001104659-26-080106
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20260702
DATE AS OF CHANGE:		20260702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Elicio Therapeutics, Inc.
		CENTRAL INDEX KEY:			0001601485
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				113430072
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-293861
		FILM NUMBER:		261147815

	BUSINESS ADDRESS:	
		STREET 1:		451 D STREET, 5TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		(857) 209-0050

	MAIL ADDRESS:	
		STREET 1:		451 D STREET, 5TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Angion Biomedica Corp.
		DATE OF NAME CHANGE:	20140228
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>tm2619264d1_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-293861</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(To Prospectus Dated March 16, 2026)</B></P>
<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2619264d1_424b5img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ELICIO THERAPEUTICS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.75in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4,380,313 Shares of Common Stock</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are offering 4,380,313 shares of our common
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common stock is listed on The Nasdaq Capital
Market under the symbol &ldquo;ELTX.&rdquo; On June 30, 2026, the last reported sale price of our common stock was $3.91 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &ldquo;emerging growth company&rdquo;
and a &ldquo;smaller reporting company&rdquo; under applicable Securities and Exchange Commission rules and are subject to reduced public
company reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &ldquo;Prospectus Supplement Summary&mdash;Implications
of Being an Emerging Growth Company and a Smaller Reporting Company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have engaged Titan Partners Group LLC, a division
of American Capital Partners, LLC, as lead placement agent (&ldquo;Titan Partners&rdquo;), and B. Riley Securities, Inc., as co-placement
agent (&ldquo;B. Riley Securities,&rdquo; and together with Titan Partners, the &ldquo;placement agents&rdquo;), to act as our exclusive
placement agents in connection with this offering. The placement agents have agreed to use their reasonable best efforts to arrange for
the sale of the securities offered by this prospectus supplement. The placement agents are not purchasing or selling any of the securities
we are offering, and the placement agents are not required to arrange the purchase or sale of any specific number of securities or dollar
amount. We have agreed to pay to the placement agents the placement agents&rsquo; fees set forth in the table below, which assumes that
we sell all of the securities offered by this prospectus. There are no arrangements to place the funds in an escrow, trust or similar
account. We will bear all costs associated with the offering. See &ldquo;Plan of Distribution&rdquo; on page&nbsp;S-26 of this prospectus
supplement for more information regarding these arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing in our securities involves a high
degree of risk. Please read &ldquo;Risk Factors&rdquo; beginning on page S-9 of this prospectus supplement, page 5 of the accompanying
prospectus and under similar headings and in the documents incorporated by reference into this prospectus supplement and the accompanying
prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or accompanying
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.75in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per Share</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering price</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.43</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,024,473.59</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placement agents&rsquo; fees<SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;0.24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;1,051,713.15&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds to Elicio Therapeutics, Inc. before expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;3.19</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;13,973,198.47</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Includes a cash fee equal to 7.0% of the gross proceeds
    raised in this offering to be paid to the placement agents. In addition, we have agreed to reimburse certain expenses of the placement
    agents in connection with the offering. See &ldquo;Plan of Distribution&rdquo; for additional disclosure regarding placement agents&rsquo;
    compensation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Delivery of the securities offered pursuant to
this prospectus supplement is expected to be made on or about July 6, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Lead Placement Agent</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Titan Partners</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>a&nbsp;division of American Capital Partners</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Co-Placement
                                            Agent</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>B. Riley Securities</B></P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus supplement dated July 1, 2026.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>prospectus
supplement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><U>Page</U></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; width: 95%; text-align: left"><A HREF="#r_001">ABOUT THIS PROSPECTUS SUPPLEMENT</A></TD>
    <TD STYLE="padding-bottom: 5pt; width: 5%; text-align: right"><A HREF="#r_001">S-ii</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left"><A HREF="#r_002">PROSPECTUS SUPPLEMENT SUMMARY</A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><A HREF="#r_002">S-3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left"><A HREF="#r_003">THE OFFERING</A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><A HREF="#r_003">S-7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left"><A HREF="#r_004">RISK FACTORS</A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><A HREF="#r_004">S-9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left"><A HREF="#r_005">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><A HREF="#r_005">S-12</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left"><A HREF="#r_006">USE OF PROCEEDS</A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><A HREF="#r_006">S-14</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left"><A HREF="#r_007">DIVIDEND POLICY</A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><A HREF="#r_007">S-15</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left"><A HREF="#r_008">DILUTION</A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><A HREF="#r_008">S-16</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left"><A HREF="#a_002">MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES </A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><A HREF="#a_002">S-18</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_003">PLAN
                                            OF DISTRIBUTION</A></P></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><A HREF="#a_003">S-24</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left"><A HREF="#a_004">LEGAL MATTERS</A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><A HREF="#a_004">S-26</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left"><A HREF="#a_005">EXPERTS</A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><A HREF="#a_005">S-26</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; text-align: left"><A HREF="#a_006">WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE</A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: right"><A HREF="#a_006">S-26</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Accompanying
prospectus</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top; width: 94%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right; width: 6%"><U>Page</U></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT
    THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT
    ELICIO</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK
    FACTORS</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL
    NOTE REGARDING FORWARD-LOOKING INFORMATION</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE
    OF PROCEEDS</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    SECURITIES WE MAY OFFER</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF WARRANTS</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF UNITS</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN
    OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL
    MATTERS</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION
    OF CERTAIN DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#ck_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE
    YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; vertical-align: bottom; text-align: right"><A HREF="#ck_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are responsible for the information contained
and incorporated by reference in this prospectus supplement, the accompanying base prospectus and in any related free writing prospectus
we prepare or authorize. We have not authorized anyone to give you any other information, and we take no responsibility for any other
information that others may give you. If you are in a jurisdiction where offers to sell, or solicitations of offers to purchase, the
securities offered by this documentation are unlawful, or if you are a person to whom it is unlawful to direct these types of activities,
then the offer presented in this document does not extend to you. The information contained in this document speaks only as of the date
of this document, unless the information specifically indicates that another date applies. Our business, financial condition, results
of operations and prospects may have changed since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="r_001"></A>ABOUT
THIS PROSPECTUS SUPPLEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This document is part of a &ldquo;shelf&rdquo;
registration statement on Form S-3 that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and is made up of
two parts. The first part is this prospectus supplement, which describes the specific terms of this offering of our securities and also
adds to and updates information contained in the accompanying prospectus and the documents incorporated by reference therein. The second
part, the accompanying prospectus, provides more general information. Generally, when we refer to this prospectus, we are referring to
both parts of this document combined. To the extent there is a conflict between the information contained in this prospectus supplement
and the information contained in the accompanying prospectus or any document incorporated by reference therein filed prior to the date
of this prospectus supplement, you should rely on the information in this prospectus supplement; provided that if any statement in one
of these documents is inconsistent with a statement in another document having a later date&mdash;for example, a document incorporated
by reference in the accompanying prospectus&mdash;the statement in the document having the later date modifies or supersedes the earlier
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We further note that the representations, warranties
and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference herein were made
solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties
to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations, warranties
or covenants were, unless otherwise specified, accurate only as of the date when made. Accordingly, such representations, warranties
and covenants should not be relied on as accurately representing the current state of our affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not, and the placement agents have not,
authorized anyone to provide any information other than that contained or incorporated by reference in this prospectus supplement, the
accompanying prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. This prospectus
supplement and the accompanying prospectus do not constitute an offer to sell, or a solicitation of an offer to purchase, the securities
offered by this prospectus supplement and the accompanying prospectus in any jurisdiction to or from any person to whom or from whom
it is unlawful to make such offer or solicitation of an offer in such jurisdiction. We take no responsibility for, and can provide no
assurance as to the reliability of, any other information that others may give you. The information contained in this prospectus supplement
or the accompanying prospectus, or incorporated by reference herein or therein is accurate only as of the respective dates thereof, regardless
of the time of delivery of this prospectus supplement and the accompanying prospectus or of any sale of our securities. It is important
for you to read and consider all information contained in this prospectus supplement and the accompanying prospectus, including the documents
incorporated by reference herein and therein, in making your investment decision. You should also read and consider the information in
the documents to which we have referred you in the sections titled &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation
by Reference&rdquo; in this prospectus supplement and in the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and the placement agents are offering to sell,
and seeking offers to buy, our securities only in jurisdictions where offers and sales are permitted. The distribution of this prospectus
supplement and the accompanying prospectus and the offering of our securities in certain jurisdictions may be restricted by law. Persons
outside the United States who come into possession of this prospectus supplement and the accompanying prospectus must inform themselves
about, and observe any restrictions relating to, the offering of our securities and the distribution of this prospectus supplement and
the accompanying prospectus outside the United States. This prospectus supplement and the accompanying prospectus do not constitute,
and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities offered by this prospectus
supplement and the accompanying prospectus by any person in any jurisdiction in which it is unlawful for such person to make such an
offer or solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement, the accompanying
prospectus and the information incorporated herein and therein by reference include trademarks, service marks and trade names owned by
us or other companies. All trademarks, service marks and trade names included or incorporated by reference into this prospectus supplement
are the property of their respective owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this prospectus, unless the context
otherwise requires, references to the &ldquo;Company,&rdquo; &ldquo;Elicio,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo;
refer to Elicio Therapeutics, Inc. and our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="r_002"></A>PROSPECTUS
SUPPLEMENT SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary highlights selected information
contained elsewhere in this prospectus supplement and the accompanying prospectus and in the documents we incorporate by reference. This
summary does not contain all of the information you should consider before investing in our securities. You should read this entire prospectus
supplement and the accompanying prospectus carefully, especially the risks of investing in our securities discussed under &ldquo;Risk
Factors&rdquo; beginning on page&nbsp;S-9 of this prospectus supplement and under similar headings in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1601485/000160148526000027/angn-20251231.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2025, filed with the SEC on March 12, 2026</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001601485/000160148526000035/angn-20251231.htm" STYLE="-sec-extract: exhibit">as
amended by our Amendment No. 1 on Form 10-K/A, filed with the SEC on April 29, 2026</A>, and our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1601485/000160148526000042/eltx-20260331.htm" STYLE="-sec-extract: exhibit">Quarterly
Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 11, 2026</A>, which are incorporated by reference
in this prospectus supplement, along with our financial statements and notes to those financial statements and the other information
incorporated by reference in this prospectus supplement and the accompanying prospectus, before making an investment decision.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Elicio
Therapeutics, Inc. (&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Elicio&rdquo; or the &ldquo;Company&rdquo;) is a clinical-stage
biotechnology company advancing novel immunotherapies for the treatment of cancer, including </FONT>mutant Kirsten rat sarcoma viral
oncogene homolog (&ldquo;mKRAS&rdquo;)-positive pancreatic cancer, colorectal cancer (&ldquo;CRC&rdquo;), lung cancer and other mKRAS-positive
cancers. We intend to build on recent clinical successes in the personalized cancer immunotherapy space to develop effective, off-the-shelf
immunotherapies. Our proprietary Amphiphile (&ldquo;AMP&rdquo;) technology aims to enhance the education, activation and amplification
of cancer-specific T cells relative to conventional immunotherapy strategies, with the goal of promoting durable cancer immunosurveillance
in patients. Recent advances have identified T cell responses as a key component of effective cancer immunotherapy, and we believe our
AMP technology can generate robust T cell responses in patients that can potentially translate to meaningful clinical benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the therapeutic utility of currently
approved and development stage cancer immunotherapies is limited in many cases due to their inability to sufficiently localize to lymph
nodes and adequately engage with the critical immune cells responsible for stimulating adaptive immunity. Our AMP technology is specifically
intended to localize payloads to lymph nodes leading to the generation of a robust T cell response that we believe is critical to generate
an anticancer immune response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our lead programs focus on our cancer immunotherapy
product candidates, which target biologically validated driver tumor mutations using common and well-characterized neoantigens. This
strategy results in an &ldquo;off-the-shelf&rdquo; therapeutic option allowing patients to receive treatment without delays due to manufacturing
timelines and without the increased costs associated with personalized immunotherapy approaches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our clinical pipeline includes the lymph node
targeted cancer immunotherapy ELI-002 7P, which we evaluated in a Phase 2 study, AMPLIFY-7P, designed to stimulate an immune response
against mKRAS pancreatic ductal adenocarcinoma (&ldquo;PDAC&rdquo;), the most common form of pancreatic cancer. The ELI-002 7P formulation
is designed to provide broad immune responses targeting seven Kirsten rat sarcoma viral oncogene homolog mutations that are observed
in approximately 88% of PDAC patients and 25% of all solid tumors, thereby increasing the potential patient population for ELI-002 7P
beyond PDAC alone. In June 2026, we reported that AMPLIFY-7P did not meet its pre-specified primary disease-free survival (&ldquo;DFS&rdquo;)
endpoint in the intent-to-treat population; however, post-hoc landmark analyses showed early treatment benefit and a stronger treatment
effect in the R0 resected patient population, and ELI-002 7P demonstrated a favorable safety profile. Based on these results, we have
refined our development strategy to focus a planned Phase 3 study on the R0 resected population, subject to financing. For additional
information, see &ldquo;Recent Developments&rdquo;. ELI-002 2P (2-peptide formulation) has been studied previously in the Phase 1 (AMPLIFY-201)
trial in patients with high relapse risk mKRAS-driven solid tumors, following surgery and chemotherapy. ELI-002 2P and ELI-002 7P also
have been studied in patients with mKRAS-positive CRC in Phase 1 studies. The AMPLIFY-201 Phase 1 data for PDAC and CRC was presented
at the ESMO Immuno-Oncology Congress 2024 and published in Nature Medicine (Wainberg et al, 2025) and included a 16.3-month median recurrence-free
survival and 28.9-month median overall survival for the full study population.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, based on preliminary post-study
observations suggesting that ELI-002 7P-induced immune responses may enhance sensitivity to checkpoint inhibition, we intend to initiate
a Phase 1 study evaluating ELI-002 7P in combination with an anti-PD-1 inhibitor and/or RAS small molecule inhibitor in treatment-na&iuml;ve
metastatic mKRAS PDAC, subject to financing. We also may seek to expand ELI-002 7P to other indications, including mKRAS-positive lung
cancer and other mKRAS-positive cancers, subject to financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<DIV STYLE="border: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; clear: both"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our preclinical pipeline includes the lymph node
targeted immunotherapies ELI-007, currently being evaluated in preclinical studies for the treatment of mutant b-raf murine sarcoma viral
oncogene homolog B1 (mBRAF)-driven cancers, and ELI-008, currently being evaluated in preclinical studies for use in the treatment of
mutated tumor protein p53-expressing cancers. We believe that each of our immunotherapy product candidates, if approved, has the potential
to decrease tumor burden or reduce the risk of recurrence of tumors carrying specific oncogenic driver mutations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Recent Developments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AMPLIFY-7P Phase 2 Topline Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 15, 2026, we reported results from our
randomized Phase 2 AMPLIFY-7P study evaluating ELI-002 7P in patients with adjuvant mKRAS-driven PDAC following completion of standard
locoregional therapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The AMPLIFY-7P study did not meet its pre-specified
primary DFS endpoint in the intent-to-treat population. However, landmark analyses conducted during active ELI-002 7P treatment indicated
an early treatment benefit. In particular, post-hoc landmark analyses showed a consistent approximately 14% absolute DFS benefit during
active treatment at both three and six months, suggesting early clinical activity, with treatment-arm separation persisting through nine
months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While nodal status, the prespecified stratification
factor, was balanced between the treatment arms, a higher proportion of patients with the adverse prognostic factor of R1 resection status
were included in the ELI-002 7P arm (19% versus 10%). Notwithstanding, post-hoc analyses showed a significant DFS improvement (R0: HR
0.65, p=0.048, n=121) in lower residual disease patients, and, importantly, this subgroup represented approximately 84% of enrolled patients.
Currently, there are no approved therapies following locoregional treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These results informed a refined Phase 3 development
strategy focused on a defined, lower residual disease, R0 resected population with additional dosing. In addition, the study demonstrated
a strong association between mKRAS-specific immune responses and clinical outcomes (HR 0.22, p&lt;0.0001, n=90), supporting the biological
activity of ELI-002 7P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The AMPLIFY-7P study enrolled 144 patients across
24 U.S. sites and evaluated ELI-002 7P versus observation in patients with resected Stage I-III mKRAS-driven PDAC who had completed surgery
and standard locoregional therapy and were radiographically free of disease at enrollment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Key Findings from AMPLIFY-7P</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; width: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-hoc
    landmark analyses demonstrated an approximately 14% absolute improvement in DFS rates during active treatment at both three months
    (90.3% versus 76.6%, p=0.022) and six months (75.7% versus 61.7%, p=0.056).</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Randomization
    was stratified by nodal status; however, there was an imbalance in baseline R1 resection status, a known adverse prognostic factor,
    which disproportionately favored the observation arm (ELI-002 7P 19% versus observation 10%).</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multivariable
    analyses identified R1 resection as an adverse prognostic factor for recurrence (HR 1.56, p=0.181).</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-hoc
    analyses demonstrated a stronger treatment effect in the R0 resected patient population (HR 0.65, p=0.048, n=121).</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mKRAS-specific
    T cell responses strongly correlated with improved DFS, with patients demonstrating the strongest immune responses experiencing the
    most favorable outcomes (T cell fold change from baseline, &gt;9.17x versus &lt;9.17x: HR 0.22, p&lt;0.0001, n=90 evaluable).</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ELI-002
    7P demonstrated a favorable safety profile, with no treatment-related discontinuations or treatment-related deaths, and ELI-002 7P
    treatment was associated with proportionally fewer adverse events than standard-of-care observation.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<DIV STYLE="border: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; clear: both"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Phase 3 Development Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insights from AMPLIFY-7P have enabled us to refine
our Phase 3 development strategy, focusing on patients with the greatest potential to benefit from treatment and extending treatment
duration to enhance the durability of anti-tumor immunity. Accordingly, and subject to financing, we plan to initiate a Phase 3 study
with the following key elements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Enrollment of R0 resected patients following completion of standard locoregional therapy;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Additional dosing beyond the initial ELI-002 7P immunization and booster regimen; </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Potential evaluations of combinations with checkpoint inhibition and/or RAS small molecule inhibitor;
    and </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A registrational study with a primary endpoint of DFS.</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Preliminary Post-Study Observations and Planned
Phase 1 Study in Metastatic PDAC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 17, 2026, we reported preliminary clinical
observations from three patients who received ELI-002 7P during the Phase 2 AMPLIFY-7P study, experienced disease progression after treatment,
and subsequently achieved confirmed complete radiographic and complete metabolic responses after receiving nivolumab-based therapy with
concurrent normalization of tumor biomarker CA19-9 levels. Two of the three patients maintained complete responses for at least nine
months, with one ongoing complete response at greater than nine months. In addition, all three patients demonstrated persistent mKRAS-specific
T cell responses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All three patients were microsatellite stable
/ mismatch repair proficient, a population that has historically demonstrated limited responsiveness to immune checkpoint inhibitors.
