<SEC-DOCUMENT>0001213900-25-062766.txt : 20250829
<SEC-HEADER>0001213900-25-062766.hdr.sgml : 20250829
<ACCEPTANCE-DATETIME>20250710160510
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-25-062766
CONFORMED SUBMISSION TYPE:	DRS
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250710
<PUBLIC-REL-DATE>20250829
DATE AS OF CHANGE:		20250710

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PURPLE BIOTECH LTD.
		CENTRAL INDEX KEY:			0001614744
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	377-08196
		FILM NUMBER:		251116376

	BUSINESS ADDRESS:	
		STREET 1:		4 OPPENHEIMER STREET
		STREET 2:		SCIENCE PARK
		CITY:			REHOVOT
		STATE:			L3
		ZIP:			7670104
		BUSINESS PHONE:		97239333121

	MAIL ADDRESS:	
		STREET 1:		4 OPPENHEIMER STREET
		STREET 2:		SCIENCE PARK
		CITY:			REHOVOT
		STATE:			L3
		ZIP:			7670104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Kitov Pharma Ltd.
		DATE OF NAME CHANGE:	20180125

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Kitov Pharmaceuticals Holdings Ltd.
		DATE OF NAME CHANGE:	20140724
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>As confidentially submitted to the Securities
and Exchange Commission on July 10, 2025.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This draft registration statement has not been
publicly filed with the U.S. Securities and Exchange Commission, and all information herein remains strictly confidential.</B></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</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>FORM F-1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</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: center"><B>PURPLE BIOTECH LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Israel </B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2834 </B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Primary Standard Industrial<BR>
Classification Code Number)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer <BR>
Identification No.)</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"><B>4 Oppenheimer Street</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rehovot 7670104, Israel </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of Registrant&rsquo;s principal executive offices)</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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>850 Library Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 204, Newark, DE 19715 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel: +1 (302) 738-6680</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center">(Name, address, including zip code, and
telephone number, including area code, of agent for service)</P>

<P STYLE="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><I>Copies of all communications, including communications
sent to agent for service, should be sent to:</I></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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rick A. Werner, Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jayun Koo, Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Haynes and Boone, LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>30 Rockefeller Plaza, 26th Floor </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10112 </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel. (212) 659-7300</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fax (212) 884-8234</B></P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sharon Rosen, Adv.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FISCHER (FBC &amp; Co.).</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>146 Derech Menachem Begin </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel Aviv-Yafo 6492103, Israel</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+972 3-694-4111</B></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-align: justify"><B>Approximate date of commencement of proposed
sale to the public:</B> From time to time after the effective date of this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box.
<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></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">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</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: right">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards&dagger; provided pursuant to Section 7(a)(2)(B) of the Securities
Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&dagger;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The term &ldquo;new or revised financial accounting standard&rdquo; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</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"><B>The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933, as amended, or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission,
acting pursuant to said Section 8(a), may determine.</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"></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"><FONT STYLE="color: Red"><B>The information in
this preliminary prospectus is not complete and may be changed. We may not sell these securities until the Registration Statement filed
with the Securities and Exchange Commission, of which this preliminary prospectus is a part, is effective. This preliminary prospectus
is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale
is not permitted.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-top: 2pt; text-align: left; width: 30%"><FONT STYLE="font-size: 10pt; color: Red"><B>PRELIMINARY
    PROSPECTUS</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-top: 2pt; text-align: center; width: 40%"><FONT STYLE="font-size: 10pt; color: Red"><B>SUBJECT
    TO COMPLETION</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-top: 2pt; text-align: right; width: 30%"><FONT STYLE="font-size: 10pt; color: Red"><B>DATED
    JULY 10, 2025</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Shares representing
</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Funded Warrants to Purchase up to
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B Warrants to Purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American
Depositary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(and up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Shares representing
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares underlying the Pre-Funded <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants and up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Shares representing &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares underlying the Series<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
B Warrants)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Purple Biotech Ltd.</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 on a &ldquo;reasonable best efforts&rdquo;
basis up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Shares (&ldquo;ADSs&rdquo;),
with each ADS representing 200 of our ordinary shares, no par value per share (&ldquo;Ordinary Shares&rdquo;), or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ordinary Shares in the aggregate, together with up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series
B warrants to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs representing &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ordinary Shares (the &ldquo;Warrants&rdquo;). The ADSs and Warrants will be sold in a fixed combination, with each ADS accompanied by
one Warrant to purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADS. The ADSs and Warrants are immediately separable and will be issued separately
in this offering, but must be purchased together in this offering. The assumed combined public offering price for each ADS and accompanying
Warrant is $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, which was the closing price of the ADSs on
The Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;) on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025. The Warrants will have an exercise price per ADS of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and will be immediately exercisable for
a term of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
years from the date of 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">We are also offering to those purchasers, if any,
whose purchase of ADSs in this offering would 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 Ordinary Shares, including Ordinary Shares represented
by ADSs, immediately following consummation of this offering, the opportunity to purchase, if they so choose, Pre-Funded Warrants to purchase
up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs in lieu of ADSs that would otherwise result in beneficial ownership in excess of
4.99% (or 9.99%, as applicable) of our outstanding Ordinary Shares, including Ordinary Shares represented by ADSs. The purchase price
of each Pre-Funded Warrant and accompanying Warrant will equal the price per ADS and accompanying Warrant being sold to the public in
this offering, minus $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, which is the exercise price per ADS of each
Pre-Funded Warrant. Each Pre-Funded Warrant will be exercisable for one ADS. Each Pre-Funded Warrant will be immediately exercisable and
may be exercised at any time until exercised in full, subject to an ownership limit. This prospectus also relates to the offering of the
ADSs issuable upon exercise of any Pre-Funded Warrants sold in this offering. For each Pre-Funded Warrant we sell, the number of ADSs
we are offering will be decreased on a one-for-one basis. There is no established public trading market for the Pre-Funded Warrants or
Warrants, and we do not expect a market for the Pre-Funded Warrants or Warrants to develop. We do not intend to apply for a listing of
the Pre-Funded Warrants or Warrants on any national securities exchange. Without an active trading market, the liquidity of the Pre-Funded
Warrants and Warrants will be limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We refer to the ADSs, the Pre-Funded Warrants
and Warrants to be issued in this offering collectively as the &ldquo;Securities.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ADSs are listed on Nasdaq under the symbol &ldquo;PPBT.&rdquo; On July 9, 2025, the last reported sale price of the ADSs on Nasdaq
was $2.4721 per ADS. Our Ordinary Shares are listed on the Tel Aviv Stock Exchange (&ldquo;TASE&rdquo;) under the symbol &ldquo;PPBT.&rdquo;
On July 9, 2025, the last reported sale price of our Ordinary Shares on the TASE was NIS 4.1, or $1.23 per Ordinary Share (based on the
exchange rate reported by the Bank of Israel on such date, which was NIS 3.33 = $1.00).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The assumed combined public offering price used
throughout this prospectus has been included for illustration purposes only and may not be indicative of the final combined public offering
price. The actual combined public offering price per ADS (or Pre-Funded Warrant in lieu thereof) and accompanying Warrant will be determined
between us and investors, in consultation with the Placement Agent (as defined below), based on market conditions at the time of pricing,
and may be at a discount to the then current market price of the ADSs. The actual combined public offering price may be based upon a number
of factors, including our history and our prospects, the industry in which we operate, our past and present operating results, the previous
experience of our executive officers and the general condition of the securities markets at the time of this offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have engaged &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(the &ldquo;Placement Agent&rdquo;), to act as our exclusive placement agent in connection with this offering. The Placement Agent has
agreed to use its reasonable best efforts to arrange for the sale of the Securities offered by this prospectus. The Placement Agent is
not purchasing or selling any of the Securities we are offering and the Placement Agent is not required to arrange the purchase or sale
of any specific number of Securities or dollar amount. We have agreed to pay to the Placement Agent the Placement Agent fees set forth
in the table below, which assumes that we sell all of the Securities offered by this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no minimum number of Securities or amount
of proceeds required as a condition to closing in this offering. Because there is no minimum offering amount required as a condition to
closing this offering, we may sell fewer than all of the Securities offered hereby, which may significantly reduce the amount of proceeds
received by us, and investors in this offering will not receive a refund in the event that we do not sell an amount of Securities sufficient
to pursue our business goals described in this prospectus. This offering will terminate on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2025, unless we decide to terminate the offering (which we may at any time in our discretion) prior to that date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, because there is no escrow, trust
or similar arrangement and no minimum offering amount, investors could be in a position where they have invested in our company, but we
are unable to fulfill all of our contemplated objectives due to a lack of interest in this offering. Further, any proceeds from the sale
of Securities offered by us will be available for our immediate use, despite uncertainty about whether we would be able to use such funds
to effectively implement our business plan. We will bear all costs associated with the offering. See &ldquo;Plan of Distribution&rdquo;
on page 37 of this prospectus for more information regarding these arrangements.</P>

<P STYLE="font: 10pt Times 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 will have a single closing for all Securities
purchased in this offering and the combined public offering price per ADS (or Pre-Funded Warrant in lieu thereof) and accompanying Warrant
will be fixed for the duration of 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"><B>Investing in our securities involves a
high degree of risk. These risks are discussed in this prospectus under &ldquo;Risk Factors&rdquo; beginning on page 5 and the
&ldquo;Risk Factors&rdquo; in &ldquo;Item 3. Key Information &mdash; D. Risk Factors&rdquo; of our most recent Annual Report on Form
20-F, which is incorporated by reference in this prospectus, as well as in any other recently filed reports and, if any, in any
applicable prospectus supplement.</B></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>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><B>Per ADS and Accompanying<BR> Warrant</B> </TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">Per Pre-Funded<BR>
 Warrant and<BR>
 Accompanying Warrant</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><B>Total<SUP>(3)</SUP></B></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Combined public offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Placement agent fees<SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"> &nbsp; &nbsp; &nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds to us (before expenses)<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<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: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In addition, we have agreed to pay the Placement Agent a management
fee equal to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the gross proceeds of this offering, up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
non-accountable expenses, and reimburse the Placement Agent for its legal fees and other out-of-pocket expenses in an amount up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for closing costs. See &ldquo;Plan of Distribution&rdquo;
on page 37 of this prospectus for a description of the fees and expenses to be paid to the Placement Agent for services performed in connection
with the offering.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Because there is no minimum number of Securities or amount of proceeds
required as a condition to closing in this offering, the actual public offering amount, Placement Agent fees, and proceeds to us, if
any, are not presently determinable and may be substantially less than the total maximum offering amounts set forth above. We estimate
the total expenses of this offering payable by us, excluding the Placement Agent fees and expenses, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
See &ldquo;Plan of Distribution&rdquo; on page 37 of this prospectus for more information.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The amount of the proceeds to us presented in this table does not give effect to any exercise of the Warrants or the Pre-Funded Warrants.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delivery of the Securities to the purchasers is expected to be made
on or about&#8239; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, subject to satisfaction of customary closing conditions.</P>

