<SEC-DOCUMENT>0001104659-25-064897.txt : 20250702
<SEC-HEADER>0001104659-25-064897.hdr.sgml : 20250702
<ACCEPTANCE-DATETIME>20250701194551
ACCESSION NUMBER:		0001104659-25-064897
CONFORMED SUBMISSION TYPE:	424B4
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250702
DATE AS OF CHANGE:		20250701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cellectar Biosciences, Inc.
		CENTRAL INDEX KEY:			0001279704
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				043321804
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-288333
		FILM NUMBER:		251098004

	BUSINESS ADDRESS:	
		STREET 1:		100 CAMPUS DRIVE
		CITY:			FLORHAM PARK
		STATE:			NJ
		ZIP:			07932
		BUSINESS PHONE:		(608) 441-8120

	MAIL ADDRESS:	
		STREET 1:		100 CAMPUS DRIVE
		CITY:			FLORHAM PARK
		STATE:			NJ
		ZIP:			07932

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVELOS THERAPEUTICS, INC.
		DATE OF NAME CHANGE:	20050617

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMON HORIZONS INC
		DATE OF NAME CHANGE:	20040211
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B4
<SEQUENCE>1
<FILENAME>tm2516057d7_424b4.htm
<DESCRIPTION>424B4
<TEXT>
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<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Filed Pursuant to Rule 424(b)(4)</B></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration No. 333-288333</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prospectus</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="tm2516057d3_s1img001.jpg" ALT=""></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></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>865,000 Class&nbsp;A Units with each
Class&nbsp;A Unit consisting of (i)&nbsp;one (1)&nbsp;Share of Common Stock and (ii)&nbsp;one (1)&nbsp;<BR>
Common Warrant to purchase one (1)&nbsp;Share of Common Stock</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></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: center"><B>335,000 Class&nbsp;B Units with each
Class&nbsp;B Unit consisting of (i)&nbsp;one (1)&nbsp;Pre-Funded Warrant to Purchase one (1)&nbsp;<BR>
Share of Common Stock and (ii)&nbsp;one (1)&nbsp;Common Warrant to purchase one (1)&nbsp;Share of Common Stock</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: center"><B>72,000 Representative Warrants to
Purchase 72,000 Shares of Common Stock</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: center"><B>1,607,000 Shares of Common Stock Issuable Upon Exercise of (i)
335,000 Pre-Funded Warrants, (ii)&nbsp;1,200,000<BR>
Common Warrants and (iii)&nbsp;72,000 Representative Warrants</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">We are offering 865,000 Class&nbsp;A Units (the
 &ldquo;Class&nbsp;A Units&rdquo;) with each Class&nbsp;A Unit consisting of (i)&nbsp;one (1)&nbsp;share of our common stock, par value
$0.00001 per share (the &ldquo;common stock&rdquo;) and (ii)&nbsp;one (1)&nbsp;warrant to purchase one (1)&nbsp;share of common stock
(each, a &ldquo;Common Warrant&rdquo;) at a public offering price of $5.00 per Class&nbsp;A Unit.</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">We are also offering to certain purchasers whose
purchase of Class&nbsp;A Units in this offering would otherwise result in the purchaser, together with its affiliates and certain related
parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding common stock immediately
following the consummation of this offering, the opportunity to purchase, if any such purchaser so chooses, 335,000 Class&nbsp;B Units
(the &ldquo;Class&nbsp;B Units&rdquo;), with each Class&nbsp;B Unit consisting of (i)&nbsp;one (1)&nbsp;pre-funded warrant (each, a &ldquo;Pre-Funded
Warrant&rdquo;) to purchase one (1)&nbsp;share of common stock, in lieu of shares of common stock and (ii)&nbsp;one (1)&nbsp;Common Warrant.
The purchase price of each Class&nbsp;B Unit will be equal to $4.99999. Each Pre-Funded Warrant is exercisable for one (1)&nbsp;share
of our common stock and has an exercise price of $0.00001 per share, and a perpetual term. This prospectus also relates to the offering
of common stock issuable upon exercise of the Pre-Funded Warrants and Common Warrants. We collectively refer to the Class&nbsp;A Units,
Class&nbsp;B Units, the shares of common stock, Pre-Funded Warrants, Common Warrants and the shares of common stock underlying the Pre-Funded
Warrants and Common Warrants as the &ldquo;securities.&rdquo;</P>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Class&nbsp;A Units and Class&nbsp;B Units will not be certificated
and the shares of common stock, Pre-Funded Warrants, and Common Warrants are immediately separable and will be issued separately in this
offering. Each Common Warrant will be exercisable immediately upon issuance, have a term of five (5)&nbsp;years from the date of issuance
and an exercise price equal to $5.25.</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"></P>

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<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 underwriter has the option to purchase up
to 180,000 additional shares of common stock and/or additional Common Warrants to purchase up to an additional 180,000 shares of common
stock solely to cover over-allotments, if any, at the public offering price, less the underwriting discounts and commissions. The over-allotment
option may be used to purchase shares of common stock and/or Common Warrants, or any combination thereof, as determined by the underwriter.
The overallotment option is exercisable for forty-five days from the date of this prospectus.</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">Our executive officers agreed to purchase an aggregate
of 25,000 Class A Units for a total purchase price of approximately $125,000 at the public offering price and on the same terms as other
purchasers in the offering. The underwriter will receive the same underwriting discount and commissions on the securities purchased by
such persons in this offering as they will on any other securities sold to the public in 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; text-align: justify">Our common stock is listed on The Nasdaq Capital
Market under the symbol &ldquo;CLRB&rdquo;. On June 30, 2025, the last reported sale price of our common stock was $7.11 per share.</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">On June 24, 2025, a reverse stock split of our
outstanding shares of common stock took effect at a ratio of one-for-thirty (the &ldquo;Reverse Stock Split&rdquo;), which was approved
by our Board of Directors and majority of stockholders, and consummated pursuant to a Certificate of Amendment filed with the Secretary
of State of Delaware on June 23, 2025. There will be no change to the number of authorized shares or the par value per share. Unless the
context expressly dictates otherwise, all references to share and per share amounts referred to in this prospectus give effect to the
Reverse Stock Split. However, our periodic and current reports that are incorporated by reference, and all other documents that were filed
prior to June 24, 2025, do not give effect to the Reverse Stock Split.</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"><B>Investing in our securities involves a high
degree of risk. Before making an investment decision, please read the information under &ldquo;<U>Risk Factors</U>&rdquo; beginning on
page&nbsp;17 of this prospectus and under similar headings in any amendment or supplement to this prospectus or in any filing with the
Securities and Exchange Commission that is incorporated by reference herein.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class&nbsp;A Unit</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class&nbsp;B Unit</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; font-size: 10pt">Public offering price (1)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">5.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">4.99999</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">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">5,999,997</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Underwriting discounts and commissions (2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.40</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.40</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">480,000</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">Proceeds to us, before expenses (3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.60</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.59999</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,519,997</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1)&nbsp;The public offering price
and underwriting discount corresponds to (i)&nbsp;a public offering price per Class&nbsp;A Unit of $5.00 ($4.60 net of the underwriting
discount) and (ii)&nbsp;a public offering price per Class&nbsp;B Unit of $4.99999 ($4.59999 net of the underwriting discount).</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 0pt 0.25in; text-align: justify">(2)&nbsp;We have agreed to reimburse the the underwriter for certain
expenses and issue the underwriter, or its designees, warrants to purchase up to 6.0% of the number of Class&nbsp;A Units and Class&nbsp;B
Units sold in this offering, including shares of common stock sold pursuant to the over-allotment option, if any. See &ldquo;<I>Underwriting</I>&rdquo;
on page&nbsp;56 for additional information regarding underwriting compensation.</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 0pt 0.25in; text-align: justify">(3)&nbsp;The above summary of offering
proceeds does not give effect to any proceeds from the cash exercise of any Pre-Funded Warrants, Common Warrants, or representative warrants
being issued in 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; text-align: justify; text-indent: 0.25in">The underwriter expects to deliver the securities to purchasers in
the offering on or about&nbsp;July 2 , 2025.</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; text-indent: 0.25in"><B>NEITHER THE SECURITIES
AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS 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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>Ladenburg Thalmann</B></FONT></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>The date of this prospectus is July 1, 2025.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></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"></P>

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<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"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents<SUP></SUP></B></FONT></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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#q_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: right; width: 10%"><A HREF="#q_001">1</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#q_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#q_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#q_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_004">43</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#q_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#q_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDEND POLICY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_006">46</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#q_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#q_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DILUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_008">48</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#q_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES WE ARE
    OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#q_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNDERWRITING</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_010">56</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#q_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL U.S. FEDERAL INCOME TAX
    CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#q_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_012">67</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#q_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_013">67</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#q_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_014">67</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#q_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#q_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></A></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; text-indent: 0.5in">The registration statement
we filed with the Securities and Exchange Commission, or the SEC, includes exhibits that provide more detail of the matters discussed
in this prospectus. You should read this prospectus, the related exhibits filed with the SEC, and the documents incorporated by reference
herein before making your investment decision. You should rely only on the information provided in this prospectus and the documents incorporated
by reference herein or any amendment thereto. In addition, this prospectus contains summaries of certain provisions contained in some
of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified
in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be
incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those
documents as described below under the heading &ldquo;Where You Can Find Additional Information.&rdquo; Information contained in later-dated
documents incorporated by reference will automatically supplement, modify or supersede, as applicable, the information contained in this
prospectus or in earlier-dated documents incorporated by reference.</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; text-indent: 0.5in">We have not authorized anyone
to provide any information or to make any representations other than those contained in this prospectus, the documents incorporated by
reference herein or in any free writing prospectuses prepared by or on behalf of us or to which we have referred you. 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, the documents incorporated by reference herein or in any applicable free writing prospectus is current only as of
its date, regardless of its time of delivery or any sale of our securities. Our business, financial condition, results of operations and
prospects may have changed since that date.</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; text-indent: 0.5in">This prospectus is an offer to sell only the securities offered hereby,
and only under circumstances and in jurisdictions where it is lawful to do so. We are not, and the underwriter is not, making an offer
to sell these securities in any state or jurisdiction where the offer or sale is not permitted.</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; text-indent: 0.5in">The terms &ldquo;Cellectar
Biosciences,&rdquo; &ldquo;Cellectar,&rdquo; the &ldquo;Company,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo; and &ldquo;we,&rdquo; as used
in this prospectus, refer to Cellectar Biosciences,&nbsp;Inc., a Delaware corporation, and its subsidiaries unless we state otherwise
or the context indicates otherwise.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-transform: uppercase"><B><A NAME="q_001"></A>Summary</B></FONT></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; text-indent: 0.5in"><I>This summary highlights
information contained elsewhere in this prospectus. Because it is a summary, it may not contain all of the information that is important
to you. Accordingly, you are urged to carefully read the entire prospectus, any applicable prospectus supplement and any related free
writing prospectus, including the risks of investing in our securities discussed under the heading &ldquo;Risk Factors&rdquo; contained
in any applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that
are incorporated by reference into this prospectus. You should also carefully read the information incorporated by reference into this
prospectus, including our financial statements, and the exhibits to the registration statement of which this prospectus is a part.</I></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"><B>Company Overview</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a late-stage clinical biopharmaceutical
company focused on the discovery, development and commercialization of drugs for the treatment of cancer. Our core objective is to leverage
our proprietary phospholipid ether drug conjugate&trade; (PDC&trade;) delivery platform to develop PDCs that are designed to specifically
target cancer cells and deliver improved efficacy and better safety as a result of fewer off-target effects. We believe that our PDC platform
possesses the potential for the discovery and development of the next generation of cancer-targeting treatments, and we plan to develop
PDCs both independently and through research and development collaborations. On April&nbsp;30, 2025, we announced that we will explore
a full range of strategic alternatives to advance our platform and radiopharmaceutical drug development pipeline. Strategic alternatives
under consideration may include, but are not limited to mergers, acquisitions, partnerships, joint ventures, licensing arrangements or
other strategic transactions.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is primarily
focused on the development of its radioconjugate PDC programs, also known as phospholipid radioconjugates or PRCs, designed to provide
targeted delivery of a radioisotope directly to cancer cells, while limiting exposure to healthy cells. We believe this profile differentiates
our PRCs from many traditional on-market treatments and radiotherapeutics. Our three lead programs are: CLR 121125 (CLR 125), an iodine-125
Auger-emitting program, prepared to enter a clinical trial in 2025; CLR 121225 (CLR 225), an actinium-225 based program; and iopofosine
I 131 (iopofosine I 131, or simply iopofosine), a beta-emitting iodine-131 based program which has been studied extensively, as described
below. On June 4, 2025, the Company announced that the U.S Food and Drug Administration (the &ldquo;FDA&rdquo;) has granted Breakthrough
Therapy Designation for iopofosine I 131, as a radioconjugate monotherapy for the treatment of relapsed/refractory Waldenstrom macroglobulinemia
(r/r WM).</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">CLR 125, the Auger-emitting PRC, utilizes iodine-125 and has been observed to show tolerability with minimal toxicities in animal
models. Additionally, the Company observed CLR 125 to have good activity in multiple solid tumor models, especially in triple negative
breast cancer. Auger emitters provide the greatest precision in targeted radiotherapy as the emission can only travel a few nanometers.
The Company believes that this means that to cause the necessary breakage of the tumor cell DNA, the isotope most get inside the cell
and near the cell nucleus to be effective. The Company believes that CLR 125 achieves this due to the Company&rsquo;s novel phospholipid
ether drug conjugate platform. CLR 125 is prepared to be the subject of a Phase 1b dose finding study in the second half of 2025 as described
below, subject to our ability to obtain additional financing.</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">CLR 225, the alpha-emitting, actinium-225 based PRC has been observed to show activity in multiple solid tumor animal models, including
pancreatic, colorectal, and breast cancer. The Company observed CLR 121225 to be well tolerated in these models with the animals showing
no adverse events at the highest doses tested. The Company also observed that the compound has excellent biodistribution and uptake by
the tumor. Furthermore, in multiple models of pancreatic adenocarcinoma, including highly refractory pancreatic cancer, we have observed
the compound&rsquo;s proportional dose response with a single dose providing either tumor stasis at the lowest dose tested or tumor volume
reduction at the higher doses. The Company is currently prepared to initiate a Phase 1 imaging and dose escalation safety study in the
second half of 2025, subject to our ability to obtain additional financing.</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"></P>

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<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Iopofosine, the beta-emitting PRC, utilizes iodine-131 and was studied in our CLOVER-WaM Phase 2 study of iopofosine in patients with
relapsed/refractory (r/r) Waldenstrom&rsquo;s macroglobulinemia (WM) where it was observed to result in statistically significant outcomes
on both primary and secondary endpoints, and our Phase 2b studies in r/r multiple myeloma (MM) patients and r/r central nervous system
lymphoma (CNSL) are ongoing. The CLOVER-2 Phase 1a study for a variety of pediatric cancers has concluded and a Phase 1b study in pediatric
patients with high grade glioma is enrolling. Additionally, a Phase 1 Investigator-initiated study conducted by the University of Wisconsin
Madison of iopofosine in combination with external beam radiation in patients with recurrent head and neck cancer has also been completed.
As with all clinical trials, adverse events, serious adverse events or fatalities may arise during a clinical trial resulting from medical
problems that may not be related to clinical trial treatments. Furthermore, due to recent communications with the FDA regarding a confirmatory
study to support accelerated approval and the regulatory submission for iopofosine, the Company is, in addition to determining the availability
of funding for such a study, pursuing strategic options for the further development and commercialization of this product candidate. As
part of our previous announcement to seek a full range of strategic alternatives, we have initiated a process that includes identifying
a strategic partner with the resources to develop iopofosine I 131.</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"><B>Clinical and Preclinical Pipeline</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"><B><I>Preclinical Evaluations of CLR 125</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In preclinical, <I>in vivo</I> evaluations of CLR
125, utilizing triple-negative breast cancer (TNBC) models, the compound was observed to have tumor uptake at a substantially higher rate
than that of healthy tissue. Additionally, no signs of end-organ toxicity were observed, including hematological toxicity.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>CLR 125 Proposed Study</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The anticipated use of funds generated from this
offering is to provide necessary capital for operating expenses and to initiate a Phase 1b clinical study in TNBC with CLR 125, which
is chemically and structurally the same as iopofosine, with the only difference being the iodine isotope with which it is radiolabeled.
The clinical experience of iopofosine informs the biodistribution of the compound and may instruct the potential potency and side effects
of CLR 125, although given the different physical properties of the emissions from CLR 125, the Company believes that side effects could
be less.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect the study to be a Phase 1b, randomized,
open-label, multi-center study comparing the safety and efficacy of CLR&#8239;125 in patients with advanced TNBC who are relapsed/refractory
(r/r) to at least one prior therapy. Three dose levels will be assessed in parallel, with enrollment of patients in a 1:1:1 manner. We
expect that each arm will have a minimum of 15 evaluable patients. CLR&#8239;125 will be administered as a fractionated dose on Day 1
and Day 3 for cycle 1 and repeat approximately every 8-week for subsequent cycles. Depending on arm assignments, patients will receive
between two and four cycles. An expansion arm may be evaluated of at least 15 patients following evaluation of the three dose levels by
the data monitoring committee (DMC).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We anticipate a maximum of 75 patients to be enrolled
in the trial. Safety and tolerability of CLR 125 will be assessed by physical examination, Eastern Cooperative Oncology Group (ECOG) performance
status, vital signs, laboratory changes over time, ECGs, and adverse events of special interest. Efficacy of CLR 125 will be assessed
by CT (or MRI if needed) examinations obtained at six-week intervals following the initial dose of CLR 125.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The study objective is to determine the Phase 2
dosing level with secondary endpoints including safety, tolerability, initial response assessment and distribution.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Preclinical Evaluations of CLR 225</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In preclinical, <I>in vivo</I> evaluations of CLR
225, utilizing a pancreatic cancer model, the compound was observed to reduce tumor volume and improved survival benefit at four different
dosing levels. Observed biodistribution exhibited substantial uptake in the tumor while remaining low in healthy tissue.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The CLOVER-1 Phase 2 study
of iopofosine, conducted in r/r B-cell malignancies, met the primary efficacy endpoints from the Part&nbsp;A dose-finding portion. The
CLOVER-1 Phase 2b study, where iopofosine remains under further evaluation in highly refractory MM and CNSL patients, is closed to enrollment
but ongoing with patients in follow-up. Fatalities have occurred in patients post-treatment with iopofosine.</P>

<P STYLE="text-align: justify; 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; text-indent: 0.5in">The CLOVER-WaM study was
designed as a pivotal registration study evaluating iopofosine in WM patients that were r/r to at least two prior lines of therapy including
having failed or had a suboptimal response to a Bruton tyrosine kinase inhibitor (BTKi). The study completed enrollment in the fourth
quarter of 2023, and initial top line data from the study was reported in January&nbsp;2024. CLOVER-WaM was a single-arm study with a
target enrollment of 50 patients. Based upon the data from September&nbsp;2024, the CLOVER-WaM study enrolled a total of 55 patients
in the modified Intent to Treat (mITT) population and met its primary endpoint with a major response rate (MRR) of 58.2% (95% confidence
interval [44.50%, 75.80%, two-sided p value &lt; 0.0001]) exceeding the FDA agreed-upon statistical hurdle of 20%. The overall response
rate (ORR) in evaluable patients was 83.6%, and 98.2% of patients experienced disease control. Responses were durable, with median duration
of response not reached with 11.4 months of follow-up and 76% of patients remaining progression free at a median follow-up of eight months.
These outcomes exceed real world data, which demonstrate a 4-12% MRR and a duration of response of approximately six months or less despite
continuous treatment in a patient population that is less pretreated and not refractory to multiple classes of drugs. Notably, iopofosine
I 131 monotherapy achieved a 7.3% complete remission (CR) rate in this highly refractory WM population. Overall, 45 (69.2%) patients
had prior exposure to at least 3 drug classes and 19 (29.2%) patients had prior exposure to at least 4 drug classes of anti-cancer therapies.
Forty-eight (73.8%) patients had prior exposure to a BTKi of which 37 (77.1%) were deemed to be refractory to BTKis. Forty-three (66.2%)
patients were exposed to BTKi and anti-CD20 antibody with 25 (58.1%) being refractory to both BTKi and anti-CD-20 antibodies. Thirty-seven
(56.9%) patients had prior exposure to BTKi, anti-CD20 antibody, and chemotherapy and 18 (48.6%) patients were refractory to all three
classes of drugs, BTKi, anti-CD20 antibody, and chemotherapy. Iopofosine I 131 was well tolerated and its toxicity profile was consistent
with the Company&rsquo;s previously reported safety data. The safety population was 65 patients which was composed of patients that received
at least a single dose of iopofosine I 131 but did not receive enough drug to be assessed for efficacy. There were 3 (4.6%) patients
that experienced treatment-related adverse events (TRAEs) leading to discontinuation. The rates of greater TRAEs observed in more than
10% of patients included thrombocytopenia (56 [86.2%] patients), neutropenia (52 [80.0%] patients), anemia (42 [64.6%] patients) and
decreased white blood cell count (21 [32.3%] patients) among hematologic toxicities and fatigue (22 [33.8%] patients), nausea (19 [29.2%]
patients and diarrhea (13 [20.0%] patients) among non-hematologic toxicities. The rates of Grade 3 or greater TRAEs observed in more
than 10% of patients included thrombocytopenia (53 [81.5%] patients), neutropenia (43 [66.2%] patients), anemia (31 [47.7%] patients),
decreased white blood cell count (18 [27.7%]), decreased lymphocyte count 8 (12.3%). All patients recovered from cytopenias with no reported
aplastic sequalae. Importantly, there were no clinically significant bleeding events, and the rate of febrile neutropenia was 10.8%.
There were no treatment-related deaths in the study.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The CLOVER-1 Phase 2 study met the primary efficacy
endpoints from the Part&nbsp;A dose-finding portion, conducted in r/r B-cell malignancies, and is now enrolling an MM and CNSL expansion
cohort (Phase 2b). The Phase 2b study will evaluate highly refractory MM patients in triple class, quad- and penta-drug refractory patients,
including post-BCMA immunotherapy patients and r/r CNSL patients. The initial Investigational New Drug (IND) application was accepted
by the FDA in March&nbsp;2014 with multiple INDs submitted since that time. The Phase 1 study was designed to assess the compound&rsquo;s
safety and tolerability in patients with r/r MM and to determine maximum tolerated dose (MTD) and was initiated in April&nbsp;2015. The
study completed enrollment, and the final clinical study report is expected in the first half of 2025. Initiated in March&nbsp;2017, the
primary goal of the Phase 2a study was to assess the compound&rsquo;s efficacy in a broad range of hematologic cancers.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The CLOVER-2 Phase 1a pediatric study an open-label,
sequential-group, dose-escalation study was conducted internationally at seven leading pediatric cancer centers. The study was an open-label,
sequential-group, dose-escalation study to evaluate the safety and tolerability of iopofosine in children and adolescents with relapsed
or refractory cancers, including malignant brain tumors, neuroblastoma, sarcomas, and lymphomas (including Hodgkin&rsquo;s lymphoma).
The maximum tolerated dose was determined to be greater than 60mCi/m2 administered as a fractionated dose. CLOVER-2 Phase 1b study is
an open-label, international dose-finding study evaluating two different doses and dosing regiments of iopofosine in r/r pediatric patients
with high grade gliomas. These cancer types were selected for clinical, regulatory and commercial rationales, including the radiosensitive
nature and continued unmet medical need in the r/r setting, and the rare disease determinations made by the FDA based upon the current
definition within the Orphan Drug Act. This study is partially funded (~$2M) by a National Institutes of Health SBIR grant from the National
Cancer Institute.</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"></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The U.S. Food and Drug Administration (FDA) granted
iopofosine Fast Track Designation for lymphoplasmacytic lymphoma (LPL) and WM patients having received two or more prior treatment regimens,
as well as r/r MM and r/r diffuse large B-cell lymphoma (DLBCL). Orphan Drug Designations (ODDs) have been granted for LPL/WM, MM, neuroblastoma,
soft tissue sarcomas including rhabdomyosarcoma, Ewing&rsquo;s sarcoma and osteosarcoma. Iopofosine was also granted Rare Pediatric Disease
Designation (RPDD) for the treatment of neuroblastoma, rhabdomyosarcoma, Ewing&rsquo;s sarcoma and osteosarcoma. The European Commission
granted ODD to iopofosine for treatment of r/r MM and WM, as well as PRIME designation for WM.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, in June&nbsp;2020, the European Medicines
Agency (EMA) granted us Small and Medium-Sized Enterprise (SME) status by the EMA&rsquo;s Micro, Small and Medium-sized Enterprise office.
SME status allows us to participate in significant financial incentives that include a 90% to 100% EMA fee reduction for scientific advice,
clinical study protocol design, endpoints and statistical considerations, quality inspections of facilities and fee waivers for selective
EMA pre-and post-authorization regulatory filings, including orphan drug and PRIME designations. We are also eligible to obtain EMA certification
of quality and manufacturing data prior to a review of clinical data. Other financial incentives include EMA-provided translational services
of all regulatory documents required for market authorization, further reducing the financial burden of the market authorization process.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Phase 3 Study in Patients with r/r Waldenstrom&rsquo;s macroglobulinemia</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March&nbsp;6, 2025 the Company conducted its
End-of-Phase-2 (EOP2) meeting with the U.S. Food and Drug Administration (FDA). As a result of the meeting, the Company believes that
it understands the path forward for a one trial design for potential accelerated and full approval based upon a randomized Phase 3 trial
assessing major response rate and progression free survival, respectively, as the primary endpoints in WM patients previously treated
with a BTKi. The FDA and Cellectar agreed to utilize an Investigator Choice comparator approach, where investigators can select between
one of two fixed duration treatments currently recommended by the NCCN guidelines. The initiation of this study is dependent on funding.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This meeting followed a November&nbsp;2024 meeting
where the FDA informed the Company that while the data from the CLOVER WaM study was meaningful, the FDA&rsquo;s preferred route to accelerated
approval of iopofosine in WM was via a one trial design approach which would be in alignment with the recently issued accelerated approval
guidance.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have leveraged our PDC platform to establish
three ongoing collaborations featuring four unique payloads and mechanisms of action. Through research and development collaborations,
our strategy is to generate near-term capital, supplement internal resources, gain access to novel molecules or payloads, accelerate product
candidate development, and broaden our proprietary and partnered product pipelines.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our PDC platform is designed to provide selective
delivery of a diverse range of oncologic payloads to cancerous cells, whether a hematologic cancer or solid tumor; a primary tumor, or
a metastatic tumor; and cancer stem cells. The PDC platform&rsquo;s mechanism of entry is designed not to rely upon a specific cell surface
epitope or antigen as are required by other targeted delivery platforms but rather a unique change in the tumor cell membrane. Our PDC
platform takes advantage of a metabolic pathway (beta oxidation) utilized by nearly all tumor cell types in all stages of the tumor cycle.
Tumor cells modify the cell membrane to create specific, highly organized microdomains by which to transport lipids and long chain fatty
acids into the cytoplasm, as a result of the utilization of this metabolic pathway. Our PDCs are designed to bind to these regions and
directly enter the intracellular compartment. This mechanism allows the PDC molecules to accumulate in tumor cells over time, which we
believe can enhance drug efficacy. The direct intracellular delivery allows our molecules to avoid the specialized, highly acidic cellular
compartment known as lysosomes, which allows a PDC to deliver payloads that previously could not be delivered in this targeted manner.
Additionally, molecules targeting specific cell surface epitopes face challenges in completely eliminating a tumor because the targeted
antigens are limited in the total number presented on the cell surface, limiting total potential uptake and resulting in heterogenous
uptake across the tumor, have longer cycling time from internalization to relocation on the cell surface, again diminishing their availability
for binding, and are not present on all of the tumor cells because of the heterogenous nature of cancer cells, further increasing the
unequal distribution of the drug across the tumor. This means a subpopulation of tumor cells always exists that cannot be addressed by
therapies targeting specific surface epitopes. Additionally, the epitope utilized is also present on other normal tissue, resulting in
off-target toxicities.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Beyond the benefits provided by the mechanism of
entry, the PDC platform features include the capacity to link with almost any molecule, provide a significant increase in targeted oncologic
payload delivery, a more uniform delivery, and the ability to target all types of tumor cells. As a result, we believe that we can create
PDCs to treat a broad range of cancers with the potential to improve the therapeutic index of oncologic drug payloads, enhance or maintain
efficacy while also reducing adverse events by minimizing drug delivery to healthy cells, and increasing delivery to cancerous cells and
cancer stem cells.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We employ a drug discovery and development approach
that allows us to efficiently design, research and advance drug candidates. Our iterative process allows us to rapidly and systematically
produce multiple generations of incrementally improved targeted drug candidates without the expense of having to generate significant
compound libraries.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>CLOVER-1: Phase 2 Study in Select B-Cell Malignancies</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Phase 2 CLOVER-1 study was an open-label study
designed to determine the efficacy and safety of CLR 131 in select B-cell malignancies (multiple myeloma (MM), indolent chronic lymphocytic
leukemia (CLL)/small lymphocytic lymphoma (SLL), lymphoplasmacytic lymphoma (LPL)/Waldenstrom&rsquo;s macroglobulinemia (WM), marginal
zone lymphoma (MZL), mantle cell lymphoma (MCL), DLBCL, and central nervous system lymphoma (CNSL) who have been previously treated with
standard therapy for their underlying malignancy. As of March&nbsp;2022, the study arms for CLL/SLL, LPL/WM, MZL, MCL, and DLBCL were
closed. Dosing of patients varied by disease state cohort and was measured in terms of TBD.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In July&nbsp;2016, we were awarded a $2,000,000
National Cancer Institute (NCI) Fast-Track Small Business Innovation Research grant to further advance the clinical development of iopofosine.
The funds supported the Phase 2 study initiated in March&nbsp;2017 to define the clinical benefits of iopofosine in r/r MM and other niche
hematologic malignancies with unmet clinical need. These niche hematologic malignancies include CLL, SLL, MZL, LPL/WM and DLBCL. The study
was conducted in approximately 10 U.S. cancer centers in patients with orphan-designated relapse or refractory hematologic cancers. The
planned study enrollment was up to 80 patients.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The study&rsquo;s primary endpoint was clinical
benefit response (CBR), with secondary endpoints of ORR, PFS, time to next treatment (TtNT), median Overall Survival (mOS), DOR and other
markers of efficacy following patients receiving one of three TBDs of iopofosine (&lt;50mCi, ~50mCi and &gt;60mCi), with the option for
a second cycle approximately 75-180 days later. Dosages were provided either as a single bolus or fractionated (the assigned dose level
split into two doses) given day 1 and day 15. Over the course of the study the dosing regimen of iopofosine advanced from a single bolus
dose to two cycles of fractionated administrations of 15 mCi/m2 per dose on days 1, 15 (cycle 1), and days 57, 71 (cycle 2). Adverse events
occurring in at least 25% of subjects were fatigue (39%) and cytopenias, specifically, thrombocytopenia (75%), anemia (61%), neutropenia
(54%), leukopenia (51%), and lymphopenia (25%). Serious adverse events occurring in greater than 5% of subjects were restricted to thrombocytopenia
(9%) and febrile neutropenia (7.5%).</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Phase 2a Study: Patients with r/r Waldenstrom&rsquo;s Macroglobulinemia
Cohort</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Patients in the r/r WM cohort all received TBD
of &ge; 60 mCi (25 mCi/m2 single bolus, 31.25 mCi/m2 fractionated, 37.5 mCi/m2 fractionated, or two cycles of mCi/m2 fractionated) either
as a bolus dose or fractionated. Current data from our Phase 2a CLOVER-1 clinical study show a 100% ORR in six WM patients and an 83.3%
major response rate with one patient achieving a complete response (CR), which reached 39 months post-last treatment. While median treatment
free survival (TFS), also known as treatment free remission (TFR), and DOR have not been reached, the average treatment TFS/TFR is currently
at 330 days. We believe this may represent an important improvement in the treatment of r/r WM as we believe no approved or late-stage
development treatments for second- and third-line patients have reported a CR to date. Based on study results, iopofosine was well tolerated,
with the most common adverse events being cytopenias and fatigue.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Phase 2a Study: Patients with r/r Multiple Myeloma Cohort</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In September&nbsp;2020, we announced that a 40%
ORR was observed in the subset of refractory MM patients deemed triple class refractory who received 60 mCi or greater TBD. Triple class
refractory is defined as patients that are refractory to immunomodulatory, proteasome inhibitors and anti-CD38 antibody drug classes.
The 40% ORR (6/15 patients) represents triple class refractory patients enrolled in Part&nbsp;A of Cellectar&rsquo;s CLOVER-1 study and
additional patients enrolled in Part&nbsp;B from March&nbsp;through May&nbsp;2020 and received &gt;60mCi TBD (25 mCi/m2 single bolus,
31.25 mCi/m2 fractionated, 37.5 mCi/m2 fractionated, or two cycles of mCi/m2 fractionated) either as a bolus dose or fractionated. Patients
with MM received 40 mg of dexamethasone concurrently beginning within 24 hours of the first CLR 131 infusion. All MM patients enrolled
in the expansion cohort are required to be triple class refractory. The additional six patients enrolled in 2020 were heavily pre-treated
with an average of nine prior multi-drug regimens. Three patients received a TBD of &gt; 60 mCi and three received less than 60 mCi. Consistent
with the data released in February&nbsp;2020, patients receiving &gt; 60 mCi typically exhibit greater responses. Based on study results
to date, patients continue to tolerate iopofosine well, with the most common and almost exclusive treatment-emergent adverse events are
cytopenias, such as thrombocytopenia, neutropenia, and anemia.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December&nbsp;2021, we presented data from 11
MM patients from our Phase 2 CLOVER-1 study in a poster at the American Society of Hematology (ASH) Annual Meeting and Exposition. The
MM patients were at least triple class refractory (defined as refractory to an immunomodulatory agent, proteasome inhibitor and monoclonal
antibody) with data current as of May&nbsp;2021. Patients had a median of greater than 7 prior therapies with 50% classified as high risk.
Initial results in these patients showed an ORR of 45.5%, a CBR of 72.7%, and a disease control rate (DCR) of 100%. Median PFS was 3.4
months. In a subset of five quad/penta drug refractory patients, efficacy increased, demonstrating an ORR of 80% and CBR of 100% in this
highly treatment refractory group. The most commonly observed treatment emergent adverse events were cytopenias that included Grade 3
or 4 thrombocytopenia (62.5%), anemia (62.5%), neutropenia (62.5%) and decreased white blood cell count (50%). Treatment emergent adverse
events were mostly limited to bone marrow suppression in line with prior observations. No patients experienced treatment emergent adverse
events of neuropathy, arrhythmia, cardiovascular event, bleeding, ocular toxicities, renal function, alterations in liver enzymes, or
infusion-site reactions or adverse events. We continue to enrich the r/r MM patient cohort with patients that are even more refractory,
specifically enrolling patients that are quad-class refractory (triple class plus refractory to any of the recent approved product classes)
and have relapsed post-BCMA immunotherapy. We reported in the Blood Cancer Journal in August&nbsp;2022 that we observed iopofosine had
a 50% ORR in patients receiving &gt;60mCi total administered dose (3/6 patients).</P>

