<SEC-DOCUMENT>0001104659-25-048597.txt : 20250514
<SEC-HEADER>0001104659-25-048597.hdr.sgml : 20250514
<ACCEPTANCE-DATETIME>20250514170043
ACCESSION NUMBER:		0001104659-25-048597
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250514
DATE AS OF CHANGE:		20250514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Outlook Therapeutics, Inc.
		CENTRAL INDEX KEY:			0001649989
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				383982704
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-285438
		FILM NUMBER:		25946872

	BUSINESS ADDRESS:	
		STREET 1:		111 S. WOOD AVENUE
		STREET 2:		UNIT #100
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
		BUSINESS PHONE:		6096193990

	MAIL ADDRESS:	
		STREET 1:		111 S. WOOD AVENUE
		STREET 2:		UNIT #100
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Oncobiologics, Inc.
		DATE OF NAME CHANGE:	20150804
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>tm2515104d1_424b3.htm
<DESCRIPTION>424B3
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(3)<BR>
Registration No. 333-285438</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS SUPPLEMENT NO. 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(To Prospectus Dated March 7, 2025)</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7,074,637 Shares of Common Stock</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Prospectus Supplement
No. 1, or the Prospectus Supplement, is being filed to update and supplement the information contained in the &ldquo;Selling Stockholders&rdquo;
section of our prospectus, dated March 7, 2025, which forms a part of our Registration Statement on Form S-3 (Registration No. 333-285438),
as may be amended and supplemented from time to time, or the Prospectus. The Prospectus, as supplemented by this Prospectus Supplement,
relates to the offer and resale from time to time by certain selling stockholders named in the Prospectus of up to 7,074,637 shares of
our common stock issuable upon the exercise of outstanding Tranche A warrants to purchase shares of our common stock, or the Tranche A
Warrants, held by the selling stockholders, all of which were issued by us at the closing of a warrant inducement transaction on January
17, 2025, or the Warrant Inducement Transaction. Unless the context indicates otherwise, references in this Prospectus Supplement to &ldquo;Outlook,&rdquo;
 &ldquo;Outlook Therapeutics,&rdquo; &ldquo;the Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; and similar references
refer to Outlook Therapeutics, Inc. Capitalized terms used in this Prospectus Supplement and not otherwise defined herein have the meanings
specified in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Prospectus Supplement
is being filed to amend the selling stockholder information set forth in the Prospectus as set forth on <U>Annex A</U> attached hereto.
This Prospectus Supplement should be read in conjunction with the Prospectus, and if there is any inconsistency in the information in
the Prospectus and this Prospectus Supplement, you should rely on the information in this Prospectus Supplement. This Prospectus Supplement
is not complete without, and may not be delivered or used except in connection with, the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our common stock is listed
on The Nasdaq Capital Market under the symbol &ldquo;OTLK.&rdquo; On May 13, 2025, the last reported sale price of our common stock was
$2.03 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Investing in our common
stock involves a high degree of risk. Before making an investment decision, please read the information under &ldquo;Risk Factors&rdquo;
on page 6 of the Prospectus and under similar headings in any amendment or supplement to the Prospectus or in any filing with the Securities
and Exchange Commission that is incorporated by reference in the Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Neither the SEC nor any
state securities commission has approved or disapproved of these securities or determined if the Prospectus or the Prospectus Supplement
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: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this Prospectus Supplement is May
14, 2025.</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: 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">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">ANNEX A<BR>
<BR>
AMENDMENT TO SELLING STOCKHOLDER INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Prospectus Supplement
is being filed in connection with certain changes to the selling stockholder information as set forth in the Prospectus resulting from
the transfer by Altium Healthcare Long Short Onshore Fund LP, or Altium, of 857,142 Tranche A Warrants to funds managed by Empery Asset
Management, LP, or Empery. Concurrently with the transfer of the Tranche A Warrants, Altium also transferred 857,142 Tranche B Warrants
to funds managed by Empery, which we collectively refer to as the Warrant Transfer. Consequently, the selling stockholder table appearing
under the heading &ldquo;Selling Stockholders&rdquo; in the Prospectus is hereby supplemented and amended to give effect to the Warrant
Transfer by: (1) removing Altium; and (2) adding the number of shares of common stock beneficially owned and registered for sale by Empery,
including the related footnote (2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The shares of common stock
being offered by the selling stockholders are those issuable to the selling stockholders upon exercise of the Tranche A Warrants issued
in the Warrant Inducement Transaction. For additional information regarding the issuance of Tranche A Warrants, see the section &ldquo;Prospectus
Summary&mdash;Warrant Inducement Transaction&rdquo; in the Prospectus. We are registering the resale of shares of common stock issuable
upon exercise of the Tranche A Warrants in order to permit the selling stockholders to offer the shares for resale from time to time.