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

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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_001">About This Prospectus</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">ii</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_002">Cautionary Statement Regarding Forward-Looking Statements</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">iii</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_003">Prospectus Summary</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_004">The Offering</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_005">Risk Factors</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_006">Use of Proceeds</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_007">Dividend Policy</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_008">Capitalization</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_009">Dilution</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_010">Description of Share Capital</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_011">Description of Securities We Are Offering</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">25</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 0pt; vertical-align: top; width: 90%"><FONT STYLE="font-size: 10pt"><A HREF="#a_012">Taxation</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 0pt; width: 9%">28</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_013">Plan of Distribution</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">37</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_014">Expenses</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_015">Legal Matters</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">41</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_016">Experts</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">41</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_017">Where You Can Find Additional Information</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">41</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_018">Incorporation of Documents by Reference</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">42</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_019">Enforceability of Civil Liabilities</A></FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">43</TD></TR>
  </TABLE>
<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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement
that we have filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). You should rely only on the information contained
in this prospectus or any related prospectus supplement, including the information incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus 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. You should read this prospectus in its entirety before making an
investment decision. You should also read and consider the information in the documents to which we have referred you in the section of
the prospectus entitled &ldquo;Where You Can Find Additional Information.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not authorized anyone to provide any information
or to make any representations other than those contained in this prospectus. We take no responsibility for and can provide no assurance
as to the reliability of any other information that others may give you. This prospectus is an offer to sell only the Securities offered
by this prospectus, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus
is current only as of its date. 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither we nor the Placement Agent have authorized
anyone to provide you with information other than that contained in this prospectus, or any free writing prospectus prepared by or on
our behalf or to which we have referred you. We and the Placement Agent take no responsibility for and can provide no assurance as to
the reliability of, any other information that others may give you. We and the Placement Agent are offering to sell, and seeking offers
to buy, securities only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate
only as of the date on the front cover page of this prospectus, or other earlier date stated in this prospectus, regardless of the time
of delivery of this prospectus or of any sale of our Securities. Our business, financial condition, results of operations and future prospects
may have changed since that date.</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">No action is being taken in any jurisdiction outside
the United States to permit a public offering of our securities or possession or distribution of this prospectus in that jurisdiction.
Persons who come into possession of this prospectus in jurisdictions outside the United States are required to inform themselves about
and to observe any restrictions as to this offering and the distribution of this prospectus applicable to that jurisdiction.</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">For investors outside the United States: We have
not done anything that would permit the sale of our securities in any jurisdiction where action for that purpose is required, other than
in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and
observe any restrictions relating to, the offering of the Securities and the distribution of this prospectus outside the United States.</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">Unless the context otherwise requires, all references
to &ldquo;Purple&rdquo;, &ldquo;Purple Biotech&rdquo;, &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;our
company&rdquo; and similar designations refer to Purple Biotech Ltd., together with (i) its former wholly-owned subsidiary, Kitov Pharmaceuticals,
(ii) its majority owned subsidiary, TyrNovo, (iii) its wholly owned subsidiary, FameWave, (iv) its wholly owned subsidiary, Immunorizon,
and (v) its wholly owned subsidiary Purple Biotech GmbH (in the process of dissolution), except where otherwise stated or where it is
clear that the terms mean only Purple Biotech Ltd. exclusive of any subsidiaries. The trademarks, trade names and service marks appearing
in this prospectus are property of their respective owners.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless specifically provided otherwise herein,
the information that follows in this prospectus, other than in the historical financial statements and related notes included elsewhere
in this prospectus, give retrospective effect to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Effective as January 4, 2019, we effected a consolidation of our share capital at a ratio of 1:20, such
that each twenty (20) Ordinary Shares were consolidated into one (1) Ordinary Share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Effective as of August 21, 2020, we effected a change in the ratio of Ordinary Shares to each ADS, such
that the ratio of ADSs to Ordinary Shares changed from one (1) ADS representing one (1) Ordinary Share to a new ratio of one (1) ADS representing
ten (10) Ordinary Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Effective as of September 17, 2024, we effected a change in the ratio of Ordinary Shares to each ADS,
such that the ratio of ADSs to Ordinary Shares changed from one (1) ADS representing ten (10) Ordinary Shares to a new ratio of one (1)
ADS representing two hundred (200) Ordinary Shares.</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: center"><B>PRESENTATION OF FINANCIAL AND OTHER INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We report under International Financial Reporting
Standards, as issued by the International Accounting Standards Board. None of the consolidated financial statements were prepared in accordance
with generally accepted accounting principles in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The term &ldquo;NIS&rdquo; refers to New Israeli
Shekels, the lawful currency of the State of Israel, and the terms &ldquo;dollar,&rdquo; &ldquo;US$&rdquo; or &ldquo;$&rdquo; refer to
U.S. dollars, the lawful currency of the United States. Our functional and presentation currency is the U.S. dollar. Foreign currency
transactions in currencies other than the U.S. dollar are translated in this prospectus into U.S. dollars using exchange rates in effect
at the date of the transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have made rounding adjustments to some of the
figures included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation
of the figures that preceded them.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus contains industry, market and
competitive position data that are based on industry publications and studies conducted by third parties as well as our own internal estimates
and research. These industry publications and third-party studies generally state that the information that they contain has been obtained
from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the information incorporated
by reference herein may include forward-looking statements. These statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by
terms, including &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;could,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo;
&ldquo;intends,&rdquo; &ldquo;may,&rdquo; &ldquo;plans,&rdquo; &ldquo;potential,&rdquo; &ldquo;predicts,&rdquo; &ldquo;projects,&rdquo;
&ldquo;should,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo; and similar expressions intended to identify forward-looking statements.
Forward-looking statements reflect our current views with respect to future events and are based on assumptions and are subject to risks
and uncertainties. In addition, certain sections of this prospectus and the information incorporated by reference herein contain information
obtained from independent industry and other sources that we have not independently verified. You should not put undue reliance on any
forward-looking statements. Unless we are required to do so under U.S. federal securities laws or other applicable laws, we do not intend
to update or revise any forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to predict our operating results
or the effects of various events on our operating results is inherently uncertain. Therefore, we caution you to consider carefully the
matters described under the caption &ldquo;Risk Factors&rdquo; on page 5 of this prospectus, under the similar headings of our most
recent Annual Report on Form 20-F incorporated by reference herein, and certain other matters discussed in this prospectus, and the information
incorporated by reference herein, and other publicly available sources. Such factors and many other factors beyond our control could
cause our actual results, performance or achievements to be materially different from any future results, performance or achievements
that may be expressed or implied by the forward-looking statements.</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">Factors that could cause our actual results to
differ materially from those expressed or implied in such forward-looking statements include, but are not limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the initiation, timing, progress and results of our research,
manufacturing, preclinical studies, clinical trials, and other therapeutic candidate development efforts, including the safety and efficacy
of our therapeutic candidates, as well as the extent and number of additional studies that we may be required to conduct;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">our ability to advance our therapeutic candidates into the
next stages of clinical trials, or to successfully complete our planned and ongoing preclinical studies or clinical trials;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">our receipt of regulatory clarity and approvals for our therapeutic
candidates and the timing of other regulatory filings and approvals;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">our ability to acquire or in-license additional therapeutic
candidates, integrate acquired therapeutic candidates successfully into our business and to realize the anticipated benefits of acquisitions;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">a delay or rejection of an Investigational New Drug (&ldquo;IND&rdquo;)
application, New Drug Application or Biologics License Application for one or more of our therapeutic candidates;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">our ability to maintain compliance with the NASDAQ listing
standards;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the regulatory environment and changes in the health policies and regimes in the countries in which we
operate including the impact of any change in regulation and legislation that could affect the pharmaceutical industry, and the difficulty
of predicting actions of the U.S. Food and Drug Administration (&ldquo;FDA&rdquo;) or any other applicable regulator of pharmaceutical
products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the research, manufacturing, preclinical and clinical development,
commercialization, and market acceptance of our therapeutic candidates;</TD>
</TR></TABLE>