Published studies evaluating chemotherapy-, checkpoint inhibitor-, or RAS inhibitor-based regimens in metastatic pancreatic cancer have
reported complete response rates of approximately 0% to 8%, with durable complete responses rarely observed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe these observations provide preliminary
clinical support for the hypothesis that ELI-002 7P-induced immune responses may enhance sensitivity to checkpoint inhibition and support
prospective evaluation of ELI-002 7P and an anti-PD-1 inhibitor and/or RAS small molecule inhibitor combination strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to funding, we intend to initiate a Phase
1 study evaluating ELI-002 7P in combination with standard therapy and an anti-PD-1 inhibitor and/or RAS small molecule inhibitor in
metastatic mKRAS pancreatic cancer. The planned study is designed to prospectively evaluate whether ELI-002 7P may enhance anti-tumor
immunity and improve responsiveness to an anti-PD-1 inhibitor and/or RAS small molecule inhibitor. We also plan to use the study findings
to help inform future development strategies in metastatic PDAC and our planned adjuvant PDAC Phase 3 trial. Subject to funding, we anticipate
the Phase 1 study to initiate in the fourth quarter of 2026, with potential study readouts expected three to six months after study start.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to continue monitoring additional patients
who participated in the AMPLIFY-7P study and are currently following a similar course of treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash Runway</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect our current cash and cash equivalents
to support planned operations into the fourth quarter of 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Corporate Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Elicio Operating Company, Inc. (&ldquo;Former
Elicio&rdquo;) was incorporated in Delaware as Vedantra Pharmaceuticals Inc. in August&nbsp;2011. On January&nbsp;17, 2023, Former Elicio
entered into a definitive merger agreement (the &ldquo;Merger Agreement&rdquo;) with Angion Biomedica Corp. (&ldquo;Angion&rdquo;), a
clinical-stage biotechnology company. In accordance with the terms and conditions of the Merger Agreement, by and among Angion, Arkham
Merger Sub, Inc., a wholly owned subsidiary of Angion (&ldquo;Merger Sub&rdquo;), and Former Elicio, Merger Sub merged with and into
Former Elicio, with Former Elicio surviving the merger as a wholly owned subsidiary of Angion (the &ldquo;Merger&rdquo;). On June&nbsp;1,
2023, the Merger was completed in accordance with the terms and conditions of the Merger Agreement, and Angion changed its name from
 &ldquo;Angion Biomedica Corp.&rdquo; to &ldquo;Elicio Therapeutics, Inc.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have a principal executive office at 451 D Street, 5</FONT><SUP>th</SUP>&nbsp;Floor, Boston, Massachusetts 02210. Our telephone number
is (857) 209-0050 and the corporate website address is www.elicio.com. Our website address is included only as an inactive textual reference
and is not intended to be an active link to our website. The information on the website is not incorporated by reference into this prospectus
supplement or the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Annual Reports on Form&nbsp;10-K, Quarterly
Reports on Form&nbsp;10-Q, Current Reports on Form&nbsp;8-K and all amendments to those reports, as well as other documents filed with
the SEC, are available free of charge through the Investors section of our website as soon as reasonably practicable after such material
is electronically filed with or furnished to the SEC. The public can obtain documents that are filed with the SEC at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Implications of Being an Emerging Growth
Company and a Smaller Reporting Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We qualify as an &ldquo;emerging growth company&rdquo;
as defined in the Jumpstart Our Business Startups (&ldquo;JOBS&rdquo;) Act. For so long as we remain an emerging growth company, we may
take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies.
These provisions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    obligations with respect to financial data, including only being required to present two years of audited financial statements, in
    addition to any required unaudited interim financial statements with correspondingly reduced &ldquo;Management&rsquo;s Discussion
    and Analysis of Financial Condition and Results of Operations&rdquo; disclosure;</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exception from compliance with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act of 2002, as amended;</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    disclosure about our executive compensation arrangements in our periodic reports, proxy statements and registration statements;</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">exemptions
    from the requirements of holding&nbsp;non-binding&nbsp;advisory votes on executive compensation or golden parachute arrangements;
    and</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exemption from compliance with the requirements of the Public Company Accounting Oversight Board regarding the communication of critical
    audit matters in the auditor&rsquo;s report on financial statements.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may take advantage of these provisions until we no longer qualify as an emerging growth company. We will cease to qualify as an emerging
growth company on the date that is the earliest of: (i)&nbsp;December&nbsp;31, 2026, (ii) the last day of the fiscal year in which we
have more than $1.235&nbsp;billion in total annual gross revenues, (iii)&nbsp;the date on which we are deemed to be a &ldquo;large accelerated
filer&rdquo; under the rules of the SEC, or (iv)&nbsp;the date on which we have issued more than $1.0&nbsp;billion of&nbsp;non-convertible&nbsp;debt
over the prior three-year </FONT>period. We may choose to take advantage of some but not all of these reduced reporting burdens. We have
taken advantage of certain reduced reporting requirements in this prospectus supplement. Accordingly, the information contained herein
may be different than you might obtain from other public companies in which you hold equity interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, under the JOBS Act, emerging growth
companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have
elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of
the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, we will
not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging
growth companies, which may make comparison of our financials to those of other public companies more difficult. As a result of these
elections, the information that we provide in this prospectus supplement may be different than the information you may receive from other
public companies in which you hold equity interests. In addition, it is possible that some investors will find our common stock less
attractive as a result of these elections, which may result in a less active trading market for our common stock and higher volatility
in our share price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are also a &ldquo;smaller reporting company,&rdquo;
meaning that the market value of our shares held by&nbsp;non-affiliates&nbsp;is less than $700&nbsp;million and our annual revenue was
less than $100&nbsp;million during the most recently completed fiscal year. We may continue to be a smaller reporting company if either
(i)&nbsp;the market value of our shares held by&nbsp;non-affiliates&nbsp;is less than $250&nbsp;million or (ii)&nbsp;our annual revenue
was less than $100&nbsp;million during the most recently completed fiscal year and the market value of our shares held by&nbsp;non-affiliates&nbsp;is
less than $700&nbsp;million. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue
to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller
reporting company, we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report
on Form&nbsp;10-K&nbsp;and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding
executive compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="r_003"></A>THE
OFFERING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock offered by us</FONT></TD>
    <TD STYLE="text-align: justify; width: 73%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">4,380,313 shares</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock to be outstanding immediately after this
    offering </FONT></TD>
    <TD STYLE="text-align: justify">23,020,208<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of proceeds</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We intend to use the net proceeds from this
    offering, together with its existing cash, cash equivalents and marketable securities, to primarily fund the planned Phase 1 clinical
    development of ELI-002 7P in metastatic PDAC and our pipeline and platform, as well as for working capital and general corporate
    purposes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Please see &ldquo;Use of Proceeds&rdquo; on page S-14.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk factors</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing in our securities
    involves significant risks. See &ldquo;Risk Factors&rdquo; beginning on page S-9 of this prospectus supplement&nbsp;and page&nbsp;5
    of the accompanying prospectus, respectively, and in the documents incorporated by reference into this prospectus supplement, for
    a discussion of factors that you should read and consider before investing in our securities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq Capital Market symbol</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our common stock is listed
    on The Nasdaq Capital Market under the symbol &ldquo;ELTX.&rdquo; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above discussion and table are based on 18,639,895
shares of common stock outstanding as of March 31, 2026 and exclude:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">(i)
                                            119,275 shares of our common stock subject to stock options granted under the Elicio Therapeutics,
                                            Inc. 2012 Equity Incentive Plan, as amended (the &ldquo;2012 Plan&rdquo;) at a weighted-average
                                            exercise price of $10.46 per share as of March 31, 2026; (ii) 471,108 shares of our common
                                            stock subject to stock options granted under the Elicio Therapeutics, Inc. 2022 Equity Incentive
                                            Plan, as amended (the &ldquo;2022 Plan&rdquo;) at a weighted-average exercise price of $3.86
                                            per share as of March 31, 2026; (iii) 1,989,750 shares of our common stock subject to stock
                                            options granted under the Elicio Therapeutics, Inc. 2021 Incentive Award Plan (the &ldquo;2021
                                            Plan&rdquo;) at a weighted-average exercise price of $16.33 per share as of March 31, 2026;
                                            and (iv) 543,085 shares of our common stock subject to stock options granted under the Elicio
                                            Therapeutics, Inc. 2024 Inducement Incentive Award Plan (the &ldquo;Inducement Plan&rdquo;)
                                            at a weighted-average exercise price of $7.35 per share as of March 31, 2026;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">456,915
                                            shares of our common stock reserved for future issuance under the Inducement Plan as of March
                                            31, 2026;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<DIV STYLE="border: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; clear: both"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">645,103
                                            shares of our common stock reserved for future issuance under the 2021 Plan as of March 31,
                                            2026;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">178,953
                                            shares of our common stock reserved for future issuance under the 2022 Plan as of March 31,
                                            2026;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">3,555,319
                                            shares of our common stock issuable upon the exercise of common warrants outstanding as of
                                            March 31, 2026 at a weighted average exercise price of $8.13 per share;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">2,632,702
                                            shares of our common stock issuable upon the exercise of pre-funded warrants outstanding
                                            as of March 31, 2026 at an exercise price of $0.01 per share;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">235,234
                                            shares of our common stock subject to unvested restricted stock units outstanding as of March
                                            31, 2026 at a weighted average grant date fair value of $8.10 per unit;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">453,312
                                            shares of our common stock reserved for future issuance under our 2021 Employee Stock Purchase
                                            Plan, as amended (&ldquo;ESPP&rdquo;) as of March 31, 2026; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">3,244,236
                                            shares of our common stock sold pursuant to our at-the-market offering program with B. Riley
                                            Securities, Inc., JonesTrading Institutional Services LLC and Ladenburg Thalmann &amp; Co.
                                            Inc. since March 31, 2026.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise indicated, we have presented
the information in this prospectus supplement assuming (i) no exercise or settlement of outstanding equity awards described above and
(ii) no exercise of the outstanding warrants described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="r_004"></A>RISK
FACTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Investing
in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks described
below and in our most recent </I></FONT><I><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1601485/000160148526000027/angn-20251231.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;10-K<FONT STYLE="color: #596e80">&nbsp;</FONT>for the fiscal year ended December&nbsp;31, 2025,</A> <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001601485/000160148526000035/angn-20251231.htm" STYLE="-sec-extract: exhibit">as
amended by our Amendment No. 1 on Form 10-K/A</A>, and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K,
as well as any amendments thereto reflected in subsequent filings with the SEC, each of which are incorporated by reference in this prospectus
supplement and the accompanying prospectus, and all of the other information in this prospectus supplement and the accompanying prospectus,
including our financial statements and related notes incorporated by reference herein and therein. If any of these risks is realized,
our business, financial condition, results of operations and prospects could be materially and adversely affected. In that event, the
trading price of our common stock could decline and you could lose part or all of your investment. Additional risks and uncertainties
that are not yet identified or that we currently believe to be immaterial may also materially harm our business, financial condition,
results of operations and prospects and could result in a complete loss of your investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to this Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Even
</I></B></FONT><B><I>if this offering is successful, we will need substantial additional funding to meet our financial obligations and
to pursue our business objectives. If we are unable to raise capital when needed, we could be forced to curtail our planned&nbsp;operations&nbsp;and
the pursuit of our growth strategy.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
</FONT>will require substantial future capital in order to complete planned and future clinical development for our lead product candidate,
preclinical development for our other product candidates, and potential commercialization of these product candidates, if any are approved.
We expect our spending levels to significantly increase in connection with our planned clinical trials of our lead product candidate.
In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant expenses related to product
sales, medical affairs, marketing, manufacturing and distribution. Accordingly, we will need to obtain substantial additional funding
in connection with our continuing&nbsp;operations. If we are unable to raise capital when needed or on acceptable terms, we would be
forced to delay, reduce or eliminate certain of our clinical trials, our research and development programs or other&nbsp;operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have broad discretion in the use of
the net proceeds from this offering and may invest or spend the proceeds in ways with which you do not agree and in ways that may not
yield a return on your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management will have broad discretion in
the application of the net proceeds from this offering, including for any of the purposes described in the section titled &ldquo;Use
of Proceeds,&rdquo; and you will be relying on the judgment of our management regarding such application. You will not have the opportunity,
as part of your investment decision, to assess whether the proceeds are being used effectively. Our management might not apply the net
proceeds in ways that ultimately increase the value of your investment. If we do not invest or apply the net proceeds from this offering
in ways that enhance stockholder value, we may fail to achieve expected results, which could cause our stock price to decline. Pending
their use, we may invest the net proceeds in a variety of capital preservation instruments, including short-term, investment-grade, interest-bearing
instruments and U.S. government securities. These investments may not yield a favorable return to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Raising additional capital, including as
a result of this offering, may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our
product candidates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until such time, if ever, as we can generate
substantial revenue, we expect to finance our cash needs through a combination of equity offerings, debt financings or other capital
sources, including licensing arrangements, partnerships and collaborations. To the extent that we raise additional capital through the
sale of equity securities, including from this offering, or convertible debt securities, your ownership interest will be diluted, and
the terms of these securities may include liquidation or other preferences that adversely affect your rights as a common stockholder.
Debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting our
ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we raise additional funds through collaborations,
strategic alliances or marketing, distribution or licensing arrangements with third parties, we may be required to relinquish valuable
rights to our technologies, intellectual property, potential future revenue streams, research programs or product candidates or grant
licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings or other
arrangements with third parties when needed, we may be required to delay, limit, reduce or terminate our product candidate development
or future commercialization efforts or grant rights to third parties to develop and market product candidates that we would otherwise
prefer to develop and market ourselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If you purchase securities in this offering,
you will incur immediate and substantial dilution in the net tangible book value of your shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering price of our common stock in this
offering is higher than the net tangible book value per share of our common stock outstanding at the time of sale. With aggregate gross
proceeds of&thinsp; $15.0 million, after deducting the placement agents&rsquo; fees and estimated offering expenses payable by us, investors
in this offering will experience immediate dilution of&thinsp;$2.90 per share, representing the difference between our as adjusted net
tangible book value per share as of March 31, 2026 of $0.53, after giving effect to this offering, and the offering price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we have a significant number of
stock options, common warrants and pre-funded warrants outstanding. The exercise of any of the outstanding options, common warrants or
pre-funded warrants would result in further dilution. As a result of the dilution to investors purchasing shares in this offering, investors
may receive significantly less than the purchase price paid in this offering, if anything, in the event of our liquidation. Further,
because we expect we will need to raise additional capital to fund our future activities, we may in the future sell substantial amounts
of common stock or securities convertible into or exchangeable for common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future issuances of common stock or common stock-related
securities, together with the exercise of outstanding stock options, common warrants or pre-funded warrants, if any, may result in further
dilution. For a further description of the dilution that you will experience immediately after this offering, see the section titled
 &ldquo;Dilution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Future sales and issuances of our common
stock or rights to purchase common stock, including pursuant to our equity incentive plans, could result in additional dilution of the
percentage ownership of our stockholders and could cause our stock price to fall.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additional capital will be needed in the future
to continue our planned operations. To the extent we issue additional equity securities to raise capital or pursuant to our equity incentive
plans or other contractual obligations, our stockholders may experience substantial dilution. We may sell common stock, convertible securities
or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell or issue
common stock, convertible securities or other equity securities in more than one transaction, investors may be materially diluted by
subsequent sales. These sales may also result in material dilution to our existing stockholders, and new investors could gain rights
superior to our existing stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, sales of a substantial number of
shares of our outstanding common stock in the public market could occur at any time. These sales, or the perception in the market that
the holders of a large number of shares of common stock intend to sell shares, could reduce the market price of our common stock. Significant
portions of these shares are held by a relatively small number of stockholders. Sales by our stockholders of a substantial number of
shares, or the expectation that such sales may occur, could significantly reduce the market price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A sale of a substantial number of shares
of our common stock may cause the price of our common stock to decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of a substantial number of shares of our
common stock in the public market could occur at any time. If our stockholders sell, or the market perceives that our stockholders intend
to sell, substantial amounts of our common stock in the public market, the market price of our common stock could decline significantly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot predict what effect, if any, sales
of our shares in the public market or the availability of shares for sale will have on the market price of our common stock. However,
future sales of substantial amounts of our common stock in the public market, including shares issued upon exercise of outstanding options
or warrants, or the perception that such sales may occur, could adversely affect the market price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, Titan Partners may, in their sole discretion, release all or some portion of the shares
subject to the&nbsp;lock-up&nbsp;agreements associated with this offering at any time and for any reason. Sales of a substantial number
of such shares upon expiration of the&nbsp;lock-up&nbsp;and market&nbsp;stand-off&nbsp;agreements, the perception that such sales may
occur, or early release of these agreements, could cause our market price to fall or make it more difficult for you to sell your common
stock at a time and price that you deem appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have never declared or paid cash dividends
on our common stock, and we do not anticipate paying cash dividends on our common stock in the foreseeable future.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business requires significant funding. We
currently plan to invest all available funds and future earnings in the development and growth of our business and do not anticipate
paying any cash dividends on our common stock in the foreseeable future. As a result, capital appreciation, if any, of our common stock
will be our stockholders&rsquo; sole source of potential gain for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="r_005"></A>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus supplement, the accompanying base prospectus, the documents that we incorporate by reference herein or therein, and any related
free writing prospectus contain &ldquo;forward-looking statements&rdquo; within the meaning of Section 27A of the Securities Act of 1933,
as amended and the rules and regulations thereunder (the &ldquo;Securities Act&rdquo;), and Section 21E of the Securities Exchange Act
of 1934, as amended (the &ldquo;Exchange Act&rdquo;). Any statements about our expectations, beliefs, plans, objectives, assumptions
or future events or performance are not historical facts and may be forward-looking. These statements are often, but are not always,
made through the use of words or phrases such as &ldquo;aim,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;assume,&rdquo; &ldquo;believe,&rdquo;
 &ldquo;contemplate,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;due,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;goal,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;objective,&rdquo; &ldquo;plan,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential,&rdquo;
 &ldquo;positioned,&rdquo; &ldquo;seek,&rdquo; &ldquo;should,&rdquo; &ldquo;target,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo; or
the negative of these terms, or other comparable terminology intended to identify statements about the future. Accordingly, these statements
involve known and unknown risks, estimates, assumptions and uncertainties, which could cause actual results to differ materially from
those expressed in them. Any forward-</FONT>looking statements are qualified in their entirety by reference to the factors discussed
throughout this prospectus supplement, the accompanying base prospectus and the documents incorporated by reference herein and therein,
and in particular those factors referenced in the section &ldquo;Risk Factors&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement, the accompanying
base prospectus and the documents incorporated by reference herein and therein contain forward-looking statements that are based on our
management&rsquo;s belief and assumptions and on information available to our management as of their respective dates. These statements
relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that
may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels
of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements include,
but are not limited to, statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            results of our clinical trials, including additional data and follow-up observations from
                                            our Phase 2 AMPLIFY-7P study, our plans to advance ELI-002 7P into a Phase 3 trial in adjuvant
                                            PDAC, and our plans to initiate a Phase 1 study evaluating ELI-002 7P in combination with
                                            chemotherapy and an anti-PD-1 inhibitor in metastatic PDAC;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            financial condition and our expectations regarding our ability to fund our operating expenses
                                            and capital expenditure requirements with our cash, cash equivalents, and marketable securities;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            ability of our clinical trials to demonstrate safety and efficacy of our product candidates,
                                            and other positive results;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to utilize our platform to develop a pipeline of product candidates to address unmet
                                            needs in oncology and other disease areas;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            timing, progress and results of clinical trials for ELI-002 7P, and other current or future
                                            product candidates we may develop, including statements regarding the timing of initiation
                                            and completion of studies or trials and related preparatory work, the period during which
                                            the results of the studies or trials will become available, and the timing, progress and
                                            results of our research and development programs;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            timing, scope and likelihood of regulatory filings and approvals, including timing of Investigational
                                            New Drug applications and U.S. Food and Drug Administration (&ldquo;FDA&rdquo;) approval
                                            of ELI-002 7P and any current or future product candidates;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            timing, scope or likelihood of foreign regulatory filings and approvals;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to develop and advance our current product candidates and programs into, and successfully