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

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

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Phase 2a: Patients with r/r non-Hodgkin&rsquo;s Lymphoma Cohort</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In February&nbsp;2020, we announced positive data
from our Phase 2a CLOVER-1 study in patients with NHL patients were treated with three different doses (&lt;50mCi, ~50mCi and &gt;60mCi
TBD. Patients in the r/r NHL cohort received TBD of either &ge; 60 mCi or &lt; 60 mCi (25 mCi/m2 single bolus, 31.25 mCi/m2 fractionated,
37.5 mCi/m2 fractionated, or two cycles of mCi/m2 fractionated) either as a bolus dose or fractionated. Patients with r/r NHL who received
 &lt;60mCi TBD and the &gt;60mCi TBD had a 42% and 43% ORR, respectively and a combined rate of 42%. These patients were also heavily pre-treated,
having a median of three prior lines of treatment (range, 1 to 9) with the majority of patients being refractory to rituximab and/or ibrutinib.
The patients had a median age of 70 with a range of 51 to 86. All patients had bone marrow involvement with an average of 23%. In addition
to these findings, subtype assessments were completed in the r/r B-cell NHL patients. We observed a 30% ORR in patients with DLBCL, with
one patient achieving a CR, which continues at nearly 24 months post-treatment. The ORR for CLL/SLL and MZL patients was 33%.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon the dose response observed in the Phase
2a study for patients receiving TBDs of 60mCi or greater, we determined that patient dosing of iopofosine in the pivotal study would be
 &gt;60mCi TBD. Therefore, patients are now grouped as receiving &lt;60mCi or &gt;60mCi TBD.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The most frequently reported adverse events in
all patients were cytopenias, which followed a predictable course and timeline. The frequency of adverse events did not increase as doses
were increased and the profile of cytopenias remained consistent. Importantly, our assessment is that these cytopenias have had a predictable
pattern to initiation, nadir and recovery and are treatable. The most common grade &ge;3 events at the highest dose (75mCi TBD) were hematologic
toxicities including thrombocytopenia (65%), neutropenia (41%), leukopenia (30%), anemia (24%) and lymphopenia (35%). No patients experienced
cardiotoxicities, neurological toxicities, infusion site reactions, peripheral neuropathy, allergic reactions, cytokine release syndrome,
keratopathy, renal toxicities, or changes in liver enzymes. The safety and tolerability profile in patients with r/r NHL was similar to
r/r MM patients except for fewer cytopenias of any grade. Based upon iopofosine being well tolerated across all dose groups, the observed
response rate, and especially in difficult to treat patients such as high risk and triple class refractory or penta-refractory, and corroborating
data showing the potential to further improve upon current ORRs and durability of those responses, the study has been expanded to test
a two-cycle dosing optimization regimen with a target TBD &gt;60 mCi/m2 of iopofosine.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In May&nbsp;2020, we announced that the FDA granted
Fast Track Designation for iopofosine in WM in patients having received two or more prior treatment regimens.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Phase 1 Study in Patients with r/r Multiple Myeloma</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In February&nbsp;2020, final results from a multicenter,
Phase 1 dose escalation clinical trial of iopofosine in r/r MM were presented. The trial was designed to evaluate the safety and potential
initial efficacy of iopofosine administered in an up to 30-minute I.V. infusion either as a single bolus dose or as a fractionated dose
in heavily pretreated MM patients. The study enrolled a total of 26 evaluable patients at three trial sites. For the trial, which used
a modified three-plus-three dose escalation design, 15 evaluable patients were dosed in single bolus doses from 12.5mCi/m2 up to 31.25mCi/m2
(TBD 20.35-59.17 mCi) and 11 evaluable patients were dosed in fractionated dosing cohorts of 31.25mCi/m2 to 40mCi/m2 (TBD 54.915-89.107
mCi). An iDMC did not identify dose-limiting toxicities in any cohort. Of the 26 evaluable patients in the trial, a partial response was
observed in 4 of 26 patients (15.4%) and stable disease or minimal response in 22 of 26 patients (84.6%), for a disease control rate of
100%. A significant decrease in M-protein and free light chain (FLC) was also observed.</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"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Iopofosine in combination with dexamethasone was
under investigation in adult patients with r/r MM. MM is an incurable cancer of the plasma cells and is the second most common form of
hematologic cancer. Patients had to be refractory to or relapsed from at least one proteasome inhibitor and at least one immunomodulatory
agent. The clinical study was a standard three-plus-three dose escalation safety study to determine the maximum tolerable dose. We use
the International Myeloma Working Group (IMWG) definitions of response, which involve monitoring the surrogate markers of efficacy, M
protein and FLC. The IMWG defines a PR as a 50% or greater decrease in M protein or to 50% or greater decrease in FLC levels (for patients
in whom M protein is unmeasurable). Secondary objectives included the evaluation of therapeutic activity by assessing surrogate efficacy
markers, which include M protein, FLC, PFS and OS. All patients were heavily pretreated with an average of five prior lines of therapy.
An iDMC assessed the safety of iopofosine up to its planned maximum single, bolus dose of 31.25 mCi/m2 or a TBD of ~63 mCi. The four single
dose cohorts examined were: 12.5 mCi/m2 (~25mCi TBD), 18.75 mCi/m2 (~37.5mCi TBD), 25 mCi/m2(~50mCi TBD), and 31.25 mCi/m2(~62.5mCi TBD),
all in combination with low dose dexamethasone (40 mg weekly). Of the five patients in the first cohort, four were assessed as achieving
stable disease and one patient progressed at Day 15 after administration and was taken off the study. Of the five patients admitted to
the second cohort, all five were assessed as achieving stable disease; however, one patient progressed at Day 41 after administration
and was taken off the study. Four patients were enrolled to the third cohort, and all were assessed as achieving stable disease. In September&nbsp;2017,
we announced safety and tolerability data for cohort 4, in which patients were treated with a single infusion up to 30-minutes of 31.25mCi/m2
of iopofosine, which was tolerated by the three patients in the cohort. Additionally, all three patients experienced CBR with one patient
achieving a partial response (PR). The patient experiencing a PR had an 82% reduction in FLC. This patient did not produce M protein,
had received seven prior lines of treatment including radiation, stem cell transplantation and multiple triple combination treatments
including one with daratumumab that was not tolerated. One patient experiencing stable disease attained a 44% reduction in M protein.
In January&nbsp;2019, we announced that the pooled mOS data from the first four cohorts was 22.0 months. In late 2018, we modified this
study to evaluate a fractionated dosing strategy to potentially increase efficacy and decrease adverse events.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cohorts five and six received fractionated dosing
of 31.25 mCi/m2(~62.5mCi TBD) and 37.5 mCi/m2 (~75mCi TBD), each administered on day 1 and day 8. Following the determination that all
prior dosing cohorts were tolerated, we initiated a cohort seven utilizing a 40mCi/m2 (~95mCi TBD) fractionated dose administered 20mCi/m2
(~40mCi TBD) on days 1 and day 8. Cohort seven was the highest pre-planned dose cohort and subjects have completed the evaluation period.
Adverse events occurring in at least 25% of subjects were fatigue (26%) and cytopenias, specifically, thrombocytopenia (90%), anemia (65%),
neutropenia (55%), leukopenia (61%), and lymphopenia (58%). Serious adverse events occurring in greater than two subjects were restricted
to febrile neutropenia n=3 (9.7%).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In May&nbsp;2019, we announced that the FDA granted
Fast Track Designation for iopofosine in fourth line or later r/r MM. Iopofosine is currently being evaluated in our ongoing CLOVER-1
Phase 2 clinical study in patients with r/r MM and other select B-cell lymphomas. Patients in the study received up to four, approximately
20-minute,&nbsp;IV infusions of iopofosine over 3 months, with doses given 14 days apart in each cycle and a maximum of two cycles. Low
dose dexamethasone 40 mg weekly (20mg in patients &ge; 75), was provided for up to 12 weeks. The planned study enrollment was up to 80
patients. Its primary endpoint was clinical benefit rate (CBR), with additional endpoints of ORR, PFS, median overall survival (OS) and
other markers of efficacy. Over the course of the study the dosing regimen of iopofosine advanced from a single bolus dose to two cycles
of fractionated administrations of 15 mCi/m2 per dose on days 1, 15 (cycle 1), and days 57, 71 (cycle 2). Following treatment with iopofosine,
approximately 91% of patients experience a reduction in tumor marker with approximately 73% experiencing greater than 37% reduction.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>CLOVER 2: Phase 1 Study in r/r Pediatric Patients with select
Solid tumors, Lymphomas and Malignant Brain Tumors</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December&nbsp;2017, the Division of Oncology
at the FDA accepted our IND and study design for the Phase 1 study of iopofosine in children and adolescents with select rare and orphan
designated cancers. This study was initiated during the first quarter of 2019. In December&nbsp;2017, we submitted an IND application
for r/r pediatric patients with select solid tumors, lymphomas and malignant brain tumors. The Phase 1 clinical study of iopofosine is
an open-label, sequential-group, dose-escalation study evaluating the safety and tolerability of intravenous administration of iopofosine
in children and adolescents with relapsed or refractory malignant solid tumors (neuroblastoma, Ewing&rsquo;s sarcoma, osteosarcoma, rhabdomyosarcoma)
and lymphoma or recurrent or refractory malignant brain tumors for which there are no standard treatments. Secondary objectives of the
study are to identify the recommended efficacious dose of iopofosine and to determine preliminary antitumor activity (treatment response)
of iopofosine in children and adolescents. In 2018, the FDA granted ODD and RPDD for iopofosine for the treatment of neuroblastoma, rhabdomyosarcoma,
Ewing&rsquo;s sarcoma and osteosarcoma.</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"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In August&nbsp;2020, based on data on four dose
levels from 15mCi/m2 up to 60mCi/m2, the iDMC permitted the beginning of the evaluation of the next higher dose cohort, at 75mCi/m2. The
iDMC advised, based upon the initial data, to enrich the 60 mCi/m2 dose level for patients over the age of 10 with HGG and Ewing sarcoma.
Changes in various tumor parameters appeared to demonstrate initial response and tumor uptake. This includes patients with relapsed HGGs
with over five months of PFS. In November&nbsp;2020, we announced clinical data providing that iopofosine had been measured in pediatric
brain tumors, confirming that systemic administration of iopofosine crosses the blood brain barrier and is delivered into tumors and that
the data show disease control in heavily pretreated patients with ependymomas. In November&nbsp;2021, we announced favorable data on changes
in various tumor parameters in a Phase 1 study in children and adolescents with relapsed and refractory high-grade gliomas (HGGs) and
soft tissue sarcomas. Pediatric HGGs are a collection of aggressive brain and central nervous system tumor subtypes (i.e. diffuse intrinsic
pontine gliomas, glioblastomas, astrocytomas, ependymomas,&nbsp;etc.) with about 400 new pediatric cases diagnosed annually in the U.S.
Children with these tumors have a poor prognosis and limited 5-year survival. Adverse events occurring in at least 25% of subjects were
fatigue, headache, nausea and vomiting (28% respectively), and cytopenias, specifically, thrombocytopenia (67%), anemia (67%), neutropenia
(61%), leukopenia (56%), and lymphopenia (33%). There were no serious adverse events occurring in more than 2 subjects. The part A portion
of this Phase 1 study has concluded, and part B has initiated to determine the appropriate dosing regimen in pediatric patients with r/r
HGG. In 2022, the NCI awarded Cellectar a $1,900,000 SBIR Phase 2 grant to explore iopofosine in pediatric HGG.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Phase 1 Study in r/r Head and Neck Cancer</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In August&nbsp;2016, the
University of Wisconsin Carbone Cancer Center (UWCCC) was awarded a five-year Specialized Programs of Research Excellence (SPORE) grant
of $12,000,000 from the NCI and the National Institute of Dental and Craniofacial Research to improve treatments and outcomes for head
and neck cancer (HNC) patients. HNC is the sixth most common cancer across the world with approximately 56,000 new patients diagnosed
every year in the U.S. As a key component of this grant, the UWCCC researchers completed testing of iopofosine in various animal HNC
models and initiated the first human clinical study enrolling up to 30 patients combining iopofosine and external beam radiation treatment
(EBRT) with recurrent HNC in the fourth quarter of 2019. UWCCC has completed the part A portion of a safety and tolerability study of
iopofosine in combination with EBRT and preliminary data suggest safety and tolerability in relapsed or refractory HNC. The reduction
in the amount or fractions (doses) of EBRT has the potential to diminish the (number and severity of) adverse events associated with
EBRT. Patients with HNC typically receive approximately 60-70 Grays (Gy) of EBRT given as 2 &ndash; 3 Gy daily doses over a six-week
timeframe. Patients can experience long-term tumor control following re-irradiation in this setting; however, this approach can cause
severe injury to normal tissue structures, significant adverse events and diminished quality of life. Part&nbsp;B of the study was to
assess the safety and potential benefits of iopofosine in combination with EBRT in a cohort of up to 24 patients. This portion of the
study has fully enrolled, and data were reported at the ASTRO 2024 conference on March&nbsp;2, 2024. Complete remission was achieved
in 64% of patients, with an ORR of 73% (n=11). Prior to treatment with iopofosine I 131, six patients had multiple recurrences, and one
had metastatic disease, both of which are indicative of poor outcomes. Additionally, in the study we observed durability of tumor control
with an overall survival of 73% and progression free survival of 36% at 12 months. Eleven patients (92%) experienced a treatment-related
adverse event. Treatment-related adverse events of grade 3 or higher occurring in 20% or more patients were thrombocytopenia (75%), lymphopenia
(75%), leukopenia (75%), neutropenia (67%), and anemia (42%). Observed adverse events were consistent with the known toxicity profile
of iopofosine I 131, with cytopenias being the most common. All patients recovered. We believe that these data support the notion of
enhanced patient outcomes when combining the use of iopofosine I 131 in combination with external beam radiation for a treatment of solid
tumors.</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">&nbsp;</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe our PDC platform has potential to provide
targeted delivery of a diverse range of oncologic payloads, as exemplified by our lead product candidates discussed above. Additional
pipeline product candidates, listed below, may also result in improvements to the current standard of care (SOC) for the treatment of
a broad range of human cancers:</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The company has developed a series of proprietary small molecule phospholipid drug conjugates. These programs employ either novel
payload or novel linkers. Many of these molecules have demonstrated efficacy and tolerability in preclinical mouse models. The collaboration
with IntoCell Inc. successfully met its agreed upon endpoint. The collaboration provided significant data which has led Cellectar to select
a series of highly potent cytotoxic small molecule payloads for further development.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">In collaboration with other parties, Cellectar has also validated that the PLE is capable of delivering peptide payloads and oligonucleotide
(siRNA, mRNA,&nbsp;etc.) payloads to the tumors when delivered systemically. These molecules have also been shown to demonstrate activity
and safety in multiple preclinical mouse models. Based upon these collaborations and the data, the company has initiated internal proprietary
programs with each of these treatment modalities. We are also evaluating other alpha-emitting isotopes such as astatine-211 and lead-212
in preclinical studies.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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"><B>Recent Developments</B></P>

<P STYLE="text-align: justify; 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"><I>Breakthrough Designation</I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">On
June 4, 2025, we announced that the FDA has granted Breakthrough Therapy Designation for iopofosine I 131, as a radioconjugate monotherapy
for the treatment of relapsed/refractory Waldenstrom macroglobulinemia (r/r WM).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 5, 2025, we entered
into inducement offer letter agreements with certain holders (the &ldquo;Holders&rdquo;) of certain of our (i) Common Stock Purchase
Warrants to purchase shares of Common Stock, issued on June 5, 2020 (the &ldquo;2020 Warrants&rdquo;), (ii) Common Stock Purchase Warrants
to purchase shares of Common Stock, issued on October 25, 2022 (the &ldquo;2022 Warrants&rdquo;), and (iii) Common Stock Purchase Warrants
to purchase shares of Common Stock, issued on July 21, 2024 (the &ldquo;2024 Warrants&rdquo; and together with the 2020 Warrants and
the 2022 Warrants, the &ldquo;Existing Warrant(s)&rdquo;) (the &ldquo;Warrant Inducement&rdquo;). Pursuant to the Warrant Inducement,
the Holders agreed to exercise the Existing Warrants for cash at a reduced exercise price of $0.3041 per share (on a pre-Reverse Stock
Split basis) in consideration for exercising in full for cash all of the Existing Warrants held by the Holders at the reduced exercise
price on or before 9:00 a.m. Eastern Time on June 5, 2025. The Warrant Inducement provided for the immediate exercise of certain outstanding
Existing Warrants to purchase an aggregate of 8,281,322 shares of common stock (on a pre-Reverse Stock Split basis).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares of common stock
underlying the Existing Warrants have either been registered pursuant to the registration statement on Form S-1 filed with the SEC on
May 8, 2020, as amended (File No, 333-238132), or registered for resale pursuant to either the registration statement on Form S-1 filed
with the SEC on November 23, 2022 (File No. 333-268544) or the registration statement on Form S-1 filed with the SEC on January 29, 2025
(File No. 333-284580).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At 12:01 a.m. Eastern
Time on Tuesday, June 24, 2025 (the &ldquo;Effective Time&rdquo;), our Reverse Stock Split became effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the
Reverse Stock Split, every 30 shares of our common stock issued and outstanding as of the Effective Time was automatically converted
into one share of our common stock. Stockholders who otherwise held a fractional share of common stock will receive a cash payment in
lieu of such fractional share. On the Effective Time, our shares of common stock issued and outstanding were reduced from 54,361,197
to approximately 1,812,039 shares of common stock issued and outstanding. Our shares of common stock commenced trading on a split-adjusted
basis when the Nasdaq Capital Market opened on June 24, 2025, and will continue to trade under its existing symbol &ldquo;CLRB.&rdquo;
The new CUSIP number for the common stock following the Reverse Stock Split is 15117F880.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the Reverse
Stock Split, the number of shares of common stock available for issuance under our equity incentive plans were proportionately affected.
Additionally, under the terms of our outstanding stock options and warrants, when the Reverse Stock Split became effective, the number
of shares of our common stock covered by each of them were divided by the number of shares being combined into one share of our common
stock in the Reverse Stock Split and the exercise or conversion price per share was increased to a dollar amount equal to the current
exercise or conversion price, multiplied by the number of shares being combined into one share of our common stock in the Reverse Stock
Split. This resulted in the same aggregate price being required to be paid upon exercise as was required immediately preceding the Reverse
Stock Split. Furthermore, the conversion ratio of our outstanding preferred stock was also adjusted proportionately.</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; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our periodic and current reports that are
incorporated by reference, and all other documents that were filed prior to June 24, 2025, do not give effect to the Reverse Stock Split.
The following selected &ldquo;previously reported&rdquo; information has been derived from our audited financial statements included
in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 13, 2025, and our unaudited financial
statements included in our Quarterly Report on Form 10-Q for the period ended March 31, 2025, filed with the SEC on May 13, 2025. The
 &ldquo;post Reverse Split&rdquo; information below recasts the &ldquo;previously reported&rdquo; share and per share information to reflect
the June 24, 2025 one-for-thirty Reverse Stock Split, discussed elsewhere in the registration statement.</P>
<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>

<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; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center">Twelve Months Ended December 31,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center">Three Months Ended March 31,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Weighted-average common shares outstanding, basic
    - previously reported</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">36,622,474</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">12,221,571</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">46,079,875</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">29,346,679</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Weighted-average common shares outstanding, diluted - previously
    reported</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">37,143,769</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">12,221,571</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">46,079,875</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">29,346,679</TD><TD STYLE="padding-bottom: 2.5pt; 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; padding-bottom: 2.5pt">Weighted-average common shares outstanding, basic - post-Reverse
    Split</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,220,749</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">407,386</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,535,996</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">978,223</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Weighted-average common shares outstanding, diluted - post-Reverse
    Split</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,238,126</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">407,386</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,535,996</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">978,223</TD><TD STYLE="padding-bottom: 2.5pt; 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; padding-bottom: 2.5pt">Net loss per share, basic - previously reported</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(1.22</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(3.50</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(0.14</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(0.91</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net loss per share, diluted - previously reported</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(1.40</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(3.50</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(0.14</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(0.91</TD><TD STYLE="padding-bottom: 1pt; 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; padding-bottom: 2.5pt">Net loss per share, basic - post-Reverse Split</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(36.52</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(104.99</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(4.20</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(27.30</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net loss per share, diluted - post-Reverse Split</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(41.89</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(104.99</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(4.20</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(27.30</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</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>

<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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">As of</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">As of</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">As of</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Dec
    31, 2024</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Dec
    31, 2023</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Mar
    31, 2025</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Common stock - previously reported</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">461</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">207</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">461</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Additional paid-in capital - previously reported</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">261,115,905</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">182,924,210</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">261,678,642</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Common stock issued and outstanding - previously reported</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">46,079,875</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">20,744,110</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">46,079,875</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Common stock - post-Reverse Split</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Additional paid-in capital - post-Reverse Split</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">261,116,351</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">182,924,410</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">261,679,088</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">Common stock issued and outstanding - post-Reverse
    Split</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,535,996</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">691,470</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,535,996</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Submission of First-in-Humans Phase 1 Clinical
Trial Protocol to US Food and Drug Administration for CLR 125 to Treat Triple-Negative Breast Cancer</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; text-indent: 0.5in">On June 24, 2025, we submitted
a protocol with the U.S. Food and Drug Administration (FDA) for a Phase 1 study of our Auger emitting radiopharmaceutical, CLR 125, for
the treatment of relapsed triple-negative breast cancer (TNBC).</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>Implications of Being a Smaller Reporting Company</B></P>

<P STYLE="text-align: justify; 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; text-indent: 0.5in">We are a &ldquo;smaller reporting
company&rdquo; and accordingly have elected to take advance of certain of the reduced disclosure obligations in the registration statement
of which this prospectus is a part and may elect to take advantage of other reduced reporting requirements in future filings. As a result,
the information that we provide to our stockholders may be different than you might receive from other public reporting companies in which
you hold equity interests.</P>

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

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

<P STYLE="text-align: justify; 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; text-indent: 0.5in">Our principal executive offices
are located at 100 Campus Drive, Florham Park, New Jersey 07932 and the telephone number of our principal executive offices is (608) 441-8120.
We maintain a website at www.cellectar.com. The information included or referred to on, or accessible through, our website does not constitute
part of, and is not incorporated by reference into, this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="q_002"></A>THE OFFERING</B></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: top">
    <TD STYLE="width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class&nbsp;A Units</B></FONT>&nbsp;<B>we
    are offering</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 83%; text-align: justify">865,000 Class&nbsp;A Units with each Class&nbsp;A Unit consisting of (i)&nbsp;one
    (1)&nbsp;share of our common stock and (ii)&nbsp;one (1)&nbsp;Common Warrant.</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class&nbsp;B Units we are offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">335,000 Class&nbsp;B
    Units with each Class&nbsp;B Unit consisting of (i)&nbsp;one (1)&nbsp;Pre-Funded Warrant and (ii)&nbsp;one (1)&nbsp;Common Warrant.
    In the event that certain purchasers whose purchase of shares of common stock in the Class&nbsp;A Units in this offering would otherwise
    result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the
    election of the purchaser, 9.99%) of our outstanding common stock immediately following the closing of this offering, such purchasers
    will have the opportunity to purchase, if such purchasers so choose, Class&nbsp;B Units, in lieu of the Class&nbsp;A Units that would
    otherwise result in any such purchaser&rsquo;s beneficial ownership exceeding 4.99% (or, at the election of the purchaser, 9.99%)
    of our outstanding common stock. Each Pre-Funded Warrant is exercisable for one share of our common stock. The exercise price of
    each Pre-Funded Warrant is $0.00001 per share. The Pre-Funded Warrants are exercisable immediately and may be exercised at any time
    until all of the Pre-Funded Warrants are exercised in full. This offering also relates to the shares of common stock issuable upon
    exercise of any Pre-Funded Warrants sold 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">To better understand the terms of the
    Pre-Funded Warrants, you should carefully read the &ldquo;Description of Securities We Are Offering&rdquo; section of this prospectus.
    You should also read the form of Pre-Funded Warrant, which is filed as an exhibit to the registration statement that includes this
    prospectus.</P></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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public offering price</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The public offering price of each Class&nbsp;A Unit is $5.00. The public
offering price of each Class&nbsp;B Unit is $4.99999.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common Warrants</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Class&nbsp;A Unit and Class&nbsp;B Unit purchased in this offering,
as the case may be, will include one (1)&nbsp;Common Warrant to purchase one (1)&nbsp;share of common stock at an exercise price of $5.25
per share, subject to adjustment in the event of stock dividends, stock splits, stock combinations, reclassifications, reorganizations,
or similar events affecting our common stock, will be immediately exercisable upon issuance and will expire five (5)&nbsp;years from the
date of issuance. The shares of common stock in the Class&nbsp;A Units or the Pre-Funded Warrants in the Class&nbsp;B Units, as applicable,
and the accompanying Common Warrants, can only be purchased together in this offering but will be issued separately and will be immediately
separable upon issuance. This offering also relates to the offering of the shares of common stock issuable upon exercise of the Common
Warrants. Each Common Warrant is exercisable for one (1)&nbsp;share of 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">To better understand the terms of the Common Warrants,
    you should carefully read the &ldquo;Description of Securities We Are Offering&rdquo; section of this prospectus. You should also read
    the form of Common Warrant, which is filed as an exhibit to the registration statement that includes this prospectus.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Over-allotment option</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The underwriter has the option to purchase an aggregate of&nbsp;180,000&nbsp;additional
shares of common stock and/or additional Common Warrants to purchase up to 180,000&nbsp;shares of common stock solely to cover over-allotments,
if any, at the price to the public less the underwriting discounts and commissions. The over-allotment option may be used to purchase
shares of common stock and/or Common Warrants in any combination as determined by the underwriter. The over-allotment option is exercisable
for forty-five (45) days from the date of this prospectus.</P></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common stock outstanding immediately
    before this offering</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 83%">1,812,039 <FONT STYLE="font-size: 10pt">shares of common
                                            stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common stock outstanding immediately after this
    offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0">2,677,039 shares of common stock, or 2,857,039 shares if the underwriter
exercises the over-allotment option in full, and assuming none of the Common Warrants, Pre-Funded Warrants or representative warrants
issued in this offering are exercised.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of proceeds</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that we will receive net proceeds of approximately $5.0&#8239;&#8239;million
(or $5.8 million if the underwriter exercises the over-allotment option in full) from the sale of the securities offered by us in this
offering (excluding any proceeds from the cash exercise of Common Warrants). We intend to use the net proceeds from this offering for
general corporate purposes, including working capital and operating expenses, and to initiate a Phase 1b clinical study of our compound
CLR 121125 (CLR 125) in triple-negative breast cancer. See &ldquo;<I>Use of Proceeds</I>&rdquo; for additional information.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lock-Up Agreements</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We, and each of our officers and directors are subject to certain lock-up restrictions as set forth in more detail in the &ldquo;<I>Underwriting</I>&rdquo; section.</FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nasdaq Symbol</B></FONT></TD>
    <TD>&nbsp;</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;CLRB.&rdquo; There is no established trading market for the Pre-Funded Warrants or the Common Warrants and we do not expect such markets to develop. In addition, we do not intend to apply for the listing of the Pre-Funded Warrants or Common Warrants on any national securities exchange or other trading market. Without an active trading market, the liquidity of the Pre-Funded Warrants and Common Warrants will be limited.</FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An investment in our
    securities involves a high degree of risk. See &ldquo;<I>Risk Factors</I>&rdquo; beginning on page&nbsp;17 of this prospectus and
    the other information included and incorporated by reference in this prospectus for a discussion of the risk factors you should carefully
    consider before deciding to invest in our securities.</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">Unless otherwise indicated, all information in
this prospectus assumes no exercise of outstanding options or warrants.</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">Unless otherwise indicated, all information contained in this prospectus
assumes no exercise of any Common Warrants or representative warrants issued in 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"></P>