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to commercialize, out-license or partner our drug candidates and/or our pharmaceutical products;</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">our ability to establish collaborations for our therapeutic
candidates;</TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the interpretation of the properties and characteristics
of our therapeutic candidates and of the results obtained with our therapeutic candidates in preclinical studies or clinical trials;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the implementation of our business model, strategic plans
for our business and therapeutic candidates;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the scope of protection we are able to establish and maintain
for intellectual property rights covering our therapeutic candidates and our ability to operate our business without infringing the intellectual
property rights of others;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">estimates of our expenses, revenues, capital requirements
and our need for and ability to access sufficient additional financing;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the impact of competitive companies and technologies on our
industry; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the impact of the political, economic, security and public
health situation in Israel, the United States and other countries in which we may operate or obtain approvals for our products or our
business, including the impact of the current conditions in Israel on our business, which may exacerbate the magnitude of the factors
discussed 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; text-align: justify">We have included important factors in the cautionary
statements included in this prospectus and the documents we incorporate by reference herein, particularly in the &ldquo;Risk Factors&rdquo;
sections of these documents, that we believe could cause actual results or events to differ materially from the forward-looking statements
that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint
ventures or investments we may make. No forward-looking statement is a guarantee of future performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should read this prospectus and the documents
that we incorporate by reference herein completely and with the understanding that our actual future results may be materially different
from what we expect. The forward-looking statements in this prospectus and the documents we incorporate by reference herein represent
our views as of the date of this prospectus. We anticipate that subsequent events and developments will cause our views to change. However,
while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except
to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views
as of any date subsequent to the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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="a_003"></A>PROSPECTUS SUMMARY</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"><I>This summary highlights selected information
about us, this offering and information contained in greater detail elsewhere in this prospectus, and in the documents incorporated by
reference herein. This summary is not complete and does not contain all of the information that you should consider before investing in
the Securities. You should carefully read and consider this entire prospectus and information incorporated by reference into this prospectus,
including the financial statements and related notes and &ldquo;Risk Factors&rdquo; starting on page 5 of this prospectus, before
making an investment decision. If you invest in our Securities, you are assuming a high degree of risk.</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"><B>The Company</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a clinical-stage company developing first-in-class
therapies that seek to overcome tumor immune evasion and drug resistance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our oncology pipeline includes CM24, NT219 and
CAPTN-3. In developing these programs, we aim to address both the tumor and the tumor microenvironment (TME) to potentially improve patient
outcomes.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B>CM24</B>: Our lead oncology drug, CM24, is a humanized
monoclonal antibody designed to block the interactions of Carcinoembryonic Antigen Related Cell Adhesion Molecule 1 (CEACAM1), a glycoprotein
that plays a key role in immune regulation, cell adhesion, and tumor progression. CEACAM1 promotes tumor immune evasion and progression
through multiple pathways. We have concluded a randomized, controlled, open-label, multicenter, proof of concept Phase 2 study for CM24
as a combination therapy with an anti-PD-1 checkpoint inhibitor and chemotherapy for the treatment of second-line pancreatic ductal adenocarcinoma
(PDAC). The final data for the study demonstrated consistent improvement across all efficacy endpoints and also identified potentially
predictive biomarkers, including pretreatment levels of CEACAM1 and neutrophil extracellular traps (NETs) levels in the serum and pretreatment
levels of CEACAM1 in the tumor. We are planning a Phase 2b study targeting patients based on the potential biomarkers. We plan to initiate
this study in the second half of 2025.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B>NT219</B>: A dual inhibitor, small molecule that simultaneously
targets Insulin Receptor Substrate 1 and 2 (IRS1/2) and Signal Transducer and Activator of Transcription (STAT3), two major survival
signal transduction pathways driving the development of cancer drug resistance. We concluded a Phase 1 dose escalation study evaluating
NT219 as a monotherapy and in combination with cetuximab. NT219 demonstrated anti-tumor activity as a second-line treatment of patients
with recurrent and/or metastatic squamous cell carcinoma of the head and neck. We entered into a research agreement with the University
of Colorado for an investigator-initiated Phase 2 study evaluating NT219 in patients with recurrent and/or metastatic squamous cell carcinoma
of the head and neck in combination with cetuximab or pembrolizumab, which was initiated in June 2025.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5pt">&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: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CAPTN-3</B>: A platform technology of conditionally activated tri-specific antibodies that engages both T cells and NK cells and a specific tumor-associated antigen (TAA) to induce a strong, localized immune response within the TME. A cleavable capping technology confines the compound&rsquo;s therapeutic activity to the local TME, thereby potentially increasing the anticipated therapeutic window in patients. This technology presents a novel mechanism of action by unleashing both innate and adaptive immune responses at the TME to induce an optimal anti-tumor immune response. IM1240 is the platform&rsquo;s lead tri-specific in preclinical development that targets the 5T4 antigen, which is expressed in a variety of solid tumors and is associated with advanced disease, increased invasiveness and poor clinical outcomes. Preclinical studies have shown sustained tumor regression in a triple-negative breast cancer in-vivo model and pronounced anti-tumor effects in non-small cell lung cancer patient-derived explants (PDEs). In-vivo and in-vitro data demonstrated the platform's plug-and-play capability and a potentially beneficial safety profile. During 2024, we held a pre-IND meeting with the FDA that provided a clear path forward for our development plan through Phase 1 and we expect to submit an IND application to the FDA for IM1240 during 2026 and plan to initiate a first-in-human study thereafter.</FONT></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were incorporated under the laws of the State
of Israel (under a previous name) on August 12, 1968. Our Ordinary Shares were originally listed for trading on the TASE in 1978 and the
ADSs have been traded on Nasdaq since November 2015. Our Ordinary Shares are currently traded on the TASE under the symbol &ldquo;PPBT&rdquo;,
and the ADSs are currently traded on Nasdaq under the symbol &ldquo;PPBT&rdquo;. The Company is headquartered at 4 Oppenheimer Street,
Science Park, Rehovot 7670104, Israel and our telephone number is +972-3-933-3121. Our website address is www.purple-biotech.com. Information
contained on, or that can be accessed through, our website does not constitute a part of this prospectus and is not incorporated by reference
herein. We have included our website address in this prospectus solely for informational purposes. The SEC maintains an Internet site
that contains reports, proxy and information statements, and other information regarding issuers, such as us, that file electronically
with the SEC at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
</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="a_004"></A>THE OFFERING</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">ADSs offered by us</FONT></TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-size: 10pt">Up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADSs, representing &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares, on a best-efforts basis at an assumed combined public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per ADS and accompanying Warrant (which is the last reported sale price of the ADSs on Nasdaq on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">The ADSs</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each ADS represents 200 of our Ordinary Shares.
    The ADSs will be delivered by The Bank of New York Mellon, as depositary (the &ldquo;Depositary&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a holder of ADSs, we will not treat you as
    one of our shareholders.&nbsp;The Depositary, as depositary, or its nominee, will be the holder of the Ordinary Shares underlying the
    ADSs and you will have rights as provided in the Deposit Agreement, dated as November 20, 2015, among us, the Depositary and all owners
    and holders from time to time of ADSs issued thereunder (the &ldquo;Deposit Agreement&rdquo;), a form of which has been filed as Exhibit
    1 to the Registration Statement on Form F-6 filed by the Depositary with the SEC on November 6, 2015.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms of the Deposit Agreement
    and in compliance with the relevant requirements set out in the prospectus, you may turn in the ADSs to the Depositary for cancellation
    and withdrawal of the Ordinary Shares underlying the ADSs. The Depositary will charge you fees for such cancellations pursuant to the
    Deposit Agreement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should carefully read the Deposit Agreement
    to better understand the terms of the ADSs.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Pre-Funded Warrants offered by us</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are also offering to those purchasers, if any,
    whose purchase of ADSs in this offering would 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 Ordinary Shares, including Ordinary Shares represented
    by ADSs, immediately following consummation of this offering, the opportunity to purchase, if they so choose, Pre-Funded Warrants to purchase
    up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs in lieu of ADSs that would otherwise result in beneficial ownership in excess of
    4.99% (or 9.99%, as applicable) of our outstanding Ordinary Shares, including Ordinary Shares represented by ADSs.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purchase price of each Pre-Funded Warrant
    and accompanying Warrant will equal the price per ADS and accompanying Warrant being sold to the public in this offering, minus $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</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">Each Pre-Funded Warrant will be exercisable for
    one ADS. The exercise price of each Pre-Funded Warrant will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS.
    Each Pre-Funded Warrant will be immediately exercisable and may be exercised at any time until exercised in full, subject to an ownership
    limit. There is no expiration date for the Pre-Funded Warrants. We do not intend to apply for a listing for the Pre-Funded Warrants on
    any securities exchange or 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; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus also relates to the offering of
    the ADSs issuable upon exercise of the Pre-Funded Warrants. For each Pre-Funded Warrant we sell, the number of ADSs we are offering will
    be decreased on a one-for-one basis.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Series B Warrants offered by us</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each ADS and each Pre-Funded Warrant to purchase
    one ADS is being sold together with a Warrant to purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADS. Each Warrant will
    have an exercise price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (subject to adjustment as set forth therein), will be immediately
    exercisable and will expire &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) years from the date
    of issuance.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus also relates to the offering of
    the ADSs issuable upon exercise of the Warrants. Because we will issue a Warrant for each ADS and for each Pre-Funded Warrant sold in
    this offering, the number of Warrants sold in this offering will not change as a result of a change in the mix of the ADSs and Pre-Funded
    Warrants sold.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Ordinary Shares outstanding after this offering, including Ordinary Shares represented by ADSs (1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares, assuming that the maximum number of ADSs offered by this prospectus is sold in this offering.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>
</div>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">Use of proceeds</FONT></TD>
    <TD STYLE="width: 70%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assuming the maximum number of ADSs are sold in
    this offering at an assumed combined public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS and accompanying Warrant, which represents the closing price of
    the ADSs on Nasdaq on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, we estimate the net proceeds of the offering will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million,
    after deducting the Placement Agent fees and estimated offering expenses payable by us (assuming no Pre-Funded Warrants are issued and
    no exercise of the Warrants). However, this is a best efforts offering with no minimum number of Securities or amount of proceeds as a
    condition to closing, and we may not sell all or any of these Securities offered pursuant to this prospectus; as a result, we may receive
    significantly less in net proceeds.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently intend to use the proceeds from this
    offering to fund the development of our oncology therapeutic candidates, and for general working capital and corporate purposes. See the
    section of this prospectus titled &ldquo;Use of Proceeds.&rdquo;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Risk factors</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Investing in our Securities involves a high degree of risk.&nbsp;See &ldquo;Risk Factors&rdquo; beginning on page 5 and the other information included and incorporated by reference in this prospectus for a discussion of factors you should carefully consider before deciding to invest in the Securities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Lock-Up</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our directors and executive officers have agreed with the Placement Agent not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, any of our securities for a period of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;months following the closing of this offering, subject to certain exceptions. See &ldquo;Plan of Distribution&rdquo; for more information.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Listing </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs are listed on Nasdaq under the symbol &ldquo;PPBT&rdquo; and our Ordinary Shares are listed on the TASE under the symbol &ldquo;PPBT.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dividend policy</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We have never declared or paid any cash dividends on our Ordinary Shares. We do not anticipate paying any cash dividends in the foreseeable future.</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">(1) The number of our Ordinary Shares (including
shares represented by ADSs) to be outstanding after this offering are based on 530,136,959 Ordinary Shares outstanding as of March 31,
2025 (not including one Ordinary Share held in treasury; such number of Ordinary Shares would be represented by 2,650,685 ADSs) and excludes
as of March 31, 2025:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">24,645,156 Ordinary Shares, represented by 123,226 ADSs, issuable upon exercise of options and settlement of restricted share units (&ldquo;RSUs&rdquo;) granted under our 2016 Equity Incentive Plan, at a weighted average exercise price of approximately $1.31 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,400,000 Ordinary Shares, represented by 7,000 ADSs, issuable upon exercise of placement agent warrants issued in connection with the April 2020 warrant exercise transaction, with an exercise price of $81.25 per ADS (the &ldquo;April 2020 PA Warrants&rdquo;); </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">7,933,330 Ordinary Shares,
represented by 39,667 ADSs, issuable upon exercise of warrants issued to an investor in the private placement concurrent with our May
2020 registered direct offering (the &ldquo;May 2020 Offering&rdquo;), with an exercise price of $80 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,750,000 Ordinary Shares,
represented by 8,750 ADSs, issuable upon exercise of placement agent warrants issued to designees of the placement agent as compensation
in connection with the May 2020 Offering, with an exercise price of $100 per ADS (the &ldquo;May 2020 PA Warrants&rdquo;);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
</div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">5,555,600 Ordinary Shares,
represented by 27,778 ADSs, issuable upon exercise of warrants issued to investors in the June 2020 registered direct offering (the &ldquo;June
2020 Offering&rdquo;), with an exercise price of $180 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,944,430 Ordinary Shares, represented by 9,722 ADSs, issuable upon exercise of placement agent warrants issued to designees of the placement agent as compensation in connection with the June 2020 Offering, with an exercise price of $225 per ADS (the &ldquo;June 2020 PA Warrants&rdquo;); </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">3,043,480 Ordinary Shares, represented by 15,217 ADSs, issuable upon exercise of placement agent warrants issued to designees of the placement agent as compensation in connection with the October 2023 registered direct offering, with an exercise price of $28.75 per ADS (the &ldquo;October 2023 PA Warrants&rdquo;); </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">49,793,830 Ordinary Shares,
represented by 248,969 ADSs, issuable upon exercise of the Series A-1 Warrants issued to a holder in connection with the July 2024 warrant
exercise transaction (the &ldquo;July 2024 Series A-1 Warrants&rdquo;), with an exercise price of $8 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">62,876,350 Ordinary Shares,
represented by 314,382 ADSs, issuable upon exercise of the Series A-2 Warrants issued to the Holders in connection with the July 2024
warrant exercise transaction (the &ldquo;July 2024 Series A-2 Warrants&rdquo;), with an exercise price of $8 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">3,943,460 Ordinary Shares,
represented by 19,717 ADSs, issuable upon the exercise of the placement agent warrants issued to designees of the placement agent as
compensation in connection with the July 2024 warrant exercise transaction (the &ldquo;July 2024 PA Warrants&rdquo;), with an exercise
price of $9 per ADS; and</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">6,617,400 Ordinary Shares,
represented by 33,087 ADSs, issuable upon the exercise of the placement agent warrants issued to designees of the placement agent as
compensation in connection with the December 2024 registered direct offering (the &ldquo;December 2024 PA Warrants&rdquo;), with an exercise
price of $7.50 per ADS.</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 contained
in this prospectus assumes or gives effect to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">no exercise of the options or warrants and no settlement of the RSUs described above;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">no sale of any Pre-Funded Warrants in this offering, which, if sold, would reduce the number of ADSs that we are offering on a one-for-one basis; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">no exercise of any Warrants issued in this offering.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
</div>
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<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; text-align: center"><B><A NAME="a_005"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing in our Securities involves a high
degree of risk. In addition to the other information contained in this prospectus and in the documents incorporated by reference herein,
you should carefully consider the risks discussed below and under the heading &ldquo;Risk Factors&rdquo; in the Company&rsquo;s Annual
Report on Form 20-F for the year ended December 31, 2024 (the &ldquo;2024 Annual Report&rdquo;), before making a decision about investing
in the Securities . The risks and uncertainties discussed below and in our 2024 Annual Report are not the only ones facing us. Additional
risks and uncertainties not presently known to us, or that we currently see as immaterial, may also harm our business. If any of these
risks occur, our business, financial condition and operating results could be harmed, the trading price of the ADSs could decline, and
you could lose part or all of your investment.</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"><I>Please also read carefully the section above
entitled &ldquo;Cautionary Statement Regarding Forward-Looking Statements.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the Current Condition in Israel</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We conduct our operations in Israel and therefore, political,
economic and military instability in Israel and its region may adversely affect our business, results of operations, and financial condition.
</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because we are incorporated under the laws of
the state of Israel and our operations are conducted in Israel, our business and operations are directly affected by economic, political,
geopolitical and military conditions in Israel. Since the establishment of the State of Israel in 1948, a number of armed conflicts have
occurred between Israel and its neighboring countries and terrorist organizations active in the region, including Hamas (an Islamist militia
and political group in the Gaza Strip) and Hezbollah (an Islamist militia and political group in Lebanon), which have involved missile
strikes, hostile infiltrations, terrorism against civilian targets in various parts of Israel, and recently abduction of soldiers and
citizens.</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">On October 7, 2023, Hamas terrorists infiltrated
Israel&rsquo;s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched
extensive rocket attacks on Israeli population and industrial centers. In response, Israel&rsquo;s security cabinet declared war against
Hamas and a military campaign against these terrorist organizations commenced in parallel to their continued rocket and terror attacks.
Subsequent to the commencement of the Hamas-Israel war, Hezbollah in Lebanon launched missile, rocket and shooting attacks against Israeli
military sites, troops and Israeli towns in northern Israel; and the Houthis, a military organization based in Yemen, launched a series
of attacks on global shipping routes in the Red Sea, as well as direct attacks on various parts of Israel. In response to these attacks,
the Israeli army carried out a number of targeted strikes on sites belonging to Hezbollah and conducted ground operations in southern
Lebanon. In addition, in April and October 2024, Iran launched direct attacks on Israel, involving hundreds of drones and ballistic missiles
launched directly towards highly populated civilian areas and military bases. In November 2024, a ceasefire agreement was reached between
Hezbollah in Lebanon and Israel; however, Hezbollah breached the ceasefire agreement in March 2025. In January 2025, a temporary ceasefire
agreement was reached between Hamas in Gaza and Israel, which remained in effect until mid-March 2025, when Israel resumed military operation
is Gaza. In June 2025, Israel initiated military strikes against Iranian military infrastructure and strategic sites. Iran subsequently
responded with missile and unmanned aerial vehicle attacks targeting Israeli civilian and military targets. Active hostilities between
Israel and Iran continued for twelve days before a ceasefire agreement was reached. We cannot predict if and to what extent any ceasefire
agreements will be reached or upheld. Any hostilities involving Israel, or the interruption or curtailment of trade within Israel or between
Israel and its trading partners could adversely affect our operations and results of operations and could make it more difficult for us
to raise capital.</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">Since the war broke out in October 2023, our operations
have not been adversely affected in a material manner, and we have not experienced material disruptions to our business operations. We
currently do not have active clinical studies in Israel and CM24 and NT219 are both manufactured by service providers outside of Israel.
Most of our research and development work is being conducted by third-party entities outside of Israel. However, a prolonged and/or heightened
conflict could have an adverse effect on our business, financial condition and results of operation.</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">Our commercial insurance does not cover losses
that may occur as a result of events associated with the security situation in the Middle East. Although the Israeli government currently
covers the reinstatement value of direct damages that are caused by terrorist attacks or acts of war, we cannot assure you that this government
coverage will be maintained or, if maintained, will be sufficient to compensate us fully for damages incurred. Any losses or damages incurred
by us could have a material adverse effect on our business.</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"></P>