                                            complete, clinical studies;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            manufacturing, commercialization, marketing capabilities, strategy and associated timelines;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            need to hire additional personnel and our ability to attract and retain such personnel;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            size of the market opportunity for our product candidates, including estimates of the number
                                            of patients who suffer from the diseases we are targeting;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations
                                            regarding the approval and use of our product candidates in combination with other drugs;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations
                                            regarding potential for accelerated approval or other expedited regulatory designation;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            competitive position and the success of competing therapies that are or may become available;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            anticipated research and development activities and projected expenditures;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">existing
                                            regulations and regulatory developments in the United States, Europe and other jurisdictions;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            extent to which global economic and political developments, including the ongoing conflict
                                            between Ukraine and Russia, the conflicts in the Middle East, including the conflict between
                                            Israel and Palestine, hostilities involving Israel, Iran, and Iran-backed groups, and related
                                            regional instability, geopolitical tensions with China, and other geopolitical events, as
                                            well as the macroeconomic conditions, including tariffs, inflation, volatility in interest
                                            rates, potential for economic slowdown or recession, and potential government shutdowns,
                                            will affect our business operations, clinical trials, or financial condition;</TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            expectations regarding other macroeconomic trends;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            intellectual property position, including the scope of protection we are able to establish
                                            and maintain for intellectual property rights covering ELI-002 7P, other current or future
                                            product candidates we may develop, including the extensions of existing patent terms where
                                            available, the validity of intellectual property rights held by third parties, and our ability
                                            not to infringe, misappropriate or otherwise violate any third-party intellectual property
                                            rights;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            continued reliance on third parties to conduct additional clinical trials of our product
                                            candidates, and for the manufacture of our product candidates for clinical trials;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to have manufactured sufficient supplies of drug product for clinical testing and
                                            commercialization;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to obtain, and negotiate favorable terms of, any collaboration, licensing or other
                                            arrangements that may be necessary or desirable to develop, manufacture or commercialize
                                            our product candidates;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            estimates regarding expenses, future revenue, capital requirements and needs for additional
                                            financing;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            projected financial performance;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            anticipated use of proceeds from potential financing activities;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            period over which we estimate our existing cash and cash equivalents will be sufficient to
                                            fund our planned operating expenses and capital expenditure requirements;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            potential impact of anticipated funding pressures and the expected effect from U.S. export
                                            controls and tariffs;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            impact of laws and regulations; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other
                                            risks and uncertainties, including those listed under the section &ldquo;Risk Factors&rdquo;
                                            included or incorporated by reference in this prospectus supplement and the accompanying
                                            prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These forward-looking statements are neither
promises nor guarantees of future performance due to a variety of risks and uncertainties, many of which are beyond our control, which
could cause actual results to differ materially from those indicated by these forward-looking statements, including, without limitation,
the risk factors and cautionary statements described in other documents that we file from time to time with the SEC, specifically under
 &ldquo;Item&nbsp;1A: Risk Factors&rdquo; and elsewhere in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2025,
filed with the SEC on March 12, 2026, as amended by our Amendment No. 1 on Form 10-K/A, filed with the SEC on April 29, 2026, and our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 11, 2026, and&nbsp;the sections in this
prospectus supplement and the accompanying prospectus titled &ldquo;Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward-looking statements in this prospectus
supplement, the accompanying base prospectus and the documents incorporated by reference herein and therein represent our views as of
their respective dates. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect
to update these forward-looking statements at some point in the future, we assume no obligation to update or revise any forward-looking
statements except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing
our views as of any date subsequent to the dates on which they were made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement, the accompanying
base prospectus and the documents incorporated by reference herein and therein also contain estimates, projections and other information
concerning our industry, our business, and the markets for certain diseases, including data regarding the estimated size of those markets,
and the incidence and prevalence of certain medical conditions. Information that is based on estimates, forecasts, projections, market
research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from
events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained this industry, business, market
and other data from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry,
medical and general publications, government data and similar sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="r_006"></A>USE
OF PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that the net proceeds from the sale
of 4,380,313 shares of our common stock in this offering, after deducting the placement agents&rsquo; fees and estimated offering expenses
payable by us, will be approximately $13.6&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently intend to use the net proceeds from
this offering, together with our existing cash, cash equivalents and marketable securities, to primarily fund the planned Phase 1 clinical
development of ELI-002 7P in metastatic PDAC and our pipeline and platform, as well as for working capital and general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We could use our available capital resources
sooner than we currently expect.&nbsp;We do not expect the net proceeds from this offering and our existing cash and cash equivalents
to be sufficient to fund the development of our product candidates through regulatory approval and commercialization. We will need to
raise substantial additional funds for further development and before we can expect to commercialize any products, if approved. We may
satisfy our future cash needs through the sale of our securities in public offerings and/or private placements, debt financings or through
other capital sources, including licensing arrangements, partnerships, collaborations with other companies or similar arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The expected use of the net proceeds from this
offering, if any, 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 expenditures will depend on numerous factors, including
the factors described under &ldquo;Risk Factors&rdquo; in this prospectus supplement, the accompanying base prospectus and in the documents
incorporated by reference herein and therein, as well as the amount of cash used in our operations. We may find it necessary or advisable
to use the net proceeds for other purposes, and we will have broad discretion in the application of the net proceeds. Pending the uses
described above, we may invest the net proceeds in a variety of capital preservation instruments, including short-term, investment-grade,
interest-bearing instruments and U.S. government securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="r_007"></A>DIVIDEND
POLICY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have never declared or paid cash dividends
on our capital stock. We intend to retain all available funds and any future earnings to fund the growth and development of our business.
We do not intend to pay cash dividends to our stockholders in the foreseeable future. In addition, the terms of the note purchase agreement
between us and GKCC, LLC restrict our ability to pay dividends and any future financing instruments could preclude us from paying dividends.
Any future determination to pay dividends will be made at the discretion of our board of directors subject to applicable laws, and will
depend upon, among other factors, our results of operations, financial condition, contractual restrictions and capital requirements.
Investors should not purchase our common stock with the expectation of receiving cash dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="r_008"></A>DILUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you invest in our common stock in this offering,
your ownership interest will be diluted to the extent of the difference between the offering price per share of our common stock in this
offering and the as adjusted net tangible book value per share of our common stock immediately after this offering. Our net tangible
book value as of March 31, 2026 was $(1,437,000), or $(0.08) per share of common stock. Net tangible book value per share represents
the amount of total tangible assets (total assets less intangible assets) less total liabilities, divided by the number of shares of
our common stock outstanding as of March 31, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After giving effect to our issuance and sale of
shares of common stock in this offering at an offering price of&thinsp; $3.43&nbsp;per share, and after deducting the placement agents&rsquo;
fees and estimated offering expenses payable by us, our as adjusted net tangible book value as of March 31, 2026 would have been approximately
$12.2&nbsp;million, or approximately $0.53&nbsp;per share. This represents an immediate increase in as adjusted net tangible book value
per share of&thinsp; $0.61&nbsp;to existing stockholders and immediate dilution of $2.90&nbsp;in as adjusted net tangible book value per
share to new 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 offering price per share paid by new investors. The following table illustrates this per
share dilution to the new investors purchasing shares of common stock in this offering:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering price per share</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.43</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 74%; padding-left: 9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net tangible book value per share as of March 31, 2026</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.08)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase in as adjusted net tangible book value per share attributable to this offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.61</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; padding-left: 9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As adjusted net tangible book value per share after this offering</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution per share to new investors participating in this offering</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.90</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above discussion and table are based on 18,639,895
shares of common stock outstanding as of March 31, 2026 and exclude:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">(i)
                                            119,275 shares of our common stock subject to stock options granted under the 2012 Plan at
                                            a weighted-average exercise price of $10.46 per share as of March 31, 2026; (ii) 471,108
                                            shares of our common stock subject to stock options granted under the 2022 Plan at a weighted-average
                                            exercise price of $3.86 per share as of March 31, 2026; (iii) 1,989,750 shares of our common
                                            stock subject to stock options granted under the 2021 Plan at a weighted-average exercise
                                            price of $16.33 per share as of March 31, 2026; and (iv) 543,085 shares of our common stock
                                            subject to stock options granted under the Inducement Plan at a weighted-average exercise
                                            price of $7.35 per share as of March 31, 2026;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">456,915
                                            shares of our common stock reserved for future issuance under the Inducement Plan as of March
                                            31, 2026;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">645,103
                                            shares of our common stock reserved for future issuance under the 2021 Plan as of March 31,
                                            2026;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">178,953
                                            shares of our common stock reserved for future issuance under the 2022 Plan as of March 31,
                                            2026;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">3,555,319
                                            shares of our common stock issuable upon the exercise of common warrants outstanding as of
                                            March 31, 2026 at a weighted average exercise price of $8.13 per share;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">2,632,702
                                            shares of our common stock issuable upon the exercise of pre-funded warrants outstanding
                                            as of March 31, 2026 at an exercise price of $0.01 per share;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">235,234
                                            shares of our common stock subject to unvested restricted stock units outstanding as of March
                                            31, 2026 at a weighted average grant date fair value of $8.10 per unit;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">453,312
                                            shares of our common stock reserved for future issuance under our ESPP as of March 31, 2026;
                                            and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">3,244,236
                                            shares of our common stock sold pursuant to our at-the-market offering program with B. Riley
                                            Securities, Inc., JonesTrading Institutional Services LLC and Ladenburg Thalmann &amp; Co.
                                            Inc. since March 31, 2026.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we may choose to raise additional
capital in the future through the sale of equity or convertible debt securities due to market conditions or strategic considerations,
even if we believe we have sufficient funds for our current or future operating plans. To the extent that any of our outstanding options,
common warrants or pre-funded warrants are exercised, new options or restricted stock units are issued under our equity incentive plans
or we issue additional shares of common stock or other equity or convertible debt securities in the future, there will be further dilution
to investors participating in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_002"></A>MATERIAL
U.S. FEDERAL INCOME TAX CONSEQUENCES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion is a summary of the
material U.S. federal income tax consequences to U.S. Holders and non-U.S. Holders (each as defined below) of the purchase, ownership,
and disposition of our common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential
tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or foreign
tax laws are not discussed. This discussion is based on the United States Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;),
Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S.
Internal Revenue Service (the &ldquo;IRS&rdquo;), in each case, as in effect as of the date of this offering. These authorities may change
or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that
could adversely affect a holder of our common stock. We have not sought and do not currently intend to seek any rulings from the IRS
regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to the discussion
below regarding the tax consequences of the purchase, ownership, and disposition of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This discussion is limited to holders that hold
our common stock as a &ldquo;capital asset&rdquo; within the meaning of Section 1221 of the Code (generally, property held for investment).
This discussion does not address all U.S. federal income tax consequences relevant to a holder&rsquo;s particular circumstances, including
the impact of the Medicare contribution tax on net investment income and the alternative minimum tax. In addition, it does not address
consequences relevant to holders subject to special rules, including, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">U.S.
                                            expatriates and former citizens or long-term residents of the United States;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons
                                            holding our common stock as part of a hedge, straddle or other risk reduction strategy, or
                                            as part of a conversion transaction or other integrated investment;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">banks,
                                            insurance companies, and other financial institutions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">real
                                            estate investment trusts or regulated investment companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">brokers,
                                            dealers, or traders in securities or currencies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;controlled
                                            foreign corporations&rdquo; (including &ldquo;specified foreign corporations&rdquo;), &ldquo;passive
                                            foreign investment companies,&rdquo; and corporations that accumulate earnings to avoid U.S.
                                            federal income tax;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">traders
                                            in securities who elect to apply a mark-to-market method of accounting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">S
                                            corporations (and stockholders thereof), partnerships or other entities or arrangements treated
                                            as pass-through entities for U.S. federal income tax purposes (and investors therein);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax-exempt
                                            organizations or governmental organizations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons
                                            who acquired our common stock in a transaction subject to the gain rollover provisions of
                                            the Code (including Section 1045 of the Code);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons
                                            that own, or have owned, directly, indirectly or constructively, more than 5% (by vote or
                                            value) of our common stock at any time (other than as expressly provided below);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons
                                            whose functional currency is not the U.S. dollar;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons
                                            deemed to sell our common stock under the constructive sale provisions of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons
                                            for whom our common stock constitutes &ldquo;qualified small business stock&rdquo; under
                                            Section 1202 of the Code or as &ldquo;section 1244 stock&rdquo; for purposes of Section 1244
                                            of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;qualified
                                            foreign pension funds&rdquo; as defined in Section 897(l)(2) of the Code and entities all
                                            of the interests of which are held by qualified foreign pension funds;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons
                                            who hold or receive our common stock pursuant to the exercise of any employee stock option
                                            or otherwise as compensation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax-qualified
                                            retirement plans.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a partnership (or other entity treated as
a partnership for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner in the partnership will depend
on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships
holding our common stock, and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax
consequences to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS DISCUSSION IS NOT TAX ADVICE. INVESTORS
SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS
AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP, AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE
OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tax Considerations Applicable to U.S. Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this discussion, a &ldquo;U.S.
holder&rdquo; means a beneficial owner (other than a partnership or other entity or arrangement classified as a partnership for U.S.
federal income tax purposes) of our common stock who is, for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                            individual who is a citizen or resident of the United States;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            corporation or any other organization taxable as a corporation for U.S. federal income tax
                                            purposes, created or organized under the laws of the United States or of any state thereof
                                            or the District of Columbia;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                            estate the income of which is subject to U.S. federal income taxation regardless of its source;
                                            or</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            trust if (1) a U.S. court is able to exercise primary supervision over the trust&rsquo;s
                                            administration and one or more U.S. persons has the authority to control all of the trust&rsquo;s
                                            substantial decisions or (2) the trust has a valid election in effect under applicable U.S.
                                            Treasury Regulations to be treated as a U.S. person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Distributions of Common Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have no present intention to pay cash dividends
on our common stock. However, if we do make distributions of cash or other property on our common stock (other than certain distributions
of our common stock), those distributions will generally constitute dividends for U.S. federal income tax purposes to the extent paid
from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. If the amount of such distributions
exceeds our current and accumulated earnings and profits, such excess will generally constitute a non-taxable return of capital and will
first be applied against and reduce, but not below zero, a U.S. Holder&rsquo;s adjusted tax basis in our common stock. Any excess will
be treated as capital gain and will be treated as described below under the subsection titled &ldquo;Sale or Other Taxable Disposition
of Common Stock.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends paid to a U.S. Holder of our common
stock that is a taxable corporation will generally qualify for the dividends received deduction if the requirements relating to the requisite
holding period are satisfied. With certain exceptions, and provided certain holding period requirements are met, dividends we pay to
a non-corporate U.S. Holder will generally constitute &ldquo;qualified dividends&rdquo; that currently are subject to tax at preferential
long-term capital gains rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sale or Other Taxable Disposition of Common
Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon a sale, taxable exchange or other taxable
disposition of our common stock, a U.S. Holder will generally recognize taxable gain or loss in an amount equal to the difference between
(1) the amount realized upon such sale, exchange or disposition and (2) the U.S. Holder&rsquo;s tax basis in the common stock. Such gain
or loss will generally be treated as long-term capital gain or loss if the common stock is held by the U.S. Holder for more than one
year at the time of such sale, exchange or disposition. The deductibility of capital losses is subject to certain limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Information Reporting and Backup Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information reporting requirements may apply
to dividends paid to a U.S. Holder and to the proceeds of the sale, exchange or other taxable disposition of our common stock, unless
the U.S. Holder is an exempt recipient (provided that, in the case of dividends paid to such exempt recipient, the exempt recipient is
not subject to backup withholding under Section 3406 of the Code). Backup withholding may apply to such payments if the U.S. Holder fails
to provide a taxpayer identification number or a certification of exempt status or has been notified by the IRS that it is subject to
backup withholding (and such notification has not been withdrawn). Backup withholding is not an additional tax. Any amounts withheld
under the backup withholding rules may be allowed as a refund or a credit against a U.S. Holder&rsquo;s U.S. federal income tax liability,
provided the required information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tax Considerations Applicable to Non-U.S.
Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this discussion, a &ldquo;non-U.S.
Holder&rdquo; is any beneficial owner of our common stock that is neither a U.S. Holder nor an entity or arrangement treated as a partnership
or other entity or arrangement treated as a pass-through entity for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Distributions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in the section titled &ldquo;Dividend
Policy,&rdquo; we do not intend to pay cash dividends to our stockholders in the foreseeable future. However, if we do make distributions
of cash or property on our common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent
paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts of any distribution that exceed our current
or accumulated earnings and profits and therefore are not treated as dividends for U.S. federal income tax purposes will constitute a
return of capital and first be applied against and reduce a non-U.S. holder&rsquo;s adjusted tax basis in our common stock, but not below
zero. Any distribution in excess of a non-U.S. holder&rsquo;s adjusted tax basis in our common stock will be treated as capital gain
and will be treated as described below under the section titled &ldquo;&mdash;Sale or Other Taxable Disposition of Common Stock.&rdquo;
Because we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made,
for purposes of the withholding rules discussed below we or the applicable withholding agent may treat the entire distribution as a dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion below on effectively
connected income, backup withholding and the Foreign Account Tax Compliance Act (&ldquo;FATCA&rdquo;), dividends paid to a non-U.S. holder
will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by
an applicable income tax treaty), provided the non-U.S. holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation)
certifying qualification for such lower rate under an income tax treaty between the United States and the country in which the non-U.S.
holder resides or is established. This certification must be provided to the applicable withholding agent prior to the payment of dividends
and must be updated periodically. A non-U.S. holder that does not timely furnish the required documentation, but that qualifies for a
reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS.