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<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">Unless otherwise indicated, the number of
shares of common stock to be outstanding immediately after this offering is based on 1,535,996 shares of common stock outstanding as
of March&nbsp;31, 2025, which is adjusted to 1,812,039 to give effect to 276,043 shares that were issued pursuant to the Warrant Inducement,
and which excludes:</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>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any shares of common stock issuable upon the exercise of the underwriter&rsquo;s
over-allotment option;</TD></TR>
                                                                                                                                          <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">any shares of common stock issuable upon the exercise of Pre-Funded Warrants issued in this offering;</TD></TR>
<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">any
                                            shares of common stock issuable upon the exercise of Common Warrants issued in this offering;</TD></TR>
<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">any shares of common stock issuable upon the exercise of the representative
warrants issued as compensation to the underwriter in this offering;</TD></TR>
<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">an
                                            aggregate of 211,816 shares of common stock issuable upon the exercise of outstanding stock
                                            options issued to employees, directors and consultants;</TD></TR>
<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"><FONT STYLE="background-color: white">an
                                            aggregate of 13,040 shares of common stock issuable upon the conversion of outstanding shares
                                            of Series&nbsp;E-2 preferred stock;</FONT></TD></TR>
<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"><FONT STYLE="background-color: white">an
                                            aggregate of 3,704 shares of common stock issuable upon the conversion of outstanding shares
                                            of Series&nbsp;D preferred stock; and</FONT></TD></TR>
<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"><FONT STYLE="background-color: white">an
                                            aggregate of 522,011 additional shares of common stock reserved for issuance under outstanding
                                            warrants having expiration dates between June&nbsp;2025 and July&nbsp;2029, and exercise
                                            prices ranging from $58.80 to $362.250 per share.</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"></P>

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<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"><B>Summary Risk Factors</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; text-indent: 0.5in">Investing in our securities
involves a high degree of risk. You should carefully consider all of the risks discussed in the section entitled &ldquo;Risk Factors,&rdquo;
not just those discussed under this &ldquo;Summary of Risk Factors&rdquo; before making a decision to invest in our securities. The following
is a list of some of these risks:</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"><B><I>Risks Related to This Offering</I></B></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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The net proceeds from this offering, together with our existing cash and cash equivalents, will not be
sufficient to progress CLR 125 through a Phase 1b dose finding study data readout and we will require additional funding to do so. If
no additional sources of funding materialize, the Company may be required to seek other alternatives which may include, among others,
the sale of assets, discontinuance of certain operations, a wind-down of operations and/or filing for bankruptcy protection.</TD></TR>
<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">Management will have broad discretion as to the use of the proceeds from this offering, if any, and may
not use the proceeds effectively.</TD></TR>
<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">If we do not maintain a current and effective prospectus relating to the common stock issuable upon exercise
of the Common Warrants, public holders will only be able to exercise such&nbsp;Common Warrants on a&nbsp;&ldquo;cashless basis.&rdquo;</TD></TR>
<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">If you purchase our common stock, Pre-Funded Warrants and Common Warrants in this offering, you will incur
immediate and substantial dilution in the book value of your shares.</TD></TR>
<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">Significant holders or beneficial holders of our common stock may not be permitted to exercise Pre-Funded
Warrants or Common Warrants that they hold.</TD></TR>
<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 Common Warrants are speculative in nature.</TD></TR>
<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">We may be required to repurchase the Common Warrants, which may prevent or deter a third party from acquiring
us.</TD></TR>
<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">An investment in the Pre-Funded Warrants, Common Warrants and our common stock has numerous tax consequences.</TD></TR>
<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 stock price has experienced, and may continue to experience, price fluctuations.</TD></TR>
<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">Future sales of a significant number of our shares of common stock in the public markets, or the perception
that such sales could occur, could depress the market price of our shares of common stock.</TD></TR>
<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">There is no public market for the Common Warrants or Pre-Funded Warrants being offered in this offering.</TD></TR>
<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">Holders of our Common Warrants and Pre-Funded Warrants will have no rights as a common stockholder until
they acquire our common stock.</TD></TR>
<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">We have never paid dividends and we do not anticipate paying dividends in the future.</TD></TR>
<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">A significant number of shares of our common stock are issuable pursuant to outstanding stock awards,
and we expect to issue additional stock awards and shares of common stock in the future. Exercise of these awards and sales of shares
will dilute the interests of existing security holders and may depress the price of our common stock.</TD></TR>
<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">You may experience future dilution as a result of future equity offerings.</TD></TR>
<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">Failure to meet Nasdaq&rsquo;s continued listing requirements could result in the delisting of our common
stock, negatively impact the price of our common stock and negatively impact our ability to raise additional capital.</TD></TR>
<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">If our business plans are not successful, we may not be able to continue operations as a going concern
and investors in this offering may lose their entire investment in us.</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"><B><I>Risks Related to Capital and Our Operations</I></B></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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If the Company&rsquo;s exploration of strategic alternatives is unsuccessful, its financial condition
and results of operations may be materially adversely affected.</TD></TR>
<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">We will require additional capital in order to continue our operations and may have difficulty raising
additional capital.</TD></TR>
<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 ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.</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"><B><I>Risks Related to Manufacturing and Supply</I></B></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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We rely on a collaborative outsourced business model, and disruptions with our third-party collaborators
may impede our ability to gain FDA approval and delay or impair commercialization of any products.</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"><B><I>Risks Related to Research and Development
and the FDA</I></B></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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We cannot assure the successful development and commercialization of our compounds in development.</TD></TR>
<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">Failure to complete the development of our technologies, obtain government approvals, including required
FDA approvals, or comply with ongoing governmental regulations could prevent, delay or limit introduction or sale of proposed products
and result in failure to achieve revenues or maintain our ongoing business.</TD></TR>
<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">Fast track designation by the FDA may not actually lead to a faster development or regulatory review or
approval process and does not assure FDA approval of our product candidates.</TD></TR>
<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 FDA has granted rare pediatric disease designation, RPDD, to iopofosine for treatment of neuroblastoma,
rhabdomyosarcoma, Ewing&rsquo;s sarcoma and osteosarcoma; however, we may not be able to realize any value from such designation.</TD></TR>
<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">Clinical studies involve a lengthy and expensive process with an uncertain outcome, and results of earlier
studies may not be predictive of future study results.</TD></TR>
<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">We may be required to suspend or discontinue clinical studies because of unexpected side effects or other
safety risks that could preclude approval of our product candidates.</TD></TR>
<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 biopharmaceutical industry is subject to extensive regulatory obligations and policies that are subject
to change, including due to judicial challenges.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks Related to Legal Compliance and Litigation</I></B></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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Controls we or our third-party collaborators have in place to ensure compliance with all applicable laws
and regulations may not be effective.</TD></TR>
<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">We are exposed to product, clinical and preclinical liability risks that could create a substantial financial
burden should we be sued.</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"><B><I>Risks Related to Intellectual Property</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">We expect to rely on our patents as well as specialized regulatory designations such as orphan drug classification
for our product candidates, but regulatory drug designations may not confer marketing exclusivity or other expected commercial benefits.</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If we are unable to adequately protect or enforce our rights to intellectual property or to secure rights
to third-party patents, we may lose valuable rights, experience reduced market share, assuming any, or incur costly litigation to protect
our intellectual property rights.</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"><B><I>Risks Related to Our Employees</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">We rely on a small number of key personnel who may terminate their employment with us at any time, and
our success will depend on our ability to hire additional qualified personnel.</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Confidentiality agreements with employees and others may not adequately prevent disclosure of our trade
secrets and other proprietary information and may not adequately protect our intellectual property, which could limit our ability to compete.</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks Related to Commercialization of our
Products</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Acceptance of our products in the marketplace is uncertain and failure to achieve market acceptance will
prevent or delay our ability to generate revenues.</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Regulatory approval for any approved product is limited by the FDA, the European Commission, and other
regulators, to those specific indications and conditions for which clinical safety and efficacy have been demonstrated, and we may incur
significant liability if it is determined that we are promoting the &ldquo;off-label&rdquo; use of any of our future product candidates
if approved.</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"><B><I>Risks Related to Internal Controls</I></B></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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We identified certain misstatements to our previously issued financial statements and have restated the
financial statements described below, which has exposed us to additional risks and uncertainties.</TD></TR>
<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">We identified material weaknesses in our internal control over financial reporting. If we are unable to
remediate these material weaknesses, or if we identify additional material weaknesses in the future or otherwise fail to maintain effective
internal control over financial reporting, we may not be able to accurately or timely report our financial condition or results of operations,
which may adversely affect our business and share price.</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"><B><I>Risks Related to Our Equity Securities</I></B></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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our common stock could be further diluted as the result of the issuance of additional shares of common
stock, convertible securities, warrants or options.</TD></TR>
<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">Provisions of our certificate of incorporation, by-laws, and Delaware law may make an acquisition of us
or a change in our management more difficult.</TD></TR>
</TABLE>

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

<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; text-align: justify"><B><I>General Risk Factors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our business and operations may be materially adversely affected in the event of computer system failures
or security breaches.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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">&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="q_003"></A>Risk
Factors</B></FONT></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; text-indent: 0.5in"><I>An investment in our securities
involves a high degree of risk. Prior to making a decision about investing in our securities, prospective investors should consider carefully
all of the information included and incorporated by reference or deemed to be incorporated by reference in this prospectus, including
the risk factors incorporated by reference herein from our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000141057825000329/clrb-20241231x10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024</A> and our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000141057825001205/clrb-20250331x10q.htm" STYLE="-sec-extract: exhibit">Quarterly Report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2025</A>, as updated by annual, quarterly and
other reports and documents we file with the SEC after the date of this prospectus and that are incorporated by reference herein. Each
of these risk factors could have a material adverse effect on our business, results of operations, financial position or cash flows, which
may result in the loss of all or part of your investment. For more information, see &ldquo;Where You Can Find Additional Information&rdquo;
and &ldquo;Incorporation of Documents by Reference.&rdquo;</I></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; text-indent: 0.5in">The risks described in these
documents are not the only ones we face. There may be other unknown or unpredictable economic, business, competitive, regulatory or other
factors that could have material adverse effects on our future results. Further, past financial performance may not be a reliable indicator
of future performance, and historical trends should not be used to anticipate results or trends in future periods. Please also read carefully
the section below entitled &ldquo;Forward-Looking Statements.&rdquo;</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"><B>Risks Related to This Offering</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"><B><I>The net proceeds from this offering, together
with our existing cash and cash equivalents, will not be sufficient to progress CLR 125 through a Phase 1b dose finding study data readout
and we will require additional funding to do so. If no additional sources of funding materialize, the Company may be required to seek
other alternatives which may include, among others, the sale of assets, discontinuance of certain operations, a wind-down of operations
and/or filing for bankruptcy protection.</I></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; text-indent: 0.5in">Our intended use of net proceeds
from this offering will be for general corporate purposes, including working capital and operating expenses and to initiate a Phase 1b
dose finding study for CLR 121125 in triple-negative breast cancer. However, we do not expect that our net use of proceeds from this offering,
together with our existing cash and cash equivalents, will be sufficient to progress this study through a preliminary data readout. As
such, our ability to progress through a preliminary data readout and our current operating plan will continue to depend on our ability
to obtain additional funding from the sale of equity and/or debt securities, strategic transaction or other sources of capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to obtain additional
funding on acceptable terms or at all is subject to a variety of risks and uncertainties outside of our control. Those risks and uncertainties
are further exacerbated since the Company is not expected to have any readouts of its data from the Phase 1b dose finding study of CLR
121125 in close proximity to the time when it may need to seek additional funding.</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; text-indent: 0.5in">The Company plans to continue
actively pursuing additional funding, however, there can be no assurance that such additional funding will materialize. If no additional
sources of funding materialize, the Company may be required to seek other alternatives which may include, among others, the sale of assets,
discontinuance of certain operations, a wind-down of operations and/or filing for bankruptcy protection.</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"><B><I>Management will have broad discretion as
to the use of the proceeds from this offering, if any, and may not use the proceeds effectively.</I></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; text-indent: 0.5in">We currently anticipate that
any net proceeds from this offering will be used for general corporate purposes, including working capital and operating expenses, and
to initiate a Phase 1b clinical study of our compound CLR 125 in triple-negative breast cancer. However, we have not determined the specific
allocation of the net proceeds from this offering, if any, among these potential uses. Our management will have broad discretion as to
the application of the net proceeds from this offering, if any, and could use them for purposes other than those contemplated at the time
of the offering. Our management may use the net proceeds for corporate purposes that may not improve our financial condition or market
value.</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"></P>

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<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"><B><I>If we do not maintain a current and effective
prospectus relating to the common stock issuable upon exercise of the Common Warrants, public holders will only be able to exercise such&nbsp;Common
Warrants on a&nbsp;&ldquo;cashless basis.&rdquo;</I></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; text-indent: 0.5in">If we do not maintain a current
and effective prospectus relating to the shares of common stock issuable upon exercise of the Common Warrants at the time that holders
wish to exercise such respective warrants, they will only be able to exercise them on a &ldquo;cashless basis,&rdquo; and under no circumstances
would we be required to make any cash payments or net cash settle such warrants to the holders. As a result, the number of shares of common
stock that holders will receive upon exercise of the Common Warrants will be fewer than it would have been had such holders exercised
their Common Warrants for cash. We will use our best efforts to maintain a current and effective prospectus relating to the shares of
common stock issuable upon exercise of such Common Warrants until the expiration of such Common Warrants or until all Common Warrants
have been exercised in full. However, we cannot assure you that we will be able to do so. If we are unable to do so, the potential &ldquo;upside&rdquo;
of the holder&rsquo;s investment in our Company may be reduced.</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"><B><I>If you purchase our common stock, Pre-Funded
Warrants and Common Warrants in this offering, you will incur immediate and substantial dilution in the book value of your shares.</I></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; text-indent: 0.5in">The public offering price in this offering is substantially higher
than the net tangible book value per share of our common stock. Investors purchasing common stock and Common Warrants in this offering
will pay a price per share that substantially exceeds the book value of our tangible assets after subtracting our liabilities. As a result,
investors purchasing common stock and Common Warrants in this offering will incur immediate dilution of $0.03 per share.</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; text-indent: 0.5in">As a result of the dilution
to investors purchasing securities in this offering, investors may receive significantly less than the purchase price paid in this offering,
if anything, in the event of our liquidation. For a further description of the dilution that you will incur as a result of purchasing
securities in this offering, see &ldquo;Dilution.&rdquo;</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"><B><I>Significant holders or beneficial holders
of our common stock may not be permitted to exercise Pre-Funded Warrants or Common Warrants that they hold.</I></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; text-indent: 0.5in">The Pre-Funded Warrants and
Common Warrants being offered hereby will prohibit a holder from exercising its Pre-Funded Warrants or Common Warrants if doing so would
result in such holder (together with such holder&rsquo;s affiliates and any other persons acting as a group together with such holder
or any of such holder&rsquo;s affiliates) beneficially owning more than 4.99% of our common stock outstanding immediately after giving
effect to the exercise, provided that, at the election of a holder and notice to us, such beneficial ownership limitation as to such holder
shall be 9.99% of our common stock outstanding immediately after giving effect to the exercise. As a result, if you hold a significant
amount of our securities, you may not be able to exercise your Pre-Funded Warrants or Common Warrants for shares of our common stock,
in whole or in part, at a time when it would be financially beneficial for you to do so.</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"><B><I>The Common&nbsp;Warrants are speculative
in nature.</I></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; text-indent: 0.5in">The Common Warrants offered hereby do not confer any rights of common
stock ownership on their holders, such as voting rights or the right to receive dividends, but rather merely represent the right to acquire
shares of common stock at a fixed price. Specifically, commencing on the date of issuance, holders of the Common Warrants may acquire
the common stock issuable upon exercise of such Common Warrants at an exercise price of $5.25 per share of common stock. Moreover, following
this offering, the market value of the Common Warrants will be uncertain and there can be no assurance that the market value of the Common
Warrants will equal or exceed the exercise price of the Common Warrants, and consequently, whether it will ever be profitable for holders
of the Common Warrants to exercise the Common Warrants.</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"></P>

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<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"><B><I>An investment in the Pre-Funded Warrants,
Common Warrants and our common stock has numerous tax consequences.</I></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; text-indent: 0.5in">There are numerous tax consequences
to investors as a result of their investment in the Company. We encourage investors to seek advice from competent tax advisors as to the
consequences of an investment in our Pre-Funded Warrants, Common Warrants and common stock. See &ldquo;Material U.S. Federal Income Tax
Considerations.&rdquo;</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"><B><I>Our stock price has experienced, and may
continue to experience, price fluctuations.</I></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; text-indent: 0.5in">Our stock price has been and
continues to be highly volatile. There can be no assurance that the market price for our common stock will remain at its current level,
and a decrease in the market price could result in substantial losses for investors. The market price of our common stock may be significantly
affected by one or more of the following factors:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">announcements or press releases relating to the biopharmaceutical sector or to our own business or prospects;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory, legislative or other developments affecting us or the healthcare industry generally;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">sales by holders of restricted securities pursuant to effective registration statements or exemptions
from registration;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">market conditions specific to biopharmaceutical companies, the healthcare industry and the stock market
generally; and</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to meet the continued listing standards of the Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;)
exchange.</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"><B><I>Future sales of a significant number of
our shares of common stock in the public markets, or the perception that such sales could occur, could depress the market price of our
shares of common stock.</I></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; text-indent: 0.5in">Sales of a substantial number
of our shares of common stock in the public markets, or the perception that such sales could occur, including from the exercise of outstanding
warrants or sales of common stock issuable thereunder, could depress the market price of our shares of common stock and impair our ability
to raise capital through the sale of additional equity securities. A substantial number of shares of common stock are being offered by
this prospectus. We cannot predict the number of these shares that might be sold nor the effect that future sales of our shares of common
stock, including shares issuable upon the exercise of outstanding warrants, would have on the market price of our shares of common stock.</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"><B><I>There is no public market for the Common
Warrants or Pre-Funded Warrants being offered in this offering.</I></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; text-indent: 0.5in">There is no established public
trading market for the Common Warrants or Pre-Funded Warrants being offered in this offering, and we do not expect such markets to develop.
In addition, we do not intend to apply to list the Common Warrants or Pre-Funded Warrants on any securities exchange or nationally recognized
trading system, including The Nasdaq Stock Market. Without an active market, the liquidity of the Common Warrants and Pre-Funded Warrants
will be limited.</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"><B><I>Holders of our Common Warrants and Pre-Funded
Warrants will have no rights as a common stockholder until they acquire our common stock.</I></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; text-indent: 0.5in">Until holders of our Common
Warrants and Pre-Funded Warrants acquire shares of our common stock upon exercise of the Common Warrants and Pre-Funded Warrants, the
holders will have no rights with respect to shares of our common stock issuable upon exercise of the Common Warrants and Pre-Funded Warrants.
Upon exercise of the Common Warrants and Pre-Funded Warrants, holders will be entitled to exercise the rights of a common stockholder
only as to matters for which the record date occurs after the exercise date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have never paid dividends and we do not
anticipate paying dividends in the future.</I></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; text-indent: 0.5in">We have never paid dividends
on our capital stock and do not anticipate paying any dividends for the foreseeable future. We anticipate that the Company will retain
its earnings, if any, for future growth. Investors seeking cash dividends should not invest in the Company&rsquo;s common stock for that
purpose.</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"><B><I>A significant number of shares of our common
stock are issuable pursuant to outstanding stock awards, and we expect to issue additional stock awards and shares of common stock in
the future. Exercise of these awards and sales of shares will dilute the interests of existing security holders and may depress the price
of our common stock.</I></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; text-indent: 0.5in">As of June 24, 2025, there
were approximately 1,812,039 shares of common stock outstanding, as well as outstanding awards to purchase approximately 211,816 shares
of common stock under various incentive stock plans of the Company. Additionally, as of June 24, 2025, there were approximately 98,909
shares of common stock available for future issuance under various incentive plans. We may issue additional common stock, warrants and
other convertible securities from time to time to finance our operations. We may also issue additional shares to fund potential acquisitions
or in connection with additional stock options or other equity awards granted to our employees, officers, directors and consultants under
our various incentive plans. The issuance of additional shares of common stock, warrants or other convertible securities and the perception
that such issuances may occur or exercise of outstanding warrants or options may have a dilutive impact on other stockholders and could
have a material negative effect on the market price of our common stock.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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"><B><I>You may experience future dilution as a
result of future equity offerings.</I></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; text-indent: 0.5in">In order to raise additional
capital, we may in the future offer additional shares of our common stock or other securities convertible into or exchangeable for our
common stock at prices that may not be the same as the price per share paid by any investor in this offering. We may sell shares or other
securities in any other offering at a price per share that is less than the price per share paid by any investor in this offering, and
investors purchasing shares or other securities in the future could have rights superior to you. The price per share at which we sell
additional shares of our common stock, or securities convertible or exchangeable into common stock, in future transactions may be higher
or lower than the price per share paid by any investor in 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; text-align: justify"><B><I>Failure to meet Nasdaq&rsquo;s continued
listing requirements could result in the delisting of our common stock, negatively impact the price of our common stock and negatively
impact our ability to raise additional capital.</I></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; text-indent: 0.5in">We must continue to satisfy
Nasdaq continued listing requirements, including, among other things, certain corporate governance requirements, minimum stockholders&rsquo;
equity of $2.5 million, and a minimum closing bid price requirement of $1.00 per share. If a company fails for 30 consecutive business
days to meet the $1.00 minimum closing bid price requirement, Nasdaq will send a deficiency notice to the company, advising that it has
been afforded a &ldquo;compliance period&rdquo; of 180 calendar days to regain compliance with the applicable requirements.</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; text-indent: 0.5in">On January&nbsp;30, 2025,
we received a deficiency letter from Nasdaq notifying us that, for the last 30 consecutive business days, the closing bid price for our
common stock was below the minimum $1.00 per share required for continued listing on Nasdaq pursuant to the minimum closing bid price
requirement. The Nasdaq deficiency letter had no immediate effect on the listing of our common stock. In accordance with Nasdaq Listing
Rule&nbsp;5810(c)(3)(A), we have been given 180 calendar days, or until July&nbsp;29, 2025, to regain compliance with the minimum closing
bid price requirement by causing our stock to close above $1.00 for a minimum of 10 consecutive trading days. If we do not regain compliance
with the minimum closing bid price requirement by July&nbsp;29, 2025, we may be afforded a second 180 calendar day period to regain compliance.
To qualify, we would be required to meet the continued listing requirement for market value of publicly held shares and all other initial
listing standards for Nasdaq, except for the minimum bid price requirement. In addition, we would be required to notify Nasdaq of our
intent to cure the deficiency during the second compliance period.</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"></P>

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<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; text-indent: 0.5in">On June 24, 2025, we effected
the 1-for-30 Reverse Stock Split to regain compliance with the bid price requirement prior to the July 29, 2025 compliance deadline.
There is no assurance we will regain and maintain compliance with Nasdaq continued listing requirements.</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; text-indent: 0.5in">If our common stock becomes
subject to delisting, it would be subject to rules&nbsp;that impose additional sales practice requirements on broker-dealers who sell
our securities. The additional burdens imposed upon broker-dealers by these requirements could discourage broker-dealers from effecting
transactions in our common stock. This would adversely affect the ability of investors to trade our common stock and would adversely
affect the value of our common stock. These factors could contribute to lower prices and larger spreads in the bid and ask prices for
our common stock.</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"><B><I>If our business plans are not successful,
we may not be able to continue operations as a going concern and investors in this offering may lose their entire investment in us.</I></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; text-indent: 0.5in">We have historically incurred
substantial losses to fund our business operations including our research and development activities. We will, in all likelihood, sustain
operating expenses without corresponding revenues for the foreseeable future. This may result in our incurring net operating losses that
will increase continuously until we are able to obtain regulatory approval for, and commercialize, our product candidates, the occurrence
of which cannot be assured. If we cannot continue as a going concern, investors in this offering may lose their entire investment in us.</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"><B>Risks Related to Capital and Our Operations</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"><B><I>If the Company&rsquo;s exploration of strategic
alternatives is unsuccessful, its financial condition and results of operations may be materially adversely affected.</I></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; text-indent: 0.5in">As previously announced, the
Company has engaged a financial advisor to assist it in evaluating potential strategic alternatives to enhance stockholder value. Strategic
alternatives under consideration may include, but are not limited to mergers, acquisitions, business combinations, partnerships, joint
ventures, licensing arrangements or other strategic transactions. The Company and its financial advisor have engaged in preliminary discussions
with potential counterparties but there is no assurance that the potential strategic alternatives will lead to a definitive agreement.
If the Company is unable to consummate a strategic transaction, or if there is any significant delay in closing such a transaction, the
Company&rsquo;s financial condition and results of operations may be materially adversely affected. In addition, the Company may be required
to seek other alternatives which may include, among others, the sale of the Company or its assets, discontinuance of certain operations,
a wind-down of operations and/or filing for bankruptcy protection.</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"><B><I>We will require additional capital in order
to continue our operations and may have difficulty raising additional capital.</I></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; text-indent: 0.5in">We expect that we will continue
to generate operating losses for the foreseeable future. As of March&nbsp;31, 2025, our consolidated cash balance was approximately $13.9
million. We believe our cash balance as of March&nbsp;31, 2025, excluding the proceeds from this offering, is adequate to fund our basic
budgeted operations into the fourth quarter of 2025.</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; text-indent: 0.5in">The Company&rsquo;s ability
to execute its current operating plan depends on its ability to obtain additional funding via the sale of equity and/or debt securities,
a strategic transaction or other source of capital. The Company plans to continue actively pursuing financing alternatives, however, there
can be no assurance that it will obtain the necessary funding, raising substantial doubt about the Company&rsquo;s ability to continue
as a going concern within one year of the date these financial statements are issued. The accompanying financial statements do not include
any adjustments that might result from the outcome of this uncertainty.</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"></P>

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<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; text-indent: 0.5in">Our capital requirements and
our ability to meet them depend on many factors, including:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of potential products and technologies in development;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">continued progress and cost of our research and development programs;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">progress with preclinical studies and clinical studies;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the time and costs involved in obtaining regulatory clearance;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">costs involved in preparing, filing, prosecuting, maintaining and enforcing patent claims;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">costs of developing sales, marketing and distribution channels and our ability to sell our drugs;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">costs involved in establishing manufacturing capabilities for clinical study and commercial quantities
of our drugs;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">competing technological and market developments;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">claims or enforcement actions with respect to our products or operations;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">market acceptance of our products;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">costs for recruiting and retaining management, employees and consultants;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to manage computer system failures or security breaches;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">costs for educating physicians regarding the application and use of our products;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we are able to maintain our listing on a national exchange;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty and economic instability resulting from conflicts, military actions, terrorist attacks, natural
disasters, public health crises, including the occurrence of a contagious disease or illness, cyber-attacks and general instability; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the condition of capital markets and the economy generally, both in the U.S. and globally.</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; text-indent: 0.5in">We may consume available resources
more rapidly than currently anticipated, resulting in the need for additional funding sooner than expected. We may seek to raise any additional
funds through the issuance of any combination of common stock, preferred stock, warrants and debt financings or by executing collaborative
arrangements with corporate partners or other sources, any of which may be dilutive to existing stockholders or have a material effect
on our current or future business prospects. If we cannot secure adequate financing when needed, we may be required to delay, scale back
or eliminate one or more of our research and development programs or to enter into license or other arrangements with third parties to
commercialize products or technologies that we would otherwise seek to develop and commercialize ourselves. In the event that additional
funds are obtained through arrangements with collaborative partners or other sources, we may have to relinquish economic and/or proprietary
rights to some of our technologies or products under development that we would otherwise seek to develop or commercialize by ourselves.
In such an event, our business, prospects, financial condition and results of operations may be adversely affected.</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"><B><I>Our ability to utilize our net operating
loss carryforwards and certain other tax attributes may be limited.</I></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; text-indent: 0.5in">Our ability to utilize our
federal net operating loss and tax credit carryforwards may be limited under Sections 382 and 383 of the Internal Revenue Code of 1986,
as amended (the Code). The limitations apply if we experience an &ldquo;ownership change&rdquo;, generally defined as a greater than 50
percentage point change in the ownership of our equity by certain stockholders over a rolling three-year period. Similar provisions of
state tax law may also apply. We have not evaluated whether such an ownership change has occurred previously. If we have experienced an
ownership change at any time since our formation, we may already be subject to limitations on our ability to utilize our existing net
operating losses and other tax attributes to offset taxable income. In addition, future changes in our stock ownership, which may be outside
of our control, may trigger an ownership change and, consequently, the limitations under Sections 382 and 383 of the Code. As a result,
if or when we earn net taxable income, our ability to use our net operating loss carryforwards and other tax attributes to offset such
taxable income may be subject to limitations, which could adversely affect our future cash flows.</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"><B>Risks Related to Manufacturing and Supply</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"><B><I>We rely on a collaborative outsourced business
model, and disruptions with our third-party collaborators may impede our ability to gain FDA approval and delay or impair commercialization
of any products.</I></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; text-indent: 0.5in">We are in the preclinical
and clinical study phases of product development and commercialization. We have closed manufacturing operations located at our former
corporate headquarters in Wisconsin and have implemented a collaboration outsourcing model to more efficiently manage costs. We rely significantly
on contracts with third parties to use their facilities to conduct our research, development and manufacturing.</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have engaged AtomVie and
SpectronRx as sources to supply drug product for our ongoing research and clinical studies.</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; text-indent: 0.5in">In addition, we rely exclusively
on contract research organizations to conduct research and development. Any inability of these organizations to fulfill the requirements
of their agreements with us may delay or impair our ability to gain FDA approval and commercialization of our drug delivery technology
and products.</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; text-indent: 0.5in">Our reliance on third-party
collaborators exposes us to risks related to not being able to directly oversee the activities of these parties. Furthermore, these collaborators,
whether foreign or domestic, may experience regulatory compliance difficulties, mechanical shutdowns, employee strikes, or other unforeseeable
acts that may delay fulfillment of their agreements with us. This may lead to the stopping or delay of our clinical trials or commercial
manufacturing activity. Failure of any of these collaborators to provide the required services in a timely manner or on commercially reasonable
terms could materially delay the development and approval of our products, increase our expenses, and materially harm our business, prospects,
financial condition and results of operations.</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; text-indent: 0.5in">Our current and anticipated
future dependence upon these third-party manufacturers may adversely affect our ability to develop and commercialize product candidates
on a timely and competitive basis, which could have an adverse effect on sales, results of operations and financial condition. If we were
required to transfer manufacturing processes to other third-party manufacturers and we were able to identify an alternative manufacturer,
we would still need to satisfy various regulatory requirements. Satisfaction of these requirements could cause us to experience significant
delays in receiving an adequate supply of our products and products in development and could be costly. Moreover, we may not be able to
transfer processes that are proprietary to the manufacturer, if any. These manufacturers may not be able to produce material on a timely
basis or manufacture material at the quality level or in the quantity required to meet our development timelines and applicable regulatory
requirements and may also experience a shortage in qualified personnel. We may not be able to maintain or renew our existing third-party
manufacturing arrangements, or enter into new arrangements, on acceptable terms, or at all. Our third-party manufacturers could terminate
or decline to renew our manufacturing arrangements based on their own business priorities, at a time that is costly or inconvenient for
us. If we are unable to contract for the production of materials in sufficient quantity and of sufficient quality on acceptable terms,
our planned clinical trials may be significantly delayed. Manufacturing delays could postpone the filing of our IND applications and/or
the initiation or completion of clinical trials that we have currently planned or may plan in the future.</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; text-indent: 0.5in">Drug manufacturers are subject
to ongoing periodic unannounced inspection by the FDA, the Drug Enforcement Administration, the EMA, national competent authorities in
the EU and UK and other federal and state government and regulatory agencies to ensure strict compliance with cGMP and other government
regulations and corresponding foreign standards. We do not have control over third-party manufacturers&rsquo; compliance with these regulations
and standards and they may not be able to comply. Switching manufacturers may be difficult because the number of potential manufacturers
is limited. It may be difficult or impossible for us to find a replacement manufacturer quickly on acceptable terms, or at all. Additionally,
if we are required to enter into new supply arrangements, we may not be able to obtain approval from the FDA of any alternate supplier
in a timely manner, or at all, which could delay or prevent the clinical development and commercialization of any related product candidates.
Failure of our third-party manufacturers or us to comply with applicable regulations could result in sanctions being imposed on us, including
fines, civil penalties, delays in or failure to grant marketing approval of our product candidates, injunctions, delays, suspension or
withdrawal of approvals, license revocation, seizures or recalls of products and compounds, operating restrictions and criminal prosecutions,
warning or similar letters or civil, criminal or administrative sanctions against the company, any of which could adversely affect our
business.</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; text-indent: 0.5in">We believe that we have a
good working relationship with our third-party collaborators. However, should the situation change, we may be required to relocate these
activities on short notice, and we do not currently have access to alternate facilities to which we could relocate our research, development
and/or manufacturing activities. The cost and time to establish or locate an alternate research, development and/or manufacturing facility
to develop our technology would be substantial and would delay obtaining FDA approval and commercializing our products.</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; text-indent: 0.5in">Furthermore, if our products
are approved for commercial sale, we will need to work with our existing third-party collaborators to ensure sufficient capacity, or engage
additional parties with the capacity, to commercially manufacture our products in accordance with FDA and other regulatory requirements.
There can be no assurance that we would be able to successfully establish any such capacity or identify suitable manufacturing partners
on acceptable terms.</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"></P>