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<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">The global perception of Israel and Israeli companies,
influenced by actions by international judicial bodies, may lead to increased sanctions and other negative measures against Israel and
Israeli companies. In addition, the political and security situation in Israel could also result in parties with whom we have agreements
involving performance in Israel claiming that they are not obligated to perform their commitments under those agreements pursuant to force
majeure provisions in such agreements. There is also a growing movement among countries, activists, and organizations to boycott Israeli
goods and services or restrict business with Israel and Israeli companies. These restrictive laws and policies, along with any future
rulings from international tribunals against Israel, may have an adverse impact on our operating results, financial condition or our business.</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">In connection with the Israeli security cabinet&rsquo;s
declaration of war against Hamas and possible hostilities with other organizations, several hundred thousand Israeli military reservists
were drafted to perform immediate military service. As of March 31, 2025, none of our current employees in Israel are currently on active
military duty. However, military service call ups that result in absences of personnel for extended periods may materially and adversely
affect our business, prospects, financial condition and results of operations.</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">Finally, political conditions within Israel may
affect our operations. Israel held five general elections between 2019 and 2022, and prior to October 2023, the Israeli government pursued
extensive changes to Israel&rsquo;s judicial system, and has recently renewed its efforts to effect such changes. In response to the foregoing
developments, certain individuals, organizations, and institutions, both within and outside of Israel, voiced concerns that such proposed
changes, if adopted, may negatively impact the business environment in Israel. Such proposed changes may also lead to political instability
or civil unrest. Actual or perceived political instability in Israel or any negative changes in the political environment, may individually
or in the aggregate adversely affect the Israeli economy and, in turn, our business, financial condition, results of operations and the
market price of our shares, as well as on our ability to raise additional capital.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our management will have immediate and broad
discretion over the use of the net proceeds from this offering and any exercise of the Warrants and may not use them effectively.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently intend to use the net proceeds of
this offering and any exercise of any Warrant to fund the development of our oncology therapeutic candidates and for general working capital
and corporate purposes. See &ldquo;Use of Proceeds.&rdquo; However, our management will have broad discretion in the application of the
net proceeds. Our shareholders may not agree with the manner in which our management chooses to allocate the net proceeds from this offering.
The failure by our management to apply these funds effectively could have a material adverse effect on our business, financial condition
and results of operation. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income.
The decisions made by our management may not result in positive returns on your investment and you will not have an opportunity to evaluate
the economic, financial or other information upon which our management bases its decisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Because the offering is being conducted
on a &ldquo;best efforts&rdquo; basis, we may not raise the maximum proceeds set forth in this prospectus, and even if we do, we will
need additional capital in the future. If additional capital is not available, we may not be able to continue to operate our business
pursuant to our business plan or we may have to discontinue our operations entirely.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Placement Agent is offering the Securities
in this offering on a best efforts basis. The Placement Agent is not required to purchase any Securities, but will use its best efforts
to sell the Securities offered. As a &ldquo;best efforts&rdquo; offering, there can be no assurance that the offering contemplated hereby
will ultimately be consummated or will result in any proceeds being made available to us or if consummated, the amount of proceeds to
be received. The success of this offering will impact our ability to use the proceeds to execute our business plan. An adverse effect
on the business may result from raising less than anticipated, and from the fact that there is no minimum raise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have incurred losses in each year since our
inception. If we continue to use cash at our historical rates of use, we will need significant additional financing, which we may seek
to raise through, among other things, public and private equity offerings and debt financing. Any equity financings will likely be dilutive
to existing stockholders, and any debt financings will likely involve covenants restricting our business activities. Additional financing
may not be available on acceptable terms, or at all.</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></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Because there is no minimum required for
the offering to close, investors in this offering will not receive a refund in the event that we do not sell an amount of Securities sufficient
to pursue the business goals outlined in this prospectus.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not specified a minimum offering amount
nor have or will we establish an escrow account in connection with this offering. Because there is no escrow account and no minimum offering
amount, investors could be in a position where they have invested in our business, but we are unable to fulfill our objectives due to
a lack of interest in this offering. Further, because there is no escrow account in operation and no minimum investment amount, any proceeds
from the sale of Securities offered by us will be available for our immediate use, despite uncertainty about whether we would be able
to use such funds to effectively implement our business plan. Investor funds will not be returned under any circumstances whether during
or after the 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"><B><I>You may experience immediate and substantial
dilution in the net tangible book value of the ADSs you purchase in this offering.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The assumed offering price of the ADSs offered
pursuant to this prospectus is substantially higher than the net tangible book value per ADS. Therefore, if you purchase ADSs in this
offering, you will incur immediate and substantial dilution in the pro forma net tangible book value per ADS from the price per ADSs in
offering. Based on the assumed combined public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS and accompanying Warrant, you will experience immediate dilution
of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS, representing the difference between our as adjusted net tangible book value per ADS after this offering and the assumed
combined public offering price per ADS and accompanying Warrant. If the holders of outstanding options or warrants exercise those options
or warrants at prices below the assumed combined public offering price, you will incur further dilution. See the section entitled &ldquo;Dilution&rdquo;
below for a more detailed discussion of the dilution you will incur if you purchase ADSs 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"><B><I>There is no public market for the Warrants
or Pre-Funded Warrants being offered by us in this offering.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no established public trading market
for the Warrants or Pre-Funded Warrants being offered in this offering, and we do not expect a market to develop. In addition, we do not
intend to apply to list the Warrants or Pre-Funded Warrants on any national securities exchange or other nationally recognized trading
system. Without an active market, the liquidity of the Warrants or Pre-Funded Warrants will be limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Warrants and Pre-Funded Warrants are
speculative in nature.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrants and Pre-Funded Warrants offered hereby
do not confer any rights of ADS ownership on their holders, such as voting rights, but rather merely represent the right to acquire ADSs
represented by Ordinary Shares at a fixed price. Specifically, holders of the Pre-Funded Warrants may acquire the ADSs issuable upon exercise
of such warrants at an exercise price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS, and holders of the Warrants may acquire
the ADSs issuable upon exercise of such warrants at an exercise price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS. Moreover,
following this offering, the market value of the Warrants and Pre-Funded Warrants is uncertain and there can be no assurance that the
market value of the Warrants and Pre-Funded Warrants will equal or exceed their public offering prices. There can be no assurance that
the market price of the ADSs will ever equal or exceed the exercise price of the Warrants and Pre-Funded Warrants, and consequently, whether
it will ever be profitable to exercise the Warrants and Pre-Funded Warrants. In the event the market price per ADS does not exceed the
exercise price of the Warrants during the period when the Warrants are exercisable, the Warrants may not have any value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Holders of the Warrants and Pre-Funded Warrants
will have no rights as ADS holders with respect to the ADSs underlying the Warrants or Pre-Funded Warrants until such holders exercise
their Warrants or Pre-Funded Warrants and acquire ADSs, except as otherwise provided in the Warrants or Pre-Funded Warrants.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until holders of the Warrants and Pre-Funded Warrants
acquire ADSs upon exercise thereof, such holders will have no rights with respect to the ADSs underlying such Warrants or Pre-Funded Warrants,
except as otherwise provided in the Warrants or Pre-Funded Warrants. Upon exercise of the Warrants or Pre-Funded Warrants, the holders
will be entitled to exercise the rights of an ADS holder 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; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Purchasers who purchase Securities in this
offering pursuant to a securities purchase agreement may have rights not available to purchasers that purchase without the benefit of
a securities purchase agreement.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to rights and remedies available to
all purchasers in this offering under federal securities and state law, the purchasers that enter into a securities purchase agreement
will also be able to bring claims of breach of contract against us. The ability to pursue a claim for breach of contract provides those
investors with the means to enforce the covenants uniquely available to them under the securities purchase agreement including, but not
limited to: (i)&nbsp;timely delivery of Securities; (ii)&nbsp;agreement to not enter into variable rate financings for one year from closing,
subject to certain conditions and exceptions; (iii)&nbsp;agreement to not enter into any financings for &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;days from closing, subject to
certain conditions and exceptions; and (iv)&nbsp;indemnification for breach of contract.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>ADSs representing a substantial percentage
of our outstanding Ordinary Shares may be sold in this offering, which could cause the price of the ADSs and/or Ordinary Shares to decline</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">We may sell in this offering up to &nbsp;&nbsp;&nbsp;
ADSs (or Pre-Funded Warrants to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs in lieu thereof), representing &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ordinary Shares, or approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our outstanding Ordinary Shares, prior to this offering,
as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, together with accompanying Warrants to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ADSs, representing &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary Shares, or approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of our outstanding Ordinary Shares, prior to this offering, as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025.
In addition, as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,2025, we had outstanding warrants to purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ordinary Shares (represented by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs), outstanding options to purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ordinary Shares (represented by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs) and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
outstanding RSUs (represented by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs). This sale and any future sales of a substantial
number of ADSs or Ordinary Shares in the public market, or the perception that such sales may occur, including sales of the ADSs issuable
upon exercise of warrants and options and sales of the ADSs issuable upon vesting of RSUs, and or other equity-based securities, could
materially adversely affect the price of the ADSs or Ordinary Shares. We cannot predict the effect, if any, that market sales of those
ADSs or Ordinary Shares or the availability of those ADSs or Ordinary Shares for sale will have on the market price of the ADSs or Ordinary
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><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">To raise additional capital, we may in the future
offer additional ADSs, Ordinary Shares or other securities convertible into or exchangeable for the ADSs or Ordinary Shares at prices
that may not be the same as the price per ADS in this offering. We may sell ADSs, Ordinary Shares or other securities in any other offering
at a price per ADS or per Ordinary Share, as appliable, that is less than the price per ADS paid by the investors in this offering, and
investors purchasing ADSs, Ordinary Shares or other securities in the future could have rights superior to the rights of ADS holders.
The price per ADS or per Ordinary Share at which we sell additional ADSs, Ordinary Shares, as applicable, or securities convertible or
exchangeable into ADSs or Ordinary Shares, in future transactions, may be higher or lower than the price per ADS paid by the investors
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"><B><I>U.S. holders of ADSs may suffer adverse
tax consequences if we were characterized as a passive foreign investment company.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the current composition of our gross
income and assets and on reasonable assumptions and projections, we believe we will likely be treated as a PFIC for U.S. federal income
tax purposes for 2024. If we are characterized as a PFIC, U.S. holders of the ADSs may suffer adverse tax consequences such as (i) having
gains realized on the sale of the ADSs treated as ordinary income rather than capital gain, (ii) not qualifying for the preferential rate
otherwise applicable to dividends received in respect of the ADSs by individuals who are U.S. holders, and (iii) having interest charges
apply to certain distributions by us and upon certain sales of the ADSs.&nbsp;</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; background-color: white"><B><I>We currently do
not anticipate paying cash dividends, and accordingly, shareholders must rely on the appreciation in our Ordinary Shares and ADSs for
any return on their investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We currently anticipate
that we will retain future earnings, if any, for the development, operation and expansion of our business and do not anticipate declaring
or paying any cash dividends for the foreseeable future. The ability of an Israeli company to pay dividends is governed by Israeli law,
which provides that unless otherwise approved by a court, distributions, including cash dividends, may be made only out of retained earnings
as determined for statutory purposes, and only if there is no reasonable concern that the dividend distribution will prevent us from meeting
our existing and foreseeable obligations, as they become due. Subject to the foregoing, payment of future dividends, if any, will be at
the discretion of our Board of Directors and will depend on various factors, such as our financial condition, operating results, current
and anticipated cash needs and other business and economic factors that our Board of Directors may deem relevant. Since we do not have
earnings, we currently do not have any ability to pay dividends or repurchase our shares, absent court approval. Therefore, the success
of an investment in our Ordinary Shares and ADSs will depend upon any future appreciation in their value. There is no guarantee that our
Ordinary Shares and ADSs will appreciate in value or even maintain the price at which our holders have purchased their shares and ADSs.<BR STYLE="clear: both">
</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"><B><A NAME="a_006"></A>USE OF PROCEEDS</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 estimate that our net proceeds from this offering
will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, assuming the sale of the maximum number of Securities in this offering at an assumed combined public
offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS and accompanying Warrant (which is the last reported sale price of the ADSs on Nasdaq on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025), after deducting
the Placement Agent fees and estimated offering expenses payable by us, assuming no sale of any Pre-Funded Warrants and no exercise of
the Warrants.</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">However, this is a best efforts offering with
no minimum, and we may not sell all or any of the Securities we are offering. As a result, we may receive significantly less in net proceeds.
Based on the assumed combined public offering price set forth above, we estimate that our net proceeds from the sale of 75%, 50%, and
25% of the Securities offered in this offering would be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million, and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, respectively, after deducting the Placement Agent fees and estimated offering expenses
payable by us , assuming no sale of any Pre-Funded Warrants and no exercise of the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These estimates exclude the proceeds, if any,
from the exercise of Warrants offered hereby. If all of the Warrants offered hereby were to be exercised in cash at the assumed exercise
price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS, we would receive additional proceeds of approximately $ million. We cannot predict when or if these Warrants will
be exercised. It is possible that these Warrants may expire and may never be exercised. Additionally, these Warrants contain a cashless
exercise provision that permit exercise of such Warrants on a cashless basis at any time when there is no effective registration statement
under the Securities Act covering the issuance of the Ordinary Shares underlying ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently intend to use the net proceeds of
this offering to fund the development of our oncology therapeutic candidates and for general working capital and corporate purposes.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our expected use of net proceeds from the offering
represents our current intentions based upon our present plans and business conditions. Investors are cautioned, however, that expenditures
may vary substantially from these uses. Investors will be relying on the judgment of our management, who will have broad discretion regarding
the application of the proceeds of this offering. The amounts and timing of our actual expenditures will depend upon numerous factors,
including the progress of the development programs for our oncology therapeutic candidates and the amount of cash used in our operations.
We may find it necessary or advisable to use portions of the proceeds from this offering for other purposes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>DIVIDEND POLICY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have never declared or paid cash dividends
to our shareholders and do not anticipate paying any cash dividends for the foreseeable future. We anticipate that, for the foreseeable
future, we will retain any future earnings to finance operations and the development of our business. The distribution of dividends may
also be limited by the Companies Law, 1999 (the &ldquo;Companies Law&rdquo;) which permits the distribution of dividends, including share
repurchases, only out of retained earnings or earnings derived over the two most recent fiscal years prior to the distribution, whichever
is higher, according to the then last reviewed or audited financial statements (less the amount of previously distributed dividends, if
not already reduced from the earnings), provided that the end of the period to which the financial statements relate is not more than
six months prior to the date of the distribution (referred to as the &ldquo;profit test&rdquo;). If we do not meet the profit test, then
we may distribute dividends only with court approval. In each case, we are only permitted to distribute a dividend if our Board of Directors
and, if applicable, the court, determines that that there is no reasonable concern that payment of a dividend will prevent a company from
satisfying its existing and foreseeable obligations as they become due (referred to as the &ldquo;solvency test&rdquo;). Pursuant to regulations
promulgated under the Companies Law, as an Israeli company dual listed on the TASE and the Nasdaq, our Board of Directors may resolve
to distribute a dividend by way of a share repurchase program if it does not meet the profit test without seeking the approval of the
court, subject to the following: (i) the company meets the solvency test; and (ii) the company provided a notice to certain creditors
regarding its intention to distribute a dividend by way of a share repurchase program without meeting the profit test and no such creditor
submits an objection within 30 days of the notice (otherwise, court approval would be required for such distribution in accordance with
the requirements of the Companies Law).</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">Under our amended and restated articles of association,
our Board of Directors has sole discretion whether to pay dividends, subject to the provision of the Companies Law. Payment of dividends
may be subject to Israeli withholding taxes. For additional information, see &ldquo;Taxation &ndash; Israeli Tax Considerations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_008"></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">The following table sets forth our total capitalization as of March
31, 2025:</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: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">on an actual basis; </FONT></TD></TR>
  </TABLE>
<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: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on a pro forma basis, after giving effect to the sale of 185,735 ADSs at an average offering price of $2.29 per ADS between April 1, 2025, and July 9, 2025, pursuant to the Open Market Sale Agreement<SUP>SM </SUP>we entered into with Jefferies LLC (the &ldquo;Pro Forma Adjustment&rdquo;); and</FONT></TD></TR>
  </TABLE>
<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: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on a pro forma as adjusted basis, after giving further effect to the sale by us in this offering of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs &nbsp;and accompanying Warrants at the assumed combined public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS and accompanying Warrant, which was the last reported sales price of the ADSs on Nasdaq on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, after deducting estimated placement agent fees and expenses and estimated offering expenses payable by us, assuming no sale of any Pre-Funded Warrants and no exercise of the Warrants.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information in the following table should be read in conjunction
with and is qualified in its entirety by reference to the audited and unaudited consolidated financial statements and notes thereto incorporated
by reference in this prospectus, and the information set forth under &ldquo;Item 5. Operating and Financial Review and Prospects&rdquo;
of our 2024 Annual Report, incorporated by reference into this prospectus, as well as &ldquo;Use of Proceeds&rdquo; in this prospectus.</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">The pro forma as adjusted information below is illustrative only and
our capitalization following the completion of this offering is subject to adjustment based on the actual public offering price of our
Securities and other terms of this offering determined at pricing. You should read this capitalization table in conjunction with &ldquo;Use
of Proceeds,&rdquo; and our financial statements and the related notes thereto incorporated by reference in this prospectus.</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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of March 31, 2025</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Actual</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Pro Forma</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Pro<BR> Forma<BR> As<BR> Adjusted</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">(in thousands, except for share data)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-decoration: underline; text-align: left; padding-bottom: 4pt">Cash and cash equivalents</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right">5,772</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right">6,198</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.5pt">Shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.5pt">Ordinary shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 18.5pt">Share premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Receipts on account of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 18.5pt">Capital reserves</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">8,712</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">8,712</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 18.5pt">Accumulated loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(145,146</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(145,146</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="font-size: 1pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18.5pt">Total shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,648</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,074</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9.5pt">Non-controlling interest</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">48</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">48</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 9.5pt">Total capitalization</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">32,696</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">33,122</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, the above discussion
and table are based on 530,136,959 Ordinary Shares outstanding as of March 31, 2025 (not including one Ordinary Share held in treasury;
such number of Ordinary Shares would be represented by 2,650,685 ADSs) and excludes as of March 31, 2025:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">24,645,156 Ordinary Shares,
represented by 123,226 ADSs, issuable upon exercise of options and settlement of RSUs granted under our 2016 Equity Incentive Plan, at
a weighted average exercise price of approximately $1.31 per share;</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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,400,000 Ordinary Shares,
represented by 7,000 ADSs, issuable upon exercise of the April 2020 PA Warrants, with an exercise price of $81.25 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">7,933,330 Ordinary Shares,
represented by 39,667 ADSs, issuable upon exercise of warrants issued to an investor in the private placement concurrent with the May
2020 Offering, with an exercise price of $80 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,750,000 Ordinary Shares,
represented by 8,750 ADSs, issuable upon exercise of the May 2020 PA Warrants, with an exercise price of $100 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">5,555,600 Ordinary Shares,
represented by 27,778 ADSs, issuable upon exercise of warrants issued to investors in the June 2020 Offering, with an exercise price
of $180 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,944,430 Ordinary Shares,
represented by 9,722 ADSs, issuable upon exercise of the June 2020 PA Warrants, with an exercise price of $225 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">3,043,480 Ordinary Shares,
represented by 15,217 ADSs, issuable upon exercise of the October 2023 PA Warrants, with an exercise price of $28.75 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">49,793,830 Ordinary Shares,
represented by 248,969 ADSs, issuable upon exercise of the July 2024 Series A-1 Warrants, with an exercise price of $8 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">62,876,350 Ordinary Shares,
represented by 314,382 ADSs, issuable upon exercise of the July 2024 Series A-2 Warrants, with an exercise price of $8 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">3,943,460 Ordinary Shares,
represented by 19,717 ADSs, issuable upon the exercise of the July 2024 PA Warrants, with an exercise price of $9 per ADS; and</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">6,617,400 Ordinary Shares,
represented by 33,087 ADSs, issuable upon the exercise of the December 2024 PA Warrants, with an exercise price of $7.50 per ADS.</FONT></TD>
</TR></TABLE>
<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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>DILUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you invest in our Securities, your interest
will be diluted immediately to the extent of the difference between the public offering price per ADS and the pro forma as-adjusted net
tangible book value per ADS immediately after this offering (in each case, assuming no sale of Pre-Funded Warrants in the offering).&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net tangible book value of the ADSs as of
March 31, 2025, was approximately $4.85 million, or approximately $1.83 per ADS. Net tangible book value per ADS represents the amount
of our total tangible assets less total liabilities divided by the total number of our Ordinary Shares outstanding as of March 31, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2025, after giving effect to the
Pro Forma Adjustment, our pro forma net tangible book value would have been approximately $5.25 million, corresponding to a pro forma
net tangible book value of $1.86 per ADS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After giving further effect to the sale of the
maximum amount of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADSs (assuming no sale of Pre-Funded Warrants in the offering) and accompanying Warrants to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ADSs in this offering at the assumed combined public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS and accompanying Warrant, which is the last reported
sale price of the ADSs on the Nasdaq on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, after deducting the placement agent fees and estimated offering expenses payable by us
in connection with this offering, and excluding the proceeds, if any, from the cash exercise of the Warrants, our pro forma as adjusted
net tangible book value as of March 31, 2025, would have been approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million, or approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS. This represents an
immediate increase in pro forma net tangible book value of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per ADS to our existing security holders and an immediate dilution in net tangible book value of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per ADS to purchasers of Securities in this offering, as illustrated by the following table:</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; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 76%; font-weight: normal; font-style: normal; text-align: left">Assumed combined public offering price per ADS and accompanying Warrant</TD><TD STYLE="width: 1%; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: normal; font-style: normal">Consolidated net tangible book value per ADS as of March 31, 2025</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">1.83</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Increase in consolidated net tangible book value per ADS attributable to the Pro Forma Adjustment</TD><TD STYLE="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">0.03</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: normal; font-style: normal">Pro forma net tangible book value per ADS as of March 31, 2025</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">1.86</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">Increase in consolidated net tangible book value per ADS attributable to the offering</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">Pro forma as adjusted consolidated net tangible book value per ADS as of March 31, 2025, after giving effect to this offering</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt; font-weight: normal; font-style: normal; text-align: left">Dilution per ADS to new investors participating in this offering</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; font-style: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; font-style: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal"> &nbsp; </FONT></TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; font-style: normal; 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">The information discussed above is illustrative
only, and the dilution information following this offering will depend on the actual combined public offering price per ADS and accompanying
Warrant and other terms of this offering determined at pricing. A $1.00 increase (decrease) in the assumed combined public offering price
of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS and accompanying Warrant, which is the price set forth on the cover page&nbsp;of
this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value as of March 31, 2025, after this offering
by $&nbsp;&nbsp;&nbsp;&nbsp; per ADS, and would increase (decrease) dilution to new investors by $&nbsp;&nbsp;&nbsp;&nbsp; per ADS, assuming
that the number of ADSs offered by us, as set forth on the cover page of this prospectus, remains the same (assuming no sale of Pre-Funded
Warrants in this offering), after deducting the Placement Agent&rsquo;s fees and estimated offering expenses payable by us and excluding
the proceeds, if any, from the exercise of the Warrants issued in this offering. An increase of 100,000 in the number of ADSs we are offering
would increase our pro forma as adjusted net tangible book value as of March 31, 2025, after this offering by $&nbsp;&nbsp;&nbsp;&nbsp;
per ADS, and would decrease dilution to new investors by $&nbsp;&nbsp;&nbsp;&nbsp; per ADS, assuming the assumed combined public offering
price remains the same (assuming no sale of Pre-Funded Warrants in this offering), after deducting the Placement Agent&rsquo;s fees and
estimated offering expenses payable by us and excluding the proceeds, if any, from the exercise of the Warrants issued in this offering.
A decrease of 100,000 in the number of ADSs we are offering would decrease our pro forma as adjusted net tangible book value as of March
31, 2025, after this offering by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS and would increase dilution to new investors by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per ADS, assuming the assumed combined public offering price remains the same (assuming no sale of Pre-Funded Warrants in this offering),
after deducting the Placement Agent&rsquo;s fees and estimated offering expenses payable by us and excluding the proceeds, if any, from
the exercise of the Warrants issued in this offering.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated, the above discussion and table are based
on 530,136,959 Ordinary Shares outstanding as of March 31, 2025 (not including one Ordinary Share held in treasury; such number of Ordinary
Shares would be represented by 2,650,685 ADSs) and excludes as of March 31, 2025:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">24,645,156 Ordinary Shares, represented by 123,226 ADSs, issuable upon exercise of options and settlement of RSUs granted under our 2016 Equity Incentive Plan, at a weighted average exercise price of approximately $1.31 per share;</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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,400,000 Ordinary Shares, represented by 7,000 ADSs, issuable upon exercise of the April 2020 PA Warrants, with an exercise price of $81.25 per ADS; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">7,933,330 Ordinary Shares,
represented by 39,667 ADSs, issuable upon exercise of warrants issued to an investor in the private placement concurrent with the May
2020 Offering, with an exercise price of $80 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,750,000 Ordinary Shares,
represented by 8,750 ADSs, issuable upon exercise of the May 2020 PA Warrants, with an exercise price of $100 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">5,555,600 Ordinary Shares,
represented by 27,778 ADSs, issuable upon exercise of warrants issued to investors in the June 2020 Offering, with an exercise price
of $180 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,944,430 Ordinary Shares,
represented by 9,722 ADSs, issuable upon exercise of the June 2020 PA Warrants, with an exercise price of $225 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">3,043,480 Ordinary Shares,
represented by 15,217 ADSs, issuable upon exercise of the October 2023 PA Warrants, with an exercise price of $28.75 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">49,793,830 Ordinary Shares,
represented by 248,969 ADSs, issuable upon exercise of the July 2024 Series A-1 Warrants, with an exercise price of $8 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">62,876,350 Ordinary Shares,
represented by 314,382 ADSs, issuable upon exercise of the July 2024 Series A-2 Warrants, with an exercise price of $8 per ADS;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">3,943,460 Ordinary Shares,
represented by 19,717 ADSs, issuable upon the exercise of the July 2024 PA Warrants, with an exercise price of $9 per ADS; and</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">6,617,400 Ordinary Shares,
represented by 33,087 ADSs, issuable upon the exercise of the December 2024 PA Warrants, with an exercise price of $7.50 per ADS.</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">Except as indicated otherwise, the discussion
and table above assume no exercise of the Warrants accompanying the ADSs and 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>