Non-U.S. holders should consult their tax advisors regarding their entitlement to benefits under any applicable tax treaties that may
provide for different rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
dividends paid to a non-U.S. holder are effectively connected with the non-U.S. holder&rsquo;s conduct of a trade or business within
the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the
United States to which such dividends are attributable), then the non-U.S. holder will be exempt from the U.S. federal withholding tax
described above. To claim the exemption, the non-U.S. holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI,
certifying that the dividends are </FONT>effectively connected with the non-U.S. holder&rsquo;s conduct of a trade or business within
the United States. This certification must be provided to the applicable withholding agent prior to the payment of dividends and must
be updated periodically. Any such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at
the regular rates. In addition, a non-U.S. holder that is a corporation may be subject to a branch profits tax at a rate of 30% (or such
lower rate specified by an applicable income tax treaty) on its effectively connected dividends, as adjusted for certain items. Non-U.S.
holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sale or Other Taxable Disposition of Common
Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion below regarding backup
withholding, a non-U.S. holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition
of our common stock unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            gain is effectively connected with the non-U.S. holder&rsquo;s conduct of a trade or business
                                            within the United States (and, if required by an applicable income tax treaty, the non-U.S.
                                            holder maintains a permanent establishment in the United States to which such gain is attributable);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            non-U.S. holder is a nonresident alien individual present in the United States for 183 days
                                            or more during the taxable year of the disposition (as calculated pursuant to Section 7701(b)
                                            of the Code) and certain other requirements are met; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            common stock constitutes a U.S. real property interest (&ldquo;USRPI&rdquo;), by reason of
                                            our status as a U.S. real property holding corporation, or USRPHC, for U.S. federal income
                                            tax purposes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gain described in the first bullet point above
will generally be subject to U.S. federal income tax on a net income basis at the regular rates. A non-U.S. holder that is a corporation
also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such
effectively connected gain, as adjusted for certain items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S. holder described in the second bullet
point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty)
on any gain realized upon the sale or other taxable disposition of our common stock, which may be offset by U.S. source capital losses
of the non-U.S. holder (even though the individual is not considered a resident of the United States), provided the non-U.S. holder has
timely filed U.S. federal income tax returns with respect to such losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the third bullet point above,
we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends,
however, on the fair market value of our USRPIs relative to the fair market value of our other business assets and our non-U.S. real
property interests, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were
to become a USRPHC, gain arising from the sale or other taxable disposition of our common stock by a non-U.S. holder will not be subject
to U.S. federal income tax if our common stock is &ldquo;regularly traded,&rdquo; as defined by applicable Treasury Regulations, on an
established securities market, and such non-U.S. holder owned, actually and constructively, 5% or less of our common stock throughout
the shorter of the five-year period ending on the date of the sale or other taxable disposition or the non-U.S. holder&rsquo;s holding
period for such common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-U.S. holders should consult their tax advisors
regarding potentially applicable income tax treaties that may provide for different rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information Reporting and Backup Withholding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments of dividends on our common stock will
not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the
holder is a United States person and the holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN,
W-8BEN-E, or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection
with any distributions on our common stock paid to the non-U.S. holder, regardless of whether such distributions constitute dividends
or whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our common stock within the
United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting
if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that
such holder is a United States person or the holder otherwise establishes an exemption. Proceeds of a disposition of our common stock
conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of information returns that are filed
with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country
in which the non-U.S. holder resides or is established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Backup withholding is not an additional tax.
Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a non-U.S. holder&rsquo;s U.S.
federal income tax liability, provided the required information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Withholding Tax on Payments Made
to Foreign Accounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Withholding taxes may be imposed under Sections
1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act, or FATCA) on certain types of
payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed
on dividends on our common stock paid to a &ldquo;foreign financial institution&rdquo; or a &ldquo;non-financial foreign entity&rdquo;
(each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2)
the non-financial foreign entity either certifies it does not have any &ldquo;substantial United States owners&rdquo; (as defined in
the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution
or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution
and is subject to the diligence and reporting requirements in clause (1) 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 &ldquo;specified United States
persons&rdquo; or &ldquo;United States owned foreign entities&rdquo; (each as defined in the Code), annually report certain information
about such accounts, and withhold 30% on certain payments to non-compliant foreign 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prospective investors should consult their tax
advisors regarding the potential application of withholding under FATCA to their investment in our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS DISCUSSION IS NOT TAX ADVICE. INVESTORS
SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS
AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP, AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE
OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.<BR STYLE="clear: both"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PLAN
OF DISTRIBUTION<A NAME="a_003"></A></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Titan Partners and B. Riley Securities have agreed to act as our placement
agents in connection with this offering subject to the terms and conditions of the placement agency agreement, dated July 1, 2026, between
us and Titan Partners (the &ldquo;Placement Agency Agreement&rdquo;). The placement agents are not purchasing or selling any of the securities
offered by this prospectus supplement nor are they required to arrange the purchase or sale of any specific number or dollar amount of
securities, but they have agreed to use their reasonable best efforts to arrange for the sale of all of the securities offered hereby.
Therefore, we have entered into a securities purchase agreement directly with each investor in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delivery of the securities offered hereby is expected to take place
on or about July 6, 2026, subject to the satisfaction of customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed to indemnify the placement agents against
specified liabilities, including, but not limited to, liabilities under the Securities Act, and to contribute to payments the
placement agents may be required to make in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Fees and
Expenses</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed to pay the placement agents a fee based on the aggregate
proceeds as set forth in the table below. The following table shows the per share and total cash fees we will pay to the Placement Agent
in connection with the sale of our securities offered pursuant to this prospectus supplement and the accompanying prospectus, assuming
the purchase of all of the securities offered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-bottom: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per Share</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3.25pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering price &nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; padding-top: 3.25pt; padding-right: 4.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; padding-top: 3.25pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.43</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3.25pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 17%; padding-top: 3.25pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,024,473.59</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placement agents&rsquo; fees &nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.24</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,051,713.15</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds to Elicio Therapeutics, Inc. before expenses &nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.19</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,973,198.47</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed to reimburse the placement agents at closing for
up to $75,000 of legal and other expenses incurred by  them in connection with this offering in an aggregate amount and $75,000 in
respect of non-accountable expenses incurred by Titan Partners. We have also agreed to pay the placement agents an aggregate cash
fee equal to 7.0% of the gross proceeds from this offering. Each of the placement agents may be deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities
Act, and any commissions received by it and any profit realized on the resale of the securities sold by it while acting as principal
might be deemed to be underwriting discounts or commissions under the Securities Act. As an underwriter, each placement agent would
be required to comply with the requirements of the Securities Act and the Exchange Act, including, without limitation, Rule 10b-5
and Regulation M under the Exchange Act. These rules and regulations may limit the timing of purchases and sales of securities by
the placement agents acting as principals. Under these rules and regulations, the placement agents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD>may not engage in any stabilization activity in connection with our securities; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD>may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as
permitted under the Exchange Act, until it has completed its participation in the distribution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Listing</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our shares of common stock are listed on The Nasdaq Capital Market
under the symbol &ldquo;ELTX.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>No Sale
of Similar Securities</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed that, without the prior written consent of Titan Partners,
from the date hereof until thirty (30) days after the closing of this offering, neither we nor any of our subsidiaries shall (i) issue,
enter into any agreement to issue or announce the issuance or proposed issuance of any shares of our common stock or common stock equivalents
or (ii) file any registration statement or any amendment or supplement thereto, subject to certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, pursuant to certain &ldquo;lock-up&rdquo; agreements,
our officers and directors have agreed for a period of thirty (30) days after the closing of the offering, that, subject to certain exceptions,
they shall not offer, sell, contract to sell, hypothecate, pledge or otherwise dispose of (or enter into any transaction which is designed
to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due
to cash settlement or otherwise) by the holder or any affiliate of the undersigned or any person in privity with the undersigned or any
affiliate of the holder), directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section 16 of the Exchange Act, with respect to, any Common Stock or securities convertible, exchangeable
or exercisable into, Common Stock beneficially owned, held or hereafter acquired by the holder or make any demand for or exercise any
right or cause to be filed a registration, including any amendments thereto, with respect to the registration of any Common Stock or Common
Stock equivalents or publicly disclose the intention to do any of the foregoing. These restrictions on future dispositions by our directors
and executive officers expressly permit transfers (i) as bona fide gifts or charitable contributions; (ii) to any immediate family member
or to a trust for the direct or indirect benefit of the holder or an immediate family member; (iii)&nbsp;to a corporation, partnership,
limited liability company or other business entity of which the holder and/or one or more immediate family members are the legal and beneficial
owners; (iv) if the holder is a corporation, partnership, limited liability company, trust or other business entity, (a) to another corporation,
partnership, limited liability company, trust or other business entity that is an affiliate of the holder, (b) in the form of a distribution
to limited partners, limited liability company members or stockholders of the holder, or (c) in connection with a sale, merger or transfer
of all or substantially all of the assets of the holder or any other change of control of the holder, not undertaken for the purpose of
avoiding the lock-up; (v) if the holder is a trust, to the beneficiary of such trust; (vi) by will, other testamentary document or intestate
succession to the legal representative, heir, beneficiary or a member of the immediate family of the holder; (vii) to the Company (a)
pursuant to any contractual arrangement that provides for the repurchase of the holder&rsquo;s securities by the Company, (b) in connection
with the termination of the holder&rsquo;s employment or other service relationship with the Company or (c) upon the holder&rsquo;s death
or disability; (viii) to the Company pursuant to the vesting, settlement or exercise of restricted stock units, restricted stock, options,
warrants or other rights to purchase shares of Common Stock, including for the payment of exercise price and tax and remittance payments
due as a result of the vesting, settlement or exercise of such securities, subject to certain conditions; (ix) by operation of law, such
as pursuant to a qualified domestic relations order, divorce settlement, divorce decree or settlement agreement; (x) pursuant to an order
of a court or regulatory agency having jurisdiction over the holder; or (xi) pursuant to a bona fide third-party tender offer, merger,
consolidation, liquidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders
of the Company&rsquo;s capital stock involving a change of control of the Company; provided that in the event that such tender offer,
merger, consolidation, liquidation or other similar transaction is not completed, the holder&rsquo;s Securities shall remain subject to
the lock-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other Activities
and Relationships</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Placement Agent is a full-service financial institution engaged
in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management,
principal investment, hedging, financing and brokerage activities. The Placement Agent and its affiliates may, from time to time, engage
in transactions with and perform services for us in the ordinary course of its business for which it may receive customary fees and reimbursement
of expenses. In the ordinary course of its various business activities, the Placement Agent and its affiliates may make or hold a broad
array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (which
may include bank loans and/or credit default swaps) for its own account and for the accounts of its customers and may at any time hold
long and short positions in such securities and instruments. Such investments and securities activities may involve securities and/or
instruments of ours or our affiliates. The Placement Agent and its affiliates may also make investment recommendations and/or publish
or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that
they acquire, long and/or short positions in such securities and instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Electronic
Distribution</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement and the accompanying prospectus may be made
available in electronic format on a website maintained by the Placement Agent and the Placement Agent may distribute this prospectus supplement
and the accompanying prospectus electronically. The Placement Agent&rsquo;s address is 4 World Trade Center, 49th Floor, New York, NY
10007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_004"></A>LEGAL
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The
                                            validity of the securities offered hereby will be passed upon for us by Mintz, Levin, Cohn,
                                            Ferris, Glovsky and Popeo, P.C. Certain legal matters in connection with this offering will
                                            be passed upon for the placement agents by Alston &amp; Bird LLP.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_005"></A>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The consolidated financial
statements of Elicio Therapeutics, Inc. appearing in its <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1601485/000160148526000027/angn-20251231.htm" STYLE="-sec-extract: exhibit">Annual
Report (Form&nbsp;10-K) for the year ended December&nbsp;31, 2025</A>, as amended, incorporated by reference in this prospectus, have
been audited by Baker Tilly US, LLP, independent registered public accounting firm, as stated in their report, which is incorporated
herein by reference. Such consolidated financial statements have been so incorporated by reference in reliance upon the report of such
firm given their authority as experts in accounting and auditing. The report on the consolidated financial statements contains an explanatory
paragraph regarding the Company&rsquo;s ability to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_006"></A>WHERE
YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Available Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement is part of a registration
statement on Form S-3 that we have filed with the SEC. This prospectus supplement, filed as part of the registration statement, does
not contain all the information set forth in the registration statement and its exhibits and schedules, portions of which have been omitted
as permitted by the rules and regulations of the SEC. For further information about us, we refer you to the registration statement and
to its exhibits and schedules. Certain information in the registration statement has been omitted from this prospectus supplement in
accordance with the rules of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are subject to the reporting and information requirements of the Exchange Act and, in accordance therewith, file annual, quarterly and
special reports, proxy statements and other information with the SEC. These documents also may be accessed through the SEC&rsquo;s electronic
data gathering, analysis and retrieval system, or EDGAR, via electronic means, including the SEC&rsquo;s home page on the Internet (www.sec.gov).
Written requests for such copies should be directed to Elicio Therapeutics, Inc., </FONT>451 D Street, 5<SUP>th</SUP> Floor, Boston,
MA 02210, telephone: (857) 209-0050 and our website is located at www.elicio.com. Information contained on our website is not incorporated
by reference into this prospectus supplement or the accompanying prospectus and, therefore, is not part of this prospectus supplement
or the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have the authority to designate and issue
more than one class or series of stock having various preferences, conversion and other rights, voting powers, restrictions, limitations
as to dividends, qualifications, and terms and conditions of redemption. See &ldquo;Description of Capital Stock&rdquo; in the accompanying
base prospectus. We will furnish a full statement of the relative rights and preferences of each class or series of our stock which has
been so designated and any restrictions on the ownership or transfer of our stock to any stockholder upon request and without charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Incorporation by Reference</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC&rsquo;s rules allow us to &ldquo;incorporate
by reference&rdquo; information into this prospectus supplement and the accompanying prospectus, which means that we can disclose important
information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed
to be part of this prospectus supplement and the accompanying prospectus, and subsequent information that we file with the SEC will automatically
update and supersede that information. Any statement contained in a previously filed document incorporated by reference will be deemed
to be modified or superseded for purposes of this prospectus supplement and the accompanying prospectus to the extent that a statement
contained in this prospectus supplement or the accompanying prospectus modifies or replaces that statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incorporate by reference the following information
or documents that we have filed with the SEC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001601485/000160148526000027/angn-20251231.htm">March
                                            12, 2026</A>, as amended on Form 10-K/A filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001601485/000160148526000035/angn-20251231.htm">April
                                            29, 2026</A>;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1601485/000160148526000042/eltx-20260331.htm" STYLE="-sec-extract: exhibit">our
                                            Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on
                                            May 11, 2026;</A></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                            Current Reports on Form 8-K filed with the SEC <FONT STYLE="background-color: white">on </FONT></FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001601485/000160148526000032/angn-20260316.htm"><FONT STYLE="font-size: 10pt; background-color: white">March
                                            16, 2026</FONT></A><FONT STYLE="font-size: 10pt; background-color: white">, </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001601485/000160148526000041/eltx-20260511.htm"><FONT STYLE="font-size: 10pt; background-color: white">May
                                            11, 2026</FONT></A>, <FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1601485/000160148526000046/angn-20260615.htm" STYLE="-sec-extract: exhibit">June
                                            15, 2026</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1601485/000160148526000048/angn-20260617.htm" STYLE="-sec-extract: exhibit">June
                                            17, 2026</A> to the extent information therein is filed and not furnished; and</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            description of our common stock contained in our Registration Statement on Form 8-A filed
                                            with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/1601485/000110465921010887/a20-5764_88a12b.htm">February
                                            2, 2021</A>, including any amendments or reports filed for the purposes of updating this
                                            description.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incorporate by reference into this prospectus
supplement and accompanying prospectus all reports and other documents we subsequently file with the SEC pursuant to Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act, between the date of this prospectus supplement and the termination of the offering of the securities
described in this prospectus supplement. We are not, however, incorporating by reference any documents or portions thereof, whether specifically
listed above or filed in the future, that are not deemed &ldquo;filed&rdquo; with the SEC, including any information furnished pursuant
to Items 2.02 or 7.01 of Form 8-K or related exhibits furnished pursuant to Item 9.01 of Form 8-K. The reports and documents specifically
listed above or filed in the future (excluding any information furnished to, rather than filed with, the SEC) are deemed to be part of
this prospectus supplement and accompanying prospectus from the date of the filing of such reports and documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may request a free copy of any of the documents
incorporated by reference in this prospectus supplement (other than exhibits, unless they are specifically incorporated by reference
in the documents) by writing or telephoning us at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ELICIO
THERAPEUTICS, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>451
D Street, 5<SUP>th</SUP> floor</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Boston,
Massachusetts 02210</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Telephone:
(857) 209-0050</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibits to the filings will not be sent, however,
unless those exhibits have specifically been incorporated by reference in this prospectus supplement and the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;<IMG SRC="tm2619264d1_424b5sp3img02.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">ELICIO THERAPEUTICS,
INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$400,000,000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Common Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Preferred Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Debt Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Warrants</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Units</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">This
prospectus will allow us to issue, from time to time at prices and on terms to be determined at or prior to the time of the offering,
up to $400,000,000 of any combination of the securities described in this prospectus, either individually or in units. We may also offer
common stock or preferred stock upon conversion of or exchange for the debt securities; common stock or preferred stock or debt securities
upon the exercise of warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">This
prospectus describes the general terms of these securities and the general manner in which these securities will be offered. We will
provide you with the specific terms of any offering in one or more supplements to this prospectus. The prospectus supplements will also
describe the specific manner in which these securities will be offered and may also supplement, update or amend information contained
in this document. You should read this prospectus and any prospectus supplement, as well as any documents incorporated by reference into
this prospectus or any prospectus supplement, carefully before you invest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
securities may be sold directly by us to you, through agents designated from time to time to or through underwriters or dealers. For
additional information on the methods of sale, you should refer to the section entitled &ldquo;Plan of Distribution&rdquo; in this prospectus
and in the applicable prospectus supplement. If any underwriters or agents are involved in the sale of our securities with respect to
which this prospectus is being delivered, the names of such underwriters or agents and any applicable fees, commissions or discounts
and over-allotment options will be set forth in a prospectus supplement. The price to the public of such securities and the net proceeds
that we expect to receive from such sale will also be set forth in a prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
common stock is traded on The Nasdaq Capital Market under the symbol &ldquo;ELTX.&rdquo; On March 10, 2026, the last reported sale price
of our common stock on The Nasdaq Capital Market was $12.90 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
are an &ldquo;emerging growth company&rdquo; and a &ldquo;smaller reporting company&rdquo; under applicable Securities and Exchange Commission
rules and are subject to reduced public company reporting requirements. See &ldquo;About Elicio&mdash;Implications of Being an Emerging
Growth Company and a Smaller Reporting Company.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Investing
in our securities involves risks. See &ldquo;<A HREF="#a_003">Risk Factors</A>&rdquo; at page <A HREF="#a_003">5</A> of this prospectus
and under similar headings in the documents that are incorporated by reference into this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed
upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">This
prospectus may not be used to consummate sales of securities unless it is accompanied by a prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">The date of this
prospectus is March 16, 2026.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">TABLE OF CONTENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 94%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 6%"><U>Page</U></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT
    THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT
    ELICIO</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK
    FACTORS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL
    NOTE REGARDING FORWARD-LOOKING INFORMATION</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF
    PROCEEDS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE SECURITIES
    WE MAY OFFER</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF WARRANTS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF UNITS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN
    OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL
    MATTERS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION
    OF CERTAIN DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#ck_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE
    YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ck_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">No
dealer, salesperson or other person has been authorized to give any information or to make any representations other than those contained
or incorporated by reference in this prospectus or any accompanying prospectus supplement in connection with the offer made by this prospectus
or any accompanying prospectus supplement and, if given or made, such information or representations must not be relied upon as having
been authorized by Elicio Therapeutics, Inc. or any such person. Neither the delivery of this prospectus or any accompanying prospectus
supplement nor any sale made hereunder and thereunder shall under any circumstances create an implication that there has been no change
in the affairs of Elicio Therapeutics, Inc. since the date hereof. This prospectus or any accompanying prospectus supplement does not
constitute an offer or solicitation by anyone in any state in which such offer or solicitation is not authorized or in which the person
making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_001"></A>ABOUT
THIS PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">This
prospectus is part of a registration statement that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), using
a &ldquo;shelf&rdquo; registration process. Under this shelf process, we may sell any combination of the securities described in this
prospectus in one or more offerings up to a total dollar amount of $400,000,000. We have provided to you in this prospectus a general
description of the securities we may offer. Each time we sell securities under this shelf registration process, we will provide a prospectus
supplement that will contain specific information about the terms of the offering. We may also add, update or change any of the information
contained in this prospectus in the prospectus supplement or any &ldquo;free writing prospectus&rdquo; we may authorize to be delivered
to you. To the extent there is a conflict between the information contained in this prospectus and the prospectus supplement or any free
writing prospectus we may authorize to be delivered to you, you should rely on the information in the prospectus supplement or free writing
prospectus, as the case may be, provided that if any statement in one of these documents is inconsistent with a statement in another
document having a later date-for example, a document incorporated by reference in this prospectus or any prospectus supplement-the statement
in the document having the later date modifies or supersedes the earlier statement. This prospectus, together with the applicable prospectus
supplements and any free writing prospectus we may authorize to be delivered to you, includes all material information relating to a
particular offering.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">An
investment in our securities involves certain risks that should be carefully considered by prospective investors. See &ldquo;Risk Factors&rdquo;
on page <A HREF="#a_003">5</A> of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">You
should read this prospectus and any prospectus supplement as well as additional information described under &ldquo;Incorporation of Certain
Documents by Reference&rdquo; and &ldquo;Where You Can Find More Information&rdquo; in this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_002"></A>ABOUT
ELICIO</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt"><FONT STYLE="font-size: 10pt">Overview</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
are a clinical-stage biotechnology company advancing novel immunotherapies for the treatment of cancer, including mutant Kirsten rat
sarcoma viral oncogene homolog (&ldquo;mKRAS&rdquo;)-positive pancreatic cancer, colorectal cancer (&ldquo;CRC&rdquo;), lung cancer and
other mKRAS positive cancers. We intend to build on recent clinical successes in the personalized cancer immunotherapy space to develop
effective, off-the-shelf immunotherapies. Our proprietary AMP technology aims to enhance the education, activation and amplification
of cancer-specific T cells relative to conventional immunotherapy strategies, with the goal of promoting durable cancer immunosurveillance
in patients. Recent advances have identified T cell responses as a key component of effective cancer immunotherapy and we believe our
AMP technology can generate robust T cell responses in patients that can potentially translate to meaningful clinical benefit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
believe the therapeutic utility of currently approved and development stage cancer immunotherapies is limited in many cases due to their
inability to sufficiently localize to lymph nodes and adequately engage with the critical immune cells responsible for stimulating adaptive
immunity. Our AMP technology is specifically intended to localize payloads to lymph nodes leading to the generation of a robust T cell
response that we believe is critical to generate an anticancer immune response.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
lead programs focus on our cancer immunotherapy product candidates, which target biologically validated driver tumor mutations using
common and well-characterized neoantigens. This strategy results in an &ldquo;off-the-shelf&rdquo; therapeutic option allowing patients
to receive treatment without delays due to manufacturing timelines and without the increased costs associated with personalized immunotherapy
approaches.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
clinical pipeline includes the lymph node targeted cancer immunotherapy ELI-002 7P, currently being evaluated in a Phase 2 study, designed
to stimulate an immune response against mKRAS pancreatic ductal adenocarcinoma (&ldquo;PDAC&rdquo;), the most common form of pancreatic
cancer. The ELI-002 7P formulation is designed to provide broad immune responses targeting seven Kirsten rat sarcoma viral oncogene homolog
mutations that are observed in approximately 88% of PDAC patients and 25% of all solid tumors, thereby increasing the potential patient
population for ELI-002 7P beyond PDAC alone. In August 2025, we announced that following the Independent Data Monitoring Committee&rsquo;s
(&ldquo;IDMC&rdquo;) pre-specified interim review of unblinded safety and efficacy data in our Phase 2 AMPLIFY-7P study in mKRAS-driven
PDAC, the IDMC recommended that the trial continue to the final analysis without modifications. In addition, the IDMC confirmed the favorable
safety profile of ELI-002 7P as of such date. We anticipate the final disease-free survival analysis to occur in the first half of 2026.