Except for the ownership of the Tranche A Warrants and for the selling stockholders whose other relationships are provided in &ldquo;Certain
Relationships and Related Party Transactions,&rdquo; the selling stockholders have not had any material relationship with us within the
past three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Beneficial ownership is determined
in accordance with the rules of the SEC and includes voting or investment power with respect to our common stock. Generally, a person
 &ldquo;beneficially owns&rdquo; shares of our common stock if the person has or shares with others the right to vote those shares or to
dispose of them, or if the person has the right to acquire voting or disposition rights within 60 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The table below lists the
selling stockholders and other information regarding the beneficial ownership of the shares of common stock by each of the selling stockholders.
This information has been obtained from the selling stockholders or in Schedules 13G or 13D and other public documents filed with the
SEC. The second column lists the number of shares of common stock beneficially owned by each selling stockholder based on its ownership
of Tranche A Warrants, as of January 24, 2025, assuming exercise of the Tranche A Warrants held by the selling stockholders on that date,
except with respect to the number of shares of common stock beneficially owned by Empery, which reflects the Warrant Transfer subsequent
to January 24, 2025, without regard to any limitations on exercises, unless otherwise indicated. The Tranche A Warrants are exercisable
only for cash, except in limited circumstances, at any time and expire on January 17, 2030. The percentage of shares owned prior to and
after the offering in the third and sixth columns are based on 32,017,179 shares of common stock outstanding as of January 24, 2025. The
percentage of shares owned prior to the offering in the third column assumes the exercise of the Tranche A Warrants by each selling stockholder
in computing such stockholder&rsquo;s percentage ownership, but not for the purpose of computing the percentage ownership of any other
person. The fourth column assumes the sale of all of the shares offered by the selling stockholders pursuant to the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with the terms
of the Inducement Letters, the Prospectus generally covers the resale of the maximum number of shares of common stock issuable upon exercise
of the Tranche A Warrants issued in the Warrant Inducement Transaction. This maximum amount is determined as if the outstanding Tranche
A Warrants were exercised in full as of the trading day immediately preceding the date the registration statement was initially filed
with the SEC and without regard to any limitations on the exercise of the warrants. Under the terms of the Tranche A Warrants, a selling
stockholder may not exercise the Tranche A Warrants to the extent such exercise would cause such selling stockholder, together with its
affiliates and attribution parties, to beneficially own a number of shares of common stock which would exceed 4.99%, 9.99% or 19.99%,
as applicable to each holder, of the number of shares of our common stock outstanding following such exercise (for purposes of the denominator,
immediately after giving effect to the issuance of shares of common stock to be issued upon the applicable exercise of such Tranche A
Warrant). The number of shares in the second and fifth columns do not reflect this limitation. The selling stockholders may sell all,
some or none of their shares in this offering. See the section &ldquo;Plan of Distribution&rdquo; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Before Offering</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">After Offering</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Name and Address</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number<BR> of Shares<BR> Beneficially<BR> Owned</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Percentage of<BR> Shares<BR> Beneficially<BR> Owned</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Maximum<BR> Number<BR> of Shares<BR> Offered</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number<BR> of Shares<BR> Beneficially<BR> Owned</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Percentage of<BR> Shares<BR> Beneficially<BR> Owned</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">GMS Ventures &amp; Investments<SUP>(1)<I><BR> </I></SUP><I>Zahran Street, 7th Circle Zahran Plaza Building, 4th Floor<BR>