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<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"><B>Risks Related to Research and Development and
the FDA</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"><B><I>We cannot assure the successful development
and commercialization of our compounds in development.</I></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; text-indent: 0.5in">At present, our success is
dependent on one or more of the following to occur: the successful development of iopofosine for the treatment of a hematologic or solid
tumor cancer including Waldenstrom&rsquo;s macroglobulinemia, multiple myeloma and B-Cell lymphomas or the treatment of pediatric solid
tumors and lymphomas; the development of new PDCs, specifically new products developed from our PDC program, and the advancement of our
PDC agents through research and development; and/or commercialization partnerships.</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; text-indent: 0.5in">We are a late-stage clinical
biopharmaceutical company focused on the discovery, development and commercialization of drugs for the treatment of cancer. We leverage
our PDC platform to specifically target cancer cells. The PDC platform possesses the potential for the discovery and development of the
next generation of cancer-targeting agents. The PDC platform features include the capacity to link with almost any molecule, the delivery
of a significant increase in targeted oncologic payload, and the ability to target nearly all tumor cells. As a result, we believe that
we can generate PDCs to treat a broad range of cancers with the potential to improve the therapeutic index of oncologic drug payloads,
enhance or maintain efficacy while reducing adverse events by minimizing drug delivery to healthy cells, and increase delivery to cancerous
cells and cancer stem cells.</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; text-indent: 0.5in">Our proposed products and
their potential applications are in clinical and manufacturing/process development and face a variety of risks and uncertainties inherent
in the development of pharmaceutical products, including the following:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The inherent difficulty in selecting the right drug and drug target and avoiding unwanted side effects,
as well as unanticipated problems relating to product development, testing, enrollment, obtaining regulatory approvals, maintaining regulatory
compliance, manufacturing, competition and costs and expenses that may exceed current estimates;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Future clinical study results may show that our cancer-targeting and delivery technologies are not well-tolerated
by patients at their effective doses or are not efficacious. In future clinical trials, we or our partners may discover additional side
effects and/or a higher frequency of side effects than those observed in previously completed clinical trials.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Future clinical study results may be inconsistent with testing results obtained to-date. The results of
preliminary and mid-stage clinical trials do not necessarily predict clinical or commercial success, and larger later-stage clinical trials
may fail to confirm the results observed in the previous clinical trials.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A clinical trial may show that a product candidate is safe and effective for certain patient populations
in a particular indication, but other clinical trials may fail to confirm those results in a subset of that population or in a different
patient population, which may limit the potential market for that product candidate.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Even if our cancer-targeting and delivery technologies are shown to be safe and effective for their intended
purposes, we may face significant or unforeseen difficulties in obtaining or manufacturing sufficient quantities at reasonable prices
or at all.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to complete the development and commercialization of our cancer-targeting and delivery technologies
for their intended use is substantially dependent upon our ability to raise sufficient capital or to obtain and maintain experienced and
committed partners to assist us with obtaining clinical and regulatory approvals for, clinical trial patient enrollment in, and the manufacturing,
marketing and distribution of, our products.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Even if our cancer-targeting and delivery technologies are successfully developed, approved by all necessary
regulatory authorities, and commercially produced, there is no guarantee that there will be market acceptance of our products.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our competitors may develop therapeutics or other treatments that are superior or less costly than our
own with the result that our product candidates, even if they are successfully developed, manufactured and approved, may not generate
sufficient revenues to offset the development and manufacturing costs of our product candidates.</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"></P>

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<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; text-indent: 0.5in">If we are unsuccessful in
dealing with any of these risks, or if we are unable to successfully advance the development of our cancer-targeting and delivery technologies
for some other reason, our business, prospects, financial condition and results of operations may be adversely affected.</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; text-indent: 0.5in">With respect to our own compounds
in development, we have established anticipated timelines with respect to the initiation of clinical trials based on existing knowledge
of the compounds. However, we cannot provide assurance that we will meet any of these timelines for clinical development. Additionally,
the initial results of a completed earlier clinical trial of a product candidate do not necessarily predict final results and the results
may not be repeated in later clinical trials.</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; text-indent: 0.5in">Because of the uncertainty
of whether the accumulated preclinical evidence (PK, pharmacodynamic, safety and/or other factors) or early clinical results will be observed
in later clinical trials, we can make no assurances regarding the likely results from our future clinical trials or the impact of those
results on our business.</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"><B><I>Failure to complete the development of our
technologies, obtain government approvals, including required FDA approvals, or comply with ongoing governmental regulations could prevent,
delay or limit introduction or sale of proposed products and result in failure to achieve revenues or maintain our ongoing business.</I></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; text-indent: 0.5in">Our research and development
activities and the manufacture and marketing of our intended products are subject to extensive regulation for safety, efficacy and quality
by numerous government authorities in the U.S. and abroad. Before receiving approval to market our proposed products by the FDA, we will
have to demonstrate that our products are safe and effective for the patient population for the diseases that are to be treated. Clinical
studies, manufacturing and marketing of drugs are subject to the rigorous testing and approval process of the FDA and equivalent foreign
regulatory authorities. The Federal Food, Drug, and Cosmetic Act and other federal, state and foreign statutes and regulations govern
and influence the testing, manufacturing, labeling, advertising, distribution and promotion of drugs and medical devices. As a result,
clinical studies and regulatory approval can take many years to accomplish and require the expenditure of substantial financial, managerial
and other resources.</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; text-indent: 0.5in">We cannot predict whether
regulatory clearance or approval will be obtained for any product that we hope to develop. Of particular significance to us are the requirements
relating to research and development and testing. The activities associated with the research, development and commercialization of CLR
121225, CLR 121125, iopofosine and other future candidates in our pipeline must undergo extensive clinical trials, which can take many
years and require substantial expenditures, subject to extensive regulation by the FDA and other regulatory agencies in the U.S. and by
comparable authorities in other countries. The process of obtaining regulatory approvals in the U.S. and other foreign jurisdictions is
expensive, and lengthy, if approval is obtained at all.</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; text-indent: 0.5in">Before commencing clinical
trials in humans, we, or our collaborative partners, will need to submit and receive approval from the FDA of an IND application. Clinical
trials are subject to oversight by institutional review boards and the FDA and:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">must be conducted in conformance with the FDA&rsquo;s good clinical practices and other applicable regulations;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">must meet requirements for institutional review board oversight;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">must meet requirements for informed consent;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">are subject to continuing FDA and regulatory oversight;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">may require large numbers of test subjects; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">may be suspended by us, our collaborators or the FDA at any time if it is believed that the subjects participating
in these trials are being exposed to unacceptable health risks or if the FDA finds deficiencies in the IND or the conduct of these trials.</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; text-indent: 0.5in">We do not know whether we
will be permitted to undertake clinical trials of potential products beyond the trials already concluded and the trials currently in process.
It will take us or our collaborative partners several years to complete any such testing, and failure can occur at any stage of testing.
Interim results of trials do not necessarily predict final results, and acceptable results in early trials may not be repeated in later
trials. A number of companies in the pharmaceutical industry, including biotechnology companies, have suffered significant setbacks in
advanced clinical trials, even after achieving promising results in earlier trials.</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"></P>

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<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; text-indent: 0.5in">Before receiving FDA approval
or similar approval in the European Union or other jurisdiction to market a product, we must demonstrate with substantial clinical evidence
that the product is safe and effective in the patient population and the indication that will be treated. Data obtained from preclinical
and clinical activities are susceptible to varying interpretations that could delay, limit or prevent regulatory approvals. Our clinical
trials may fail to produce results satisfactory to the FDA or regulatory authorities in other jurisdictions. The regulatory process also
requires preclinical testing, and data obtained from preclinical and clinical activities are susceptible to varying interpretations. In
connection with clinical trials of our product candidates, we may face the following risks among others:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the product candidate may not prove to be effective;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the product candidate may cause harmful side effects;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the clinical results may not replicate the results of earlier, smaller trials;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we, or the FDA or similar foreign regulatory authorities, may delay, terminate or suspend the trials;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our results may not be statistically significant;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">patient recruitment and enrollment may be slower than expected;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">patients may drop out of the trials or otherwise not enroll; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory and clinical trial requirements, interpretations or guidance may change.</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; text-indent: 0.5in">The FDA has substantial discretion
in the approval process and may refuse to approve any NDA or sNDA and decide that our data is insufficient for approval and require additional
preclinical, clinical or other studies. Varying interpretations of the data obtained from preclinical and clinical testing could delay,
limit or prevent regulatory approval of our products for any individual, additional indications.</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; text-indent: 0.5in">To be commercially viable,
we must successfully research, develop, manufacture, introduce, and obtain the required regulatory approval described above for our product
candidates, in order to market and distribute our product candidates. This includes meeting a number of critical developmental milestones,
including:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">demonstrating benefit from delivery of each specific drug for specific medical indications;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">demonstrating through preclinical and clinical studies that each drug is safe and effective; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">demonstrating that we have established viable FDA cGMPs capable of potential scale-up.</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; text-indent: 0.5in">The timeframe necessary to
achieve these developmental milestones may be long and uncertain, and we may not successfully complete these milestones for any of our
intended products in development.</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; text-indent: 0.5in">In addition to the risks previously
discussed, our technology is subject to developmental risks that include the following:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties arising from the rapidly growing scientific aspects of drug therapies and potential treatments;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties arising as a result of the broad array of alternative potential treatments related to cancer
and other diseases; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expense and time associated with the development and regulatory approval of treatments for cancer and
other diseases.</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; text-indent: 0.5in">In addition, delays or rejections
may be encountered based upon additional government regulation from future legislation or administrative action or changes in FDA policy
during the period of product development, clinical trials and FDA regulatory review. Failure to comply with applicable FDA or other applicable
regulatory requirements may result in criminal prosecution, civil penalties, recall or seizure of products, total or partial suspension
of production or injunction, adverse publicity, as well as other regulatory action against our potential products or us.</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; text-indent: 0.5in">To conduct the clinical studies
that are necessary to obtain approval by the FDA to market a product, it is necessary to receive clearance from the FDA to conduct such
clinical studies. The FDA can halt clinical studies at any time for safety reasons or because we or our clinical investigators do not
follow the FDA&rsquo;s requirements for conducting clinical studies. If any of our studies are halted, we will not be able to obtain FDA
approval until and unless we can address the FDA&rsquo;s concerns. If we are unable to receive clearance to conduct clinical studies for
a product, we will not be able to achieve any revenue from that product in the U.S., as it is illegal to sell any drug for use in humans
in the U.S. without FDA approval.</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"></P>

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<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; text-indent: 0.5in">If regulatory approval of
a product is granted, this approval will be limited to those indications or disease states and conditions for which the product is demonstrated
through clinical trials to be safe and efficacious. We cannot assure you that any compound developed by us, alone or with others, will
prove to be safe and efficacious in clinical trials and will meet all of the applicable regulatory requirements needed to receive marketing
approval.</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; text-indent: 0.5in">Even if we do ultimately receive
FDA approval for any of our products, these products will be subject to extensive ongoing regulation, including regulations governing
manufacturing, labeling, packaging, testing, dispensing, prescription and procurement quotas, record keeping, reporting, handling, shipment
and disposal of any such drug. Failure to obtain and maintain required registrations or to comply with any applicable regulations could
further delay or preclude development and commercialization of our drugs and subject us to enforcement action.</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; text-indent: 0.5in">Outside the US, our ability,
or that of our collaborative partners, to market a product is contingent upon receiving a marketing authorization from the appropriate
regulatory authorities. This foreign regulatory approval process typically includes all of the risks and costs associated with FDA approval
described above and may also include additional risks and costs, such as the risk that such foreign regulatory authorities, which often
have different regulatory and clinical trial requirements, interpretations and guidance from the FDA, may require additional clinical
trials or results for approval of a product candidate, any of which could result in delays, significant additional costs or failure to
obtain such regulatory approval. There can be no assurance, however, that we or our collaborative partners will not have to provide additional
information or analysis, or conduct additional clinical trials, before receiving approval to market product candidates.</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"><B><I>Fast track designation by the FDA may not
actually lead to a faster development or regulatory review or approval process and does not assure FDA approval of our product candidates.</I></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; text-indent: 0.5in">If a product candidate is
intended for the treatment of a serious or life-threatening condition and the product candidate demonstrates the potential to address
unmet medical need for this condition, the sponsor may apply for FDA fast track designation. Fast track designation applies to the combination
of the product and the specific indication for which it is being studied. The sponsor of a fast track product has opportunities for more
frequent interactions with the review team during product development, and the FDA may consider for review sections of the NDA on a rolling
basis before the complete application is submitted, if the sponsor provides a schedule for the submission of the sections of the NDA,
the FDA agrees to accept sections of the NDA and determines that the schedule is acceptable, and the sponsor pays any required user fees
upon submission of the first section of the NDA.</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; text-indent: 0.5in">However, fast track designation
does not change the standards for approval and does not ensure that the product candidate will receive marketing approval or that approval
will be granted within any particular timeframe. As a result, while the FDA has granted fast track designation to iopofosine for WM patients
having received two or more prior treatment regimens and/or we may seek and receive fast track designation for our future product candidates,
we may not experience a faster development process, review or approval compared to conventional FDA procedures. In addition, the FDA may
withdraw fast track designation if it believes that the designation is no longer supported by data from our clinical development program.
Fast track designation alone does not guarantee qualification for the FDA&rsquo;s priority review procedures.</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"><B><I>The FDA has granted rare pediatric disease
designation, RPDD, to iopofosine for treatment of neuroblastoma, rhabdomyosarcoma, Ewing&rsquo;s sarcoma and osteosarcoma; however, we
may not be able to realize any value from such designation.</I></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; text-indent: 0.5in">Iopofosine has received RPDD
designation from the FDA for the treatment of neuroblastoma, rhabdomyosarcoma, osteosarcoma and Ewing&rsquo;s sarcoma. The FDA defines
a &ldquo;rare pediatric disease&rdquo; as a disease that affects fewer than 200,000 individuals in the U.S. primarily under the age of
18 years old, or a patient population greater than 200,000 in the U.S. when there is no reasonable expectation that the cost of developing
and making available the drug in the U.S. will be recovered from sales in the U.S. for that drug or biological product. Under the FDA&rsquo;s
Rare Pediatric Disease Priority Review Voucher Program, upon the approval of an NDA or a BLA for the treatment of a rare pediatric disease,
the sponsor of such application could be eligible for a Rare Pediatric Disease Priority Review Voucher that can be redeemed to obtain
priority review for a subsequent NDA or BLA. The sponsor of a rare pediatric disease drug product receiving a priority review voucher
may transfer (including by sale) the voucher to another sponsor. The voucher may be further transferred any number of times before the
voucher is used, as long as the sponsor making the transfer has not yet submitted the application.</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"></P>

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<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; text-indent: 0.5in">The FDA may also revoke any
priority review voucher if the rare pediatric disease drug for which the voucher was awarded is not marketed in the U.S. within one year
following the date of approval. In addition, the priority review voucher is only awarded to an NCE. Thus, if iopofosine is approved first
for an indication that is not a rare pediatric disease, our application may not be eligible to receive the voucher. There is no assurance
we will receive a Rare Pediatric Disease Priority Review Voucher or that it will result in a faster development process, review or approval
for a subsequent marketing application. Also, although Priority Review Vouchers may be sold or transferred to third parties, there is
no guaranty that we will be able to realize any value if we were to sell a Priority Review Voucher. In December&nbsp;2020, the Priority
Review Voucher Program was extended by the FDA permitting additional grants through September&nbsp;2026 for rare pediatric diseases. It
is possible that even if we obtain approval for iopofosine and qualify for a priority review voucher, the program may no longer be in
effect at the time of such approval.</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; text-indent: 0.5in">Furthermore, due to recent
communications with the FDA regarding a confirmatory study to support accelerated approval and the regulatory submission for iopofosine,
the Company is, in addition to determining the availability of funding for such a study, pursuing strategic options for the further development
and commercialization of this product candidate.</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"><B><I>Clinical studies involve a lengthy and expensive
process with an uncertain outcome, and results of earlier studies may not be predictive of future study results.</I></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; text-indent: 0.5in">To obtain regulatory approval
for the commercialization of our product candidates, we must conduct, at our own expense, extensive clinical studies to demonstrate safety
and efficacy of these product candidates. Clinical testing is expensive, it can take many years to complete, and its outcome is uncertain.
Failure can occur at any time during the clinical study process.</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; text-indent: 0.5in">We may experience delays in
clinical testing of our product candidates. We do not know whether planned clinical studies will begin on time, need to be redesigned,
or be completed on schedule, if at all. Clinical studies can be delayed for a variety of reasons, including delays in obtaining regulatory
approval to commence a study, reaching agreement on acceptable clinical study terms with prospective sites, obtaining institutional review
board approval to conduct a study at a prospective site, recruiting patients to participate in a study, or obtaining sufficient supplies
of clinical study materials. Many factors affect patient enrollment, including the size of the patient population, the proximity of patients
to clinical sites, the eligibility criteria for the study, competing clinical studies, and new drugs approved for the conditions we are
investigating. Prescribing physicians will also have to decide to use our product candidates over existing drugs that have established
safety and efficacy profiles or other drugs undergoing development in clinical studies. Any delays in completing our clinical studies
will increase our costs, slow down our product development and approval process, and delay our ability to generate revenue.</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; text-indent: 0.5in">Additionally, the results
of preclinical studies and early clinical studies of our product candidates do not necessarily predict the results of later-stage clinical
studies. Product candidates in later stages of clinical studies may fail to show the desired safety and efficacy traits despite having
progressed through initial clinical testing. The data collected from clinical studies of our product candidates may not be sufficient
to support the submission of an NDA or to obtain regulatory approval in the U.S. or elsewhere. Because of the uncertainties associated
with drug development and regulatory approval, we cannot determine if or when we will have an approved product for commercialization or
will achieve sales or profits.</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; text-indent: 0.5in">Furthermore, we typically
rely on third-party clinical investigators to conduct our clinical trials and other third-party organizations to oversee the operations
of such trials and to perform data collection and analysis. The clinical investigators are not our employees, and we cannot control the
amount or timing of resources that they devote to our programs. Failure of the third-party organizations to meet their obligations could
adversely affect clinical development of our products. As a result, we may face additional delaying factors outside our control if these
parties do not perform their obligations in a timely fashion. For example, any number of those issues could arise with our clinical trials
causing a delay. Delays of this sort could occur for the reasons identified above or other reasons. If we have delays in conducting the
clinical trials or obtaining regulatory approvals, our product development costs will increase. For example, we may need to make additional
payments to third-party investigators and organizations to retain their services or we may need to pay recruitment incentives. If the
delays are significant, our financial results and the commercial prospects for our product candidates will be harmed, and our ability
to become profitable will be delayed. Moreover, these third-party investigators and organizations may also have relationships with other
commercial entities, some of which may compete with us. If these third-party investigators and organizations assist our competitors at
our expense, it could harm our competitive position.</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"></P>

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<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; text-indent: 0.5in">Our clinical studies may not
demonstrate sufficient levels of efficacy necessary to obtain the requisite regulatory approvals for our drugs, and our proposed drugs
may not be approved for marketing.</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; text-indent: 0.5in">We may not be able to initiate
or continue clinical studies or trials for our product candidates if we are unable to locate and enroll a sufficient number of eligible
patients to participate in these clinical trials as required by the FDA or other regulatory authorities. Even if we are able to enroll
a sufficient number of patients in our clinical trials, if the pace of enrollment is slower than we expect, the development costs for
our product candidates may increase and the completion of our clinical trials may be delayed, or our clinical trials could become too
expensive to complete. Significant delays in clinical testing could negatively impact our product development costs and timing. Our estimates
regarding timing are based on a number of assumptions, including assumptions based on past experience with our other clinical programs.
If we are unable to enroll the patients in these trials at the projected rate, the completion of the clinical program could be delayed
and the costs of conducting the program could increase, either of which could harm our business.</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"><B><I>We may be required to suspend or discontinue
clinical studies because of unexpected side effects or other safety risks that could preclude approval of our product candidates.</I></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; text-indent: 0.5in">Our clinical studies may be
suspended at any time for a number of reasons. For example, we may voluntarily suspend or terminate our clinical studies if at any time
we believe that they present an unacceptable risk to the clinical study patients. In addition, regulatory agencies may order the temporary
or permanent discontinuation of our clinical studies at any time if they believe that the clinical studies are not being conducted in
accordance with applicable regulatory requirements or that they present an unacceptable safety risk to the clinical study patients.</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; text-indent: 0.5in">Administering any product
candidates to humans may produce undesirable side effects. These side effects could interrupt, delay or halt clinical studies of our product
candidates and could result in the FDA or other regulatory authorities denying further development or approval of our product candidates
for any or all targeted indications. Ultimately, some or all of our product candidates may prove to be unsafe for human use. Moreover,
we could be subject to significant liability if any volunteer or patient suffers, or appears to suffer, adverse health effects as a result
of participating in our clinical studies.</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"><B><I>The biopharmaceutical industry is subject to extensive regulatory
obligations and policies that are subject to change, including due to judicial challenges.</I></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; text-indent: 0.5in">On June&nbsp;28, 2024, the
U.S. Supreme Court issued an opinion holding that courts reviewing agency action pursuant to the Administrative Procedure Act (APA) &ldquo;must
exercise their independent judgment&rdquo; and &ldquo;may not defer to an agency interpretation of the law simply because a statute is
ambiguous.&rdquo; The decision will have a significant impact on how lower courts evaluate challenges to agency interpretations of law,
including those by the FDA and other agencies with significant oversight of the biopharmaceutical industry. The new framework is likely
to increase both the frequency of such challenges and their odds of success by eliminating one way in which the government previously
prevailed in such cases. As a result, significant regulatory policies will be subject to increased litigation judicial scrutiny. Any resulting
changes in regulation may result in unexpected delays, increased costs, or other negative impacts on our business that are difficult to
predict.</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"><B>Risks Related to Legal Compliance and Litigation</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"><B><I>Controls we or our third-party collaborators
have in place to ensure compliance with all applicable laws and regulations may not be effective.</I></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; text-indent: 0.5in">We and our third-party collaborators
are subject to federal, state and local laws and regulations governing the storage, use and disposal of hazardous materials and waste
products. Current or future regulations may impair our research, development, manufacturing and commercialization efforts. The inability
of our third-party collaborators to maintain the required licenses and permits for any reason will negatively impact our manufacturing,
and research and development activities. In addition, we may be required to indemnify third-party collaborators against certain liabilities
arising out of any failure by them to comply with such regulations and/or laws. If we or our third-party collaborators fail to comply
with any of these regulations and/or laws, a range of consequences could result, including the suspension or termination of clinical studies,
failure to obtain approval of a product candidate, restrictions on our products or manufacturing processes, withdrawal of our products
from the market, significant fines, exclusion from government healthcare programs, or other sanctions or litigation.</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"></P>

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<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"><B><I>We are exposed to product, clinical and
preclinical liability risks that could create a substantial financial burden should we be sued.</I></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; text-indent: 0.5in">Our business exposes us to
potential product liability and other liability risks that are inherent in the testing, manufacturing and marketing of pharmaceutical
products. In addition, the use in our clinical studies of pharmaceutical products that we, or our current or potential collaborators,
may develop and then subsequently sell, may cause us to bear a portion of, or all, product liability risks. While we carry an insurance
policy covering up to $5,000,000 per occurrence and $5,000,000 in the aggregate for liability incurred in connection with such claims
should they arise, there can be no assurance that our insurance will be adequate to cover all situations. Moreover, there can be no assurance
that such insurance, or additional insurance if required, will be available or, if available, will be available on commercially reasonable
terms. Furthermore, our current and potential partners with whom we have collaborative agreements, or our future licensees, may not be
willing to indemnify us against these types of liabilities and may not themselves be sufficiently insured or have a net worth sufficient
to satisfy any product liability claims. A successful product liability claim or series of claims brought against us could have a material
adverse effect on our business, prospects, financial condition and results of operations.</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"><B>Risks Related to Intellectual Property</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"><B><I>We expect to rely on our patents as well
as specialized regulatory designations such as orphan drug classification for our product candidates, but regulatory drug designations
may not confer marketing exclusivity or other expected commercial benefits.</I></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; text-indent: 0.5in">We expect to file for ODD
or other regulatory designations (fast track, break-through, priority review,&nbsp;etc.) as appropriate for our product candidates. We
have been granted ODD in the U.S. for iopofosine as a therapeutic for the treatment of multiple myeloma, neuroblastoma, osteosarcoma,
rhabdomyosarcoma, Ewing&rsquo;s sarcoma and lymphoplasmacytic lymphoma/Waldenstrom&rsquo;s macroglobulinemia. Additionally, we have been
granted ODD in Europe for iopofosine as a therapeutic for the treatment of multiple myeloma and Waldenstrom&rsquo;s macroglobulinemia.</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; text-indent: 0.5in">Under the Orphan Drug Act,
the FDA may grant orphan drug designation to a drug or biologic intended to treat a rare disease or condition, which is defined as one
occurring in a patient population of fewer than 200,000 in the US, or a patient population greater than 200,000 in the US where there
is no reasonable expectation that the cost of developing the drug will be recovered from sales in the US. In the US, orphan drug designation
entitles a party to financial incentives such as opportunities for grant funding towards clinical trial costs, tax advantages and user-fee
waivers. In addition, if a product that has orphan drug designation subsequently receives the first FDA approval for the disease for which
it has such designation, the product is entitled to orphan drug exclusivity, which means that the FDA may not approve any other applications,
including a full NDA, to market the same drug for the same indication for seven years, except in limited circumstances, such as a showing
of clinical superiority to the product with orphan drug exclusivity or where the manufacturer is unable to assure sufficient product quantity.</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; text-indent: 0.5in">Even though we have received
ODD as described above, we may not be the first to obtain marketing approval for the orphan-designated indication because of the uncertainties
associated with developing pharmaceutical products. For any product candidate for which we have been or will be granted ODD in a particular
indication, it is possible that another company also holding ODD for the same product candidate will receive marketing approval for the
same indication before we do. If that were to happen, our applications for that indication may not be approved until the competing company&rsquo;s
period of exclusivity expires. In addition, exclusive marketing rights in the US for iopofosine for an orphan-designated indication or
any future product candidate may be limited if we seek approval for an indication broader than the orphan-designated indication or may
be lost if the FDA later determines that the request for designation was materially defective or if the manufacturer is unable to assure
sufficient quantities of the product to meet the needs of patients with the rare disease or condition. We will not be able to rely on
it to exclude other companies from manufacturing or selling products using the same principal molecular structural features for the same
indication beyond these timeframes without our patent portfolio. Even if we were the first to obtain marketing authorization for an orphan
drug indication, there are circumstances under which a competing product may be approved for the same indication during the seven-year
period of marketing exclusivity, such as if the later product is shown to be clinically superior to the product with orphan exclusivity.
Even after an orphan product is approved, the FDA can subsequently approve the same drug with the same active moiety for the same condition
if the FDA concludes that the later drug is safer, more effective, or makes a major contribution to patient care. In addition, exclusive
marketing rights in the US for iopofosine or any future product candidate may be limited if we seek approval for an indication broader
than the orphan-designated indication or may be lost if the FDA later determines that the request for designation was materially defective
or if the manufacturer is unable to assure sufficient quantities of the product to meet the needs of patients with the rare disease or
condition.</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"></P>