ELI-002 2P (2-peptide formulation) has been studied previously in the Phase 1 (AMPLIFY-201) trial in patients with high relapse risk
mKRAS-driven solid tumors, following surgery and chemotherapy. ELI-002 2P and ELI-002 7P also have been studied in patients with mKRAS-positive
CRC in Phase 1 studies. The AMPLIFY-201 Phase 1 data for PDAC and CRC was presented at the ESMO Immuno-Oncology Congress 2024 and published
in <U>Nature Medicine</U> (Wainberg et al, 2025) and included a 16.3-month median recurrence-free survival and 28.9-month median overall
survival for the full study population. In the future, we plan to expand ELI-002 7P to other indications including mKRAS positive lung
cancer and other mKRAS positive cancers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
preclinical pipeline includes the lymph node targeted immunotherapies ELI-007, currently being evaluated in preclinical studies for the
treatment of mutant b-raf murine sarcoma viral oncogene homolog B1-driven cancers, and ELI-008, currently being evaluated in preclinical
studies for use in the treatment of mutated tumor protein p53- expressing cancers. We believe that each of our immunotherapy product
candidates, if approved, has the potential to reduce the risk of recurrence of tumors carrying specific oncogenic driver mutations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt"><FONT STYLE="font-size: 10pt">Corporate
Information</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Elicio
Therapeutics, Inc. (&ldquo;Elicio&rdquo; or the &ldquo;Company&rdquo;) was incorporated in Delaware as Vedantra Pharmaceuticals Inc.
in August 2011. In 2023, the Company completed a reverse merger transaction with Angion Biomedica Corp. (&ldquo;Angion&rdquo;), a clinical-stage
biotechnology company, Arkham Merger Sub, Inc., a wholly owned subsidiary of Angion (&ldquo;Merger Sub&rdquo;), and Elicio Operating
Company, Inc. (&ldquo;Former Elicio&rdquo;), pursuant to which Merger Sub merged with and into Former Elicio, with Former Elicio surviving
the merger as a wholly owned subsidiary of Angion (the &ldquo;Merger&rdquo;). On June 1, 2023, the Company completed the Merger in accordance
with the terms and conditions of the Merger Agreement and Angion changed its name from &ldquo;Angion Biomedica Corp.&rdquo; to &ldquo;Elicio
Therapeutics, Inc.&rdquo;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
principal executive office is located at 451 D Street, 5th Floor, Boston, Massachusetts 02210. Our telephone number is (857) 209-0050
and the corporate website address is www.elicio.com. Our website address in this registration statement is included only as an inactive
textual reference and is not intended to be an active link to our website. The information on the website is not incorporated by reference
into this registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports, as well
as other documents filed with the SEC, are available free of charge through the Investors section of our website as soon as reasonably
practicable after such material is electronically filed with or furnished to the SEC. The public can obtain documents that are filed
with the SEC at www.sec.gov.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt"><FONT STYLE="font-size: 10pt">Implications
of Being an Emerging Growth Company and a Smaller Reporting Company</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
qualify as an &ldquo;emerging growth company&rdquo; as defined in the Jumpstart Our Business Startups (&ldquo;JOBS&rdquo;) Act. For so
long as we remain an emerging growth company, we may take advantage of relief from certain reporting requirements and other burdens that
are otherwise applicable generally to public companies. These provisions include:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 65.7pt; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">reduced
obligations with respect to financial data, including only being required to present two years of audited financial statements, in addition
to any required unaudited interim financial statements with correspondingly reduced &ldquo;Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations&rdquo; disclosure;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 65.7pt; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 65.7pt; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;an
exception from compliance with the auditor attestation requirements of Section&#8239;404 of the Sarbanes-Oxley Act of 2002, as amended;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 65.7pt; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 65.7pt; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;reduced
disclosure about our executive compensation arrangements in our periodic reports, proxy statements and registration statements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 65.7pt; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 65.7pt; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;exemptions
from the requirements of holding&#8239;non-binding&#8239;advisory votes on executive compensation or golden parachute arrangements; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 65.7pt; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 65.7pt; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;an
exemption from compliance with the requirements of the Public Company Accounting Oversight Board regarding the communication of critical
audit matters in the auditor&rsquo;s report on financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 65.7pt; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may take advantage of these provisions until we no longer qualify as an emerging growth company. We will cease to qualify as an emerging
growth company on the date that is the earliest of: (i)&#8239;December&#8239;31, 2026, (ii) the last day of the fiscal year in which
we have more than $1.235&#8239;billion in total annual gross revenues, (iii)&#8239;the date on which we are deemed to be a &ldquo;large
accelerated filer&rdquo; under the rules of the SEC, or (iv)&#8239;the date on which we have issued more than $1.0&#8239;billion of&#8239;non-convertible&#8239;debt
over the prior three-year period. We may choose to take advantage of some but not all of these reduced reporting burdens. We have taken
advantage of certain reduced reporting requirements in this prospectus supplement. Accordingly, the information contained herein may
be different than you might obtain from other public companies in which you hold equity interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">In
addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those
standards apply to private companies. We have elected to take advantage of the extended transition period to comply with new or revised
accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result
of the accounting standards election, we will not be subject to the same implementation timing for new or revised accounting standards
as other public companies that are not emerging growth companies, which may make comparison of our financials to those of other public
companies more difficult. As a result of these elections, the information that we provide in this prospectus supplement may be different
than the information you may receive from other public companies in which you hold equity interests. In addition, it is possible that
some investors will find our common stock less attractive as a result of these elections, which may result in a less active trading market
for our common stock and higher volatility in our share price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 33.3pt; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
are also a &ldquo;smaller reporting company,&rdquo; meaning that the market value of our shares held by&#8239;non-affiliates&#8239;is
less than $700&#8239;million and our annual revenue was less than $100&#8239;million during the most recently completed fiscal year.
We may continue to be a smaller reporting company if either (i) the market value of our shares held by non-affiliates is less than $250
million or (ii) our annual revenue was less than $100 million during the most recently completed fiscal year and the market value of
our shares held by non-affiliates is less than $700 million. If we are a smaller reporting company at the time we cease to be an emerging
growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies.
Specifically, as a smaller reporting company, we may choose to present only the two most recent fiscal years of audited financial statements
in our Annual Report on Form&#8239;10-K&#8239;and, similar to emerging growth companies, smaller reporting companies have reduced disclosure
obligations regarding executive compensation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_003"></A>RISK
FACTORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Investing
in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties and all other information,
documents or reports included or incorporated by reference in this prospectus and, if applicable, any prospectus supplement or other
offering materials, including the risks and uncertainties discussed and described in Part I, Item 1A (Risk Factors) of our most recent
<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1601485/000160148526000027/angn-20251231.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 12, 2026</A>, as updated by our subsequent filings
with the SEC under the Securities Exchange Act, as amended (the &ldquo;Exchange Act&rdquo;), which are incorporated by reference, in
this prospectus, and any updates to those risk factors included from time to time in our periodic and current reports filed with the
SEC and incorporated by reference in this prospectus, before making any decision to invest in shares of our common stock. If any of the
events discussed in these risk factors occurs, our business, prospects, results of operations, financial condition and cash flows could
be materially harmed. If that were to happen, the trading price of our common stock could decline, and you could lose all or part of
your investment. Additional risks not currently known to us or other factors not perceived by us to present significant risks to our
business at this time also may impair our business operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_004"></A>SPECIAL
NOTE REGARDING FORWARD-LOOKING INFORMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">This
prospectus and the documents we have filed with the SEC that are incorporated by reference contain &ldquo;forward-looking statements&rdquo;
within the meaning of Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and Section 21E of the
Exchange Act that involve substantial risks and uncertainties. In some cases, forward-looking statements are identified by the words
 &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;future,&rdquo; &ldquo;goals,&rdquo; &ldquo;intend,&rdquo; &ldquo;likely,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;ongoing,&rdquo;
 &ldquo;objective,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;seek,&rdquo;
 &ldquo;should,&rdquo; &ldquo;strategy,&rdquo; &ldquo;will&rdquo; and &ldquo;would&rdquo; or the negative of these terms, or other comparable
terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information
expressed or implied by these forward-looking statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Although
we believe that we have a reasonable basis for each forward-looking statement contained in this prospectus and the documents that we
have filed with the SEC that are incorporated by reference, such statements are based on a combination of facts and factors currently
known by us and our expectations of the future, about which we cannot be certain. Forward-looking statements include statements about:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
financial condition, including our ability to obtain the funding necessary to advance the development of ELI-002 7P and any other current
or future product candidates, our ability to continue as a going concern and our cash runway;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
ability of our clinical trials to demonstrate safety and efficacy of our product candidates, and other positive results;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
ability to utilize our platform to develop a pipeline of product candidates to address unmet needs in oncology and other disease areas;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
timing, progress and results of clinical trials for ELI-002 7P, and other current or future product candidates we may develop, including
statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which
the results of the studies or trials will become available, and the timing, progress and results of our research and development programs;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
timing, scope and likelihood of regulatory filings and approvals, including timing of Investigational New Drug applications and U.S.
Food and Drug Administration (&ldquo;FDA&rdquo;) approval of ELI-002 7P and any current or future product candidates;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
timing, scope or likelihood of foreign regulatory filings and approvals;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
ability to develop and advance our current product candidates and programs into, and successfully complete, clinical studies;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
manufacturing, commercialization, marketing capabilities, strategy and associated timelines;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
need to hire additional personnel and our ability to attract and retain such personnel;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
size of the market opportunity for our product candidates, including estimates of the number of patients who suffer from the diseases
we are targeting;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;expectations
regarding the approval and use of our product candidates in combination with other drugs;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;expectations
regarding potential for accelerated approval or other expedited regulatory designation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
competitive position and the success of competing therapies that are or may become available;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
anticipated research and development activities and projected expenditures;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;existing
regulations and regulatory developments in the United States, Europe and other jurisdictions;</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
extent to which global economic and political developments, including the ongoing conflict between Ukraine and Russia, the conflicts
in the Middle East, including the conflict between Israel and Palestine and the conflict between Israel and Iran, geopolitical tensions
with China, and other geopolitical events, as well as the macroeconomic conditions, including tariffs, inflation, volatility in interest
rates, potential for economic slowdown or recession and potential government shutdowns, will affect our business operations, clinical
trials, or financial condition;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
expectations regarding other macroeconomic trends;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
intellectual property position, including the scope of protection we are able to establish and maintain for intellectual property rights
covering ELI-002 7P, other current or future product candidates we may develop, including the extensions of existing patent terms where
available, the validity of intellectual property rights held by third parties, and our ability not to infringe, misappropriate or otherwise
violate any third-party intellectual property rights;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
continued reliance on third parties to conduct additional clinical trials of our product candidates, and for the manufacture of our product
candidates for clinical trials;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
ability to have manufactured sufficient supplies of drug product for clinical testing and commercialization;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
ability to obtain, and negotiate favorable terms of, any collaboration, licensing or other arrangements that may be necessary or desirable
to develop, manufacture or commercialize our product candidates;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
estimates regarding expenses, future revenue, capital requirements and needs for additional financing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
projected financial performance;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
anticipated use of proceeds from potential financing activities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
period over which we estimate our existing cash and cash equivalents will be sufficient to fund our planned operating expenses and capital
expenditure requirements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
potential impact of anticipated funding pressures and the expected effect from U.S. export controls and tariffs;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
impact of laws and regulations; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;other
risks and uncertainties, including those listed under the section &ldquo;Risk Factors&rdquo; included or incorporated by reference in
this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Any
forward-looking statements in this prospectus reflect our current views with respect to future events or to our future financial performance
and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to
be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.