P.O. Box 142904, Amman, Jordan 11844</I></FONT></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">12,725,216</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">35.9</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">3,458,571</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">9,266,645</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">28.9</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Funds managed by Empery Asset Management, LP<SUP>(2)</SUP><I><BR> 1 Rockefeller Plaza, Suite 1205, New York, NY 10020</I></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,714,284</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.9</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">857,142</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">857,142</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Armistice Capital, LLC<SUP>(3)</SUP><I><BR> 510 Madison Avenue, 7th Floor, New York, NY 10022</I></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,595,427</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.8</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,071,427</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">524,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Gravitas Capital LP<SUP>(4)</SUP><I><BR> 34 Shrewsbury Avenue, Red Bank, NJ 07701</I></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">396,426</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">198,213</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">198,213</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Entities affiliated with Sarosca Farm<SUP>(5)</SUP><I><BR> 100 West Putnam&thinsp;-&thinsp;Slagle House, Greenwich, CT 06830</I></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">569,758</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.8</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">203,571</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">366,187</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.1</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Schonfeld Global Master Fund L.P.<SUP>(6)</SUP><BR> <I>590 Madison Avenue, 23rd Floor, New York, NY 10022</I></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">857,142</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">428,571</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">428,571</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Entities affiliated with Sphera<SUP>(7)</SUP><I><BR> 4 Yitzhak Sadeh, Entrance A, 29th Floor, Tel Aviv 6777520, Israel</I></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,714,284</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">857,142</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">857,142</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.7</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">*Represents beneficial
ownership of less than one percent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&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: 0.25in">(1)</TD><TD STYLE="text-align: justify">Consists of 12,725,216 shares of common stock held by GMS Ventures &amp; Investments, of which (a) 9,266,645
are shares of common stock held prior to, or issued upon exercise of the Exercised Warrants in, the Warrant Inducement Transaction and
(b) 3,458,571 are shares of common stock issuable upon exercise of Tranche A Warrants issued in the Warrant Inducement Transaction. Does
not include 3,458,571 shares of common stock issuable upon exercise of Tranche B Warrants. GMS Ventures &amp; Investments, a Cayman Islands
exempted company, is a private investment vehicle and wholly owned subsidiary of GMS Holdings. Ghiath M. Sukhtian, or Sukhtian, a natural
person, is the holder of a controlling interest in GMS Holdings. By virtue of such relationship, Sukhtian may be deemed to beneficially
own the securities held by GMS Ventures for purposes of Rule 13d-3 under the Exchange Act.</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: 0.25in">(2)</TD><TD STYLE="text-align: justify">Consists of (i) 397,616 shares of common stock issuable upon exercise of Tranche A Warrants and 397,616
shares of common stock issuable upon exercise of Tranche B Warrants issued in the Warrant Inducement Transaction held by Empery Asset
Master, Ltd (&ldquo;EAM&rdquo;), (ii) 116,606 shares of common stock issuable upon exercise of Tranche A Warrants and 116,606 shares of
common stock issuable upon exercise of Tranche B Warrants issued in the Warrant Inducement Transaction held by Empery Tax Efficient, LP
(&ldquo;ETE&rdquo;) and (iii) 342,920 shares of common stock issuable upon exercise of Tranche A Warrants and 342,920 shares of common
stock issuable upon exercise of Tranche B Warrants issued in the Warrant Inducement Transaction held by Empery Tax Efficient III, LP (&ldquo;ETE
III&rdquo;, and collectively with EAM and ETE, the &ldquo;Empery Funds&rdquo;). Empery Asset Management LP, the authorized agent of the