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<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; text-indent: 0.5in">Further, even if we obtain
orphan drug exclusivity for a product, that exclusivity may not effectively protect the product from competition because different drugs
with different active moieties can be approved for the same condition. Further, the seven-year marketing exclusivity, if granted, would
not prevent competitors from obtaining approval of the same product candidate as ours for indications other than those in which we have
been granted ODD, or for other indications if not for our patent portfolio, or for the use of other types of products in the same indications
as our orphan product. Furthermore, although the ODD and exclusivity are in effect right now, the FDA has the authority to modify this
assessment at any time. Orphan drug designation neither shortens the development time or regulatory review time of a drug nor gives the
drug any advantage in the regulatory review or approval process.</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; text-indent: 0.5in">In addition, Congress is considering
updates to the orphan drug provisions of the FDCA in response to a recent decision by the U.S. Court of Appeals for the Eleventh Circuit.
Any changes to the orphan drug provisions could change our opportunities for, or likelihood of success in obtaining, orphan drug exclusivity
and would materially adversely affect our business, results of operations, financial condition and prospects.</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"><B><I>We may face litigation from third parties
claiming our products infringe on their intellectual property rights, particularly because there is often substantial uncertainty about
the validity and breadth of medical patents.</I></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; text-indent: 0.5in">We may be exposed to future
litigation by third parties based on claims that our technologies, products or activities infringe on the intellectual property rights
of others or that we have misappropriated the trade secrets of others. This risk is exacerbated by the fact that the validity and breadth
of claims covered in medical technology patents, and the breadth and scope of trade-secret protection, involve complex legal and factual
questions for which important legal principles are unresolved. Any litigation or claims against us, whether valid or not, could result
in substantial costs, place a significant strain on our financial and managerial resources, and harm our reputation. License agreements
that we may enter into in the future would likely require that we pay the costs associated with defending this type of litigation. In
addition, intellectual property litigation or claims could force us to do one or more of the following:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cease selling, incorporating or using any of our technologies and/or products that incorporate the challenged
intellectual property, which would adversely affect our ability to generate revenue;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">obtain a license from the holder of the infringed intellectual property right, which license may be costly
or may not be available on reasonable terms, if at all; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">redesign our products, which would be costly and time-consuming.</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"><B><I>If we are unable to adequately protect or
enforce our rights to intellectual property or to secure rights to third-party patents, we may lose valuable rights, experience reduced
market share, assuming any, or incur costly litigation to protect our intellectual property rights.</I></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; text-indent: 0.5in">Our ability to obtain licenses
to patents, maintain trade-secret protection, and operate without infringing the proprietary rights of others will be important to commercializing
any products under development. Therefore, any disruption in access to the technology could substantially delay the development of our
technology.</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; text-indent: 0.5in">The patent positions of biotechnology
and pharmaceutical companies, such as ours, for products that involve licensing agreements are frequently uncertain and involve complex
legal and factual questions. In addition, the coverage claimed in a patent application can be significantly reduced before the patent
is issued or in subsequent legal proceedings. Consequently, our patent applications and any issued and licensed patents may not provide
protection against competitive technologies or may be held invalid if challenged or circumvented. To the extent we license patents from
third parties, the early termination of any such license agreement would result in the loss of our rights to use the covered patents,
which could severely delay, inhibit or eliminate our ability to develop and commercialize compounds based on the licensed patents. Our
competitors may also independently develop products similar to ours or design around or otherwise circumvent patents issued or licensed
to us. In addition, the laws of some foreign countries may not protect our proprietary rights to the same extent as U.S. law.</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"></P>

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<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; text-indent: 0.5in">We also rely on trade secrets,
technical know-how and continuing technological innovation to develop and maintain our competitive position. Although we generally require
our employees, consultants, advisors, and collaborators to execute appropriate confidentiality and assignment-of-inventions agreements,
our competitors may independently develop substantially equivalent proprietary information and techniques, reverse engineer our information
and techniques, or otherwise gain access to our proprietary technology. We may be unable to meaningfully protect our rights in trade secrets,
technical know-how and other non-patented technology.</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; text-indent: 0.5in">We may have to resort to litigation
to protect our rights for certain intellectual property or to determine the scope, validity or enforceability of our intellectual property
rights. Enforcing or defending our rights would be expensive, could cause diversion of our resources, and may not prove successful. Any
failure to enforce or protect our rights could cause us to lose the ability to exclude others from using our technology to develop or
sell competing products.</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"><B>Risks Related to Our Employees</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"><B><I>We rely on a small number of key personnel
who may terminate their employment with us at any time, and our success will depend on our ability to hire additional qualified personnel.</I></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; text-indent: 0.5in">Our success depends to a significant
degree on the continued services of our executive officers, including our Chief Executive Officer, James V. Caruso. Our management and
other employees may voluntarily terminate their employment with us at any time, and there can be no assurance that these individuals will
continue to provide services to us. Our success will depend on our ability to attract and retain highly skilled personnel. We may be unable
to recruit such personnel on a timely basis, if at all. The loss of services of key personnel, or the inability to attract and retain
additional qualified personnel, could result in delays in development or approval of our products, loss of sales and diversion of management
resources.</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"><B><I>Confidentiality agreements with employees
and others may not adequately prevent disclosure of our trade secrets and other proprietary information and may not adequately protect
our intellectual property, which could limit our ability to compete.</I></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; text-indent: 0.5in">We operate in the highly technical
field of research and development of small-molecule drugs and rely, in part, on trade-secret protection in order to protect our proprietary
trade secrets and unpatented know-how. However, trade secrets are difficult to protect, and we cannot be certain that our competitors
will not develop the same or similar technologies on their own. We have taken steps, including entering into confidentiality agreements
with our employees, consultants, outside scientific collaborators, sponsored researchers and other advisors, to protect our trade secrets
and unpatented know-how. These agreements generally require that the other party keep confidential and not disclose to third parties all
confidential information developed by the party or made known to the party by us during the course of the party&rsquo;s relationship with
us. Also, we typically obtain agreements from these parties that inventions conceived by them in the course of rendering services to us
will be our exclusive property. However, these agreements may not be honored and may not effectively assign intellectual property rights
to us. Enforcing a claim that a party has illegally obtained, and is using our trade secrets or know-how, is difficult, expensive, and
time-consuming, and the outcome is unpredictable. In addition, courts outside the U.S. may be less willing to protect trade secrets or
know-how. The failure to obtain or maintain trade-secret protection could adversely affect our competitive position.</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"><B><I>We may be subject to claims that our employees
have wrongfully used or disclosed alleged trade secrets of their current or former employers.</I></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; text-indent: 0.5in">As is common in the biotechnology
and pharmaceutical industry, we engage individuals who were previously employed at other biotechnology or pharmaceutical companies, including
our competitors or potential competitors or who are employed by academic research institutions. Although no claims against us are currently
pending, we may be subject to claims that we, or these employees, have used or disclosed trade secrets or other proprietary information
of their current or former employers, either inadvertently or otherwise. Litigation may be necessary to defend against these claims. Even
if we are successful in defending against these claims, litigation could result in substantial costs and be a distraction to management.</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"></P>

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<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"><B>Risks Related to Commercialization of our Products</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"><B><I>Acceptance of our products in the marketplace
is uncertain and failure to achieve market acceptance will prevent or delay our ability to generate revenues.</I></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; text-indent: 0.5in">Our future financial performance
will depend, at least in part, on the introduction and customer acceptance of our proposed products. Even if approved for marketing by
the necessary regulatory authorities, our products may not achieve market acceptance. The degree of market acceptance will depend on several
factors, including:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">receiving regulatory clearance of marketing claims for the uses that we are developing;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the timing of market introduction of the product as well as competitive products;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the clinical indications for which the product is approved;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">establishing and demonstrating the advantages, safety and efficacy of our technologies;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">relative convenience and ease of administration, and the convenience of prescribing, administrating and
initiating patients on the product and the length of time the patient is on the product;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the willingness of the target patient population to try new therapies and of physicians to prescribe these
therapies;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the willingness of physicians to change their current treatment practices;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the willingness of hospitals and hospital systems to include our product candidates as treatment options;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">demonstration of efficacy and safety in clinical trials;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the prevalence and severity of any side effects;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the ability to offer product candidates for sale at competitive prices;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price we charge for our product candidates;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the strength of marketing and distribution support;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the ability to distinguish safety and efficacy from existing, less expensive generic alternative therapies,
if any;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the potential and perceived value and advantages of the product over alternative treatments;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the cost of treatment in relation to alternative treatments, including any similar generic treatments;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">pricing and reimbursement policies of government and third-party payors such as insurance companies, health
maintenance organizations and other health plan administrators;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">attracting corporate partners, including pharmaceutical companies, to assist in commercializing our intended
products; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">marketing our products.</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; text-indent: 0.5in">Physicians, patients, payors,
or the medical community in general, may be unwilling to accept, use, or recommend any of our products. If we are unable to obtain regulatory
approval or commercialize and market our proposed products as planned, we may not achieve any market acceptance or generate revenue. If
we are unable to sustain anticipated levels of sales growth from our products, if approved, we may need to reduce our operating expenses,
access other sources of cash or otherwise modify our business plans, which could have a negative impact on our business, financial condition
and results of operations.</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"><B><I>Regulatory approval for any approved product
is limited by the FDA, the European Commission, and other regulators, to those specific indications and conditions for which clinical
safety and efficacy have been demonstrated, and we may incur significant liability if it is determined that we are promoting the &ldquo;off-label&rdquo;
use of any of our future product candidates if approved.</I></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; text-indent: 0.5in">Any regulatory approval is
limited to those specific diseases, indications and patient populations for which a product is deemed to be safe and effective by the
FDA, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency and other regulators. In addition to the
FDA approval required for new formulations, any new indication for an approved product also requires FDA approval. If we are not able
to obtain FDA approval for any desired future indications for our products and product candidates, our ability to effectively market and
sell our products may be reduced and our business may be adversely affected.</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"></P>

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<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; text-indent: 0.5in">While physicians may choose
to prescribe drugs for uses that are not described in the product&rsquo;s labeling and for uses that differ from those tested in clinical
studies and approved by the regulatory authorities, our ability to promote the products is limited to those indications and patient populations
that are specifically approved by the FDA or similar regulatory authorities in jurisdictions outside the U.S. These &ldquo;off-label&rdquo;
uses are common across medical specialties and may constitute an appropriate treatment for some patients in varied circumstances. We have
implemented compliance and monitoring policies and procedures, including a process for internal review of promotional materials, to deter
the promotion for off-label uses. We cannot guarantee that these compliance activities will prevent or timely detect off-label promotion
by sales representatives or other personnel in their communications with health care professionals, patients and others, particularly
if these activities are concealed from the Company. Regulatory authorities in the US generally do not regulate the behavior of physicians
in their choice of treatments. Regulatory authorities do, however, restrict communications by pharmaceutical companies on the subject
of off-label use. If our promotional activities fail to comply with the FDA&rsquo;s or other competent national authority&rsquo;s regulations
or guidelines, we may be subject to warnings from, or enforcement action by, these regulatory authorities. In addition, our failure to
follow FDA rules&nbsp;and guidelines relating to promotion and advertising may cause the FDA to issue warning letters or untitled letters,
suspend or withdraw an approved product from the market, require a recall or institute fines, which could result in the disgorgement of
money, operating restrictions, injunctions or civil or criminal enforcement, and other consequences, any of which could harm our business.</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; text-indent: 0.5in">Notwithstanding the regulatory
restrictions on off-label promotion, the FDA and other regulatory authorities allow companies to engage in truthful, non-misleading and
non-promotional scientific exchange concerning their products. We engage in medical education activities and communicate with investigators
and potential investigators regarding our clinical trials. If the FDA or other regulatory or enforcement authorities determine that our
communications regarding our marketed product are not in compliance with the relevant regulatory requirements and that we have improperly
promoted off-label uses, or that our communications regarding our investigational products are not in compliance with the relevant regulatory
requirements and that we have improperly engaged in pre-approval promotion, we may be subject to significant liability, including civil
and administrative remedies as well as criminal sanctions.</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"><B><I>Any product for which we have obtained regulatory
approval, or for which we obtain approval in the future, is subject to, or will be subject to, extensive ongoing regulatory requirements
by the FDA, EMA and other comparable regulatory authorities, and if we fail to comply with regulatory requirements or if we experience
unanticipated problems with our products, we may be subject to penalties, we may be unable to generate revenue from the sale of such products,
our potential for generating positive cash flow may be diminished, and the capital necessary to fund our operations may be increased.</I></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; text-indent: 0.5in">Any product for which we have
obtain regulatory approval in the future, along with the manufacturing processes and practices, post-approval clinical research, product
labeling, advertising and promotional activities for such product, are subject to continual requirements of, and review by, the FDA, the
EMA and other comparable international regulatory authorities. These requirements include submissions of safety and other post-marketing
information and reports, registration and listing requirements, current good manufacturing practices (cGMP) requirements relating to manufacturing,
quality control, quality assurance and corresponding maintenance of records and documents, requirements regarding the distribution of
samples to physicians, import and export requirements and recordkeeping. If we or our suppliers encounter manufacturing, quality or compliance
difficulties with respect to any of our product candidates, when and if approved, we may be unable to obtain or maintain regulatory approval
or meet commercial demand for such products, which could adversely affect our business, financial conditions, results of operations and
growth prospects.</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; text-indent: 0.5in">In addition, the FDA often
requires post-marketing testing and surveillance to monitor the effects of products. The FDA, the EMA and other comparable international
regulatory agencies may condition approval of our product candidates on the completion of such post-marketing clinical studies. These
post-marketing studies may suggest that a product causes undesirable side effects or may present a risk to the patient. Additionally,
the FDA may require a REMS to help ensure that the benefits of the drug outweigh its risks. A REMS may be required to include various
elements, such as a medication guide or patient package insert, a communication plan to educate healthcare providers of the drug&rsquo;s
risks, limitations on who may prescribe or dispense the drug, requirements that patients enroll in a registry or undergo certain health
evaluations or other measures that the FDA deems necessary to ensure the safe use of the drug.</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"></P>

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<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; text-indent: 0.5in">Discovery after approval of
previously unknown problems with any of our products, manufacturers or manufacturing processes, or failure to comply with regulatory requirements,
may result in actions such as:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions on our ability to conduct clinical trials, including full or partial clinical holds on ongoing
or planned trials&#894;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions on product manufacturing processes;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions on the marketing of a product;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions on product distribution;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">requirements to conduct post-marketing clinical trials;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">untitled or warning letters or other adverse publicity;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">withdrawal of products from the market;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">refusal to approve pending applications or supplements to approved applications that we submit;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">recall of products;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">refusal to permit the import or export of our products;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">product seizure;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fines, restitution or disgorgement of profits or revenue;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">refusal to allow us to enter into supply contracts, including government contracts;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">injunctions; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">imposition of civil or criminal penalties.</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; text-indent: 0.5in">If such regulatory actions
are taken, the value of our company and our operating results will be adversely affected. Additionally, if the FDA, the EMA or any other
comparable international regulatory agency withdraws its approval of a product that is or may be approved, we will be unable to generate
revenue from the sale of that product in the relevant jurisdiction, our potential for generating positive cash flow will be diminished
and the capital necessary to fund our operations will be increased. Accordingly, we continue to expend significant time, money and effort
in all areas of regulatory compliance, including manufacturing, production, product surveillance, post-marketing studies and quality control.</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"><B><I>If any of our third-party contractors fail
to perform their responsibilities to comply with FDA rules&nbsp;and regulations, the marketing and sales of our products could be delayed
and we may be subject to enforcement action, which could decrease our revenues.</I></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; text-indent: 0.5in">Conducting our business requires
us to manage relationships with third-party contractors. As a result, our success depends partially on the success of these third parties
in performing their responsibilities to comply with FDA rules&nbsp;and regulations. Although we pre-qualify our contractors and we believe
that they are fully capable of performing their contractual obligations, we cannot directly control the adequacy and timeliness of the
resources and expertise that they apply to these activities.</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; text-indent: 0.5in">If any of our partners or
contractors fail to fulfil their obligations in an adequate and timely manner or fail to comply with the FDA&rsquo;s rules&nbsp;and regulations,
then the marketing and sales of our products could be delayed. The FDA may also take enforcement actions against us based on compliance
issues identified with our contractors. If any of these events occur, we may incur significant liabilities, which could decrease our revenues.
For example, sales and medical science liaison or MSL personnel, including contractors, must comply with FDA requirements for the advertisement
and promotion of products.</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"><B><I>If manufacturers obtain approval for generic
versions of our products, once approved, or of products with which we compete, our business may be harmed.</I></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; text-indent: 0.5in">Under the FDCA, the FDA can
approve an abbreviated new drug application (ANDA) for a generic version of a branded drug without the ANDA applicant undertaking the
clinical testing necessary to obtain approval to market a new drug. Generally, in place of such clinical studies, an ANDA applicant usually
needs only to submit data demonstrating that its product has the same active ingredient(s), strength, dosage form and route of administration
and that it is bioequivalent to the branded product.</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; text-indent: 0.5in">The FDCA requires that an
applicant for approval of a generic form of a branded drug certify either that its generic product does not infringe any of the patents
listed by the owner of the branded drug in the Orange Book or that those patents are not enforceable. This process is known as a paragraph
IV challenge. Upon notice of a paragraph IV challenge, a patent owner has 45 days to bring a patent infringement suit in federal district
court against the company seeking ANDA approval of a product covered by one of the owner&rsquo;s patents. If this type of suit is commenced,
the FDCA provides a 30-month stay on the FDA&rsquo;s approval of the competitor&rsquo;s application. If the litigation is resolved in
favor of the ANDA applicant or the challenged patent expires during the 30-month stay period, the stay is lifted, and the FDA may thereafter
approve the application based on the standards for approval of ANDAs. Once an ANDA is approved by the FDA, the generic manufacturer may
market and sell the generic form of the branded drug in competition with the branded medicine.</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"></P>

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<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; text-indent: 0.5in">The ANDA process can result
in generic competition if the patents at issue are not upheld or if the generic competitor is found not to infringe the owner&rsquo;s
patents. If this were to occur with respect to iopofosine or any future products, once approved, with which our products compete, our
business would be harmed.</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"><B><I>Unforeseen safety issues could emerge with
our products, once approved, that could require us to change the prescribing information to add warnings, limit use of the product, and/or
result in litigation. Any of these events could have a negative impact on our business.</I></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; text-indent: 0.5in">Discovery of unforeseen safety
problems or increased focus on a known problem with respect to our products, once approved, could impact our ability to commercialize
our products and could result in restrictions on its permissible uses, including withdrawal of the medicine from the market.</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; text-indent: 0.5in">If we or others identify additional
undesirable side effects caused by our products after approval:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory authorities may require the addition of labeling statements, specific warnings, contraindications,
or field alerts to physicians and pharmacies;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory authorities may withdraw their approval of the product and require us to take our approved
drugs off the market;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may be required to change the way the product is administered, conduct additional clinical trials,
change the labeling of the product, or implement a Risk Evaluation and Mitigation Strategy, or REMS;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may have limitations on how we promote our drugs;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">third-party payers may limit coverage or reimbursement for our products;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">sales of our approved products may decrease significantly;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may be subject to litigation or product liability claims; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our reputation may suffer.</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; text-indent: 0.5in">Any of these events could
prevent us from achieving or maintaining market acceptance of our products, once approved and could substantially increase our operating
costs and expenses, which in turn could delay or prevent us from generating significant revenue from sale of any products for which we
obtain approval.</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; text-indent: 0.5in">If a safety issue emerges
post-approval, we may become subject to costly product liability litigation by our customers, their patients or payers. Product liability
claims could divert management&rsquo;s attention from our core business, be expensive to defend, and result in sizable damage awards against
us that may not be covered by insurance. If we cannot successfully defend ourselves against claims that our approved products caused injuries,
we will incur substantial liabilities. Regardless of merit or eventual outcome, liability claims may result in:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">decreased demand for any product candidates or products that we may develop;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the inability to commercialize any products that we may develop;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">injury to our reputation and significant negative media attention;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">withdrawal of patients from clinical studies or cancellation of studies;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">significant costs to defend the related litigation;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">substantial monetary awards to patients; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">loss of revenue.</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"><B><I>The market for our proposed products is
rapidly changing and competitive, and new therapeutics, drugs and treatments that may be developed by others could impair our ability
to develop our business or become competitive.</I></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; text-indent: 0.5in">The pharmaceutical and biotechnology
industries are subject to rapid and substantial technological change. Developments by others may render our technologies and proposed
products noncompetitive or obsolete, or we may be unable to keep pace with technological developments or other market factors. Technological
competition from pharmaceutical and biotechnology companies, universities, governmental entities and others diversifying into the field
is intense and expected to increase. Most of these entities have significantly greater research and development capabilities and budgets
than we do, as well as substantially more marketing, manufacturing, financial and managerial resources. These entities represent significant
competition for us. Acquisitions of, or investments in, competing pharmaceutical or biotechnology companies by large corporations could
increase our competitors&rsquo; financial, marketing, manufacturing and other resources.</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"></P>

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<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; text-indent: 0.5in">Our resources are limited,
and we may experience management, operational or technical challenges inherent in our activities and novel technologies. Competitors have
developed, or are in the process of developing, technologies that are, or in the future may be, the basis for competition. Some of these
technologies may accomplish therapeutic effects similar to those of our technology, but through different means. Our competitors may develop
drugs and drug delivery technologies that are more effective than our intended products and, therefore, present a serious competitive
threat to us.</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; text-indent: 0.5in">The potential widespread acceptance
of therapies that are alternatives to ours may limit market acceptance of our products even if they are commercialized. Many of our targeted
diseases and conditions can also be treated by other medication or drug delivery technologies. These treatments may be widely accepted
in medical communities and have a longer history of use. The established use of these competitive drugs may limit the potential for widespread
acceptance of our technologies and products if commercialized.</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"><B><I>As a result of continued changes in marketing,
sales and distribution, we may be unsuccessful in our efforts to sell our proposed products, develop a direct sales organization, or enter
into relationships with third parties.</I></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; text-indent: 0.5in">We have not established marketing,
sales or distribution capabilities for our proposed products. Until such time as our proposed products are further along in the development
process, we will not devote any meaningful time and resources to this effort. At the appropriate time, we will determine whether we will
develop our own sales and marketing capabilities or enter into agreements with third parties to sell our products.</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; text-indent: 0.5in">We have limited experience
in developing, training or managing a sales force. If we choose to establish a direct sales force, we may incur substantial additional
expenses in developing, training and managing such an organization. We may be unable to build a sales force on a cost-effective basis
or at all. In addition, we will compete with many other companies that currently have extensive marketing and sales operations. Our marketing
and sales efforts may be unable to compete against these other companies. We may be unable to establish a sufficient sales and marketing
organization on a cost-effective or timely basis, if at all.</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; text-indent: 0.5in">If we choose to enter into
agreements with third parties to sell our proposed products, we may be unable to establish or maintain third-party relationships on a
commercially reasonable basis, if at all. In addition, these third parties may have similar or more established relationships with our
competitors.</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; text-indent: 0.5in">We may be unable to engage
qualified distributors. Even if engaged, these distributors may:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fail to adequately market our products;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fail to satisfy financial or contractual obligations to us;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">offer, design, manufacture or promote competing products; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cease operations with little or no notice.</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; text-indent: 0.5in">If we fail to develop sales,
marketing and distribution channels, we would experience delays in product sales and incur increased costs, which would have a material
adverse effect on our business, prospects, financial condition and results of operation.</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"><B><I>If we are unable to convince physicians
of the benefits of our intended products, we may incur delays or additional expense in our attempt to establish market acceptance.</I></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; text-indent: 0.5in">Achieving use of our products
in the target market of cancer diagnosis and treatment may require physicians to be informed regarding these products and their intended
benefits. The time and cost of such an educational process may be substantial. Inability to successfully carry out this physician education
process may adversely affect market acceptance of our proposed products. We may be unable to educate physicians, in sufficient numbers,
in a timely manner regarding our intended proposed products to achieve our marketing plans and product acceptance. Any delay in physician
education may materially delay or reduce demand for our proposed products. In addition, we may expend significant funds towards physician
education before any acceptance or demand for our proposed products is created, if at all.</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"></P>

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<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; text-indent: 0.5in">Efforts to educate the physicians,
patients, healthcare payors and others in the medical community on the benefits of our product candidates may require significant resources
and may not be successful. If any of our product candidates are approved, if at all, but do not achieve an adequate level of acceptance,
we may not generate significant product revenue and we may not become profitable on a sustained basis.</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"><B><I>If our products are unable to obtain adequate
reimbursement from third-party payors, or if additional healthcare reform measures are adopted, it could hinder or prevent the commercial
success of our product candidates.</I></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; text-indent: 0.5in">The commercial success of
any product for which we obtain regulatory approval in the future will depend substantially on the extent to which the costs of our product
or product candidates are or will be paid by third-party payors, including government health care programs and private health insurers.
There is a significant trend in the health care industry by public and private payers to contain or reduce their costs, including by taking
the following steps, among others: decreasing the portion of costs payers will cover, ceasing to provide full payment for certain products
depending on outcomes or not covering certain products at all. If payers implement any of the foregoing with respect to our products,
it would have an adverse impact on our revenue and results of operations. If coverage is not available, or reimbursement is limited, we,
or any of our collaborative partners, may not be able to successfully commercialize our product candidates in some jurisdictions. Even
if coverage is provided, the approved reimbursement amount may not be at a rate that covers our costs, including research, development,
manufacture, sale and distribution. In the U.S., no uniform policy of coverage and reimbursement for products exists among third-party
payors; therefore, coverage and reimbursement levels for products can differ significantly from payor to payor. As a result, the coverage
determination process is often a time consuming and costly process that may require us to provide scientific, clinical or other support
for the use of our products to each payor separately, with no assurance that coverage and adequate reimbursement will be applied consistently
or obtained in the first instance.</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; text-indent: 0.5in">In both the U.S. and some
foreign jurisdictions, there have been a number of legislative and regulatory proposals to change the healthcare system in ways that could
affect our ability to sell our products profitably. For example, the Affordable Care Act which was passed in March&nbsp;2010 and substantially
changed the way healthcare is financed by both governmental and private insurers, has been subject to judicial, legislative, and regulatory
efforts to replace it or to alter its interpretation or implementation. Congress has considered legislation that would repeal or repeal
and replace all or part of the Affordable Care Act. While Congress has not passed comprehensive repeal legislation, several bills affecting
the implementation of certain taxes under the Affordable Care Act have been enacted. The Tax Cuts and Jobs Act of 2017 included a provision
that repealed the tax-based shared responsibility payment imposed by the Affordable Care Act on certain individuals who fail to maintain
qualifying health coverage for all or part of a year that is commonly referred to as the &ldquo;individual mandate&rdquo;. In addition,
the Consolidated Appropriations Act of 2020 fully repealed the Affordable Care Act&rsquo;s mandated &ldquo;Cadillac&rdquo; tax on high-cost
employer-sponsored health coverage and medical device tax and also eliminated the health insurer tax. On June&nbsp;17, 2021, the U.S.
Supreme Court dismissed the most recent judicial challenge to the Affordable Care Act brought by several states without specifically ruling
on the constitutionality of the law. It is unclear how future actions before the Supreme Court, other such litigation, and any healthcare
reform measures of the Trump administration will impact the Affordable Care Act.</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; text-indent: 0.5in">Other legislative changes
have been proposed and adopted in the U.S. since the Affordable Care Act was enacted. In August&nbsp;2011, the Budget Control Act of 2011,
among other things, created measures for spending reductions by Congress. A Joint Select Committee on Deficit Reduction, tasked with recommending
a targeted deficit reduction of at least $1.2 trillion for the years 2013 through 2021, was unable to reach required goals, thereby triggering
the legislation&rsquo;s automatic reduction to several government programs. This includes aggregate reductions of Medicare payments to
providers of 2% per fiscal year, which went into effect in April&nbsp;2013, and, a result of subsequent legislative amendments, will remain
in effect into 2031, unless additional Congressional action is taken. However, COVID-19 relief support legislation suspended the 2% Medicare
sequester from May&nbsp;1, 2020 through March&nbsp;31, 2022 with a subsequent reduction to 1% implemented from April&nbsp;1, 2022 until
June&nbsp;30, 2022. To offset the temporary suspension during the COVID-19 pandemic, in 2030, reductions in Medicare payments will be
2.25% for the first half of the year, and 3% in the second half of the year. In January&nbsp;2013, President Obama signed into law the
American Taxpayer Relief Act of 2012 (ATRA), which, among other things, further reduced Medicare payments to several providers, including
hospitals and cancer treatment centers, and increased the statute of limitations period for the government to recover overpayments to
providers from three to five years.</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"></P>

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<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; text-indent: 0.5in">There have been, and likely
will continue to be, legislative and regulatory proposals at the foreign, federal and state levels directed at broadening the availability
of healthcare and containing or lowering the cost of healthcare. We cannot predict the initiatives that may be adopted in the future.
If we or any third parties we may engage are slow or unable to adapt to changes in existing requirements or the adoption of new requirements
or policies, or if we or such third parties are not able to maintain regulatory compliance, our product candidates may lose any regulatory
approval that may have been obtained and we may not achieve or sustain profitability.</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"><B><I>Enacted and future legislation may increase
the difficulty and cost for us to commercialize our product candidates and may affect the prices we may set.</I></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; text-indent: 0.5in">In the U.S., there have been
several recent Congressional inquiries and federal legislation designed to, among other things, bring more transparency to drug pricing,
review the relationship between pricing and manufacturer-sponsored patient assistance programs, and reform government program reimbursement
methodologies for drugs. See Part&nbsp;I,&nbsp;Item 1, Business-Regulation-Reimbursement and Pricing Controls in our Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2024 for more information on recent healthcare reform measures that may affect our
ability to operate.</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; text-indent: 0.5in">We cannot predict the likelihood,
nature, or extent of health reform initiatives that may arise from future legislation or administrative action. However, we expect these
initiatives to increase pressure on drug pricing. Further, certain broader legislation that is not targeted to the health care industry
may nonetheless adversely affect our profitability. Any additional healthcare reform measures could limit the amounts that the U.S. federal
government will pay for healthcare products and services, which could result in reduced demand for our product candidates or additional
pricing pressures.</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"><B><I>We may be subject, directly or indirectly,
to federal and state healthcare fraud and abuse laws, false claims laws and other federal and state healthcare laws, and the failure to
comply with such laws could result in substantial penalties. Our employees, independent contractors, consultants, principal investigators,
CROs, commercial partners and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards
and requirements.</I></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; text-indent: 0.5in">Our business operations and
current and future arrangements with investigators, healthcare professionals, consultants, third-party payers and customers, may expose
us to broadly applicable federal, state and foreign fraud and abuse and other healthcare laws and regulations including anti-kickback
and false claims laws, data privacy and security laws, and transparency reporting laws. These laws may constrain the business or financial
arrangements and relationships through which we conduct our operations, including how we research, market, sell and distribute any product
for which we have obtained regulatory approval, or for which we obtain regulatory approval in the future. In particular, the promotion,
sales and marketing of healthcare items and services, as well as certain business arrangements in the healthcare industry, are subject
to extensive laws and regulations intended to prevent fraud, misconduct, bribery kickbacks, self-dealing and other abusive or inappropriate
practices. These laws and regulations may restrict or prohibit a wide range of pricing, discounting, marketing and promotion, including
promoting off-label uses of our products, commission compensation, certain customer incentive programs, certain patient support offerings,
and other business arrangements generally. Activities subject to these laws also involve the improper use or misrepresentation of information
obtained in the course of patient recruitment for clinical trials, creating fraudulent data in our preclinical studies or clinical trials
or illegal misappropriation of drug product, which could result in regulatory sanctions and cause serious harm to our reputation. See
 &ldquo;Part&nbsp;I,&nbsp;Item 1, Business - Regulation - Other U.S. Regulatory Requirements&rdquo; of our Annual Report on Form&nbsp;10-K
for more information on the healthcare laws and regulations that may affect our ability to operate.</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; text-indent: 0.5in">We are also exposed to the
risk of fraud, misconduct or other illegal activity by our employees, independent contractors, consultants, principal investigators, CROs,
commercial partners and vendors. Misconduct by these parties could include intentional, reckless and/or negligent conduct that fails to:
comply with the laws of the FDA and other similar foreign regulatory bodies; provide true, complete and accurate information to the FDA
and other similar foreign regulatory bodies; comply with manufacturing standards we have established; comply with federal and state data
privacy, security, fraud and abuse and other healthcare laws and regulations in the US and similar foreign fraudulent misconduct laws;
or report financial information or data accurately or to disclose unauthorized activities to us. It is not always possible to identify
and deter employee misconduct, and the precautions we take to detect and prevent inappropriate conduct may not be effective in controlling
unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a
failure to be in compliance with such laws or regulations.</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"></P>