Factors that may cause actual results to differ materially from current expectations include, among others, our ability to raise the
additional funding we will need to continue to pursue our business and product development plans; the inherent uncertainties associated
with developing new product candidates or technologies and operating as a development stage company; our ability to develop, complete
clinical trials for, obtain approvals for and commercialize any of our product candidates, including our ability to recruit and enroll
patients in our studies; our ability to address the requests of the FDA; competition in the industry in which we operate; and market
conditions. You should refer to the section titled &ldquo;Risk Factors&rdquo; of this prospectus and under similar headings in our most
recent Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 12, 2026, as updated by our subsequent
filings with the SEC under the Exchange Act, for further discussion of the important factors that may cause our actual results to differ
materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure that the
forward-looking statements in this prospectus or the documents we have filed with the SEC that are incorporated by reference will prove
to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the
significant uncertainties in these forward-looking statements, these statements should not be regarded as representations or warranties
by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation
to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required
by law.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">In
addition, statements that &ldquo;we believe&rdquo; and similar statements reflect our beliefs and opinions on the relevant subject. These
statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms
a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate
that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are
inherently uncertain and investors are cautioned not to unduly rely upon these statements as predictions of future events.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">You
should read this prospectus, the documents that we have incorporated by reference herein and the documents we have filed as exhibits
to the registration statement, completely and with the understanding that our actual future results may be materially different from
what we expect. We qualify all of our forward-looking statements by these cautionary statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_005"></A>USE
OF PROCEEDS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Unless
otherwise provided in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities under this
prospectus for working capital, including research and development, expansion of our business, strategic transactions and other general
corporate purposes. We will set forth in the prospectus supplement our intended use for the net proceeds received from the sale of any
securities. Pending the use of the net proceeds, we may use the net proceeds to invest in investment-grade, interest-bearing securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_006"></A>THE
SECURITIES WE MAY OFFER</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
descriptions of the securities contained in this prospectus, together with the applicable prospectus supplements, summarize all the material
terms and provisions of the various types of securities that we may offer. We will describe in the applicable prospectus supplement relating
to any securities the particular terms of the securities offered by that prospectus supplement. The terms of the securities may differ
from the terms we have summarized below, and will be indicated as such, if applicable, in the applicable prospectus supplement. We will
also include in the prospectus supplement information, where applicable, about material United States federal income tax considerations
relating to the securities, and the securities exchange, if any, on which the securities will be listed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may sell from time to time, in one or more offerings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;common
stock;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;preferred
stock;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;debt
securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;warrants
to purchase any of the securities listed above; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;units
consisting of any combination of the securities listed above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">In
this prospectus, we refer to the common stock, preferred stock, debt securities, warrants and units collectively as &ldquo;securities.&rdquo;
The total dollar amount of all securities that we may sell will not exceed $400,000,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">If
we issue debt securities at a discount from their original stated principal amount, then, for purposes of calculating the total dollar
amount of all securities issued under this prospectus, we will treat the initial offering price of the debt securities as the total original
principal amount of the debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">This
prospectus may not be used to consummate a sale of securities unless it is accompanied by a prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_007"></A>DESCRIPTION
OF CAPITAL STOCK</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
authorized capital stock consists of 300,000,000 shares of common stock, $0.01 par value per share, and 10,000,000 shares of preferred
stock, $0.01 par value per share. A description of the material terms and provisions of our amended and restated certificate of incorporation,
as amended, and amended and restated bylaws affecting the rights of holders of our capital stock is set forth below. The description
is intended as a summary, and is qualified in its entirety by reference to our amended and restated certificate of incorporation, as
amended, and the amended and restated bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Common Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Voting
Rights.</I> Each holder of our common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders,
including the election of directors. Our stockholders do not have cumulative voting rights in the election of directors. Accordingly,
holders of a majority of the voting shares are able to elect all of the directors. In addition, the affirmative vote of holders of 662&#8725;3%
of the voting power of all of the then outstanding voting stock is required to take certain actions, including amending certain provisions
of our amended and restated certificate of incorporation, as amended, such as the provisions relating to amending our amended and restated
bylaws, the classified board and director liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Dividends.</I>
Subject to preferences that may be applicable to any then outstanding preferred stock, holders of our common stock are entitled to receive
dividends, if any, as may be declared from time to time by our board of directors out of legally available funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Liquidation.</I>
In the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to share ratably in the net
assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities and the satisfaction
of any liquidation preference granted to the holders of any then outstanding shares of preferred stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Rights
and Preferences.</I> Holders of our common stock have no preemptive, conversion, subscription or other rights, and there are no redemption
or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock
are subject to and may be adversely affected by the rights of the holders of shares of any series of our preferred stock that we may
designate in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Fully
Paid and Nonassessable.</I> All of our outstanding shares of common stock are fully paid and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Preferred Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
board of directors is authorized, subject to limitations prescribed by Delaware law, to issue up to 10,000,000 shares of preferred stock
in one or more series, to establish from time to time the number of shares to be included in each series and to fix the designation,
powers, preferences and rights of the shares of each series and any of its qualifications, limitations or restrictions. Our board of
directors can also increase or decrease the number of shares of any series, but not below the number of shares of that series then outstanding,
without any further vote or action by the Company&rsquo;s stockholders. Our board of directors may authorize the issuance of preferred
stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of the common stock.
The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could,
among other things, have the effect of delaying, deferring, discouraging or preventing a change in control of us and may adversely affect
the market price of our common stock and the voting and other rights of the holders of common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
will fix the designations, voting powers, preferences and rights of the preferred stock of each series we issue under this prospectus,
as well as the qualifications, limitations or restrictions thereof, in the certificate of designation relating to that series. We will
file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference from reports that
we file with the SEC, the form of any certificate of designation that contains the terms of the series of preferred stock we are offering.
We will describe in the applicable prospectus supplement the terms of the series of preferred stock being offered, including, to the
extent applicable:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
title and stated value;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
number of shares we are offering;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
liquidation preference per share;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
purchase price;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
dividend rate, period and payment date and method of calculation for dividends;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;whether
dividends will be cumulative or non-cumulative and, if cumulative, the date from which dividends will accumulate;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
procedures for any auction and remarketing, if applicable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
provisions for a sinking fund, if applicable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
provisions for redemption or repurchase, if applicable, and any restrictions on our ability to exercise those redemption and repurchase
rights;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
listing of the preferred stock on any securities exchange or market;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;whether
the preferred stock will be convertible into our common stock, and, if applicable, the conversion price, or how it will be calculated,
and the conversion period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;whether
the preferred stock will be exchangeable into debt securities, and, if applicable, the exchange price, or how it will be calculated,
and the exchange period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;voting
rights of the preferred stock;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;preemptive
rights, if any;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;restrictions
on transfer, sale or other assignment;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;whether
interests in the preferred stock will be represented by depositary shares;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;a
discussion of material United States federal income tax considerations applicable to the preferred stock;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
relative ranking and preferences of the preferred stock as to dividend rights and rights if we liquidate, dissolve or wind up our affairs;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
limitations on the issuance of any class or series of preferred stock ranking senior to or on a parity with the series of preferred stock
as to dividend rights and rights if we liquidate, dissolve or wind up our affairs; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
other specific terms, preferences, rights or limitations of, or restrictions on, the preferred stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Anti-Takeover Effects
of Provisions of our Amended and Restated Certificate of Incorporation, as amended, our Amended and Restated Bylaws and Delaware Law</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Certain
provisions of Delaware law and our amended and restated certificate of incorporation, as amended, and our amended and restated bylaws
contain provisions that could make the following transactions more difficult: acquisition of us by means of a tender offer; acquisition
of us by means of a proxy contest or otherwise; or removal of our incumbent officers and directors. It is possible that these provisions
could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest
or in our best interests, including transactions that might result in a premium over the market price for our shares.</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">These
provisions, summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are
also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the
benefits of increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to
acquire or restructure us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result
in an improvement of their terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Delaware Anti-Takeover
Statute</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
are subject to Section 203 of the Delaware General Corporation Law, which prohibits persons deemed &ldquo;interested stockholders&rdquo;
from engaging in a &ldquo;business combination&rdquo; with a publicly-held Delaware corporation for three years following the date these
persons become interested stockholders unless the business combination is, or the transaction in which the person became an interested
stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an &ldquo;interested stockholder&rdquo;
is a person who, together with affiliates and associates, owns or within three years prior to the determination of interested stockholder
status did own, 15% or more of a corporation&rsquo;s voting stock. Generally, a &ldquo;business combination&rdquo; includes a merger,
asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision
may have an anti-takeover effect with respect to transactions not approved in advance by the board of directors, such as discouraging
takeover attempts that might result in a premium over the market price of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Undesignated
Preferred Stock</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
ability to authorize undesignated preferred stock makes it possible for our board of directors to issue preferred stock with voting or
other rights or preferences that could impede the success of any attempt to change control of us. These and other provisions may have
the effect of deterring hostile takeovers or delaying changes in control or management of our company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Special Stockholder
Meetings</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
amended and restated certificate of incorporation, as amended, and our amended and restated bylaws provide that a special meeting of
stockholders may be called at any time by our board of directors or the chairperson of the Board of Directors or our President or Chief
Executive Officer, but such special meetings may not be called by the stockholders or any other person or persons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Requirements
for Advance Notification of Stockholder Nominations and Proposals</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
amended and restated bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates
for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of
directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Elimination
of Stockholder Action by Written Consent</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
amended and restated certificate of incorporation, as amended, and our amended and restated bylaws eliminated the right of stockholders
to act by written consent without a meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Classified Board;
Election and Removal of Directors; Filling Vacancies</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
board of directors is divided into three classes. The directors in each class will serve for a three-year term, one class being elected
each year by our stockholders, with staggered three-year terms. Only one class of directors will be elected at each annual meeting of
our stockholders, with the other classes continuing for the remainder of their respective three-year terms. Because our stockholders
do not have cumulative voting rights, our stockholders holding a majority of the shares of our common stock outstanding will be able
to elect all of our directors. Our amended and restated certificate of incorporation, as amended, provides for the removal of any of
our directors only for cause and requires a stockholder vote by the holders of at least a 662&#8725;3% of the voting power of the then
outstanding voting stock. Furthermore, any vacancy on our board of directors, however occurring, including a vacancy resulting from an
increase in the size of the board, may only be filled by a resolution of a majority of the board of directors. This system of electing
and removing directors and filling vacancies may tend to discourage a third party from making a tender offer or otherwise attempting
to obtain control of us, because it generally makes it more difficult for stockholders to replace a majority of the directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Choice of Forum</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
amended and restated certificate of incorporation, as amended, and amended and restated bylaws provide that, unless we consent in writing
to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the exclusive forum for the following
types of actions or proceedings under Delaware statutory or common law: any derivative action or proceeding brought on our behalf; any
action asserting a claim of breach of fiduciary duty owed by any of our directors, officers or stockholders to us or to our stockholders;
any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our amended and restated certificate
of incorporation, as amended, or our amended and restated bylaws (as either may be amended from time to time); or any action asserting
a claim against us that is governed by the internal affairs doctrine. As a result, any action brought by any of our stockholders with
regard to any of these matters will need to be filed in the Court of Chancery of the State of Delaware and cannot be filed in any other
jurisdiction; provided that, the exclusive forum provision will not apply to suits brought to enforce any liability or duty created by
the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction; and provided further that, if and only
if the Court of Chancery of the State of Delaware dismisses any such action for lack of subject matter jurisdiction, such action may
be brought in another state or federal court sitting in the State of Delaware. Our amended and restated certificate of incorporation,
as amended, and amended and restated bylaws also provide that the federal district courts of the United States of America will be the
exclusive forum for the resolution of any complaint asserting a cause of action against us or any of our directors, officers, employees
or agents and arising under the Securities Act. Nothing in our amended and restated certificate of incorporation, as amended, and amended
and restated bylaws preclude stockholders that assert claims under the Exchange Act from bringing such claims in state or federal court,
subject to applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">If
any action the subject matter of which is within the scope described above is filed in a court other than a court located within the
State of Delaware (a &ldquo;Foreign Action&rdquo;) in the name of any stockholder, such stockholder shall be deemed to have consented
to the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought
in any such court to enforce the applicable provisions of our amended and restated certificate of incorporation, as amended, and amended
and restated bylaws and having service of process made upon such stockholder in any such action by service upon such stockholder&rsquo;s
counsel in the Foreign Action as agent for such stockholder. Although our amended and restated certificate of incorporation, as amended,
and amended and restated bylaws contain the choice of forum provision described above, it is possible that a court could find that such
a provision is inapplicable for a particular claim or action or that such provision is unenforceable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">This
choice of forum provision may limit a stockholder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable for disputes
with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims,
although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations
thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Amendment of Charter Provisions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
amendment of any of the above provisions in our amended and restated certificate of incorporation, as amended, except for the provision
making it possible for our board of directors to issue undesignated preferred stock, would require approval by a stockholder vote by
the holders of at least a 662&#8725;3% of the voting power of the then outstanding voting stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
provisions of the Delaware General Corporation Law, our amended and restated certificate of incorporation, as amended, and our amended
and restated bylaws could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also
inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts.
These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it
more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>Limitation
of Liability and Indemnification Matters</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
amended and restated certificate of incorporation, as amended, contains provisions that limit the liability of our directors for monetary
damages to the fullest extent permitted by Delaware law. Consequently, our directors will not be personally liable to us or our stockholders
for monetary damages for any breach of fiduciary duties as directors, except liability for:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
breach of the director&rsquo;s duty of loyalty to us or our stockholders;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;unlawful
payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
transaction from which the director derived an improper personal benefit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Each
of our amended and restated certificate of incorporation, as amended, and amended and restated bylaws provide that we are required to
indemnify our directors and officers, in each case to the fullest extent permitted by Delaware law. Our amended and restated bylaws also
obligate us to advance expenses incurred by a director or officer in advance of the final disposition of any action or proceeding, and
permit us to secure insurance on behalf of any officer, director, employee or other agent for any liability arising out of his or her
actions in that capacity regardless of whether we would otherwise be permitted to indemnify him or her under Delaware law. We have entered
and expect to continue to enter into agreements to indemnify our directors, executive officers and other employees as determined by our
board of directors. With specified exceptions, these agreements provide for indemnification for related expenses including, among other
things, attorneys&rsquo; fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding.
We believe that these bylaw provisions and indemnification agreements are necessary to attract and retain qualified persons as directors
and officers. We also maintain directors&rsquo; and officers&rsquo; liability insurance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
limitation of liability and indemnification provisions in our amended and restated certificate of incorporation, as amended, and amended
and restated bylaws may discourage stockholders from bringing a lawsuit against our directors and officers for breach of their fiduciary
duty. They may also reduce the likelihood of derivative litigation against our directors and officers, even though an action, if successful,
might benefit us and our stockholders. Further, a stockholder&rsquo;s investment may be adversely affected to the extent that we pay
the costs of settlement and damages.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Transfer Agent
and Registrar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
transfer agent and registrar for our common stock is Continental Stock Transfer &amp; Trust Company. The transfer agent and registrar&rsquo;s
address is 1 State Street, 30th Floor, New York, New York 10004. The transfer agent for any series of preferred stock that we may offer
under this prospectus will be named and described in the prospectus supplement related to that series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Listing on the
Nasdaq Capital Market</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Our
common stock is listed on the Nasdaq Capital Market under the symbol &ldquo;ELTX.&rdquo; The applicable prospectus supplement will contain
information, where applicable, as to any other listing, if any, on the Nasdaq Capital Market or any securities market or other exchange
of the preferred stock covered by such prospectus supplement.</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_008"></A>DESCRIPTION
OF DEBT SECURITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
summarize below some of the provisions that will apply to the debt securities unless the applicable prospectus supplement provides otherwise.