Empery Funds, has discretionary authority to vote and dispose of the shares held by each of the Empery Funds and may be deemed to be the
beneficial owner of these shares. Martin Hoe and Ryan Lane, in their capacity as investment managers of Empery Asset Management LP, may
also be deemed to have investment discretion and voting power over the shares held by each of the Empery Funds. Each of the Empery Funds
and each of Mr. Hoe and Mr. Lane disclaim any beneficial ownership of these shares. The shares of common stock issuable upon exercise
of the Tranche A Warrants and Tranche B Warrants held by the Empery Funds are subject to a beneficial ownership limitation of 4.99%. The
percentage set forth in the third column above gives effect to such beneficial ownership limitation.</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: 0.25in">(3)</TD><TD STYLE="text-align: justify">Consists of 1,595,427 shares of common stock held by Armistice Capital Master Fund Ltd., a Cayman Islands
exempted company (the &ldquo;Master Fund&rdquo;), of which (a) 524,000 are shares of common stock issued upon exercise of the Exercised
Warrants in the Warrant Inducement Transaction and (b) 1,071,427 are shares of common stock issuable upon exercise of Tranche A Warrants
issued in the Warrant Inducement Transaction. Does not include 1,071,427 shares of common stock issuable upon exercise of Tranche B Warrants.
The securities are directly held by the Master Fund and may be deemed to be beneficially owned by: (i) Armistice Capital, LLC (&ldquo;Armistice
Capital&rdquo;), as the investment manager of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice Capital. The
shares of common stock issuable upon exercise of the Tranche A Warrants held by Armistice Capital are subject to a beneficial ownership
limitation of 4.99%.</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: 0.25in">(4)</TD><TD STYLE="text-align: justify">Consists of 396,426 shares of common stock held by Gravitas Capital LP (&ldquo;Gravitas&rdquo;), of which
(a) 198,213 are shares of common stock issued upon exercise of the Exercised Warrants in the Warrant Inducement Transaction and (b) 198,213
are shares of common stock issuable upon exercise of Tranche A Warrants issued in the Warrant Inducement Transaction. Does not include
198,213 shares of common stock issuable upon exercise of Tranche B Warrants. The shares of common stock issuable upon exercise of the
Tranche A Warrants held by Gravitas are subject to a beneficial ownership limitation of 19.99%.</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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<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: 0.25in">(5)</TD><TD STYLE="text-align: justify">Consists of (i) 399,768 shares of common stock held by Sarosca Farm LLC, of which (a) 281,192 are shares
of common stock held prior to, or issued upon exercise of the Exercised Warrants in, the Warrant Inducement Transaction and (b) 118,576
are shares of common stock issuable upon exercise of Tranche A Warrants issued in the Warrant Inducement Transaction, (ii) 67,204 shares
of common stock held by Sarosca Farm II LLC of which (a) 33,602 are shares of common stock issued upon exercise of the Exercised Warrants
in the Warrant Inducement Transaction and (b) 33,602 are shares of common stock issuable upon exercise of Tranche A Warrants issued in
the Warrant Inducement Transaction and (iii) 102,786 shares of common stock held by Sarosca Farm III LLC, of which (a) 51,393 are shares
of common stock issued upon exercise of the Exercised Warrants in the Warrant Inducement Transaction and (b) 51,393 are shares of common
stock issuable upon exercise of Tranche A Warrants issued in the Warrant Inducement Transaction. Does not include 203,571 shares of common
stock issuable upon exercise of Tranche B Warrants. Michael Zimmerman has voting and dispositive power over the shares of common stock
owned by Sarosca, and may therefore be deemed to be the beneficial owner of the shares. Mr. Zimmerman disclaims beneficial ownership of
the shares except to the extent of his pecuniary interest. The shares of common stock issuable upon exercise of the Tranche A Warrants
held by Sarosca are subject to a beneficial ownership limitation of 19.99%.</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: 0.25in">(6)</TD><TD STYLE="text-align: justify">Consists of 857,142 shares of common stock held by Schonfeld Global Master Fund L.P. (&ldquo;Schonfeld
Master&rdquo;), of which (a) 428,571 are shares of common stock issued upon exercise of the Exercised Warrants in the Warrant Inducement
Transaction and (b) 428,571 are shares of common stock issuable upon exercise of Tranche A Warrants issued in the Warrant Inducement Transaction.