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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="a_010"></A>DESCRIPTION OF SHARE CAPITAL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following description of our share capital
and certain provisions of our articles of association and Israeli law are summaries and do not purport to be complete. The description
is qualified in its entirety by reference to our articles of association, Israeli law and any other documents referenced.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2025, our
authorized share capital consisted of 100,000,000,000 Ordinary Shares, with no par value, and 50,000,000 non-voting senior preferred shares,
with no par value, divided into 5 classes of 10,000,000 preferred shares in each class.</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"><B>Ordinary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a description
of certain rights attached to our Ordinary Shares.</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"><I>Voting Rights.</I> Holders
of Ordinary Shares have one vote for each Ordinary Share held on all matters submitted to a vote of shareholders. The Ordinary Shares
do not have preemptive rights, preferred rights or any other right to purchase our securities.</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"><I>Foreign Ownership</I>.
Neither our amended and restated articles of association nor the laws of the State of Israel restrict the ownership or voting of Ordinary
Shares by non-residents of Israel, except under certain circumstances for ownership by nationals of certain countries that are, or have
been, in a state of war with Israel.</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"><I>Transfer of Shares</I>.
Our fully paid Ordinary Shares may generally be freely transferred under our amended and restated articles of association, unless the
transfer is restricted or prohibited by applicable law or the rules of the stock exchange on which the shares are traded.</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"><I>Election of Directors</I>.
Under our amended and restated articles of association, the number of directors on our Board of Directors will be no less than four and
no more than nine (including any external directors, to the extent that we may be required to appoint external directors in accordance
with the Companies Law and any regulations enacted thereunder) (&ldquo;Maximum Number&rdquo;). The majority of the members of our Board
of Directors shall be residents of Israel, unless our center of management shall have been transferred to another country in accordance
with a resolution of our Board of Directors by a majority of three quarters (75%) of the participating director votes. The number of directors
may be changed, at any time and from time to time, by our shareholders with a majority of (a) 75% of the voting rights participating and
voting on the matter in the applicable general meeting of our shareholders and (b) more than 47.9% of all of the voting rights in the
Company as of the record date established for the applicable general meeting of our shareholders (&ldquo;Special Majority&rdquo;). In
accordance with our amended and restated articles of association, the directors elected to serve are divided into three classes, with
each class comprising one-third of the members of our Board of Directors (who are not external directors, if any were appointed), (hereinafter
the &ldquo;first class&rdquo;; the &ldquo;second class&rdquo;; and the &ldquo;third class&rdquo;). If the number of directors is not equally
divisible by three, each of the first class and the second class will be comprised of a different number, the closest and lowest to one-third,
while the third class will be comprised of the remaining directors (who are not external directors, if any were appointed). If the number
of directors changes, the number of directors in each class will change in accordance with the aforesaid rule. In the annual general meeting
of our shareholders that will take place each year, the shareholders shall be entitled to elect directors who shall be elected for a three-year
term to replace the class of directors whose term in office has expired as of such annual general meeting of our shareholders. Our Board
of Directors may appoint a director at any time to fill any vacancies until the annual meeting of our shareholders set to take place at
the end of the three-year term for the class of directors to which such director is so appointed by our Board of Directors, provided that
the total number of the members of our Board of Directors serving at such time will not exceed the Maximum Number. The shareholders may
at all times, by a Special Majority vote of the shareholders, dismiss a director. A director to be replaced shall be given a reasonable
opportunity to address the shareholders at their meeting. The tenure of a director expires pursuant to the provisions of our amended and
restated articles of association and the Companies Law, upon death or if s/he becomes incompetent, unless removed from office as described
above.</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"><I>Dividend and Liquidation
Rights</I>. Subject to preferences that may be applicable to any then outstanding preferred shares, our profits, in respect of which a
resolution was passed to distribute them as dividend or bonus shares, shall be paid pro rata to the amount of shares held by the shareholders.
See &ldquo;Dividend Policy&rdquo; for additional information.</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">In the event of our liquidation,
subject to any preferences that may be applicable to any then outstanding preferred shares, after satisfaction of liabilities to creditors,
our assets will be distributed to the holders of our Ordinary Shares in proportion to their shareholdings.</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"></P>