This summary may not contain all information that is important to you. The complete terms of the debt securities will be contained in
the applicable notes. The notes will be included or incorporated by reference as exhibits to the registration statement of which this
prospectus is a part. You should read the provisions of the notes. You should also read the prospectus supplement, which will contain
additional information and which may update or change some of the information below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">General</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">This
prospectus describes certain general terms and provisions of the debt securities. The debt securities will be issued under an indenture
between us and a trustee to be designated prior to the issuance of the debt securities. When we offer to sell a particular series of
debt securities, we will describe the specific terms of the securities in a supplement to this prospectus. The prospectus supplement
will also indicate whether the general terms and provisions described in this prospectus apply to a particular series of debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may issue, from time to time, debt securities, in one or more series, that will consist of either our senior debt (&ldquo;senior debt
securities&rdquo;), our senior subordinated debt (&ldquo;senior subordinated debt securities&rdquo;), our subordinated debt (&ldquo;subordinated
debt securities&rdquo;) or our junior subordinated debt (&ldquo;junior subordinated debt securities&rdquo; and, together with the senior
subordinated debt securities and the subordinated debt securities, the &ldquo;subordinated securities&rdquo;). Debt securities, whether
senior, senior subordinated, subordinated or junior subordinated, may be issued as convertible debt securities or exchangeable debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
have summarized herein certain terms and provisions of the form of indenture (the &ldquo;indenture&rdquo;). The summary is not complete
and is qualified in its entirety by reference to the actual text of the indenture. The indenture is an exhibit to the registration statement
of which this prospectus is a part. You should read the indenture for the provisions which may be important to you. The indenture is
subject to and governed by the Trust Indenture Act of 1939, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
indenture does not limit the amount of debt securities which we may issue. We may issue debt securities up to an aggregate principal
amount as we may authorize from time to time which securities may be in any currency or currency unit designated by us. The terms of
each series of debt securities will be established by or pursuant to (a) a supplemental indenture, (b) a resolution of our board of directors,
or (c) an officers&rsquo; certificate pursuant to authority granted under a resolution of our board of directors. The prospectus supplement
will describe the terms of any debt securities being offered, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
title of the debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
limit, if any, upon the aggregate principal amount or issue price of the debt securities of a series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;ranking
of the specific series of debt securities relative to other outstanding indebtedness, including any debt of any of our subsidiaries;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
price or prices at which the debt securities will be issued;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
designation, aggregate principal amount and authorized denominations of the series of debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
issue date or dates of the series and the maturity date of the series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;whether
the securities will be issued at par or at a premium over or a discount from their face amount;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
interest rate, if any, and the method for calculating the interest rate and basis upon which interest shall be calculated;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
right, if any, to extend interest payment periods and the duration of the extension;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
interest payment dates and the record dates for the interest payments;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
mandatory or optional redemption terms or prepayment, conversion, sinking fund or exchangeability or convertibility provisions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
currency of denomination of the securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
place where we will pay principal, premium, if any, and interest, if any, and the place where the debt securities may be presented for
transfer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;if
payments of principal of, premium, if any, or interest, if any, on the debt securities will be made in one or more currencies or currency
units other than that or those in which the debt securities are denominated, the manner in which the exchange rate with respect to these
payments will be determined;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;if
other than denominations of $1,000 or multiples of $1,000, the denominations the debt securities will be issued in;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;whether
the debt securities will be issued in the form of global securities or certificates;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
applicability of and additional provisions, if any, relating to the defeasance of the debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
portion of principal amount of the debt securities payable upon declaration of acceleration of the maturity date, if other than the entire
principal amount;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
currency or currencies, if other than the currency of the United States, in which principal and interest will be paid;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
dates on which premium, if any, will be paid;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
addition to or change in the &ldquo;Events of Default&rdquo; described in this prospectus or in the indenture with respect to the debt
securities and any change in the acceleration provisions described in this prospectus or in the indenture with respect to the debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
addition to or change in the covenants described in the prospectus or in the indenture with respect to the debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
right, if any, to defer payment of interest and the maximum length of this deferral period; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;other
specific terms, including any additional events of default or covenants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may issue debt securities at a discount below their stated principal amount. Even if we do not issue the debt securities below their
stated principal amount, for United States federal income tax purposes the debt securities may be deemed to have been issued with a discount
because of certain interest payment characteristics. We will describe in any applicable prospectus supplement the United States federal
income tax considerations applicable to debt securities issued at a discount or deemed to be issued at a discount, and will describe
any special United States federal income tax considerations that may be applicable to the particular debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Senior Debt</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Senior
debt securities will rank equally and <I>pari passu</I> with all of our other unsecured and unsubordinated debt from time to time outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Subordinated Debt</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
indenture does not limit our ability to issue subordinated debt securities. Any subordination provisions of a particular series of debt
securities will be set forth in the supplemental indenture, board resolution or officers&rsquo; certificate related to that series of
debt securities and will be described in the relevant prospectus supplement.</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">If
this prospectus is being delivered in connection with a series of subordinated debt securities, the accompanying prospectus supplement
or the information incorporated by reference in this prospectus will set forth the approximate amount of senior indebtedness outstanding
as of the end of the most recent fiscal quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Conversion or Exchange
Rights</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Debt
securities may be convertible into or exchangeable for our other securities or property. The terms and conditions of conversion or exchange
will be set forth in the supplemental indenture, board resolution or officers&rsquo; certificate related to that series of debt securities
and will be described in the relevant prospectus supplement. The terms will include, among others, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
conversion or exchange price;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
conversion or exchange period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;provisions
regarding our ability or the ability of the holder to convert or exchange the debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;events
requiring adjustment to the conversion or exchange price; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;provisions
affecting conversion or exchange in the event of our redemption of the debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Merger, Consolidation
or Sale of Assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
indenture prohibits us from merging into or consolidating with any other person or selling, leasing or conveying substantially all of
our assets and the assets of our subsidiaries, taken as a whole, to any person, unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;either
we are the continuing corporation or the successor corporation or the person which acquires by sale, lease or conveyance substantially
all our or our subsidiaries&rsquo; assets is a corporation organized under the laws of the United States, any state thereof, or the District
of Columbia, and expressly assumes the due and punctual payment of the principal of, and premium, if any, and interest, if any, on all
the debt securities and the due performance of every covenant of the indenture to be performed or observed by us, by supplemental indenture
satisfactory to the trustee, executed and delivered to the trustee by such corporation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;immediately
after giving effect to such transactions, no Event of Default described under the caption &ldquo;Events of Default and Remedies&rdquo;
below or event which, after notice or lapse of time or both would become an Event of Default, has happened and is continuing; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;we
have delivered to the trustee an officers&rsquo; certificate and an opinion of counsel each stating that such transaction and such supplemental
indenture comply with the indenture provisions relating to merger, consolidation and sale of assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Upon
any consolidation or merger with or into any other person or any sale, conveyance, lease, or other transfer of all or substantially all
of our or our subsidiaries&rsquo; assets to any person, the successor person shall succeed, and be substituted for, us under the indenture
and each series of outstanding debt securities, and we shall be relieved of all obligations under the indenture and each series of outstanding
debt securities to the extent we were the predecessor person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Events of Default
and Remedies</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">When
we use the term &ldquo;Event of Default&rdquo; in the indenture with respect to the debt securities of any series, we mean:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">i.&#8239;&#8239;&#8239;&#8239;&#8239;default
in paying interest on the debt securities when it becomes due and the default continues for a period of 30 days or more;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">ii.&#8239;&#8239;&#8239;&#8239;default
in paying principal, or premium, if any, on the debt securities when due;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">iii.&#8239;&#8239;&#8239;default
is made in the payment of any sinking or purchase fund or analogous obligation when the same becomes due, and such default continues
for 30 days or more;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">iv.&#8239;&#8239;&#8239;default
in the performance, or breach, of any covenant or warranty in the indenture (other than defaults specified in clause (i), (ii) or (iii)
above) and the default or breach continues for a period of 60 days or more after we receive written notice of such default from the trustee
or we and the trustee receive notice from the holders of at least 25% in aggregate principal amount of the outstanding debt securities
of the series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">v.&#8239;&#8239;&#8239;&#8239;certain
events of bankruptcy, insolvency, reorganization, administration or similar proceedings with respect to us have occurred; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">vi.&#8239;&#8239;&#8239;any
other Event of Default provided with respect to debt securities of that series that is set forth in the applicable prospectus supplement
accompanying this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">No
Event of Default with respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization)
necessarily constitutes an Event of Default with respect to any other series of debt securities. The occurrence of certain Events of
Default or an acceleration under the indenture may constitute an event of default under certain of our other indebtedness that we may
have outstanding from time to time. Unless otherwise provided by the terms of an applicable series of debt securities, if an Event of
Default under the indenture occurs with respect to the debt securities of any series and is continuing, then the trustee or the holders
of not less than 51% of the aggregate principal amount of the outstanding debt securities of that series may by written notice require
us to repay immediately the entire principal amount of the outstanding debt securities of that series (or such lesser amount as may be
provided in the terms of the securities), together with all accrued and unpaid interest and premium, if any. In the case of an Event
of Default resulting from certain events of bankruptcy, insolvency or reorganization, the principal (or such specified amount) of and
accrued and unpaid interest, if any, on all outstanding debt securities will become and be immediately due and payable without any declaration
or other act on the part of the trustee or any holder of outstanding debt securities. We refer you to the prospectus supplement relating
to any series of debt securities that are discount securities for the particular provisions relating to acceleration of a portion of
the principal amount of such discount securities upon the occurrence of an Event of Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">After
a declaration of acceleration, the holders of a majority in aggregate principal amount of outstanding debt securities of any series may
rescind this accelerated payment requirement if all existing Events of Default, except for nonpayment of the principal on the debt securities
of that series that has become due solely as a result of the accelerated payment requirement, have been cured or waived and if the rescission
of acceleration would not conflict with any judgment or decree. The holders of a majority in aggregate principal amount of the outstanding
debt securities of any series also have the right to waive past defaults, except a default in paying principal or interest on any outstanding
debt security, or in respect of a covenant or a provision that cannot be modified or amended without the consent of all holders of the
debt securities of that series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">No
holder of any debt security may seek to institute a proceeding with respect to the indenture unless such holder has previously given
written notice to the trustee of a continuing Event of Default, the holders of not less than 51% in aggregate principal amount of the
outstanding debt securities of the series have made a written request to the trustee to institute proceedings in respect of the Event
of Default, the holder or holders have offered reasonable indemnity to the trustee and the trustee has failed to institute such proceeding
within 60 days after it received this notice. In addition, within this 60-day period the trustee must not have received directions inconsistent
with this written request by holders of a majority in aggregate principal amount of the outstanding debt securities of that series. These
limitations do not apply, however, to a suit instituted by a holder of a debt security for the enforcement of the payment of principal,
interest or any premium on or after the due dates for such payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">During
the existence of an Event of Default actually known to a responsible officer of the trustee, the trustee is required to exercise the
rights and powers vested in it under the indenture and use the same degree of care and skill in its exercise as a prudent person would
under the circumstances in the conduct of that person&rsquo;s own affairs. If an Event of Default has occurred and is continuing, the
trustee is not under any obligation to exercise any of its rights or powers at the request or direction of any of the holders unless
the holders have offered to the trustee security or indemnity reasonably satisfactory to the trustee. Subject to certain provisions,
the holders of a majority in aggregate principal amount of the outstanding debt securities of any series have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust, or power conferred
on the trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
trustee will, within 90 days after receiving notice of any default, give notice of the default to the holders of the debt securities
of that series, unless the default was already cured or waived. Unless there is a default in paying principal, interest or any premium
when due, the trustee can withhold giving notice to the holders if it determines in good faith that the withholding of notice is in the
interest of the holders. In the case of a default specified in clause (4) above describing Events of Default, no notice of default to
the holders of the debt securities of that series will be given until 60 days after the occurrence of the event of default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
indenture requires us, within 120 days after the end of our fiscal year, to furnish to the trustee a statement as to compliance with
the indenture. The indenture provides that the trustee may withhold notice to the holders of debt securities of any series of any Event
of Default (except in payment on any debt securities of that series) with respect to debt securities of that series if it in good faith
determines that withholding notice is in the interest of the holders of those debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Modification and
Waiver</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
indenture may be amended or modified without the consent of any holder of debt securities in order to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;evidence
a successor to the trustee;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;cure
ambiguities, defects or inconsistencies;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;provide
for the assumption of our obligations in the case of a merger or consolidation or transfer of all or substantially all of our assets
that complies with the covenant described under &ldquo;- Merger, Consolidation or Sale of Assets&rdquo;;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;make
any change that would provide any additional rights or benefits to the holders of the debt securities of a series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;add
guarantors or co-obligors with respect to the debt securities of any series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;secure
the debt securities of a series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;establish
the form or forms of debt securities of any series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;add
additional Events of Default with respect to the debt securities of any series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;add
additional provisions as may be expressly permitted by the Trust Indenture Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;maintain
the qualification of the indenture under the Trust Indenture Act; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;make
any change that does not adversely affect in any material respect the interests of any holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Other
amendments and modifications of the indenture or the debt securities issued may be made with the consent of the holders of not less than
a majority in aggregate principal amount of the outstanding debt securities of each series affected by the amendment or modification.
However, no modification or amendment may, without the consent of the holder of each outstanding debt security affected:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;change
the maturity date or the stated payment date of any payment of premium or interest payable on the debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;reduce
the principal amount, or extend the fixed maturity, of the debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;change
the method of computing the amount of principal or any interest of any debt security;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;change
or waive the redemption or repayment provisions of the debt securities;</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;change
the currency in which principal, any premium or interest is paid or the place of payment;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;reduce
the percentage in principal amount outstanding of debt securities of any series which must consent to an amendment, supplement or waiver
or consent to take any action;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;impair
the right to institute suit for the enforcement of any payment on the debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;waive
a payment default with respect to the debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;reduce
the interest rate or extend the time for payment of interest on the debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;adversely
affect the ranking or priority of the debt securities of any series; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;release
any guarantor or co-obligor from any of its obligations under its guarantee or the indenture, except in compliance with the terms of
the indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Satisfaction, Discharge
and Covenant Defeasance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may terminate our obligations under the indenture with respect to the outstanding debt securities of any series, when:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 16.2pt"></TD><TD STYLE="text-align: justify; width: 16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;either:</FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.6pt; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.6pt; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#9702;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;all
debt securities of any series issued that have been authenticated and delivered have been delivered to the trustee for cancellation;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.6pt; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.6pt; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#9702;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;all
the debt securities of any series issued that have not been delivered to the trustee for cancellation have become due and payable, will
become due and payable within one year, or are to be called for redemption within one year and we have made arrangements satisfactory
to the trustee for the giving of notice of redemption by such trustee in our name and at our expense, and in each case, we have irrevocably
deposited or caused to be deposited with the trustee sufficient funds to pay and discharge the entire indebtedness on the series of debt
securities; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.6pt; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.6pt; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#9702;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;we
have paid or caused to be paid all other sums then due and payable under the indenture; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.6pt; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.6pt; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#9702;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;we
have delivered to the trustee an officers&rsquo; certificate and an opinion of counsel, each stating that all conditions precedent under
the indenture relating to the satisfaction and discharge of the indenture have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.6pt; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may elect to have our obligations under the indenture discharged with respect to the outstanding debt securities of any series (&ldquo;legal
defeasance&rdquo;). Legal defeasance means that we will be deemed to have paid and discharged the entire indebtedness represented by
the outstanding debt securities of such series under the indenture, except for:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
rights of holders of the debt securities to receive principal, interest and any premium when due;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;our
obligations with respect to the debt securities concerning issuing temporary debt securities, registration of transfer of debt securities,
mutilated, destroyed, lost or stolen debt securities and the maintenance of an office or agency for payment for security payments held
in trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
rights, powers, trusts, duties and immunities of the trustee; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
defeasance provisions of the indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">In
addition, we may elect to have our obligations released with respect to certain covenants in the indenture (&ldquo;covenant defeasance&rdquo;).
If we so elect, any failure to comply with these obligations will not constitute a default or an event of default with respect to the
debt securities of any series. In the event covenant defeasance occurs, certain events, not including non-payment, bankruptcy and insolvency
events, described under &ldquo;Events of Default and Remedies,&rdquo; will no longer constitute an event of default for that series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">In
order to exercise either legal defeasance or covenant defeasance with respect to outstanding debt securities of any series:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;we
must irrevocably have deposited or caused to be deposited with the trustee as trust funds for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to the benefits of the holders of the debt securities of a series:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;money
in an amount; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;U.S.
government obligations (or equivalent government obligations in the case of debt securities denominated in other than U.S. dollars or
a specified currency) that will provide, not later than one day before the due date of any payment, money in an amount; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;a
combination of money and U.S. government obligations (or equivalent government obligations, as applicable), in each case sufficient,
in the written opinion (with respect to U.S. or equivalent government obligations or a combination of money and U.S. or equivalent government
obligations, as applicable) of a nationally recognized firm of independent public accountants to pay and discharge, and which shall be
applied by the trustee to pay and discharge, all of the principal (including mandatory sinking fund payments), interest and any premium
at due date or maturity;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of legal defeasance, we have delivered to the trustee an opinion of counsel stating that, under then applicable federal income
tax law, the holders of the debt securities of that series will not recognize income, gain or loss for federal income tax purposes as
a result of the deposit, defeasance and discharge to be effected and will be subject to the same federal income tax as would be the case
if the deposit, defeasance and discharge did not occur;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of covenant defeasance, we have delivered to the trustee an opinion of counsel to the effect that the holders of the debt securities
of that series will not recognize income, gain or loss for federal income tax purposes as a result of the deposit and covenant defeasance
to be effected and will be subject to the same federal income tax as would be the case if the deposit and covenant defeasance did not
occur;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;no
event of default or default with respect to the outstanding debt securities of that series has occurred and is continuing at the time
of such deposit after giving effect to the deposit or, in the case of legal defeasance, no default relating to bankruptcy or insolvency
has occurred and is continuing at any time on or before the 91st day after the date of such deposit, it being understood that this condition
is not deemed satisfied until after the 91st day;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
legal defeasance or covenant defeasance will not cause the trustee to have a conflicting interest within the meaning of the Trust Indenture
Act, assuming all debt securities of a series were in default within the meaning of such Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
legal defeasance or covenant defeasance will not result in a breach or violation of, or constitute a default under, any other agreement
or instrument to which we are a party;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;if
prior to the stated maturity date, notice shall have been given in accordance with the provisions of the indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
legal defeasance or covenant defeasance will not result in the trust arising from such deposit constituting an investment company within
the meaning of the Investment Company Act of 1940, as amended, unless the trust is registered under such Act or exempt from registration;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;we
have delivered to the trustee an officers&rsquo; certificate and an opinion of counsel stating that all conditions precedent with respect
to the legal defeasance or covenant defeasance have been complied with.</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Covenants</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
will set forth in the applicable prospectus supplement any restrictive covenants applicable to any issue of debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Paying Agent and Registrar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
trustee will initially act as paying agent and registrar for all debt securities. We may change the paying agent or registrar for any
series of debt securities without prior notice, and we or any of our subsidiaries may act as paying agent or registrar.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Form of Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Each
debt security will be represented either by a certificate issued in definitive form to a particular investor or by one or more global
securities representing the entire issuance of the series of debt securities. Certificated securities will be issued in definitive form
and global securities will be issued in registered form. Definitive securities name you or your nominee as the owner of the security,
and in order to transfer or exchange these securities or to receive payments other than interest or other interim payments, you or your
nominee must physically deliver the securities to the trustee, registrar, paying agent or other agent, as applicable. Global securities
name a depositary or its nominee as the owner of the debt securities represented by these global securities. The depositary maintains
a computerized system that will reflect each investor&rsquo;s beneficial ownership of the securities through an account maintained by
the investor with its broker/dealer, bank, trust company or other representative, as we explain more fully below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Global Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may issue the registered debt securities in the form of one or more fully registered global securities that will be deposited with a
depositary or its custodian identified in the applicable prospectus supplement and registered in the name of that depositary or its nominee.
In those cases, one or more registered global securities will be issued in a denomination or aggregate denominations equal to the portion
of the aggregate principal or face amount of the securities to be represented by registered global securities. Unless and until it is
exchanged in whole for securities in definitive registered form, a registered global security may not be transferred except as a whole
by and among the depositary for the registered global security, the nominees of the depositary or any successors of the depositary or
those nominees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">If
not described below, any specific terms of the depositary arrangement with respect to any securities to be represented by a registered
global security will be described in the prospectus supplement relating to those securities. We anticipate that the following provisions
will apply to all depositary arrangements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Ownership
of beneficial interests in a registered global security will be limited to persons, called participants, that have accounts with the
depositary or persons that may hold interests through participants. Upon the issuance of a registered global security, the depositary
will credit, on its book-entry registration and transfer system, the participants&rsquo; accounts with the respective principal or face
amounts of the securities beneficially owned by the participants. Any dealers, underwriters or agents participating in the distribution
of the securities will designate the accounts to be credited. Ownership of beneficial interests in a registered global security will
be shown on, and the transfer of ownership interests will be effected only through, records maintained by the depositary, with respect
to interests of participants, and on the records of participants, with respect to interests of persons holding through participants.
The laws of some states may require that some purchasers of securities take physical delivery of these securities in definitive form.
These laws may impair your ability to own, transfer or pledge beneficial interests in registered global securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">So
long as the depositary, or its nominee, is the registered owner of a registered global security, that depositary or its nominee, as the
case may be, will be considered the sole owner or holder of the securities represented by the registered global security for all purposes
under the indenture. Except as described below, owners of beneficial interests in a registered global security will not be entitled to
have the securities represented by the registered global security registered in their names, will not receive or be entitled to receive
physical delivery of the securities in definitive form and will not be considered the owners or holders of the securities under the indenture.
Accordingly, each person owning a beneficial interest in a registered global security must rely on the procedures of the depositary for
that registered global security and, if that person is not a participant, on the procedures of the participant through which the person
owns its interest, to exercise any rights of a holder under the indenture. We understand that under existing industry practices, if we
request any action of holders or if an owner of a beneficial interest in a registered global security desires to give or take any action
that a holder is entitled to give or take under the indenture, the depositary for the registered global security would authorize the
participants holding the relevant beneficial interests to give or take that action, and the participants would authorize beneficial owners
owning through them to give or take that action or would otherwise act upon the instructions of beneficial owners holding through them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Principal,
premium, if any, and interest payments on debt securities represented by a registered global security registered in the name of a depositary
or its nominee will be made to the depositary or its nominee, as the case may be, as the registered owner of the registered global security.
Neither we nor the trustee or any other agent of ours or the trustee will have any responsibility or liability for any aspect of the
records relating to payments made on account of beneficial ownership interests in the registered global security or for maintaining,
supervising or reviewing any records relating to those beneficial ownership interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
expect that the depositary for any of the securities represented by a registered global security, upon receipt of any payment of principal,
premium, interest or other distribution of underlying securities or other property to holders on that registered global security, will
immediately credit participants&rsquo; accounts in amounts proportionate to their respective beneficial interests in that registered
global security as shown on the records of the depositary. We also expect that payments by participants to owners of beneficial interests
in a registered global security held through participants will be governed by standing customer instructions and customary practices,
as is now the case with the securities held for the accounts of customers in bearer form or registered in &ldquo;street name,&rdquo;
and will be the responsibility of those participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">If
the depositary for any of these securities represented by a registered global security is at any time unwilling or unable to continue
as depositary or ceases to be a clearing agency registered under the Exchange Act, and a successor depositary registered as a clearing
agency under the Exchange Act is not appointed by us within 90 days, we will issue securities in definitive form in exchange for the
registered global security that had been held by the depositary. Any securities issued in definitive form in exchange for a registered
global security will be registered in the name or names that the depositary gives to the trustee or other relevant agent of ours or theirs.