Does not include 428,571 shares of common stock issuable upon exercise of Tranche B Warrants. The shares of common stock issuable upon
exercise of the Tranche A Warrants held by Schonfeld Master are subject to a beneficial ownership limitation of 4.99%. Schonfeld Strategic
Advisors LLC is a Registered Investment Adviser and has been delegated the legal power to vote and/or direct the disposition of such securities
on behalf of Schonfeld Master as a general partner or investment manager and would be considered the beneficial owner of such securities.
The above shall not be deemed to be an admission by the record owners or Schonfeld Master that they are themselves beneficial owners of
these securities for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or any other purpose.</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: 0.25in">(7)</TD><TD STYLE="text-align: justify">Consists of (i) 1,457,142 shares of common stock held by Sphera Biotech Master Fund LP (&ldquo;Sphera
Biotech&rdquo;), of which (a) 728,571are shares of common stock issued upon exercise of the Exercised Warrants in the Warrant Inducement
Transaction and (b) 728,571 are shares of common stock issuable upon exercise of Tranche A Warrants issued in the Warrant Inducement Transaction
and (ii) 257,142 shares of common stock held by Sphera Global Healthcare Master Fund (&ldquo;Sphera Global&rdquo; and together with Sphera
Biotech, the &ldquo;Sphera Funds&rdquo;), of which (a) 128,571 are shares of common stock issued upon exercise of the Exercised Warrants
in the Warrant Inducement Transaction and (b) 128,571 are shares of common stock issuable upon exercise of Tranche A Warrants issued in
the Warrant Inducement Transaction. Does not include 857,142 shares of common stock issuable upon the exercise of Tranche B Warrants.
Sphera Biotech GP LP (&ldquo;Sphera General Partner&rdquo;) is the general partner of Sphera Biotech. Sphera Global Healthcare Management
LP is the general partner of the Sphera General Partner, and acts as the Investment Manager for the Sphera Funds, and holds voting and
investment power over the shares held by each of them. Accordingly, Sphera Global Healthcare Management LP may be deemed to have beneficial
ownership of the shares held by the Sphera Funds. Sphera Global Healthcare Management LP disclaims beneficial ownership of such shares,
except to the extent of its pecuniary interest therein. The shares of common stock issuable upon exercise of the Tranche A Warrants held
by each of the Sphera Funds are subject to a beneficial ownership limitation of 9.99%.</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 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>Certain Relationships
and Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As discussed in greater detail
in the Prospectus under the section &ldquo;Prospectus Summary&mdash;Warrant Inducement Transaction,&rdquo; on January 16, 2025, we entered
into Inducement Letters with the selling stockholders pursuant to which, on January 17, 2025, we sold Tranche A Warrants and Tranche B
Warrants to purchase shares of common stock to the selling stockholders and agreed to file a registration statement to enable the resale
of the shares of common stock covered by the Prospectus. In the Warrant Inducement Transaction, GMS Ventures &amp; Investments, affiliated
with Yezan Haddadin and Faisal G. Sukhtian, directors of the Company, exercised an aggregate of 3,458,571 Existing Warrants for an aggregate
Reduced Exercise Price of approximately $8.7 million in exchange for Inducement Warrants to purchase 6,917,142 shares of common stock.
Other than the foregoing, none of the selling stockholders or any persons having control over such selling stockholders has held any position
or office with us or our affiliates within the last three years or has had a material relationship with us or any of our predecessors
or affiliates within the past three years, other than as a result of the ownership of our shares or other securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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