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<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"><B>Preferred Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to our amended and
restated articles of association, our Board of Directors is authorized to fix, by resolution of our Board of Directors, (i) the number
of issued preferred shares (subject to the maximum number of preferred shares authorized in such class), (ii) the designation of such
class of preferred shares, and (iii) the preferences, qualifications, and special or relative rights or privileges, which may include,
among others, dividend rights, liquidation preferences, conversion rights and redemption rights.</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">The following is a description
of certain rights attached to our preferred shares.</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"><I>Voting Rights</I>. All
preferred shares shall be non-voting shares and shall not vest the holder thereof with any right to participate in the Company&rsquo;s
general meetings, to receive notice thereof and/or to vote thereat, except as otherwise specifically required by Israeli law.</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">So long as any preferred shares
are outstanding, the adoption of a resolution, by a regular majority in voting power of the preferred shares who are present, entitled
to vote thereon (if any) and voting thereon, voting together as a single class, given in person or by proxy or by an authorized proxy
holder, at a meeting of holders of preferred shares shall be necessary for effecting or validating: (i) any amendment or alteration of
the memorandum of association or articles of association so as to authorize or create, or increase the authorized amount of, any class
or series of shares that will rank senior to the outstanding class or classes of preferred shares as to dividend rights and distribution
rights upon the liquidation, winding up or dissolution of our company; (ii) any amendment of any provision of our articles of association
so as to adversely affect the special rights, preferences, privileges or voting powers of the preferred shares; and (iii) any consummation
of a binding share exchange or reclassification involving the preferred shares, or of a merger or consolidation of our company with or
into another entity, unless in each case (x) the Preferred Shares remain outstanding or, in the case of any such merger or consolidation
with respect to which the Company is not the surviving or resulting entity (or the Preferred Shares are otherwise exchanged or reclassified),
are converted or reclassified into or exchanged for preferred shares of the surviving or resulting entity or its ultimate parent, and
(y) such Preferred Shares that remain outstanding or such preferred shares, as the case may be, have rights, preferences, privileges and
voting powers of the surviving or resulting entity or its ultimate parent that, taken as a whole, are not materially less favorable to
the holders thereof than the rights, preferences, privileges and voting powers, taken as a whole, of the Preferred Shares immediately
prior to the consummation of such transaction.</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">The rules and procedures for
calling and conducting any meeting of the holders of preferred shares (including, without limitation, the fixing of a record date in connection
therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other procedural aspect or
matter with regard to such a meeting or such consents shall be governed by any rules our Board of Directors, in its discretion, may adopt
from time to time, which rules and procedures shall conform to the requirements of our amended and restated articles of association, applicable
law and, if applicable, the rules of any national securities exchange or other trading facility on which the preferred shares are listed
or traded at the time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Foreign Ownership</I>.
Neither our amended and restated articles of association nor the laws of the State of Israel restrict the ownership or voting of preferred
shares by non-residents of Israel, except under certain circumstances for ownership by nationals of certain countries that are, or have
been, in a state of war with Israel.</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">Our fully paid preferred shares
may generally be freely transferred under our amended and restated articles of association, unless the transfer is restricted or prohibited
by applicable law or the rules of the stock exchange on which the shares are traded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Conversion</I>. Subject
to the actual terms of issuance determined by our Board of Directors for any preferred shares when issued, our Preferred Shares may be
convertible into our Ordinary Shares or another series of preferred shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividend and Liquidation
Rights</I>. Issuance of preferred shares by our Board of Directors may result in such shares having dividend or liquidation preferences
senior to the rights of the holders of our Ordinary Shares. Each preferred share shall be entitled to receive upon distribution, and in
preference to our Ordinary Shares, (i) dividends in excess of the general dividends issued to all shareholders including holders of Ordinary
Shares, and/or (ii) amounts paid in a distribution of our surplus assets on winding up, in an amount equal to the original issue price
for such preferred shares (adjusted for share combinations or subdivisions or other recapitalizations of our shares), and less the amount
of any dividend previously paid in preference, all pro rata to the number of the preferred shares issued and outstanding at such time.
Furthermore, and after payment of the preferred shares&rsquo; dividend preferences or liquidation preferences, each preferred share shall
be entitled to receive upon distribution (i) a general dividend issued to all shareholders, (ii) bonus shares, and (iii) amounts paid
in a distribution of our surplus assets on winding up, all pro rata to the total number of Ordinary Shares and preferred shares issued
and outstanding at such time. See above &ldquo;Rights of Our Ordinary Shares&ndash;&ndash;Dividend and Liquidation Rights&rdquo; for additional
information.</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">Although our Board of Directors
has no intention at the present time of doing so, it could authorize the issuance of a series of preferred shares that could, depending
on the terms of such series, impede the completion of a merger, tender offer, change of control or other takeover attempt.</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"></P>