It is expected that the depositary&rsquo;s instructions will be based upon directions received by the depositary from participants with
respect to ownership of beneficial interests in the registered global security that had been held by the depositary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Unless
we state otherwise in a prospectus supplement, the Depository Trust Company (&ldquo;DTC&rdquo;) will act as depositary for each series
of debt securities issued as global securities. DTC has advised us that DTC is a limited-purpose trust company created to hold securities
for its participating organizations (collectively, the &ldquo;Participants&rdquo;) and to facilitate the clearance and settlement of
transactions in those securities between Participants through electronic book-entry changes in accounts of its Participants. The Participants
include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. Access to DTC&rsquo;s
system is also available to other entities such as banks, brokers, dealers and trust companies that clear through or maintain a custodial
relationship with a Participant, either directly or indirectly (collectively, the &ldquo;Indirect Participants&rdquo;). Persons who are
not Participants may beneficially own securities held by or on behalf of DTC only through the Participants or the Indirect Participants.
The ownership interests in, and transfers of ownership interests in, each security held by or on behalf of DTC are recorded on the records
of the Participants and the Indirect Participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Governing Law</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
indenture and each series of debt securities are governed by, and construed in accordance with, the laws of the State of New York.</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_009"></A>DESCRIPTION
OF WARRANTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
following description, together with the additional information we may include in any applicable prospectus supplements, summarizes the
material terms and provisions of the warrants that we may offer under this prospectus and the related warrant agreements and warrant
certificates. While the terms summarized below will apply generally to any warrants that we may offer, we will describe the particular
terms of any series of warrants in more detail in the applicable prospectus supplement. The terms of the warrants may differ from the
terms we have summarized below, and will be indicated as such, if applicable, in the applicable prospectus supplement. Specific warrant
agreements will contain additional important terms and provisions and will be incorporated by reference as an exhibit to the registration
statement that includes this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">General</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may issue warrants for the purchase of common stock, preferred stock or debt securities in one or more series. We may issue warrants
independently or together with common stock, preferred stock and debt securities, and the warrants may be attached to or separate from
these securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
will evidence each series of warrants by warrant certificates that we will issue under a separate agreement. We may enter into a warrant
agreement with a warrant agent. We will indicate the name and address of the warrant agent in the applicable prospectus supplement relating
to a particular series of warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Before
exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise,
including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of warrants to purchase debt securities, the right to receive payments of principal of, or premium, if any, or interest on,
the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of warrants to purchase common stock or preferred stock, the right to receive dividends, if any, or, payments upon our liquidation,
dissolution or winding up or to exercise voting rights, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Additional Information</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
will describe in the applicable prospectus supplement the terms of the series of warrants, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
offering price and aggregate number of warrants offered;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
currency for which the warrants may be purchased;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;if
applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each
such security or each principal amount of such security;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;if
applicable, the date on and after which the warrants and the related securities will be separately transferable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and
the price at, and currency in which, this principal amount of debt securities may be purchased upon such exercise;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case
may be, purchasable upon the exercise of one warrant and the price at which these shares may be purchased upon such exercise;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
effect of any merger, consolidation, sale or other disposition of our business on the warrant agreement and the warrants;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
terms of any rights to redeem or call the warrants;</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
dates on which the right to exercise the warrants will commence and expire;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
manner in which the warrant agreement and warrants may be modified;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;a
discussion on any material or special United States federal income tax consequences of holding or exercising the warrants;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
terms of the securities issuable upon exercise of the warrants; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
other specific terms, preferences, rights or limitations of or restrictions on the warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Exercise of Warrants</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Each
warrant will entitle the holder to purchase the securities that we specify in the applicable prospectus supplement at the exercise price
that we describe in the applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders
of the warrants may exercise the warrants at any time up to 5 p.m., Eastern time, on the expiration date that we set forth in the applicable
prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Holders
of the warrants may exercise the warrants by delivering the warrant certificate representing the warrants to be exercised together with
specified information, and paying the required amount to the warrant agent in immediately available funds, as provided in the applicable
prospectus supplement. We will set forth on the reverse side of the warrant certificate and in the applicable prospectus supplement the
information that the holder of the warrant will be required to deliver to the warrant agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Upon
receipt of the required payment and the warrant certificate properly completed and duly executed at the corporate trust office of the
warrant agent or any other office indicated in the applicable prospectus supplement, we will issue and deliver the securities purchasable
upon such exercise. If fewer than all of the warrants represented by the warrant certificate are exercised, then we will issue a new
warrant certificate for the remaining amount of warrants. If we so indicate in the applicable prospectus supplement, holders of the warrants
may surrender securities as all or part of the exercise price for warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Enforceability
of Rights by Holders of Warrants</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Each
warrant agent will act solely as our agent under the applicable warrant agreement and will not assume any obligation or relationship
of agency or trust with any holder of any warrant. A single bank or trust company may act as warrant agent for more than one issue of
warrants. A warrant agent will have no duty or responsibility in case of any default by us under the applicable warrant agreement or
warrant, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder
of a warrant may, without the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate legal action
its right to exercise, and receive the securities purchasable upon exercise of, its warrants.</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_010"></A>DESCRIPTION
OF UNITS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may issue units comprised of one or more of the other securities described in this prospectus in any combination. Each unit will be issued
so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights
and obligations of a holder of each included security. The unit agreement under which a unit is issued may provide that the securities
included in the unit may not be held or transferred separately, at any time or at any time before a specified date. The applicable prospectus
supplement may describe:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities
may be held or transferred separately;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
terms of the unit agreement governing the units;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;United
States federal income tax considerations relevant to the units; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;whether
the units will be issued in fully registered global form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">This
summary of certain general terms of units and any summary description of units in the applicable prospectus supplement do not purport
to be complete and are qualified in their entirety by reference to all provisions of the applicable unit agreement and, if applicable,
collateral arrangements and depositary arrangements relating to such units. The forms of the unit agreements and other documents relating
to a particular issue of units will be filed with the SEC each time we issue units, and you should read those documents for provisions
that may be important to you.</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_011"></A>PLAN
OF DISTRIBUTION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may sell the securities offered by this prospectus from time to time in one or more transactions, including without limitation:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;directly
to one or more purchasers;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;through
agents;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;in
 &ldquo;at the market offerings&rdquo; to or through a market maker or into an existing trading market, or a securities exchange or otherwise;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;to
or through underwriters, brokers or dealers; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;through
a combination of any of these methods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">A
distribution of the securities offered by this prospectus may also be effected through the issuance of derivative securities, including
without limitation, warrants, subscriptions, exchangeable securities, forward delivery contracts and the writing of options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">In
addition, the manner in which we may sell some or all of the securities covered by this prospectus includes, without limitation, through:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;a
block trade in which a broker-dealer will attempt to sell as agent, but may position or resell a portion of the block, as principal,
in order to facilitate the transaction;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;purchases
by a broker-dealer, as principal, and resale by the broker-dealer for its account;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;ordinary
brokerage transactions and transactions in which a broker solicits purchasers; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;privately
negotiated transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may also enter into hedging transactions. For example, we may:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;enter
into transactions with a broker-dealer or affiliate thereof in connection with which such broker-dealer or affiliate will engage in short
sales of the common stock pursuant to this prospectus, in which case such broker-dealer or affiliate may use shares of common stock received
from us to close out its short positions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;sell
securities short and redeliver such shares to close out our short positions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;enter
into option or other types of transactions that require us to deliver common stock to a broker-dealer or an affiliate thereof, who will
then resell or transfer the common stock under this prospectus; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;loan
or pledge the common stock to a broker-dealer or an affiliate thereof, who may sell the loaned shares or, in an event of default in the
case of a pledge, sell the pledged shares pursuant to this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">In
addition, we may enter into derivative or hedging transactions with third parties, or sell securities not covered by this prospectus
to third parties in privately negotiated transactions. In connection with such a transaction, the third parties may sell securities covered
by and pursuant to this prospectus and an applicable prospectus supplement or other offering materials, as the case may be. If so, the
third party may use securities borrowed from us or others to settle such sales and may use securities received from us to close out any
related short positions. We may also loan or pledge securities covered by this prospectus and an applicable prospectus supplement to
third parties, who may sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged securities pursuant
to this prospectus and the applicable prospectus supplement or other offering materials, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">A
prospectus supplement with respect to each offering of securities will state the terms of the offering of the securities, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
terms of the offering;</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
name or names of any underwriters or agents and the amounts of securities underwritten or purchased by each of them, if any;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
public offering price or purchase price of the securities and the net proceeds to be received by us from the sale;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
delayed delivery arrangements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
underwriting discounts or agency fees and other items constituting underwriters&rsquo; or agents&rsquo; compensation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
discounts or concessions allowed or reallowed or paid to dealers; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;any
securities exchange or markets on which the securities may be listed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
offer and sale of the securities described in this prospectus by us, the underwriters or the third parties described above may be effected
from time to time in one or more transactions, including privately negotiated transactions, either:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;at
a fixed price or prices, which may be changed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;at
market prices prevailing at the time of sale, including in &ldquo;at the market offerings&rdquo;;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;at
prices related to the prevailing market prices; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;at
negotiated prices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">General</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Any
public offering price and any discounts, commissions, concessions or other items constituting compensation allowed or reallowed or paid
to underwriters, dealers, agents or remarketing firms may be changed from time to time. Underwriters, dealers, agents and remarketing
firms that participate in the distribution of the offered securities may be &ldquo;underwriters&rdquo; as defined in the Securities Act.
Any discounts or commissions they receive from us and any profits they receive on the resale of the offered securities may be treated
as underwriting discounts and commissions under the Securities Act. We will identify any underwriters, agents or dealers and describe
their commissions, fees or discounts in the applicable prospectus supplement or other offering materials, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Underwriters and Agents</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">If
underwriters are used in a sale, they will acquire the offered securities for their own account. The underwriters may resell the offered
securities in one or more transactions, including negotiated transactions. These sales may be made at a fixed public offering price or
prices, which may be changed, at market prices prevailing at the time of the sale, at prices related to such prevailing market price
or at negotiated prices. We may offer the securities to the public through an underwriting syndicate or through a single underwriter.
The underwriters in any particular offering will be mentioned in the applicable prospectus supplement or other offering materials, as
the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Unless
otherwise specified in connection with any particular offering of securities, the obligations of the underwriters to purchase the offered
securities will be subject to certain conditions contained in an underwriting agreement that we will enter into with the underwriters
at the time of the sale to them. The underwriters will be obligated to purchase all of the securities of the series offered if any of
the securities are purchased, unless otherwise specified in connection with any particular offering of securities. Any initial offering
price and any discounts or concessions allowed, reallowed or paid to dealers may be changed from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may designate agents to sell the offered securities. Unless otherwise specified in connection with any particular offering of securities,
the agents will agree to use their best efforts to solicit purchases for the period of their appointment. We may also sell the offered
securities to one or more remarketing firms, acting as principals for their own accounts or as agents for us. These firms will remarket
the offered securities upon purchasing them in accordance with a redemption or repayment pursuant to the terms of the offered securities.
A prospectus supplement or other offering materials, as the case may be, will identify any remarketing firm and will describe the terms
of its agreement, if any, with us and its compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">In
connection with offerings made through underwriters or agents, we may enter into agreements with such underwriters or agents pursuant
to which we receive our outstanding securities in consideration for the securities being offered to the public for cash. In connection
with these arrangements, the underwriters or agents may also sell securities covered by this prospectus to hedge their positions in these
outstanding securities, including in short sale transactions. If so, the underwriters or agents may use the securities received from
us under these arrangements to close out any related open borrowings of securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Dealers</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may sell the offered securities to dealers as principals. We may negotiate and pay dealers&rsquo; commissions, discounts or concessions
for their services. The dealer may then resell such securities to the public either at varying prices to be determined by the dealer
or at a fixed offering price agreed to with us at the time of resale. Dealers engaged by us may allow other dealers to participate in
resales.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Direct Sales</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may choose to sell the offered securities directly to multiple purchasers or a single purchaser. In this case, no underwriters or agents
would be involved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Institutional Purchasers</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may authorize agents, dealers or underwriters to solicit certain institutional investors to purchase offered securities on a delayed
delivery basis pursuant to delayed delivery contracts providing for payment and delivery on a specified future date. The applicable prospectus
supplement or other offering materials, as the case may be, will provide the details of any such arrangement, including the offering
price and commissions payable on the solicitations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
will enter into such delayed contracts only with institutional purchasers that we approve. These institutions may include commercial
and savings banks, insurance companies, pension funds, investment companies and educational and charitable institutions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Indemnification; Other Relationships</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
may have agreements with agents, underwriters, dealers and remarketing firms to indemnify them against certain civil liabilities, including
liabilities under the Securities Act. Agents, underwriters, dealers and remarketing firms, and their affiliates, may engage in transactions
with, or perform services for, us in the ordinary course of business. This includes commercial banking and investment banking transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Market-Making, Stabilization and Other
Transactions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">There
is currently no market for any of the offered securities, other than our common stock which is listed on The Nasdaq Capital Market. If
the offered securities are traded after their initial issuance, they may trade at a discount from their initial offering price, depending
upon prevailing interest rates, the market for similar securities and other factors. While it is possible that an underwriter could inform
us that it intends to make a market in the offered securities, such underwriter would not be obligated to do so, and any such market-making
could be discontinued at any time without notice. Therefore, no assurance can be given as to whether an active trading market will develop
for the offered securities. We have no current plans for listing of the debt securities or preferred stock on any securities exchange
or quotation system; any such listing with respect to any particular debt securities or preferred stock will be described in the applicable
prospectus supplement or other offering materials, as the case may be.</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">In
connection with any offering of common stock, the underwriters may purchase and sell shares of common stock in the open market. These
transactions may include short sales, syndicate covering transactions and stabilizing transactions. Short sales involve syndicate sales
of common stock in excess of the number of shares to be purchased by the underwriters in the offering, which creates a syndicate short
position. &ldquo;Covered&rdquo; short sales are sales of shares made in an amount up to the number of shares represented by the underwriters&rsquo;
over-allotment option. In determining the source of shares to close out the covered syndicate short position, the underwriters will consider,
among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase
shares through the over-allotment option. Transactions to close out the covered syndicate short involve either purchases of the common
stock in the open market after the distribution has been completed or the exercise of the over-allotment option. The underwriters may
also make &ldquo;naked&rdquo; short sales of shares in excess of the over-allotment option. The underwriters must close out any naked
short position by purchasing shares of common stock in the open market. A naked short position is more likely to be created if the underwriters
are concerned that there may be downward pressure on the price of the shares in the open market after pricing that could adversely affect
investors who purchase in the offering. Stabilizing transactions consist of bids for or purchases of shares in the open market while
the offering is in progress for the purpose of pegging, fixing or maintaining the price of the securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">In
connection with any offering, the underwriters may also engage in penalty bids. Penalty bids permit the underwriters to reclaim a selling
concession from a syndicate member when the securities originally sold by the syndicate member are purchased in a syndicate covering
transaction to cover syndicate short positions. Stabilizing transactions, syndicate covering transactions and penalty bids may cause
the price of the securities to be higher than it would be in the absence of these transactions. The underwriters may, if they commence
these transactions, discontinue them at any time.</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_012"></A>LEGAL
MATTERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">Unless
otherwise specified in the applicable prospectus supplement, the validity of the securities offered hereby will be passed upon for us
by Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. If legal matters in connection with offerings made by this prospectus are passed
on by counsel for the underwriters, dealers or agents, if any, that counsel will be named in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_013"></A>EXPERTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">The
consolidated financial statements of Elicio Therapeutics, Inc. appearing in its <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1601485/000160148526000027/angn-20251231.htm" STYLE="-sec-extract: exhibit">Annual
Report (Form 10-K) for the year ended December 31, 2025</A>, incorporated by reference in this prospectus, have been audited by Baker
Tilly US, LLP, independent registered public accounting firm, as stated in their report, which is incorporated herein by reference. Such
consolidated financial statements have been so incorporated by reference in reliance upon the report of such firm given their authority
as experts in accounting and auditing. The report on the consolidated financial statements contains an explanatory paragraph regarding
the Company&rsquo;s ability to continue as a going concern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_014"></A>INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
incorporate by reference into this prospectus the documents listed below (excluding any portions of such documents that have been &ldquo;furnished&rdquo;
but not &ldquo;filed&rdquo; for purposes of the Exchange Act):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1601485/000160148525000062/angn-20250409.htm" STYLE="-sec-extract: exhibit">our
Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 9, 2025;</A></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1601485/000160148526000027/angn-20251231.htm" STYLE="-sec-extract: exhibit">our
Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 12, 2026</A> and;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
description of our common stock contained in our Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1601485/000110465921010887/a20-5764_88a12b.htm" STYLE="-sec-extract: exhibit">Form
8-A filed with the SEC on February 2, 2021</A>, including any amendments or reports filed for the purposes of updating this description.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
also incorporate by reference any future filings (other than current reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits
filed on such form that are related to such items unless such Form 8-K expressly provides to the contrary) made with the SEC pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, including those made after the date of the initial filing of the registration
statement of which this prospectus is a part and prior to effectiveness of such registration statement, until we file a post-effective
amendment that indicates the termination of the offering of the securities made by this prospectus and will become a part of this prospectus
from the date that such documents are filed with the SEC. Information in such future filings updates and supplements the information
provided in this prospectus. Any statements in any such future filings will automatically be deemed to modify and supersede any information
in any document we previously filed with the SEC that is incorporated or deemed to be incorporated herein by reference to the extent
that statements in the later filed document modify or replace such earlier statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">You
may request, orally or in writing, a copy of any or all of the documents incorporated herein by reference. These documents will be provided
to you at no cost, by contacting:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Elicio Therapeutics,
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">451 D Street, 5th
Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Boston, Massachusetts
02210</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(857) 209-0050</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Attention: Megan
Filoon, General Counsel</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ck_015"></A>WHERE
YOU CAN FIND MORE INFORMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
are subject to the reporting requirements of the Exchange Act to file annual, quarterly and current reports, proxy statements and other
information with the SEC. SEC filings are available at the SEC&rsquo;s web site at http://www.sec.gov. This prospectus is only part of
a registration statement on Form S-3 that we have filed with the SEC under the Securities Act and therefore omits certain information
contained in the registration statement. We have also filed exhibits and schedules with the registration statement that are excluded
from this prospectus, and you should refer to the applicable exhibit or schedule for a complete description of any statement referring
to any contract or other document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">We
also maintain a website at www.elicio.com, through which you can access our SEC filings. The information set forth on our website is
not part of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#8239;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt">&#8239;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4,380,313 Shares of Common Stock&#8239;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;<IMG SRC="tm2619264d1_424b5sp3img01.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&#8239;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Prospectus Supplement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>July 1, 2026</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&#8239;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Lead Placement Agent</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Titan Partners</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>a division of
American Capital Partners </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Co-Placement Agent</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>B. Riley Securities</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#8239;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>



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