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<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; text-indent: 0.5in">We are also subject to the
risk that a person or government could allege such fraud or other misconduct, even if none occurred. Efforts to ensure that our business
arrangements will comply with applicable healthcare laws and regulations will involve substantial costs. It is possible that governmental
and enforcement authorities will conclude that our business practices may not comply with current or future statutes, regulations or case
law interpreting applicable fraud and abuse or other healthcare laws and regulations. If any such actions are instituted against us, and
we are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business, including
the imposition of significant civil, criminal and administrative penalties, damages, disgorgement, monetary fines, imprisonment, additional
reporting obligations and oversight if we become subject to a corporate integrity agreement or other agreement to resolve allegations
of non-compliance with these laws, possible exclusion from participation in Medicare, Medicaid and other federal healthcare programs,
contractual damages, reputational harm, diminished profits and future earnings, and curtailment or restructuring of our operations, any
of which could adversely affect our ability to operate our business and our results of operations.</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"><B>Risks Related to Internal Controls</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"><B><I>We identified certain misstatements to our
previously issued financial statements and have restated the financial statements described below, which has exposed us to additional
risks and uncertainties.</I></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; text-indent: 0.5in">We have restated our previously
issued audited financial statements as of and for the years ended December&nbsp;31, 2022 and 2023 and our interim financial statements
as of and for the quarterly periods ended March&nbsp;31, 2024, March&nbsp;31, 2023 through September&nbsp;30, 2023 and March&nbsp;31,
2022 through September&nbsp;30, 2022.</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; text-indent: 0.5in">As a result of the misstatements
discussed and the Restatement, we have become subject to a number of additional risks and uncertainties and unanticipated costs for accounting,
legal and other fees and expenses, including risks of lawsuits relating to securities offered by us in public and private offerings as
well as claims by purchasers of our shares of common stock in the public market. Any actions, lawsuit or other legal proceedings related
to the misstatements or the Restatement could result in liabilities, reputational harm and defense and other costs, regardless of the
outcome of the lawsuit or proceeding.</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; text-indent: 0.5in">We cannot ensure that litigation
or other claims by stockholders will not be brought in the future arising out of the Restatement. We may also be subject to further examinations,
investigations, proceedings and orders by regulatory authorities as a result of the Restatement. Any such further actions could be expensive
and damaging to our business, results of operations and financial condition.</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"><B><I>We identified material weaknesses in our
internal control over financial reporting. If we are unable to remediate these material weaknesses, or if we identify additional material
weaknesses in the future or otherwise fail to maintain effective internal control over financial reporting, we may not be able to accurately
or timely report our financial condition or results of operations, which may adversely affect our business and share price.</I></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; text-indent: 0.5in">We are required to establish
and maintain appropriate internal controls over financial reporting. Rules&nbsp;adopted by the SEC pursuant to Section&nbsp;404 of the
Sarbanes-Oxley Act of 2002 require an annual assessment of internal controls over financial reporting and for certain issuers an attestation
of this assessment by the issuer&rsquo;s independent registered public accounting firm. The standards to assess that our internal controls
over financial reporting are effective are evolving and complex, require significant documentation and testing, and may require remediation
if they are not met. We expect to incur significant expenses and to devote resources to Section&nbsp;404 compliance on an ongoing basis.
It is difficult for us to predict how long it will take or costly it will be to complete the assessment of the effectiveness of our internal
control over financial reporting for each year and to remediate any deficiencies in our internal control over financial reporting. As
a result, we may not be able to complete the assessment and remediation process on a timely basis. In addition, although attestation requirements
by our independent registered public accounting firm are not presently applicable to us, we could become subject to these requirements
in the future, and we may encounter problems or delays in completing the implementation of any resulting changes to internal controls
over financial reporting.</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"></P>

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<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; text-indent: 0.5in">Effective internal controls
are necessary for us to provide reasonable assurance with respect to our financial reports and to effectively prevent fraud. Failure to
maintain effective internal controls could adversely affect our public disclosures regarding our business, prospects, financial condition,
or results of operations. In addition, management&rsquo;s assessment of internal controls over financial reporting may identify weaknesses
and conditions that need to be addressed in our internal controls over financial reporting or other matters that may raise concerns for
investors. Any actual or perceived weaknesses and conditions that need to be addressed in our internal control over financial reporting
or disclosure of management&rsquo;s assessment of our internal controls over financial reporting our business and results of operations
could be harmed, we could fail to meet our reporting obligations, and there could be a material adverse effect on our common stock price.
There are identified material weaknesses that are described further in Item 9A. of our Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2024. These material weaknesses resulted in our historical financial statements requiring restatement, as is noted above,
and delayed our required filings with the SEC, a situation that could recur in the event that we do not effectively remediate the existing
material weaknesses and/or experience additional material weaknesses.</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"><B>Risks Related to Our Equity Securities</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"><B><I>Our common stock could be further diluted
as the result of the issuance of additional shares of common stock, convertible securities, warrants or options.</I></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; text-indent: 0.5in">In the past, we have issued
common stock, convertible securities (such as convertible preferred stock and notes payable) and warrants to raise capital. We have also
issued equity as compensation for services and incentive compensation for our employees and directors. We have shares of common stock
reserved for issuance upon the exercise of certain of these securities and may increase the shares reserved for these purposes in the
future. Our issuance of additional common stock, convertible securities, options and warrants could dilute our common stock, affect the
rights of our stockholders, reduce the market price of our common stock, result in adjustments to exercise prices of outstanding warrants
(resulting in these securities becoming exercisable for, as the case may be, a greater number of shares of our common stock), or obligate
us to issue additional shares of common stock to certain of our stockholders.</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"><B><I>Provisions of our certificate of incorporation,
by-laws, and Delaware law may make an acquisition of us or a change in our management more difficult.</I></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; text-indent: 0.5in">Certain provisions of our
certificate of incorporation and by-laws could discourage, delay or prevent a merger, acquisition or other change in control that stockholders
may consider favorable, including transactions in which an investor might otherwise receive a premium for its shares. These provisions
also could limit the price that investors might be willing to pay in the future for shares of our common stock or warrants, thereby depressing
the market price of our common stock. Stockholders who wish to participate in these transactions may not have the opportunity to do so.</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; text-indent: 0.5in">Furthermore, these provisions
could prevent or frustrate attempts by our stockholders to replace or remove our management. These provisions:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provide for the division of the Board into three classes as nearly equal in size as possible with staggered
three-year terms and further limit the removal of directors and the filling of vacancies;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">authorize our Board to issue without stockholder approval blank-check preferred stock that, if issued,
could operate as a &ldquo;poison pill&rdquo; to dilute the stock ownership of a potential hostile acquirer to prevent an acquisition that
is not approved by our Board;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">require that stockholder actions must be effected at a duly called stockholder meeting and prohibit stockholder
action by written consent;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">establish advance notice requirements for stockholder nominations to our Board or for stockholder proposals
that can be acted on at stockholder meetings;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">limit who may call stockholder meetings; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">require the approval of the holders of 75% of the outstanding shares of our capital stock entitled to
vote in order to amend certain provisions of our certificate of incorporation.</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"></P>

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<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; text-indent: 0.5in">In addition, because we are
incorporated in Delaware, we are governed by the provisions of Section&nbsp;203 of the Delaware General Corporation Law, which may, unless
certain criteria are met, prohibit large stockholders, in particular those owning 15% or more of our outstanding voting stock, from merging
or combining with us for a prescribed period of time.</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"><B>General Risk Factors</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"><B><I>Conflicts, military actions, terrorist attacks, natural disasters.
public health crises, including the occurrence of a contagious disease or illness, cyber-attacks and general instability could adversely
affect our business.</I></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; text-indent: 0.5in">Conflicts, military actions,
terrorist attacks, natural disasters, public health crises and cyber-attacks have precipitated economic instability and turmoil in financial
markets. Instability and turmoil may result in raw material cost increases. In addition, the long-term effects of climate change on general
economic conditions and the pharmaceutical manufacturing and distribution industry in particular are unclear, and changes in the supply,
demand or available sources of energy and the regulatory and other costs associated with energy production and delivery may affect the
availability or cost of goods and services, including raw materials and other natural resources, necessary to run our businesses. The
uncertainty and economic disruption resulting from hostilities, military action, acts of terrorism, natural disasters, public health crises
or cyber-attacks may impact our operations or those of our suppliers. Accordingly, any conflict, military action, terrorist attack, natural
disasters, public health crises or cyber-attack that impacts us or any of our suppliers, could have a material adverse effect on our business,
liquidity, prospects, financial condition and results of operations.</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"><B><I>War, terrorism, other acts of violence, or natural or manmade
disasters may affect the markets in which we operate, our patients and resources required in our research and development activities.</I></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; text-indent: 0.5in">Our business may be adversely
affected by political instability, disruption or destruction in a geographic region in which we operate, regardless of cause, including
war, terrorism, riot, civil insurrection or social unrest, and natural or manmade disasters, including famine, flood, fire, earthquake,
storm or pandemic events and spread of disease and the significant military action against Ukraine by Russia. Such events may affect our
business by increasing prices for resources required in our research and development activities or limiting our access to patients for
our clinical trials which may delay our progress on one or more of our clinical or preclinical drug product candidates.</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"><B><I>Our business and operations may be materially adversely affected
in the event of computer system failures or security breaches.</I></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; text-indent: 0.5in">Despite the implementation
of security measures, our internal computer systems, and those of our third-party manufacturers, contract research organizations and other
third parties on which we rely, are vulnerable to damage from computer viruses, unauthorized access, cyber-attacks, phishing attempts,
natural disasters, fire, terrorism, war and telecommunication and electrical failures. If such an event were to occur and interrupt our
operations, it could result in a material disruption in our business. For example, the loss of clinical study data from ongoing or planned
clinical studies could result in delays in our regulatory approval efforts and significantly increase our costs to recover or reproduce
the data. To the extent that any disruption or security breach results in a loss of or damage to our data or applications, loss of trade
secrets, inappropriate disclosure of confidential or proprietary information, including protected health information or personal data
of employees or former employees, lack of access to our clinical data, or disruption of the manufacturing process, we could incur liability
and the further development of our drug candidates could be delayed. We may also be vulnerable to cyber-attacks or other malfeasance by
hackers. This type of breach of our cybersecurity may compromise our confidential and financial information, adversely affect our business,
or result in legal proceedings. Further, these cybersecurity breaches may inflict reputational harm upon us that may result in decreased
market value and erode public trust.</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"><B><I>Failure to meet investor and stakeholder expectations regarding
environmental, social and corporate governance, or &ldquo;ESG&rdquo; matters may damage our reputation.</I></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; text-indent: 0.5in">There is an increasing focus
from certain investors, employees and other stakeholders concerning ESG matters. Additionally, public interest and legislative pressure
related to public companies&rsquo; ESG practices continue to grow. If our ESG practices fail to meet investor, employee or other stakeholders&rsquo;
evolving expectations and standards for responsible corporate citizenship in areas including environmental stewardship, Board of Directors
and employee diversity, human capital management, corporate governance and transparency, our reputation, brand, appeal to investors and
employee retention may be negatively impacted, which could have a material adverse effect on our business or financial condition.</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"></P>

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<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"><FONT STYLE="text-transform: uppercase"><B><A NAME="q_004"></A>Forward-Looking
Statements</B></FONT></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; text-indent: 0.5in">This prospectus, together
with any accompanying prospectus supplement, includes and incorporates by reference forward-looking statements within the meaning of Section&nbsp;21E
of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act. Examples of our forward-looking statements
include:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our current views with respect to our business strategy, business plan and research and development activities;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the progress of our product development programs, including clinical testing and the timing of commencement
and results thereof;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our projected operating results, including research and development expenses;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to identify a strategic partner with the resources to develop iopofosine I 131 (also known
as iopofosine or CLR 131) or otherwise continue the development or pursue other strategic options in connection with iopofosine;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to obtain additional funding via the sale of equity and/or debt securities, a strategic transaction
or otherwise;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to initiate a Phase 1b dose finding study for CLR 121125 and obtain the necessary additional
funding for such study;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to initiate a Phase 1 imaging and dose escalation safety study for CLR 121225 and obtain the
necessary additional funding for such study;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to continue development plans for our clinical and preclinical assets;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to continue development plans for our Phospholipid Drug Conjugates (PDC)&trade;;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to advance our technologies into product candidates;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to maintain orphan drug designation in the U.S. for iopofosine as a therapeutic for the treatment
of multiple myeloma, neuroblastoma, osteosarcoma, rhabdomyosarcoma, Ewing&rsquo;s sarcoma and lymphoplasmacytic lymphoma/Waldenstrom macroglobulinemia,
and the expected benefits of orphan drug status;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any disruptions to our suppliers;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our current view regarding general economic and market conditions, including our competitive strengths;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty and economic instability resulting from conflicts, military actions, terrorist attacks, natural
disasters, public health crises, including the occurrence of a contagious disease or illness, cyber-attacks and general instability;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the future impacts of legislative and regulatory developments in the United States on the pricing and
reimbursement of our product candidates;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to meet the continued listing standards of Nasdaq;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">assumptions underlying any of the foregoing; and</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other statements that address events or developments that we intend or believe will or may occur in
the future.</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"></P>

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<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; text-indent: 0.5in">In some cases, you can identify
forward-looking statements by terminology, such as &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;intends,&rdquo; &ldquo;estimates,&rdquo;
 &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;seeks,&rdquo; &ldquo;may,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;would&rdquo;
or the negative of such terms or other similar expressions. Accordingly, these statements involve estimates, assumptions and uncertainties
that could cause actual results to differ materially from those expressed in them. Forward-looking statements also involve risks and uncertainties,
many of which are beyond our control. Any forward-looking statements are qualified in their entirety by reference to the factors discussed
throughout this prospectus.</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; text-indent: 0.5in">You should read this prospectus
and the documents that we reference herein and therein and have filed as exhibits to the registration statement, of which this prospectus
is part, completely and with the understanding that our actual future results may be materially different from what we expect. You should
assume that the information appearing in this prospectus is accurate only as of the date on the front cover of this prospectus or such
prospectus. Because the risk factors referred to above could cause actual results or outcomes to differ materially from those expressed
in any forward-looking statements made by us or on our behalf, you should not place undue reliance on any forward-looking statements.
Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot
assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results
to differ materially from those contained in any forward-looking statements. We qualify all of the information presented in this prospectus
and any accompanying prospectus supplement, and particularly our forward-looking statements, by these cautionary statements.</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"></P>

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<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"><FONT STYLE="text-transform: uppercase"><B><A NAME="q_005"></A>Use
of Proceeds</B></FONT></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; text-indent: 0.5in">We estimate that we will receive
net proceeds of approximately $5.0&#8239;million (or $5.8 million if the underwriter exercises the over-allotment option in full) from
the sale of the securities offered by us in this offering excluding any proceeds from the cash exercise of Common Warrants. If a holder
of Common Warrants elects to exercise the Common Warrants issued in this offering in cash, we may receive additional proceeds from the
exercise of the Common Warrants. We cannot predict when or if the Common Warrants will be exercised. It is possible that the Common Warrants
may expire and may never be exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to use the net proceeds
from this offering for general corporate purposes, including working capital and operating expenses, and to initiate a Phase 1b clinical
study of our compound CLR 121125 (CLR 125) in triple-negative breast cancer. Our expected use of net proceeds from this offering represents
our current intentions based upon our present plans and business condition. As of the date of this prospectus, we cannot currently allocate
specific percentages of the net proceeds that we may use for the purposes specified above, and we cannot predict with certainty all of
the particular uses for the net proceeds to be received upon the completion of this offering, or the amounts that we will actually spend
on the uses set forth above. The amounts and timing of our actual use of the net proceeds will vary depending on numerous factors, including
our ability to obtain additional financing, the progress, cost and results of our preclinical and clinical development programs, and whether
we are able to enter into future licensing or collaboration arrangements. We may find it necessary or advisable to use the net proceeds
for other purposes, and our management will have broad discretion in the application of the net proceeds, and investors will be relying
on our judgment regarding the application of the net proceeds from 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"></P>

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<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"><FONT STYLE="text-transform: uppercase"><B><A NAME="q_006"></A>Dividend
Policy</B></FONT></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; text-indent: 0.5in">We have never declared nor
paid cash dividends on our common stock. We currently intend to retain all of our future earnings, if any, to finance the growth and development
of our business. We do not intend to pay cash dividends in respect of our common stock in the foreseeable future.</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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><A NAME="q_007"></A>CAPITALIZATION</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 following table sets forth cash and capitalization
as of March&nbsp;31, 2025:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">on
                                            an actual basis;</TD></TR></TABLE>

<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></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">on pro forma as adjusted basis after adjusting for the Reverse Stock Split and the Warrant
                                                                          Inducement;</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">on a pro forma as further adjusted basis to give effect to (i) the
issuance and sale of shares of Class&nbsp;A Units in this offering at the public offering price of $5.00 per Class&nbsp;A Unit (but excluding
shares of common stock to be issued and any proceeds received upon cash exercise of the Common Warrants) and (ii)&nbsp;the issuance and
sale of shares of Class&nbsp;B Units in this offering at the public offering price of $4.99999 per Class&nbsp;B Unit (but excluding shares
of common stock to be issued and any proceeds received upon cash exercise of the Common Warrants or exercise of Pre-Funded Warrants),
 &nbsp;assuming no exercise of the representative warrants.</P></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-indent: 0.5in">The pro forma information set forth in the table
below is illustrative only and will be adjusted based on the actual public offering price and other terms of this offering determined
at pricing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(unaudited)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Actual as of<BR>
    March 31, <BR>
    2025</B></FONT></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-size: 10pt"><B>Pro Forma as Adjusted
    as of<BR>
    March 31, <BR>
    2025</B></FONT></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-size: 10pt"><B>Pro Forma<BR>
    as Further Adjusted<BR>
    as of <BR>
    March 31,<BR>
    2025</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 61%"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">13,905,173</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">16,155,173</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">21,155,173</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Stockholders&rsquo; equity:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Series E-2 preferred stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">520,778</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">520,778</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">520,778</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Common stock, $0.00001 par value; 170,000,000
    shares authorized; 46,079,875 shares issued and outstanding actual, 1,812,039 shares issued and outstanding pro forma, 2,677,039
    shares issued and outstanding pro forma as adjusted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">461</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Additional paid-in capital</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">261,678,642</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">263,929,088</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;268,929,079</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Accumulated deficit</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(253,946,492</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(253,946,492</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(253,946,492</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total stockholders&rsquo; equity</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8,253,389</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">10,503,392</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15,503,392</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Total capitalization</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">22,158,562</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">26,658,565</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;36,658,565</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</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; text-indent: 0.5in">Unless otherwise indicated,
the number of shares of common stock to be outstanding immediately after this offering is based on 1,535,996 shares of common stock outstanding
as of March&nbsp;31, 2025, which is adjusted to 1,812,039 to give effect to 276,043 shares that were issued pursuant to the Warrant Inducement,
and which excludes:</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>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any shares of common stock issuable upon the exercise of the underwriter&rsquo;s
over-allotment option;</TD></TR>
                                                                                                                                          <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">any shares of common stock issuable upon the exercise of Pre-Funded Warrants issued in this offering;</TD></TR>
<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">any
                                            shares of common stock issuable upon the exercise of Common Warrants issued in this offering;</TD></TR>
<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">any shares of common stock issuable upon the exercise of the representative
warrants issued as compensation to the underwriter in this offering;</TD></TR>
<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">an
                                            aggregate of 211,816 shares of common stock issuable upon the exercise of outstanding stock
                                            options issued to employees, directors and consultants;</TD></TR>
<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"><FONT STYLE="background-color: white">an
                                            aggregate of 13,040 shares of common stock issuable upon the conversion of outstanding shares
                                            of Series&nbsp;E-2 preferred stock;</FONT></TD></TR>
<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"><FONT STYLE="background-color: white">an
                                            aggregate of 3,704 shares of common stock issuable upon the conversion of outstanding shares
                                            of Series&nbsp;D preferred stock; and</FONT></TD></TR>
<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"><FONT STYLE="background-color: white">an
                                            aggregate of 522,011 additional shares of common stock reserved for issuance under outstanding
                                            warrants having expiration dates between June&nbsp;2025 and July&nbsp;2029, and exercise
                                            prices ranging from $58.80 to $362.250 per share.</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"></P>

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<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"><FONT STYLE="text-transform: uppercase"><B><A NAME="q_008"></A>Dilution</B></FONT></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; text-indent: 0.5in">If you invest in our common
stock in this offering, your interest will be diluted to the extent of the difference between the public offering price per Class&nbsp;A
Unit and the net tangible book value per share of our common stock upon consummation of this offering. Dilution results from the fact
that the public offering price is substantially in excess of the book value per share attributable to the existing stockholders for the
presently outstanding stock.</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; text-indent: 0.5in"><FONT STYLE="background-color: white">The
historical net tangible book value of our common stock, as adjusted for the Reverse Stock Split, as of March&nbsp;31, 2025 was approximately
$7.7 million, or approximately $5.03 per share of common stock. Historical net tangible book value (deficit) per share is determined
by dividing the number of outstanding shares of common stock into its total tangible assets (total assets less intangible assets) less
total liabilities and preferred shares, if any.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Subsequent
to March 31, 2025, among other things, we entered into the Warrant Inducement where we issued an aggregate of 8,281,322 shares of common
stock (on a pre-Reverse Stock Split basis).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">On
a pro forma as adjusted basis after giving effect to the Warrant Inducement and the Reverse Stock Split, our pro forma net tangible book
value would have been $10.0 million, or approximately $5.51 per share of common stock</FONT></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; text-indent: 0.5in"><FONT STYLE="background-color: white">Investors purchasing securities
in this offering will incur immediate and substantial dilution. After giving effect to the sale of securities offered in this offering
at the public offering price of $5.00 per Class&nbsp;A Unit and assuming full exercise of the Pre-Funded Warrants (but excluding any shares
of common stock to be issued and any proceeds to be received upon cash exercise of the Common Warrants, if any), and after deducting the
underwriting commission and estimated offering costs payable by us, our pro forma as further adjusted net tangible book value as of March&nbsp;31,
2025 would have been approximately $15.0 million, or approximately $4.97 per share of common stock. This represents an immediate decrease
in net tangible book value of $0.53 per share to existing stockholders, and an immediate dilution in the as adjusted net tangible book
value of $0.03 per share to investors in this offering.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"></FONT></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; text-indent: 0.5in">The following table illustrates
this per share dilution:</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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 75%; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">Public offering price per Class&nbsp;A
    Unit</FONT></TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="width: 10%; background-color: #CCEEFF; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; background-color: #C1E4F5; text-align: right"><FONT STYLE="font-size: 10pt">5.00</FONT></TD>
    <TD STYLE="width: 1%; background-color: #CCEEFF">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Pro forma as adjusted net tangible book value per share as of March&nbsp;31,
    2025</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; background-color: white">5.51</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #CCEEFF; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Decrease in pro forma as adjusted net
    tangible book value per share attributable to this offering</FONT></TD>
    <TD STYLE="background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="background-color: #C1E4F5; text-align: right"><FONT STYLE="font-size: 10pt"><U>0.53</U></FONT></TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #CCEEFF">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Pro forma as further adjusted net tangible book value as of March&nbsp;31, 2025 (giving effect
    to this offering)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="background-color: white">4.97</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Dilution per share to investors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt; background-color: white">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">0.03</P><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</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; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The discussion and table above assumes (i)&nbsp;full exercise of all
Pre-Funded Warrants, (ii) no exercise of Common Warrants sold in this offering, and (iii)&nbsp;no exercise of the representative warrants.</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; text-indent: 0.5in">To the extent that stock options
are exercised or new stock options are issued under our equity incentive plans, there will be further dilution to investors purchasing
securities in this offering. In addition, we will need to raise additional capital because of market conditions and strategic considerations.
If we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result
in further dilution to our stockholders.</P>

<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"></P>

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<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"><FONT STYLE="text-transform: uppercase"><B><A NAME="q_009"></A>Description
of Securities WE ARE OFFERING</B></FONT></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"><I>The following summary of certain terms and
provisions of the securities that are being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions
of the underlying securities, the forms of which are filed as exhibits to the registration statement of which this prospectus forms a
part. Prospective investors should carefully review the terms and provisions of the forms of securities for a complete description of
the terms and conditions.</I></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"><B>Units</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; text-indent: 0.5in">Class&nbsp;A Units&nbsp;-
We are offering   865,000<FONT STYLE="font-family: Times New Roman, Times, Serif">&#65279;</FONT> Class&nbsp;A Units with each Class&nbsp;A
Unit consisting of (i)&nbsp;one (1)&nbsp;share of our common stock and (ii)&nbsp;one (1)&nbsp;Common Warrant to purchase one (1)&nbsp;share
of our common stock.</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; text-indent: 0.5in">Class&nbsp;B Units&nbsp;- We are also offering 335,000 Class&nbsp;B
Units with each Class&nbsp;B Unit consisting of: (i)&nbsp;one (1)&nbsp;Pre-Funded Warrant and (ii)&nbsp;one (1)&nbsp;Common Warrant to
purchase one (1)&nbsp;share of our common stock.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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; text-indent: 0.5in">The Common Warrants included
in the Class&nbsp;A Units and Class&nbsp;B Units are identical.</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; text-indent: 0.5in">The shares of common stock
in the Class&nbsp;A Units or the Pre-Funded Warrants in the Class&nbsp;B Units, as applicable, and the accompanying Common Warrants, can
only be purchased together in this offering but will be issued separately and will be immediately separable upon issuance.</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"><B>Common Stock</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Voting.
</I></FONT>Holders of our common stock are entitled to one vote per share held of record on all matters to be voted upon by our stockholders.
Our common stock does not have cumulative voting rights. Persons who hold a majority of the outstanding common stock entitled to vote
on the election of directors can elect all of the directors who are eligible for election.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Dividends.</I></FONT>
Subject to preferences that may be applicable to the holders of any outstanding shares of our preferred stock, the holders of our common
stock are entitled to receive such lawful dividends as may be declared by our Board of Directors.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Liquidation
and Dissolution.</I></FONT> In the event of our liquidation, dissolution or winding up, and subject to the rights of the holders of any
outstanding shares of our preferred stock, the holders of shares of our common stock will be entitled to receive pro rata all of our remaining
assets available for distribution to our stockholders.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
Rights and Restrictions.</I></FONT> Our Certificate of Incorporation prohibits us from granting preemptive rights to any of our stockholders.</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"><B>Description of Common Warrants</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><I>Form</I>. Pursuant to
a warrant agency agreement between us and Equiniti Trust Company, LLC, as warrant agent, the Common Warrants will be issued in book-entry
form and shall initially be represented only by one or more global Common Warrants deposited with the warrant agent, as custodian on behalf
of The Depository Trust Company, or DTC, and registered in the name of Cede &amp; Co., a nominee of DTC, or as otherwise directed by DTC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercisability</I></FONT>.
The Common Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise
notice accompanied by payment in full in immediately available funds for the number of shares of our common stock purchased upon such
exercise (except in the case of a cashless exercise as described below). A holder (together with its affiliates) may not exercise any
portion of the Common Warrant to the extent that the holder would own more than 4.99% (or, at the election of the holder, 9.99%) of the
outstanding common stock immediately after exercise, except that upon at least 61 days&rsquo; prior notice from the holder to us, the
holder may increase the amount of ownership of outstanding stock after exercising the holder&rsquo;s Common Warrants up to 9.99% of the
number of shares of our common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined
in accordance with the terms of the Common Warrants. Holders of the Common Warrants may also elect prior to the issuance of the Common
Warrants to have the initial exercise limitation set at 9.99% of our outstanding common stock. No fractional shares of common stock will
be issued in connection with the exercise of a Common Warrant. In lieu of fractional shares, we will either pay the holder an amount in
cash equal to the fractional amount multiplied by the exercise price or round up to the nearest whole share.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Duration
and Exercise Price</I></FONT>. The exercise price per whole share of our common stock purchasable upon the exercise of the Common Warrants
is $5.25 per share. The Common Warrants
will be immediately exercisable upon issuance and may be exercised until the five (5)&nbsp;year anniversary from the date of issuance.
The exercise price of the Common Warrants is subject to appropriate adjustment in the event of certain stock dividends and distributions,
stock splits, stock combinations, reclassifications or similar events affecting our common stock and upon any distributions of assets,
including cash, stock or other property to our stockholders.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cashless
Exercise</I></FONT>. If, at any time after the issuance of the Common Warrants, such holder exercises its Common Warrants and a registration
statement registering the issuance of the shares of common stock underlying the Common Warrants under the Securities Act is not then effective
or available (or a prospectus is not available for the resale of shares of common stock underlying the Common Warrants), then in lieu
of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the
holder shall instead receive upon such exercise (either in whole or in part) only the net number of shares of common stock determined
according to a formula set forth in the Common Warrants. Notwithstanding anything to the contrary, in the event we do not have or maintain
an effective registration statement, there are no circumstances that would require us to make any cash payments or net cash settle the
Common Warrants to the holders.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transferability</I></FONT>.
Subject to applicable laws, the Common Warrants may be offered for sale, sold, transferred or assigned at the option of the holder upon
surrender of the Common Warrant to us together with the appropriate instruments of transfer.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange
Listing</I></FONT>. We do not plan on applying to list the Common Warrants on the Nasdaq Capital Market, any other national securities
exchange or any other nationally recognized trading system. Without an active trading market, the liquidity of the Common Warrants will
be limited.</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; text-indent: 0.5in"><I>Fundamental
Transactions</I>. In the event of a fundamental transaction, as described in the Common Warrants and generally including any
reorganization, recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or
substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than
50% of the outstanding common stock and greater than 50% of the voting power represented by our outstanding securities with voting
rights, on an as converted basis, the holders of the Common Warrants will be entitled to receive upon exercise of the Common
Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised Common
Warrants immediately prior to such fundamental transaction. Any successor to us or surviving entity shall assume the obligations
under the Common Warrants. Additionally, as more fully described in the Common Warrant, in the event of certain fundamental
transactions, the holders of the Common Warrants may be entitled to receive consideration in an amount equal to the Black Scholes
value of the Common Warrants.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
as a Stockholder</I></FONT>. Except by virtue of such holder&rsquo;s ownership of shares of our common stock, the holder of a Common Warrant
does not have the rights or privileges of a holder of our common stock, including any voting rights, until the holder exercises the Common
Warrant.</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"></P>