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<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"><B>Exchange Controls</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are currently no material
Israeli currency control restrictions on payments of dividends or other distributions with respect to our securities or the proceeds from
the sale of our securities, except under certain circumstances, for shareholders who are subjects of countries that are, or have been,
in a state of war with Israel or otherwise as set forth in this section. However, legislation remains in effect pursuant to which currency
controls can be imposed by administrative action at any time. Israeli residents have an obligation to file reports with the Bank of Israel
regarding certain transactions. In addition, Bank of Israel regulations require us to submit regular quarterly update reports concerning
foreign investments in the Company.</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"><B>Access to Corporate Records</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Companies Law, shareholders
are provided access to minutes of our general meetings, our shareholders register and principal shareholders register, our amended and
restated articles of association, our financial statements and any document that we are required by law to file publicly with the Israeli
Companies Registrar or the Israel Securities Authority. In addition, shareholders may request to be provided with any document related
to an action or transaction requiring shareholder approval under the related party transaction provisions of the Companies Law. We may
deny this request if we believe it has not been made in good faith or if such denial is necessary to protect our interest or protect a
trade secret or patent.</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"><B>Modification of Class Rights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Companies Law and
our amended and restated articles of association, the rights attached to any class of share, such as voting, liquidation and dividend
rights, may be amended by adoption of a resolution by the holders of a majority of the shares of that class present at a separate class
meeting, or otherwise in accordance with the rights attached to such class of shares, as set forth in our amended and restated articles
of association. According to our amended and restated articles of association, the enlargement of an existing class of shares or the issuance
of additional shares thereof, shall not be deemed to modify the rights attached to the previously issued shares of such class or of any
other class, unless otherwise provided by the terms of the shares.</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"><B>Acquisitions under Israeli Law</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Special Tender Offer</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">According to the Companies
Law, an acquisition pursuant to which a purchaser will hold a &ldquo;controlling stake&rdquo;, that is defined as 25% or more of the voting
rights if no other shareholder holds a controlling stake, or an acquisition pursuant to which such purchaser will hold more than 45% of
the voting rights of the company if no other shareholder owns more than 45% of the voting rights, may not be performed by way of market
accumulation, but rather by way of a special tender offer (as defined in the Companies Law) made to all of the company&rsquo;s shareholders
on a pro rata basis, or pursuant to a private placement approved by the company&rsquo;s shareholders with the purpose of approving the
acquisition of controlling stake, or 45% or more of the company&rsquo;s voting rights. In accordance with the Companies Law, such procedures
are not required if the controlling stake or 45% of the company&rsquo;s voting rights are purchased from an existing holder or a controlling
stake or 45% of the company&rsquo;s voting rights. A special tender offer may not be consummated unless a majority of the shareholders
who announced their stand on such offer have accepted it (in counting the total votes of such shareholders, shares held by the controlling
shareholders, shareholders who have personal interest in the offer, shareholders who own 25% or more of the voting rights in the company,
relatives or representatives of any of the above or the bidder and corporations under their control, shall not be taken into account).
A shareholder may be free to object to such an offer without such objection being deemed as a waiver of his right to sell its respective
shares if the transaction is approved by a majority of the company&rsquo;s shareholders despite his objection. In such case, a shareholder
who objected to the offer may agree to sell its shares within four days from the last date provided to agree to such an offer. Shares
purchased not in accordance with those provisions will become &ldquo;dormant shares&rdquo; and will not grant the purchaser any rights
so long as they are held by the purchaser.</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">In the event that a special
tender offer is made, a company&rsquo;s board of directors is required to express its opinion on the advisability of the offer, or shall
abstain from expressing any opinion if it is unable to do so, provided that it gives the reasons for its abstention. In addition, the
board of directors must disclose any personal interest each member of the board of directors has in the offer or stems therefrom.</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">In the event that a special
tender offer is accepted, then the purchaser or any person or entity controlling it or under common control with the purchaser or such
controlling person or entity shall refrain from making a subsequent tender offer for the purchase of shares of the target company and
cannot execute a merger with the target company for a period of one year from the date of the offer, unless the purchaser or such person
or entity undertook to effect such an offer or merger in the initial special tender offer.</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"></P>

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<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"><I>Full Tender Offer</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">A person wishing to acquire
shares or a class of shares of an Israeli public company and who would, as a result, own more than 90% of the target company&rsquo;s issued
and outstanding share capital or of certain class of its shares, is required by the Companies Law to make a full tender offer (as defined
in the Companies Law) to all of the company&rsquo;s shareholders for the purchase of all of the issued and outstanding shares of the company
or class of shares. If either (i) the shareholders who do not accept the offer hold, in the aggregate, less than 5% of the issued and
outstanding share capital of the company or of the applicable class, and more than half of the shareholders who do not have a personal
interest in the offer accept the offer, or (ii) the shareholders who do not accept the offer hold less than 2% of the issued and outstanding
share capital of the company or of the applicable class, then all of the shares that the acquirer offered to purchase will be transferred
to the acquirer by operation of law. However, a shareholder that had its shares so transferred, whether or not it accepted the tender
offer (unless otherwise provided in the offering memorandum), may, within six (6) months from the date of acceptance of the tender offer,
petition the court to determine that the tender offer was for less than fair value and that the fair value should be paid as determined
by the court. If the shareholders who did not accept the tender offer hold at least 5% of the issued and outstanding share capital of
the company or of the applicable class of shares, the acquirer may not acquire shares of the company that will increase its holdings to
more than 90% of the company&rsquo;s issued and outstanding share capital or of the applicable class from shareholders who accepted the
tender offer.</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"><I>Mergers</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">The Companies Law provides
that corporate mergers require the approval of both companies&rsquo; boards of directors and shareholders. The board of directors of a
merging company is required pursuant to the Companies Law to discuss and determine whether in its opinion there exists a reasonable concern
that as a result of a proposed merger, the surviving company will not be able to satisfy its obligations towards its creditors, taking
into account the financial status of the merging companies. If the board of directors has determined that such a concern exists, it may
not approve a proposed merger. In the event, however, that shares of the target company are held by the acquiring company or by a person
holding 25% or more of any type of controlling means of the acquiring company, the merger will not be approved if a majority of the shareholders
of the target company attending and voting at the meeting at which the merger is considered (without taking into account, for that purpose,
the shares held by the acquiring company or by a person holding 25% or more of any type of controlling means of the acquiring company)
object to and do not vote in favor of the merger. If a person holds 25% or more of any type of controlling means of more than one merging
company, the same provisions shall apply with regard to the shareholders&rsquo; vote with respect to each such company. Upon the request
of a creditor of either party to the proposed merger, the court may delay or prevent the merger if the court concludes that there exists
a reasonable concern that as a result of the merger the surviving company will be unable to satisfy the target company&rsquo;s obligations.
Furthermore, a merger may not close unless at least 30 days have passed from the time that the general meeting of each of the merging
companies was held and at least 50 days have passed from the date on which the merger proposal was sent to the Israeli Registrar of Companies.</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>Significant Private Placements</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">Under the Companies Law, if
(i) as a result of a private placement a person would become a controlling shareholder or (ii) a private placement will entitle investors
to receive 20% or more of the voting rights of a company as calculated before the private placement, and all or part of the private placement
consideration is not in cash or in public traded securities or is not in market terms and if as a result of the private placement the
holdings of a substantial shareholder shall increase or as a result of it a person shall become a substantial shareholder, then in either
case, the allotment must be approved by the board of directors and by the shareholders of the company. A &ldquo;substantial shareholder&rdquo;
in connection with a private placement as set forth above, is defined as a shareholder who holds five percent or more of the company&rsquo;s
outstanding share capital or voting rights, and which assumes the exercise of all of the securities convertible into shares either held
by that person prior to such private placement or offered to such person under the private placement. Otherwise, under the Companies Law,
a private placement of securities does not require approval at a general meeting of the shareholders of a company; provided however, that
in other special circumstances, such as a private placement completed in lieu of a special tender offer, or a private placement under
circumstances which qualifies as a related party transaction requiring shareholder approval, approval at a general meeting of the shareholders
of a company is then also required.</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"></P>