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<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"><B>Description of Pre-Funded Warrants</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><I>Form</I>.&nbsp;Pursuant
to a warrant agency agreement between us and Equiniti Trust Company, LLC, as warrant agent, the Pre-Funded Warrants will be issued in
book-entry form and shall initially be represented only by one or more global warrants deposited with the warrant agent, as custodian
on behalf of The Depository Trust Company, or DTC, and registered in the name of Cede &amp; Co., a nominee of DTC, or as otherwise directed
by DTC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercisability</I></FONT>.
The Pre-Funded Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise
notice accompanied by payment in full in immediately available funds for the number of shares of our common stock purchased upon such
exercise (except in the case of a cashless exercise as described below). A holder (together with its affiliates) may not exercise any
portion of the Pre-Funded Warrant to the extent that the holder would own more than 4.99% (or, at the election of the holder, 9.99%) of
the outstanding common stock immediately after exercise, except that upon at least 61 days&rsquo; prior notice from the holder to us,
the holder may increase the amount of ownership of outstanding stock after exercising the holder&rsquo;s Pre-Funded Warrants up to 9.99%
of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such percentage ownership
is determined in accordance with the terms of the Pre-Funded Warrants. Purchasers of Pre-Funded Warrants in this offering may also elect
prior to the issuance of the Pre-Funded Warrants to have the initial exercise limitation set at 9.99% of our outstanding common stock.
No fractional shares of common stock will be issued in connection with the exercise of a Pre-Funded Warrant. In lieu of fractional shares,
we will either pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price or round up to the nearest
whole share.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Duration
and Exercise Price</I></FONT>. The exercise price per whole share of our common stock purchasable upon the exercise of the Pre-Funded
Warrants is $0.00001 per share of common stock. The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time
until the Pre-Funded Warrants are exercised in full. The exercise price of the Pre-Funded Warrants is subject to appropriate adjustment
in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting
our common stock and upon any distributions of assets, including cash, stock or other property to our stockholders.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cashless
Exercise</I></FONT>. If, at any time after the holder&rsquo;s purchase of Pre-Funded Warrants, such holder exercises its Pre-Funded Warrants,
then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise
price, the holder shall instead receive upon such exercise (either in whole or in part) only the net number of shares of common stock
determined according to a formula set forth in the Pre-Funded Warrants.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transferability</I></FONT>.
Subject to applicable laws, the Pre-Funded Warrants may be offered for sale, sold, transferred or assigned at the option of the holder
upon surrender of the Pre-Funded Warrant to us together with the appropriate instruments of transfer.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange
Listing</I></FONT>. We do not plan on applying to list the Pre-Funded Warrants on the Nasdaq Capital Market, any other national securities
exchange or any other nationally recognized trading system. Without an active trading market, the liquidity of the Pre-Funded Warrants
will be limited.</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; text-indent: 0.5in"><I>Fundamental
Transactions</I>. In the event of a fundamental transaction, as described in the Pre-Funded Warrants and generally including any
reorganization, recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or
substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than
50% of the outstanding common stock and greater than 50% of the voting power represented by our outstanding securities with voting
rights, on an as converted basis, the holders of the Pre-Funded Warrants will be entitled to receive upon exercise of the Pre-Funded
Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the
Pre-Funded Warrants immediately prior to such fundamental transaction.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
as a Stockholder</I></FONT>. Except by virtue of such holder&rsquo;s ownership of shares of our common stock, the holder of a Pre-Funded
Warrant does not have the rights or privileges of a holder of our common stock, including any voting rights, until the holder exercises
the Pre-Funded Warrant.</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"></P>

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<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"><B>Description of Representative Warrants</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Form</I></FONT>.
The representative warrants will be issued in certificated form by the Company.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercisability</I></FONT>.
The representative warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed
exercise notice accompanied by payment in full in immediately available funds for the number of shares of our common stock purchased upon
such exercise (except in the case of a cashless exercise as described below). A holder (together with its affiliates) may not exercise
any portion of the representative warrant to the extent that the holder would own more than 4.99% (or, at the election of the holder,
9.99%) of the outstanding common stock immediately after exercise, except that upon at least 61 days&rsquo; prior notice from the holder
to us, the holder may increase the amount of ownership of outstanding stock after exercising the holder&rsquo;s representative warrants
up to 9.99% of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such percentage
ownership is determined in accordance with the terms of the representative warrants. Holders of the representative warrants may also elect
prior to the issuance of the representative warrants to have the initial exercise limitation set at 9.99% of our outstanding common stock.
No fractional shares of common stock will be issued in connection with the exercise of a representative warrant. In lieu of fractional
shares, we will either pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price or round up to
the nearest whole share.</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; text-indent: 0.5in"><I>Duration and Exercise
Price</I>. The exercise price per whole share of our common stock purchasable upon the exercise of the representative warrants is $7.75.
The representative warrants will be immediately exercisable upon issuance and may be exercised until the five (5)&nbsp;year anniversary
from the commencement of sales of this offering. The exercise price of the representative warrants is subject to appropriate adjustment
in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting
our common stock and upon any distributions of assets, including stock or other property to our stockholders.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cashless
Exercise</I></FONT>. If, at any time after the issuance of the representative warrants, such holder exercises its representative warrants
and a registration statement registering the issuance of the shares of common stock underlying the representative warrants under the Securities
Act is not then effective or available (or a prospectus is not available for the resale of shares of common stock underlying the representative
warrants), then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate
exercise price, the holder shall instead receive upon such exercise (either in whole or in part) only the net number of shares of common
stock determined according to a formula set forth in the representative warrants. Notwithstanding anything to the contrary, in the event
we do not have or maintain an effective registration statement, there are no circumstances that would require us to make any cash payments
or net cash settle the representative warrants to the holders.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transferability</I></FONT>.
The representative warrants will be subject to FINRA Rule 5110(e)(1) in that, except as otherwise permitted by FINRA rules, for a period
of 180 days from the commencement of sales of this offering, the representative warrants shall not be sold, transferred, assigned, pledged,
or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective
economic disposition of the securities by any person except as permitted by FINRA Rule 5110(e)(2). In addition, subject to applicable
laws, the representative warrants may be offered for sale, sold, transferred or assigned at the option of the holder upon surrender of
the representative warrant to us together with the appropriate instruments of transfer after the initial 180 day period from the commencement
of sales of the 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange
Listing</I></FONT>. We do not plan on applying to list the representative warrants on the Nasdaq Capital Market, any other national securities
exchange or any other nationally recognized trading system. Without an active trading market, the liquidity of the representative warrants
will be limited.</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; text-indent: 0.5in"><I>Fundamental
Transactions</I>. In the event of a fundamental transaction, as described in the representative warrants and generally including any
reorganization, recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or
substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than
50% of the outstanding common stock and greater than 50% of the voting power represented by our outstanding securities with voting
rights, on an as converted basis, the holders of the representative warrants will be entitled to receive upon exercise of the
representative warrants the kind and amount of securities, cash or other property that the holders would have received had they
exercised the representative warrants immediately prior to such fundamental transaction.&nbsp;Any successor to us or surviving
entity shall assume the obligations under the representative warrants. Additionally, as more fully described in the representative
warrant, in the event of certain fundamental transactions, the holders of the representative warrants will be entitled to receive
consideration in an amount equal to the Black Scholes value of the representative warrants on the date of consummation of such
transaction.</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"></P>

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<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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
as a Stockholder</I></FONT>. Except by virtue of such holder&rsquo;s ownership of shares of our common stock, the holder of a representative
warrant does not have the rights or privileges of a holder of our common stock, including any voting rights, until the holder exercises
the representative warrant.</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"><B>Anti-Takeover Effect of Certain Certificate
of Incorporation and By-Law Provisions</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; text-indent: 0.5in">Provisions of our Certificate
of Incorporation and our amended and restated by-laws (our &ldquo;By-Laws&rdquo;) could make it more difficult to acquire us by means
of a merger, tender offer, proxy contest, open market purchases, removal of incumbent directors and otherwise. These provisions, which
are summarized below, are expected to discourage types of coercive takeover practices and inadequate takeover bids and to encourage persons
seeking to acquire control of us to first negotiate with us. 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
takeover or acquisition proposals because negotiation of these proposals could result in an improvement of their terms.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Authorized
but Unissued Stock.</I></FONT> We have shares of common stock and preferred stock available for future issuance, in some cases, without
stockholder approval. We may issue these additional shares for a variety of corporate purposes, including public offerings to raise additional
capital, corporate acquisitions, stock dividends on our capital stock or equity compensation plans. The existence of unissued and unreserved
common stock and preferred stock may enable our Board of Directors to issue shares to persons friendly to current management or to issue
preferred stock with terms that could render more difficult or discourage a third-party attempt to obtain control of us, thereby protecting
the continuity of our management. In addition, if we issue preferred stock, the issuance could adversely affect the voting power of holders
of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Amendments
to By-Laws.</I></FONT> Our By-Laws are subject to alternation or repeal, and new by-laws may be made, by a majority of the voting power
of all then outstanding shares of capital stock entitled to vote generally in the election of directors, voting together a single class.
Additionally, our By-Laws provide the Board of Directors with the power to make, adopt, alter, amend and repeal, from time to time, our
By-Laws, provided, however, that the stockholders entitled to vote with respect to amendments to our By-Laws may alter, amend or repeal
By-Laws made by the Board of Directors.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Classification
of Board of Directors&#894; Removal of Directors&#894; Vacancies.</I></FONT> Our Certificate of Incorporation provide for the division
of the Board of Directors into three classes as nearly equal in size as possible with staggered three-year terms&#894; that directors
may be removed only for cause by the affirmative vote of the holders of two-thirds of our shares of capital stock entitled to vote&#894;
and that any vacancy on the Board of Directors, however occurring, including a vacancy resulting from an enlargement of the Board of Directors,
may be filled only by the vote of a majority of the directors then in office. The limitations on the removal of directors and the filling
of vacancies could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from acquiring,
control of us. Our Certificate of Incorporation requires the affirmative vote of the holders of at least 75% of our shares of capital
stock issued and outstanding and entitled to vote to amend or repeal any of these provisions.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Notice
Periods for Stockholder Meetings.</I></FONT> Our By-Laws provide that for business to be brought by a stockholder before an annual meeting
of stockholders, the stockholder must give written notice to the corporation not later than the close of business on the 90th day, or
earlier than the 120th day prior to the one year anniversary of the date of the annual meeting of stockholders of the previous year&#894;
provided, however, that in the event that the annual meeting of stockholders is called for a date that is not within 30 days prior to,
or more than 60 days after, such anniversary date, notice by the stockholder must be received not later than 120 days prior to such annual
meeting and not later than the close of business on the 90th day prior to such annual meeting and the 10th day following the day on which
the corporation's notice of the date of the meeting is first given or made to the stockholders or disclosed to the general public. Our
By-Laws also provide that the Board of Directors or the chair of such meeting may postpone, reschedule or cancel any annual meeting of
stockholders previously scheduled by the Board of Directors and in no event shall the adjournment, recess, postponement, judicial stay
or rescheduling of an annual meeting commence a new time period, or extend any time period, for the giving of notice.</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"></P>

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<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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Stockholder
Action&#894; Special Meetings.</I></FONT> Our Certificate of Incorporation provides that stockholder action may not be taken by written
action in lieu of a meeting and provides special meetings of the stockholders may only be called by the chair of the Board of Directors,
the president or by our Board of Directors. These provisions could have the effect of delaying until the next stockholders' meeting stockholder
actions that are favored by the holders of a majority of our outstanding voting securities. These provisions may also discourage another
person or entity from making a tender offer for our common stock, because that person or entity, even if it acquired a majority of our
outstanding voting securities, would be able to take action as a stockholder only at a duly called stockholders' meeting, and not by written
consent. Our Certificate of Incorporation requires the affirmative vote of the holders of at least 75% of our shares of capital stock
issued and outstanding and entitled to vote to amend or repeal the provisions relating to prohibition on action by written consent and
the calling of a special meeting of stockholders.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Nominations.</I></FONT>
Our By-Laws provide that nominations for election of directors may be made only by (i)&nbsp;the Board of Directors or a committee appointed
by the Board of Directors&#894; or (ii)&nbsp;a stockholder entitled to vote on director election, if the stockholder provides notice to
the Secretary of the Company presented not less than 90 days nor more than 120 days prior to the anniversary of the last annual meeting
(subject to the limited exceptions set forth in the bylaws). These provisions may deter takeovers by requiring that any stockholder wishing
to conduct a proxy contest have its position solidified well in advance of the meeting at which directors are to be elected and by providing
the incumbent Board of Directors with sufficient notice to allow them to put an election strategy in place. Our bylaws also provide that
stockholders seeking to present proposals before a meeting of stockholders to nominate candidates for election as directors at a meeting
of stockholders must provide timely advance notice in writing, and specifies requirements as to the form and content of a stockholder&rsquo;s
notice.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Choice
of Forum.</I></FONT> Our bylaws provides that the Court of Chancery of the state of Delaware shall be the exclusive forum for the following
types of actions or proceedings under Delaware statutory or common law:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any derivative action or proceeding brought on our behalf&#894;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any action asserting a breach of fiduciary duty&#894;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our
restated certificate, or our amended and restated bylaws&#894; or</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any action asserting a claim against us that is governed by the internal affairs doctrine.</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; text-indent: 0.5in">The provision does not apply
to suits brought to enforce a duty or liability created by the Exchange Act. Furthermore, Section&nbsp;22 of the Securities Act creates
concurrent jurisdiction for federal and state courts over all such Securities Act actions. Accordingly, both state and federal courts
have jurisdiction to entertain such claims.</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; text-indent: 0.5in">To prevent having to litigate
claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our
bylaws provide that unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States
shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act.</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; text-indent: 0.5in">While the Delaware courts
have determined that such choice of forum provisions are facially valid, a stockholder may nevertheless seek to bring a claim in a venue
other than those designated in the exclusive forum provisions. In such instance, we would expect to vigorously assert the validity and
enforceability of the exclusive forum provisions of our Certificate of Incorporation. This may require significant additional costs associated
with resolving such action in other jurisdictions and there can be no assurance that the provisions will be enforced by a court in those
other jurisdictions.</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; text-indent: 0.5in">These exclusive forum provisions
may limit a stockholder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors,
officers, or other employees, which may discourage lawsuits against us and our directors, officers and other employees. If a court were
to find either exclusive-forum provision in our bylaws to be inapplicable or unenforceable in an action, we may incur further significant
additional costs associated with resolving the dispute in other jurisdictions, all of which could seriously harm our business.</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"></P>

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<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; text-indent: 0.5in">Our bylaws further provides
that the federal district courts of the United States of America shall be the exclusive forum for resolving any complaint asserting a
cause of action arising under the Securities Act.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>No
Cumulative Voting.</I></FONT> Delaware General Corporation Law provides that stockholders are not entitled to the right to cumulate votes
in the election of directors unless a corporation&rsquo;s certificate of incorporation provides otherwise. Our Certificate of Incorporation
and bylaws do not provide for cumulative voting.</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"><B><I>Concentration of Ownership</I></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; text-indent: 0.5in">Our executive officers, directors
and holders of five percent or more of our outstanding common stock, together with their respective affiliates, beneficially own or control
a significant portion of the outstanding shares of the Company. Accordingly, these stockholders will have substantial influence over the
outcome of a corporate action of the Company requiring stockholder approval, including the election of directors, any merger, consolidation
or sale of all or substantially all of the Company&rsquo;s assets or any other significant corporate transaction. These stockholders may
also exert influence in delaying or preventing a change in control of the Company, even if such change in control would benefit the other
stockholders of the Company.</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"><B><I>Listing</I></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; text-indent: 0.5in">Our common stock is currently
traded on the Nasdaq Capital Market under the symbol &ldquo;CLRB.&rdquo;</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"><B><I>Transfer Agent and Registrar</I></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; text-indent: 0.5in">The transfer agent and registrar
for our common stock is Equiniti Trust Company, LLC.</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"></P>

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<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"><FONT STYLE="text-transform: uppercase"><B><A NAME="q_010"></A>Underwriting</B></FONT></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; text-indent: 0.5in">We are offering the securities described in this prospectus through
the underwriter named below. We have entered into an underwriting agreement dated&nbsp;&nbsp;July 1, 2025 with Ladenburg Thalmann&nbsp;&amp;
Co. Inc., as the underwriter in this offering. Subject to the terms and conditions of the underwriting agreement, the underwriter have
agreed to purchase the number of our securities set forth opposite its name below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; font-weight: bold; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<BR> Class&nbsp;A Units</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<BR> Class&nbsp;B Units</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Ladenburg Thalmann&nbsp;&amp; Co. Inc.</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: 12%; font-size: 10pt; text-align: right">865,000</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: 12%; font-size: 10pt; text-align: right">335,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</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; text-indent: 0.5in">A copy of the form of the
underwriting agreement has been filed as an exhibit to the registration statement of which this prospectus is part.</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; text-indent: 0.5in">We have been advised by the
underwriter that it proposes to offer the Class&nbsp;A Units and Class&nbsp;B Units directly to the public at the public offering prices
set forth on the cover page&nbsp;of this prospectus. Any securities sold by the underwriter to securities dealers will be sold at the
public offering price less a selling concession not in excess of $0.23952 per share of common stock, $0.23952 per Pre-Funded Warrant and
$0.00048 per Common Warrant.</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; text-indent: 0.5in">The underwriting agreement
provides that the underwriter&rsquo;s obligation to purchase the securities we are offering is subject to conditions contained in the
underwriting agreement.</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; text-indent: 0.5in">No action has been taken by
us or the underwriter that would permit a public offering of the securities in any jurisdiction outside the United States where action
for that purpose is required. None of our securities included in this offering may be offered or sold, directly or indirectly, nor may
this prospectus or any other offering material or advertisements in connection with the offer and sales of any of the securities offering
hereby be distributed or published in any jurisdiction except under circumstances that will result in compliance with the applicable rules&nbsp;and
regulations of that jurisdiction. Persons who receive this prospectus are advised to inform themselves about and to observe any restrictions
relating to this offering of securities and the distribution of this prospectus. This prospectus is neither an offer to sell nor a solicitation
of any offer to buy the securities in any jurisdiction where that would not be permitted or legal.</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; text-indent: 0.5in">The underwriter has advised us that it does not intend to confirm sales
to any account over which they exercise discretionary authority.</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"><B>Underwriting Discount and Expenses</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; text-indent: 0.5in">The following table summarizes
the underwriting discount and commission to be paid to the underwriter by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per<BR> Class&nbsp;A Unit</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per<BR> Class&nbsp;B Unit</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> Without<BR> Over-<BR> Allotment</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> With Full<BR> Over-<BR> Allotment</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt">Public offering price (1)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">4.99999</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">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,999,997</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,899,997</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Underwriting discounts and commissions (2)(3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.40</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.40</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">480,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">552,000</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">Proceeds to us, before expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.60</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.59999</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,519,997</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">6,347,997</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 98%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The public offering price and underwriting discount corresponds, in respect of the securities of (i)&nbsp;a public offering price per Class&nbsp;A Unit of $5.00 ($4.60&nbsp;&nbsp;net of the underwriting discount) and (ii)&nbsp;a public offering price per Class&nbsp;B Unit of $4.99999&nbsp;($4.59999&nbsp;net of the underwriting discount).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have also agreed to reimburse the accountable expenses of the underwriter, including a pre-closing expense allowance of up to a maximum of $50,000 and an additional closing expense allowance up to a maximum of $110,000. We paid an advance expense deposit of $25,000 to the underwriter for its anticipated accountable expenses. Any expense deposits will be returned to us to the extent the underwriter&rsquo;s accountable expenses are not actually incurred in accordance with FINRA Rule&nbsp;5110(g)(4)(A).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have granted a forty-five day over-allotment option to the underwriter to purchase up to an aggregate of 180,000&nbsp;additional shares of common stock and/or additional Common Warrants to purchase up to 180,000&nbsp;additional shares of common stock at the public offering prices per security set forth above less the underwriting discounts and commissions solely to cover over-allotments, if any. </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"></P>

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<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; text-indent: 0.5in">We estimate the total expenses
payable by us for this offering, assuming no exercise of the over-allotment option, to be approximately $1,000,000, which amount includes
(i)&nbsp;the underwriting discount of approximately $480,000, (ii)&nbsp;reimbursement of the accountable expenses of the underwriter in
an amount not to exceed $160,000 and (iii)&nbsp;other estimated company expenses of approximately $360,000, which includes legal, accounting,
printing costs and various fees associated with the registration and listing of our securities.</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; text-indent: 0.5in">The securities we are offering
are being offered by the underwriter subject to certain conditions specified in the underwriting agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our executive officers agreed to purchase an aggregate of 25,000 Class
A Units for a total purchase price of approximately $125,000 at the public offering price and on the same terms as other purchasers in
the offering. The underwriter will receive the same underwriting discount and commissions on the securities purchased by such persons
in this offering as they will on any other securities sold to the public in 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; text-align: justify"><B>Over-allotment Option</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; text-indent: 0.5in">We have granted to the underwriter an option exercisable not later
than forty-five days after the date of this prospectus to purchase up to an aggregate of an additional 180,000 shares of common stock
and/or additional Common Warrants to purchase up to an additional 180,000 shares of common stock, or any combination thereof, as determined
by the underwriter, at the public offering price per security set forth on the cover page&nbsp;hereto less the underwriting discounts
and commissions. The underwriter may exercise the option solely to cover overallotments, if any, made in connection with this offering.
If any additional shares of common stock and/or Common Warrants are sold, the underwriter will offer such securities on the same terms
as those on which the other securities are being offered.</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"><B>Representative Warrants</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; text-indent: 0.5in">We have agreed to issue certain common stock purchase warrants (&ldquo;representative
warrants&rdquo;) to the underwriter, or its designees, upon the closing of this offering, which entitle it to purchase up to 72,000 shares
of common stock, or 82,800 shares of common stock assuming the exercise of the over-allotment option in full. The representative warrants
will have an exercise price equal to $7.75 per share of common stock, will be exercisable immediately upon issuance, at any time and from
time to time, in whole or in part, during the five-year period commencing from the commencement of sales of this offering. The representative
warrants and the shares of common stock underlying the representative warrants are being registered on the registration statement of which
this prospectus is a part. See the form of representative warrant for a more complete description of the terms of such representative
warrants which has been filed as an exhibit to the registration statement of which this prospectus is part.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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"><B>Listing</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; text-indent: 0.5in">Our shares of common stock
are listed on The Nasdaq Capital Market under the symbol &ldquo;CLRB.&rdquo;</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; text-indent: 0.5in">There is no established public trading market for the Common Warrants
or Pre-Funded Warrants, and we do not expect such markets to develop. In addition, we do not intend to apply for a listing of the Common
Warrants or Pre-Funded Warrants on any national securities exchange or other nationally recognized trading system. Without an active trading
market, the liquidity of the Common Warrants and Pre-Funded Warrants will be limited.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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"></P>

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<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"><B>Lock-up Agreements</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; text-indent: 0.5in">Each of our officers, directors and each of their respective affiliates
and associated partners, and certain affiliated stockholders have agreed with the underwriter to be subject to a lock-up period of sixty
(60) days following the closing of this offering, subject to certain exceptions. This means that, during the applicable lock-up period,
such persons may not offer for sale, contract to sell, sell, distribute, grant any option, right or warrant to purchase, pledge, hypothecate
or otherwise dispose of, directly or indirectly, any shares of our common stock or any securities convertible into, or exercisable or
exchangeable for, shares of our common stock. Certain limited transfers are permitted during the lock-up period if the transferee agrees
to these lock-up restrictions. We have also agreed, in the underwriting agreement, to similar lock-up restrictions on the (i) issuance
and sale of our equity securities from the date of this prospectus for a period of sixty (60) days following the closing of this offering
and (ii) entry into certain &ldquo;variable rate transactions&rdquo; from the date of this prospectus for a period of one hundred and
eighty (180) days following the closing of this offering , in each case subject to certain exceptions. The underwriter may, in its sole
discretion and without notice, waive the terms of any of these lock-up agreements.</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"><B>Right of First Refusal</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; text-indent: 0.5in">Pursuant to our investment banking agreement with the underwriter,
from the twelve (12) months following the date of such closing and expiration of the term, should we propose to effect an additional financing,
we have agreed to offer the underwriter the opportunity to participate as sole bookrunner, exclusive placement agent or exclusive sales
agent or financial advisor in respect of such financing.</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"><B>Transfer Agent and Registrar</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; text-indent: 0.5in">The transfer agent and registrar
for our common stock is Equiniti Trust Company, LLC.</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"><B>Determination of Offering Price</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; text-indent: 0.5in">Our common stock is currently
traded on The Nasdaq Capital Market under the symbol &ldquo;CLRB.&rdquo; On June 30, 2025, the closing price of our common stock was $7.11
per share. We do not intend to apply for listing of the Common Warrants or Pre-Funded Warrants on any securities exchange or other trading
system.</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; text-indent: 0.5in">The public offering price of the securities offered by this prospectus
was determined by negotiation between us and the underwriter. Among the factors that we considered in determining the public offering
price:</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our history and our prospects;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the industry in which we operate;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our past and present operating results;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the previous experience of our executive officers; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the general condition of the securities markets at the time of this offering.</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; text-indent: 0.5in">The public offering price
stated on the cover page&nbsp;of this prospectus should not be considered an indication of the actual value of the securities sold in
this offering. That price is subject to change as a result of market conditions and other factors, and we cannot assure you that the shares
of common stock underlying the Class&nbsp;A Units, Pre-Funded Warrants (contained in the Class&nbsp;B Units) and Common Warrants sold
in this offering can be resold at or above the public offering price.</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"><B>Stabilization, Short Positions and Penalty
Bids</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; text-indent: 0.5in">The underwriter may engage in syndicate covering transactions stabilizing
transactions and penalty bids or purchases for the purpose of pegging, fixing or maintaining the price of our common stock:</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; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndicate
covering transactions involve purchases of securities in the open market after the distribution has been completed in order to cover
syndicate short positions. Such a naked short position would be closed out by buying securities in the open market. A naked short position
is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the securities in
the open market after pricing that could adversely affect investors who purchase in the 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"></P>

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<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; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stabilizing
transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specific maximum.</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; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 stabilizing or syndicate covering transaction to cover syndicate short positions.</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; text-indent: 0.5in">These syndicate covering transactions,
stabilizing transactions, and penalty bids may have the effect of raising or maintaining the market prices of our securities or preventing
or retarding a decline in the market prices of our securities. As a result, the price of our common stock may be higher than the price
that might otherwise exist in the open market. Neither we nor the underwriters make any representation or prediction as to the effect
that the transactions described above may have on the price of our common stock. These transactions may be effected on The Nasdaq Capital
Market, in the over-the-counter market or on any other trading market and, if commenced, may be discontinued at any time.</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; text-indent: 0.5in">In connection with this offering,
the underwriters also may engage in passive market making transactions in our common stock in accordance with Regulation M during a period
before the commencement of offers or sales of shares of our common stock in this offering and extending through the completion of the
distribution. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for that
security. However, if all independent bids are lowered below the passive market maker&rsquo;s bid that bid must then be lowered when specific
purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which might
otherwise prevail in the open market and, if commenced, may be discontinued at any time.</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; text-indent: 0.5in">Neither we nor the underwriters
make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on
the prices of our securities. In addition, neither we nor the underwriters make any representation that the underwriters will engage in
these transactions or that any transactions, once commenced will not be discontinued without notice.</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"><B>Other Relationships</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; text-indent: 0.5in">Ladenburg Thalmann &amp; Co. Inc. acted as the exclusive placement
agent in connection with the Warrant Inducement and from time to time, it or its affiliates may provide in the future, various advisory,
investment and commercial banking and other services to us in the ordinary course of business, for which it will receive customary fees
and commissions.</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"><B>Indemnification</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; text-indent: 0.5in">We have agreed to indemnify the underwriter against certain liabilities,
including certain liabilities arising under the Securities Act, or to contribute to payments that the underwriter may be required to make
for these liabilities.</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"><B>Electronic Distribution</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; text-indent: 0.5in">A prospectus in electronic format may be made available on the website
maintained by the underwriter, if any, and the underwriters may distribute prospectuses electronically. Other than the prospectus in electronic
format, the information on such website is not part of this prospectus or the registration statement of which this prospectus forms a
part, has not been approved or endorsed by us or the underwriter, and should not be relied upon by investors.</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"></P>

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<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"><FONT STYLE="text-transform: uppercase"><B><A NAME="q_011"></A>Material
U.S. Federal Income Tax Considerations</B></FONT></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; text-indent: 0.5in">The following is a general
discussion of the material U.S. federal income considerations applicable to the ownership and disposition of shares of our common stock,
Common Warrants and Pre-Funded Warrants acquired in this offering. This discussion is for general information only and is not tax advice.
Accordingly, all prospective holders of our common stock, Common Warrants and Pre-Funded Warrants should consult their own tax advisors
with respect to the U.S. federal, state, local and non-U.S. tax consequences of the purchase, ownership and disposition of our common
stock, Common Warrants and Pre-Funded Warrants. This discussion is based on current provisions of the U.S. Internal Revenue Code of 1986,
as amended (the &ldquo;Code&rdquo;), existing and proposed U.S. Treasury Regulations promulgated thereunder, current administrative rulings
and judicial decisions, all as in effect as of the date of this prospectus, all of which are subject to change or to differing interpretation,
possibly with retroactive effect. Any change could alter the tax consequences described in this prospectus. We assume in this discussion
that each holder holds shares of our common stock, Common Warrants and Pre-Funded Warrants as capital assets within the meaning of Section&nbsp;1221
of the Code (generally property held for investment).</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; text-indent: 0.5in">This discussion does not address
all aspects of U.S. federal income taxation that may be relevant to a particular holder in light of that holder&rsquo;s individual circumstances,
does not address the alternative minimum or Medicare contribution taxes, and does not address any aspects of U.S. state, local or non-U.S.
taxes or any U.S. federal taxes other than income tax. This discussion also does not consider any specific facts or circumstances that
may apply to a holder and does not address aspects of U.S. federal income taxation that may be applicable to holders that are subject
to special tax rules, including without limitation:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">insurance companies;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax-exempt organizations;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">financial institutions;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">brokers or dealers in securities;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulated investment companies;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">real estate investment trusts;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">pension plans, individual retirement accounts and other tax deferred accounts;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons that mark their securities to market;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">controlled foreign corporations;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">passive foreign investment companies;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;dual resident&rdquo; corporations;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons that receive our common stock, Common Warrants or Pre-Funded Warrants as compensation for the
performance of services;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">owners that hold our common stock, Common Warrants or Pre-Funded Warrants as part of a straddle, hedge,
conversion transaction, synthetic security or other integrated investment;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">owners that own, or are deemed to own, more than 5% of our capital stock (except to the extent specifically
set forth below);</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons that have a functional currency other than the U.S. dollar; and</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">certain U.S. expatriates.</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"></P>

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<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; text-indent: 0.5in">In addition, this discussion
does not address the tax treatment of partnerships or other pass-through entities for U.S. federal income tax purposes, or persons who
hold our common stock, Common Warrants or Pre-Funded Warrants through partnerships or other pass-through entities for U.S. federal income
tax purposes. A partner in a partnership or other pass-through entity that will hold our common stock, Common Warrants or Pre-Funded Warrants
should consult his, her or its own tax advisor regarding the tax consequences of acquiring, holding and disposing of our common stock,
Common Warrants or Pre-Funded Warrants through a partnership or other pass-through entity, as applicable.</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; text-indent: 0.5in">As used in this prospectus,
the term &ldquo;U.S. holder&rdquo; means a beneficial owner of common stock, Common Warrants or Pre-Funded Warrants that is for U.S.
federal income tax purposes:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a citizen or individual resident of the United States;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a corporation (or other entity properly classified as a corporation for U.S. federal income tax purposes)
created or organized in or under the laws of the United States, any state within the United States, or the District of Columbia;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><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: 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trust, if (i)&nbsp;a U.S. court is able to exercise primary supervision over the trust&rsquo;s administration
and one or more &ldquo;United States persons&rdquo; (as defined in the Code) have the authority to control all substantial decisions of
the trust, or (ii)&nbsp;in the case of a trust that was treated as a domestic trust under the laws in effect before 1997, a valid election
is in place under applicable U.S. Treasury regulations to treat such trust as a domestic trust.</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; text-indent: 0.5in">The term &ldquo;non-U.S.
holder&rdquo; means any beneficial owner of common stock, Common Warrants or Pre-Funded Warrants that is not a U.S. holder and is not
a partnership or other entity properly classified as a partnership for U.S. federal income tax purposes. For the purposes of this prospectus,
U.S. holders and non-U.S. holders are referred to collectively as &ldquo;holders.&rdquo;</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; text-indent: 0.5in">There can be no assurance
that the Internal Revenue Service (the &ldquo;IRS&rdquo;) will not challenge one or more of the tax consequences described herein. We
have not obtained, nor do we intend to obtain, a ruling from the IRS with respect to the U.S. federal income tax consequences of the purchase,
ownership or disposition of our common stock, Common Warrants or Pre-Funded Warrants.</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"><B>Allocation of Purchase Price of the Class&nbsp;A
Units and Class&nbsp;B Units</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; text-indent: 0.5in">Each&nbsp;Class&nbsp;A Unit&nbsp;should
be treated for U.S. federal income tax purposes as an&nbsp;&ldquo;investment unit&rdquo; consisting of one share of our common stock and
one Common Warrant. Each Class&nbsp;B Unit should be treated for U.S. federal income tax purposes as an&nbsp;investment unit&nbsp;consisting
of one Pre-Funded Warrant&nbsp;and one Common Warrant. The purchase price for each investment unit will be allocated between these components
in proportion to their relative fair market values at the time the investment unit is purchased by the holder. This allocation will establish
a holder&rsquo;s initial tax basis for U.S. federal income tax purposes in his, her or its share of common stock (or, in lieu of common
stock, Pre-Funded Warrant) and Common Warrant included in each investment unit. We will not be providing holders with such allocation,
and it is possible that different holders will reach different determinations regarding such allocation. A holder&rsquo;s allocation of
purchase price between each share of common stock (or, in lieu of common stock, each Pre-Funded Warrant) and the accompanying Common Warrant
is not binding on the IRS or the courts, and no assurance can be given that the IRS or the courts will agree with a holder&rsquo;s allocation.</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; text-indent: 0.5in">Accordingly, each prospective
holder should consult his, her or its own tax advisor with respect to the allocation, and the risks associated with such allocation, of
the holder&rsquo;s purchase price for the investment unit between our shares of common stock (or, in lieu of common stock, Pre-Funded
Warrants) and Common Warrants.</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"></P>

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<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"><B>Treatment of Pre-Funded Warrants</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; text-indent: 0.5in">Although it is not entirely
free from doubt, a Pre-Funded Warrant should be treated as a share of our common stock for U.S. federal income tax purposes and a holder
of Pre-Funded Warrants should generally be taxed in the same manner as a holder of common stock, as described below. Accordingly, no gain
or loss should be recognized upon the exercise of a Pre-Funded Warrant and, upon exercise, the holding period of a Pre-Funded Warrant
should carry over to the share of common stock received. Similarly, the tax basis of the Pre-Funded Warrant should carry over to the share
of common stock received upon exercise, increased by the exercise price of $0.00001 per share. Each holder should consult his, her or
its own tax advisor regarding the risks associated with the acquisition of Pre-Funded Warrants pursuant to this offering (including potential
alternative characterizations). The balance of this discussion generally assumes that the characterization described above will be respected
for U.S. federal income tax purposes.</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"><B>Tax Consequences to U.S. Holders</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"><B><I>Exercise or Expiration of Common Warrants</I></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; text-indent: 0.5in">Subject to the discussion
below with respect to the cashless exercise of a Common Warrant, a U.S. holder will not recognize income, gain or loss on the exercise
of a Common Warrant. A U.S. holder&rsquo;s tax basis in the common stock received upon the exercise of a Common Warrant will equal the
sum of (i)&nbsp;the initial tax basis of the Common Warrant exercised (as determined pursuant to the rules&nbsp;discussed above under
 &ldquo;Allocation of Purchase Price of the Class&nbsp;A Units and Class&nbsp;B Units&rdquo;) and (ii)&nbsp;the exercise price of the Common
Warrant. The U.S. holder&rsquo;s holding period for the common stock received upon exercise of a Common Warrant will begin on the day
after such exercise (or possibly on the date of exercise) and will not include the period during which the U.S. holder held the Common
Warrant.</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; text-indent: 0.5in">The tax consequences of a
cashless exercise of a Common Warrant are not clear under current U.S. tax law. A cashless exercise may be tax-free, either because the
exercise is not a realization event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In
either case, a U.S. holder&rsquo;s basis in the common stock received in connection with the cashless exercise would equal the U.S. holder&rsquo;s
basis in the Common Warrants surrendered in connection with the cashless exercise. If the cashless exercise was not a realization event,
it is unclear whether a U.S. holder&rsquo;s holding period for the common stock would be treated as commencing on the date of exercise
or on the day following the date of exercise. If the cashless exercise were treated as a recapitalization, the holding period of the common
stock would include the holding period of the Common Warrants surrendered in connection with the cashless exercise.</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; text-indent: 0.5in">It is possible that a cashless
exercise could be treated in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder could
be deemed to have surrendered Common Warrants having an aggregate fair market value equal to the exercise price for the total number of
Common Warrants to be exercised. The U.S. holder would recognize capital gain or loss in an amount equal to the difference between the
amount deemed realized (<I>i.e.</I>, the exercise price for the Common Warrants exercised) and the U.S. holder&rsquo;s tax basis in the
Common Warrants deemed surrendered to pay the exercise price. In this case, a U.S. holder&rsquo;s tax basis in the common stock received
would equal the sum of the U.S. holder&rsquo;s initial investment in the exercised Common Warrants and the exercise price for such Common
Warrants. It is unclear whether a U.S. holder&rsquo;s holding period for the common stock would commence on the date of exercise of the
Common Warrants or the day following the date of exercise of the Common Warrants.</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; text-indent: 0.5in">Due to the absence of authority
on the U.S. federal income tax treatment of a cashless exercise, there can be no assurance which, if any, of the alternative approaches
described above would be adopted by the IRS or a court of law. Accordingly, U.S. holders should consult their own tax advisors regarding
the tax consequences of a cashless exercise.</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; text-indent: 0.5in">If a Common Warrant is allowed
to lapse unexercised, a U.S. holder generally will recognize a capital loss equal to such holder&rsquo;s tax basis in the Common Warrant.
The deductibility of capital losses is subject to significant limitations.</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"></P>

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<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"><B><I>Distributions on Our Common Stock</I></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; text-indent: 0.5in">As discussed above under &ldquo;Dividend
Policy,&rdquo; we do not currently expect to make distributions on our common stock. In the event that we do make distributions on our
common stock to a U.S. holder, those distributions generally 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. If a distribution exceeds
our current and accumulated earnings and profits, the excess will be treated as a tax-free return of the U.S. holder&rsquo;s investment,
up to such U.S. holder&rsquo;s tax basis in the common stock. Any remaining excess will be treated as capital gain, subject to the tax
treatment described below in &ldquo;&mdash;Sale, Exchange or Other Taxable Disposition of Our Common Stock or Warrants.&rdquo; Dividends
paid by us generally will be eligible for the reduced rates of tax for qualified dividend income allowed to individual U.S. holders and
for the dividends received deduction allowed to corporate U.S. holders, in each case assuming that certain holding period and other requirements
are satisfied.</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 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B><I>Constructive
Distributions on Our Warrants</I></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; text-indent: 0.5in">Under Section&nbsp;305 of
the Code, an adjustment to the number of shares of common stock that will be issued on the exercise of our warrants (whether Pre-Funded
Warrants or Common Warrants), or an adjustment to the exercise price of such warrants, may be treated as a constructive distribution to
a U.S. holder of the warrants if, and to the extent that, such adjustment has the effect of increasing such U.S. holder&rsquo;s proportionate
interest in our &ldquo;earnings and profits&rdquo; or assets, depending on the circumstances of such adjustment (for example, if such
adjustment is to compensate for a distribution of cash or other property to holders of our common stock). Adjustments to the exercise
price of a warrant made pursuant to a bona fide reasonable adjustment formula that has the effect of preventing dilution of the interest
of the holder of the warrant should generally not result in a constructive distribution. Any constructive distributions generally would
be subject to the tax treatment described above under &ldquo;&mdash;Distributions on Our Common Stock.&rdquo;</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"><B><I>Sale, Exchange or Other Taxable Disposition
of Our Common Stock or Warrants</I></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; text-indent: 0.5in">Upon the sale, exchange, or
other taxable disposition of our common stock or warrants (whether Pre-Funded Warrants or Common Warrants), a U.S. holder will recognize
gain or loss equal to the difference between the amount realized upon the disposition and the U.S. holder&rsquo;s tax basis in the common
stock or warrants sold or exchanged. Any gain or loss generally will be capital gain or loss, and will be long-term capital gain or loss
if the U.S. holder&rsquo;s holding period for the common stock or Common Warrants exceeded one year at the time of the disposition. Certain
U.S. holders (including individuals) are currently eligible for preferential rates of U.S. federal income taxation in respect of long-term
capital gains. The deductibility of capital losses is subject to significant limitations.</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"><B><I>Information Reporting and Backup Withholding</I></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; text-indent: 0.5in">In general, information reporting
requirements may apply to distributions (whether actual or constructive) paid to a U.S. holder on our common stock or warrants, and to
the proceeds of the sale, exchange or other disposition of our common stock and warrants, unless the U.S. holder is an exempt recipient.
Backup withholding will apply to such payments if the U.S. holder fails to provide a taxpayer identification number, 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&nbsp;will 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">&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>Tax Consequences
to Non-U.S. Holders</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 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B><I>Exercise
or Expiration of Common Warrants</I></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; text-indent: 0.5in">In general, a non-U.S. holder
will not be required to recognize income, gain or loss upon the exercise of a Common Warrant by payment of the exercise price. To the
extent that a cashless exercise results in a taxable exchange, the consequences would be similar to those described below under &ldquo;&mdash;Sale,
Exchange or Other Taxable Disposition of Our Common Stock or Warrants.&rdquo;</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"></P>

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<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; text-indent: 0.5in">The expiration of a Common
Warrant will be treated as if the non-U.S. holder sold or exchanged the Common Warrant and recognized a capital loss equal to the non-U.S.
holder&rsquo;s basis in the Common Warrant. A non-U.S. holder will not be able to utilize a loss recognized upon expiration of a Common
Warrant against the Non-U.S. holder&rsquo;s U.S. federal income tax liability, however, unless the loss (i)&nbsp;is effectively connected
with the non-U.S. holder&rsquo;s conduct of a trade or business within the United States (and, if an income tax treaty applies, is attributable
to a &ldquo;permanent establishment&rdquo; or &ldquo;fixed base&rdquo; in the United States) or (ii)&nbsp;is treated as a U.S. source
loss and the non-U.S. holder is present in the United States 183 days or more in the taxable year of disposition and certain other conditions
are met.</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 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B><I>Distributions
on Our Common Stock</I></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; text-indent: 0.5in">As discussed above under &ldquo;Dividend
Policy,&rdquo; we do not currently expect to make distributions on our common stock. In the event that we do make distributions to holders
of our common stock or if we are treated as making a constructive distribution to holders of our Common Warrants or Pre-Funded Warrants,
those distributions generally 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. If a distribution exceeds our current and accumulated earnings
and profits, the excess will be treated as a tax-free return of the non-U.S. holder&rsquo;s investment, up to such non-U.S. holder&rsquo;s
tax basis in the common stock. Any remaining excess will be treated as capital gain, subject to the tax treatment described below in &ldquo;&mdash;Sale,
Exchange or Other Taxable Disposition of Our Common Stock or Warrants.&rdquo;</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; text-indent: 0.5in">Distributions (including constructive
distributions) made to a non-U.S. holder that are treated as dividends generally will be subject to withholding of U.S. federal income
tax at a rate of 30% of the gross amount or such lower rate as may be specified by an applicable income tax treaty between the United
States and such holder&rsquo;s country of residence, unless such dividends are effectively connected with a trade or business conducted
by a non U.S. holder within the U.S. (as discussed below). A non-U.S. holder of our common stock who claims the benefit of an applicable
income tax treaty between the United States and such holder&rsquo;s country of residence generally will be required to provide a properly
executed IRS Form&nbsp;W-8BEN or W-8BEN-E (or successor form), as applicable, and satisfy applicable certification and other requirements.
Non-U.S. holders are urged to consult their own tax advisors regarding their entitlement to benefits under a relevant income tax treaty.
A non-U.S. holder that is eligible for a reduced rate of U.S. withholding tax under an income tax treaty may be able to obtain a refund
or credit of any excess amounts withheld by timely filing the required information with the IRS.</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; text-indent: 0.5in">Dividends that are treated
as effectively connected with a trade or business conducted by a non-U.S. holder within the United States and, if an applicable income
tax treaty so provides, that are attributable to a &ldquo;permanent establishment&rdquo; or a &ldquo;fixed base&rdquo; maintained by the
non-U.S. holder within the United States, generally are exempt from the 30% withholding tax if the non-U.S. holder satisfies applicable
certification and disclosure requirements. U.S. effectively connected income, net of specified deductions and credits, is generally taxed
at the same graduated U.S. federal income tax rates applicable to United States persons (as defined in the Code). Any U.S. effectively
connected income received by a non-U.S. holder that is a corporation may also be subject to an additional &ldquo;branch profits tax&rdquo;
at a 30% rate or such lower rate as may be specified by an applicable income tax treaty between the United States and such holder&rsquo;s
country of residence.</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"><B><I>Constructive Distributions on Our Warrants</I></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; text-indent: 0.5in">As described above under &ldquo;&mdash;Tax
Consequences to U.S. Holders&mdash;Constructive Distributions on Our Warrants,&rdquo; an adjustment to the Common Warrants or Pre-Funded
Warrants could result in a constructive distribution to a non-U.S. holder, which would be treated as described under &ldquo;&mdash;Distributions
on Our Common Stock&rdquo; above. Any resulting withholding tax attributable to deemed dividends would be collected from other amounts
payable or distributable to the non-U.S. holder. Non U.S. holders should consult their tax advisors regarding the proper treatment of
any adjustments to the Common Warrants and Pre-Funded Warrants.</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; text-indent: 0.5in">In addition, regulations governing
 &ldquo;dividend equivalents&rdquo; under Section&nbsp;871(m)&nbsp;of the Code may apply to the Pre-Funded Warrants. Under those regulations,
an implicit or explicit payment made to the holder of Pre-Funded Warrants that references a distribution on our common stock would generally
be taxable to a non-U.S. holder in the manner described under &ldquo;&mdash;Distributions on our Common Stock&rdquo; below. Such dividend
equivalent amount would be taxable and subject to withholding whether or not there is actual payment of cash or other property, and we
may satisfy any withholding obligations by withholding from other amounts due to the non-U.S. holder. Non-U.S. holders are encouraged
to consult their own tax advisors regarding the application of Section&nbsp;871(m)&nbsp;of the Code to the Pre-Funded Warrants.</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"></P>

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<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 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B><I>Sale, Exchange
or Other Taxable Disposition of Our Common Stock or Warrants</I></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; text-indent: 0.5in">In general, a non-U.S. holder
will not be subject to any U.S. federal income tax on any gain realized upon such holder&rsquo;s sale, exchange or other taxable disposition
of shares of our common stock, Common Warrants or Pre-Funded Warrants unless:</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: 0.5in"></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 U.S. trade or business
and, if an applicable income tax treaty so provides, is attributable to a &ldquo;permanent establishment&rdquo; or a &ldquo;fixed base&rdquo;
maintained by such non-U.S. holder in the United States, in which case the non-U.S. holder generally will be taxed on such gain at the
graduated U.S. federal income tax rates applicable to United States persons (as defined in the Code) and, if the non-U.S. holder is a
foreign corporation, the branch profits tax described above in &ldquo;&mdash;Tax Consequences to Non-U.S. Holders&mdash;Distributions
on Our Common Stock&rdquo; also may apply to such gain;</TD></TR></TABLE>

<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: 0.5in"></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 who is present in the United States for 183 days
or more in the taxable year of the taxable disposition and certain other conditions are met, in which case the non-U.S. holder will be
subject to a 30% tax (or such lower rate as may be specified by an applicable income tax treaty between the United States and such holder&rsquo;s
country of residence) on the net gain derived from the taxable disposition, which may be offset by certain U.S. source capital losses
of the non-U.S. holder, if any; or</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we are, or have been, at any time during the five-year period preceding such taxable disposition (or the
non-U.S. holder&rsquo;s holding period, if shorter) a &ldquo;U.S. real property holding corporation,&rdquo; unless our common stock is
regularly traded on an established securities market and the non-U.S. holder holds no more than 5% of our outstanding common stock, directly
or indirectly, during the shorter of the 5-year period ending on the date of the taxable disposition or the period that the non-U.S. holder
held our common stock. If we are determined to be a U.S. real property holding corporation and the foregoing exception does not apply,
then a purchaser may withhold 15% of the proceeds payable to a non-U.S. holder from a sale of our common stock, Common Warrants or Pre-Funded
Warrants, and the non-U.S. holder generally will be taxed on its net gain derived from the disposition at the graduated U.S. federal income
tax rates applicable to United States persons (as defined in the Code). Generally, a corporation is a U.S. real property holding corporation
only if the fair market value of its U.S. real property interests equals or exceeds 50% of the sum of the fair market value of its worldwide
real property interests plus its other assets used or held for use in a trade or business. Although there can be no assurance, we do not
believe that we are, or have been, a U.S. real property holding corporation, or that we are likely to become one in the future. No assurance
can be provided that our common stock will be regularly traded on an established securities market for purposes of the rules&nbsp;described
above.</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 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B><I>Information
Reporting and Backup Withholding</I></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; text-indent: 0.5in">We must report annually to
the IRS and to each non-U.S. holder the gross amount of the distributions paid on our common stock (and constructive distributions on
our Common Warrants and Pre-Funded Warrants) to such holder and the tax withheld, if any, with respect to such distributions. Non-U.S.
holders may have to comply with specific certification procedures to establish that the holder is not a United States person (as defined
in the Code) in order to avoid backup withholding at the applicable rate with respect to dividends on our common stock, Common Warrants
or Pre-Funded Warrants. Dividends paid to non-U.S. holders subject to the U.S. withholding tax, as described above in &ldquo;Tax Consequences
to Non-U.S. Holders&mdash;Distributions on Our Common Stock,&rdquo; generally will be exempt from U.S. backup withholding.</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"></P>

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<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; text-indent: 0.5in">Information reporting and
backup withholding generally will apply to the proceeds of a disposition of our common stock, Common Warrants and Pre-Funded Warrants
by a non-U.S. holder effected by or through the U.S. office of any broker, U.S. or foreign, unless the holder certifies its status as
a non-U.S. holder and satisfies certain other requirements, or otherwise establishes an exemption. Generally, information reporting and
backup withholding will not apply to a payment of disposition proceeds to a non-U.S. holder where the transaction is effected outside
the United States through a non-U.S. office of a broker. However, for information reporting purposes, dispositions effected through a
non-U.S. office of a broker with substantial U.S. ownership or operations generally will be treated in a manner similar to dispositions
effected through a U.S. office of a broker. Non-U.S. holders should consult their own tax advisors regarding the application of the information
reporting and backup withholding rules&nbsp;to them.</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; text-indent: 0.5in">Copies of information returns
may be made available to the tax authorities of the country in which the non-U.S. holder resides or is incorporated under the provisions
of a specific treaty or agreement.</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; text-indent: 0.5in">Backup withholding is not
an additional tax. Any amounts withheld under the backup withholding rules&nbsp;from a payment to a non-U.S. holder can be refunded or
credited against the non-U.S. holder&rsquo;s U.S. federal income tax liability, if any, provided that an appropriate claim is filed with
the IRS.</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"><B><I>Foreign Accounts</I></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; text-indent: 0.5in">The Foreign Account Tax Compliance
Act, or FATCA, generally imposes a 30% withholding tax on dividends (including constructive dividends) on, and gross proceeds from the
sale or other disposition of, our common stock and Warrants if paid to a non-U.S. entity unless (i)&nbsp;if the non-U.S. entity is a &ldquo;foreign
financial institution,&rdquo; the non-U.S. entity undertakes certain due diligence, reporting, withholding, and certification obligations,
(ii)&nbsp;if the non-U.S. entity is not a &ldquo;foreign financial institution,&rdquo; the non-U.S. entity identifies certain of its U.S.
investors, if any, or (iii)&nbsp;the non-U.S. entity is otherwise exempt under FATCA.</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; text-indent: 0.5in">While withholding under FATCA
may apply to payments of gross proceeds from a sale or other disposition of our common stock, Common Warrants or Pre-Funded Warrants,
under proposed U.S. Treasury Regulations withholding on payments of gross proceeds is not required. Although such regulations are not
final, applicable withholding agents may rely on the proposed regulations until final regulations are issued.</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; text-indent: 0.5in">An intergovernmental agreement
between the United States and an applicable foreign country may modify the requirements described in this section. Under certain circumstances,
a holder may be eligible for refunds or credits of the tax. Non-U.S. holders should consult their own tax advisors regarding the possible
implications of FATCA on their investment in our common stock, Common Warrants or Pre-Funded Warrants.</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; text-indent: 0.5in"><B>The preceding discussion
of material U.S. federal income tax considerations is for informational purposes only. It is not tax advice. Prospective investors should
consult their own tax advisors regarding the particular U.S. federal, state, local and non-U.S. tax consequences of purchasing, holding
and disposing of our common stock, Common Warrants or Pre-Funded Warrants, including the consequences of any proposed changes in applicable
laws.</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"></P>

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<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"><FONT STYLE="text-transform: uppercase"><B><A NAME="q_012"></A>Legal
Matters</B></FONT></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; text-indent: 0.5in">Sidley Austin LLP, New York, New York, will pass upon the validity
of the securities offered by this prospectus. The underwriter is being represented by Ellenoff Grossman &amp; Schole LLP, New York, New
York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&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="q_013"></A>Experts</B></FONT></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; text-indent: 0.5in">The financial statements of
Cellectar Biosciences,&nbsp;Inc. as of December&nbsp;31, 2024 and 2023, and for each of the two years in the period ended December&nbsp;31,
2024, incorporated by reference in this prospectus, have been audited by Deloitte&nbsp;&amp; Touche LLP, an independent registered public
accounting firm, as stated in their report. Such financial statements are incorporated by reference in reliance upon the report of such
firm given their authority as experts in accounting and auditing.</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"><FONT STYLE="text-transform: uppercase"><B><A NAME="q_014"></A>Where
You Can Find Additional Information</B></FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a reporting company and file annual, quarterly and current reports, proxy statements and other information with the SEC. We have filed
with the SEC a registration statement under the Securities Act with respect to the securities being offered under this prospectus. This
prospectus does not contain all of the information set forth in the registration statement and the exhibits to the registration statement.
For further information with respect to us and the securities being offered under this prospectus, we refer you to the registration statement
and the exhibits and schedules filed as a part of the registration statement. You may obtain copies of the registration statement and
its exhibits via the SEC&rsquo;s website at http://www.sec.gov</FONT>.</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; text-indent: 0.5in">You can also read our Securities
and Exchange Commission filings, including the registration statement, over the Internet at the SEC&rsquo;s website at www.sec.gov. You
may also request a copy of these filings, at no cost, by writing us at 100 Campus Drive, Florham Park, New Jersey 07932 or telephoning
us at (608) 441-8120.</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; text-indent: 0.5in">We are subject to the informational
and reporting requirements of the Securities Exchange Act of 1934, as amended, and have filed and will file annual, quarterly and current
reports, proxy statements and other information with the SEC. These periodic reports, proxy statements and other information will be available
for inspection and copying at the SEC&rsquo;s public reference facilities and the website of the SEC referred to above. We maintain a
website at https://www.cellectar.com. You may access these materials free of charge as soon as reasonably practicable after they are electronically
filed with, or furnished to, the SEC. Information contained on our website is not a part of this prospectus and the inclusion of our website
address in this prospectus is an inactive textual reference only.</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"></P>

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<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"><FONT STYLE="text-transform: uppercase"><B><A NAME="q_015"></A>Incorporation
of Documents by Reference</B></FONT></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; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; information into this prospectus. This 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 considered to be a part of this prospectus,
except for any information that is superseded by other information that is included in this prospectus. The information we incorporate
by reference is an important part of this prospectus and information that we subsequently file with the SEC will automatically update
and supersede information in this prospectus and in our other filings with the SEC.</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; text-indent: 0.5in">We incorporate by reference
the documents listed below, which we have already filed with the SEC, and any filings we make with the SEC under Section&nbsp;13(a), 13(c),
14 or 15(d)&nbsp;of the Exchange Act (1)&nbsp;on or after the date of filing of the registration statement of which this prospectus forms
a part and (2)&nbsp;on or after the date of this prospectus until the earlier of the date on which all of the securities registered hereunder
have been sold or the registration statement of which this prospectus is a part has been withdrawn (in each case, other than information
that is deemed, under SEC rules, not to have been filed):</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000141057825000329/clrb-20241231x10k.htm" STYLE="-sec-extract: exhibit">our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024, filed with the SEC on March&nbsp;13, 2025;</A></TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000141057825001205/clrb-20250331x10q.htm" STYLE="-sec-extract: exhibit">our Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended March&nbsp;31, 2025, filed with the SEC on May&nbsp;13, 2025;</A></TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the portions of our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000110465925040241/tm2512660-4_def14a.htm" STYLE="-sec-extract: exhibit">Definitive Proxy Statement on Schedule 14A, filed with the SEC on April&nbsp;28, 2025</A>,
that are incorporated by reference in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000141057825000329/clrb-20241231x10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024</A>;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal">our Current Reports on Form&nbsp;8-K, filed with the SEC
                                                                                                                     on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000110465925008127/tm255128d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;31,
                                                                                                                     2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000110465925024446/tm259506d1_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;17,
                                                                                                                     2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000110465925042870/tm2513754d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;1,
                                                                                                                     2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000110465925056697/tm2517243d1_8k.htm" STYLE="-sec-extract: exhibit">June
                                                                                                                     5, 2025</A> (excluding Item 7.01 and the related exhibit 99.1), <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000110465925059400/tm2517987d1_8k.htm" STYLE="-sec-extract: exhibit">June
                                                                                                                     13, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000110465925060661/tm2518341d1_8k.htm" STYLE="-sec-extract: exhibit">June
                                                                                                                     18, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000110465925062639/tm2519011d1_8k.htm" STYLE="-sec-extract: exhibit">June
                                                                                                                     25, 2025</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279704/000110465925062837/tm2519054d1_8k.htm">June 26, 2025</A> and</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the description of our common stock and warrants to purchase common stock included in our registration
statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1279704/000114420414050006/v386743_8a12b.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-A filed on August&nbsp;14, 2014</A>, as the same may be updated by <A HREF="https://www.sec.gov/Archives/edgar/data/1279704/000110465924041930/tm2410252d1_ex4-3.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.3 to Amendment No.&nbsp;1 to our Annual Report on Form&nbsp;10-K filed on April&nbsp;1, 2024</A>, including all other amendments and reports filed for the purpose of updating
such 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; text-indent: 0.5in">We also incorporate by reference
any future filings (other than current reports furnished under Item 2.02 or Item 7.01 of Form&nbsp;8-K and exhibits filed on such form
that are related to such items unless such Form&nbsp;8-K expressly provides to the contrary) made with the SEC pursuant to Sections 13(a),
13(c), 14 or 15(d)&nbsp;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 those made after the effectiveness of such registration statement, until the termination of the offering
of the common stock made by this prospectus, and such filings will become a part of this prospectus from the respective dates 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 herein or 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.</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; text-indent: 0.5in">You may request and obtain
a copy of any of the filings incorporated herein by reference, at no cost, by writing or telephoning us at the following address or phone
number:</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">Cellectar Biosciences,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">100 Campus Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Florham Park, New Jersey 07932</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(608) 441-8120</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2516057d3_s1img001.jpg" ALT=""></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>

<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>865,000 Class&nbsp;A Units with each
Class&nbsp;A Unit consisting of (i)&nbsp;one (1)&nbsp;Share of Common Stock and (ii)&nbsp;one (1)&nbsp;<BR>
Common Warrant to purchase one (1)&nbsp;Share of Common Stock</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: center"><B>335,000 Class&nbsp;B Units with each
Class&nbsp;B Unit consisting of (i)&nbsp;one (1)&nbsp;Pre-Funded Warrant to Purchase one (1)&nbsp;<BR>
Share of Common Stock and (ii)&nbsp;one (1)&nbsp;Common Warrant to purchase one (1)&nbsp;Share of Common Stock</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: center"><B>72,000 Representative Warrants to Purchase 72,000 Shares of Common
Stock</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: center"><B>1,607,000 Shares of Common Stock Issuable Upon
Exercise of (i) 335,000 &nbsp;Pre-Funded Warrants, (ii)&nbsp;<BR>
1,200,000 Common Warrants and (iii)&nbsp; 72,000 Representative Warrants</B><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></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: center"><B>PROSPECTUS</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: center"><FONT STYLE="font-size: 14pt"><B>Ladenburg Thalmann</B></FONT></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>July 1, 2025</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; text-indent: 0.5in">We have not authorized any
dealer, salesperson or other person to give any information or represent anything not contained in this prospectus. You must not rely
on any unauthorized information. If anyone provides you with different or inconsistent information, you should not rely on it. This prospectus
does not offer to sell any securities in any jurisdiction where it is unlawful. Neither the delivery of this prospectus, nor any sale
made hereunder, shall create any implication that the information in this prospectus is correct after the date hereof.</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"></P>

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

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