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<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: center"><B>DESCRIPTION OF AMERICAN DEPOSITARY SHARES</B></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">The Bank of New York Mellon,
as depositary, registers and delivers the American Depositary Shares, also referred to as ADSs. Each ADS represents two hundred Ordinary
Shares (or a right to receive two hundred Ordinary Shares) deposited with Bank Hapoalim or Bank Leumi, as custodian for the Depositary
in Israel. Each ADS will also represent any other securities, cash or other property which may be held by the depositary. The depositary&rsquo;s
office at which the ADSs will be administered is located at 101 Barclay Street, New York, New York 10286. The Bank of New York Mellon&rsquo;s
principal executive office is located at One Wall Street, New York, New York 10286.</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">You may hold ADSs either (A)
directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number
of ADSs, registered in your name, or (ii) by having uncertificated ADSs registered in your name, or (B) indirectly by holding a security
entitlement in ADSs through your broker or other financial institution that is a direct or indirect participant in The Depository Trust
Company, also called DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description
assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution
to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out
what those procedures are.</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">Registered holders of uncertificated
ADSs will receive statements from the depositary confirming their holdings.</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">As an ADS holder, we will
not treat you as one of our shareholders and you will not have shareholder rights. Israeli law governs shareholder rights. The depositary
will be the holder of the shares underlying your ADSs. As a registered holder of ADSs, you will have ADS holder rights. The Deposit Agreement
among us, the depositary, ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well
as the rights and obligations of the depositary. New York law governs the deposit agreement and the ADSs.</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">The following is a summary
of the material provisions of the deposit agreement. For more complete information, you should read the entire deposit agreement and the
form of ADR. Directions on how to obtain copies of those documents are provided under the heading &ldquo;Where You Can Find Additional
Information&rdquo;.</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"><B>Dividends and Other Distributions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B><I>How will you receive
dividends and other distributions on the shares?</I></B></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">The depositary has agreed
to pay or distribute to ADS holders the cash dividends or other distributions it or the custodian receives on shares or other deposited
securities, upon payment or deduction of its fees and expenses. You will receive these distributions in proportion to the number of shares
your ADSs represent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash.</B> The depositary
will convert any cash dividend or other cash distribution we pay on the shares into U.S. dollars, if it can do so on a reasonable basis
and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be
obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible
to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest
the foreign currency and it will not be liable for any interest.</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">Before making a distribution,
any withholding taxes, or other governmental charges that must be paid will be deducted. See &ldquo;Taxation &ndash; Israeli Tax Considerations&rdquo;
for more details. It will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. If the
exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some of the value of the
distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Shares.</B> The depositary
may distribute additional ADSs representing any shares we distribute as a dividend or free distribution. The depositary will only distribute
whole ADSs. It will sell shares which would require it to deliver a fraction of an ADS (or ADSs representing those shares) and distribute
the net proceeds in the same way as it does with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will
also represent the new shares. The depositary may sell a portion of the distributed shares (or ADSs representing those shares) sufficient
to pay its fees and expenses in connection with that distribution.</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"></P>

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<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"><B>Rights to purchase additional
shares.</B> If we offer holders of our securities any rights to subscribe for additional shares or any other rights, the depositary may
(i) exercise those rights on behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights and distribute
the net proceeds to ADS holders, in each case after deduction or upon payment of its fees and expenses. To the extent the depositary does
not do any of those things, it will allow the rights to lapse. In that case, you will receive no value for them. The depositary will exercise
or distribute rights only if we ask it to and provide satisfactory assurances to the depositary that doing so does not require registration
of any securities under the Securities Act of 1933, as amended, or the &ldquo;Securities Act.&rdquo; If the depositary will exercise rights,
it will purchase the securities to which the rights relate and distribute those securities or, in the case of shares, new ADSs representing
the new shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the depositary. U.S. securities laws
may restrict the ability of the depositary to distribute rights or ADSs or other securities issued on exercise of rights to all or certain
ADS holders, and the securities distributed may be subject to restrictions on transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Distributions. </B>The
depositary will send to ADS holders anything else we distribute on deposited securities by any means it thinks is legal and practical.
If it cannot make the distribution in that way, the depositary has a choice. It may decide to sell what we distributed and distribute
the net proceeds, in the same way as it does with cash. Or, it may decide to hold what we distributed, in which case ADSs will also represent
the newly distributed property. However, the depositary is not required to distribute any securities (other than ADSs) to ADS holders
unless it receives satisfactory assurances from us that such distribution does not require registration of such securities under the Securities
Act. The depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection
with that distribution. U.S. securities laws may restrict the ability of the depositary to distribute securities to all or certain ADS
holders, and the securities distributed may be subject to restrictions on transfer.</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">The depositary is not responsible
if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register
ADSs, shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution
of ADSs, shares, rights or anything else to ADS holders. <I>This means that you may not receive the distributions we make on our shares
or any value for them if it is illegal or impractical for us to make them available to you.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>How are ADSs issued?</I></B></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">The depositary will deliver
ADSs if you or your broker deposits shares or evidence of rights to receive shares with the custodian. Upon payment of its fees and expenses
and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number
of ADSs in the names you request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>How can ADS holders withdraw the deposited
securities?</I></B></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">You may surrender your ADSs
for the purpose of withdrawal at the depositary&rsquo;s office. Upon payment of its fees and expenses and of any taxes or governmental
charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the shares and any other deposited securities
underlying the ADSs to the ADS holder or a person the ADS holder designates at the office of the custodian. Or, at your request, risk
and expense, the depositary will deliver the deposited securities at its office, if feasible. The depositary may charge you a fee and
its expenses for instructing the custodian regarding delivery of deposited securities.</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"><B><I>How do ADS holders interchange between certificated
ADSs and uncertificated ADSs?</I></B></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">You may surrender your ADR
to the depositary for the purpose of exchanging your ADR for uncertificated ADSs. The depositary will cancel that ADR and will send to
the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Alternatively, upon receipt
by the depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs
for certificated ADSs, the depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>How do you vote?</I></B></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">ADS holders may instruct the
depositary how to vote the number of deposited shares their ADSs represent. If we request the depositary to solicit your voting instructions
(and we are not required to do so), the depositary will notify you of a shareholders&rsquo; meeting and send or make voting materials
available to you. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how
to vote. For instructions to be valid, they must reach the depositary by a date set by the depositary. The depositary will try, as far
as practical, subject to the laws of Israel and the provisions of our articles of association or similar documents, to vote or to have
its agents vote the shares or other deposited securities as instructed by ADS holders. If we do not request the depositary to solicit
your voting instructions, you can still send voting instructions, and, in that case, the depositary may try to vote as you instruct, but
it is not required to do so.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Except by instructing the
depositary as described above, you won&rsquo;t be able to exercise voting rights unless you surrender your ADSs and withdraw the shares.
However, you may not know about the meeting enough in advance to withdraw the shares.</I> In any event, the depositary will not exercise
any discretion in voting deposited securities and it will only vote or attempt to vote as instructed by the holder of the ADSs or as described
in the following sentence. If we asked the depositary to solicit your instructions at least 30 days before the meeting date but the depositary
does not receive voting instructions from you by the specified date, it will consider you to have authorized and directed it to give a
discretionary proxy to a person designated by us to vote the number of deposited securities represented by your ADSs. The depositary will
give a discretionary proxy in those circumstances to vote on all questions at to be voted upon unless we notify the depositary that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 0.25in; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">we do not wish to receive a discretionary proxy;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">there is substantial shareholder opposition to the particular question; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">the particular question would have an adverse impact on our shareholders.</FONT></TD></TR>
  </TABLE>
<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">We are required to notify
the depositary if one of the conditions specified above exists.</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">We cannot assure you that
you will receive the voting materials in time to ensure that you can instruct the depositary to vote your shares. In addition, the depositary
and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions.
<I>This means that you may not be able to exercise voting rights and there may be nothing you can do if your shares are not voted as you
requested.</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">In order to give you a reasonable
opportunity to instruct the depositary as to the exercise of voting rights relating to deposited securities, if we request the depositary
to act, we agree to give the depositary notice of any such meeting and details concerning the matters to be voted upon at least 30 days
in advance of the meeting date.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Persons depositing or withdrawing shares or ADS holders
must pay</I>:</B></P></TD>
    <TD STYLE="width: 2%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt"><FONT STYLE="font-size: 10pt"><B><I>For</I>:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679; Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679; Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">$.05 (or less) per ADS</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679; Any cash distribution to ADS holders</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679; Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS holders</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">$.05 (or less) per ADS per calendar year</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679; Depositary services</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">Registration or transfer fees</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679; Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">Expenses of the depositary</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679; Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679; converting foreign currency to U.S. dollars</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679; As necessary </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any charges incurred by the depositary or its agents for servicing the deposited securities</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679; As necessary</FONT></TD></TR>
  </TABLE>
<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">The depositary collects its
fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or
from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the
amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary
services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants
acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable (or by selling a portion of
securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary may generally refuse to
provide fee-attracting services until its fees for those services are paid.</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">From time to time, the depositary
may make payments to us to reimburse us for costs and expenses generally arising out of establishment and maintenance of the ADS program,
waive fees and expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing
its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency or other service providers that are
owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.</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"></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"></P>

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<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: 0in">The depositary may convert
foreign currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as an agent,
fiduciary or broker on behalf of any other person and earns revenue, including, without limitation, fees and spreads that it will retain
for its own account. The spread is the difference between the exchange rate assigned to the currency conversion made under the deposit
agreement and the rate that the depositary or its affiliate receives in an offsetting foreign currency trade. The depositary makes no
representation that the exchange rate used or obtained in any currency conversion under the deposit agreement will be the most favorable
rate that could be obtained at the time or as to the method by which that rate will be determined, subject to its obligations under the
deposit agreement.</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"><B>Payment of Taxes</B></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">You will be responsible for
any taxes or other governmental charges payable on your ADSs or on the deposited securities represented by any of your ADSs. The depositary
may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented by your ADSs until those
taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented by your ADSs to pay any taxes
owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will, if appropriate, reduce the
number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property, remaining after it has paid
the taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tender and Exchange Offers; Redemption, Replacement
or Cancellation of Deposited Securities</B></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">The depositary will not tender
deposited securities in any voluntary tender or exchange offer unless instructed to do by an ADS holder surrendering ADSs and subject
to any conditions or procedures the depositary may establish.</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">If deposited securities are
redeemed for cash in a transaction that is mandatory for the depositary as a holder of deposited securities, the depositary will call
for surrender of a corresponding number of ADSs and distribute the net redemption money to the holders of called ADSs upon surrender of
those ADSs.</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">If there is any change in
the deposited securities such as a sub-division, combination or other reclassification, or any merger, consolidation, recapitalization
or reorganization affecting the issuer of deposited securities in which the depositary receives new securities in exchange for or in lieu
of the old deposited securities, the depositary will hold those replacement securities as deposited securities under the deposit agreement.
However, if the depositary decides it would not be lawful to hold the replacement securities because those securities could not be distributed
to ADS holders or for any other reason, the depositary may instead sell the replacement securities and distribute the net proceeds upon
surrender of the ADSs.</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">If there is a replacement
of the deposited securities and the depositary will continue to hold the replacement securities, the depositary may distribute new ADSs
representing the new deposited securities or ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited
securities.</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">If there are no deposited
securities underlying ADSs, including if the deposited securities are cancelled, or if the deposited securities underlying ADSs have become
apparently worthless, the depositary may call for surrender of those ADSs or cancel those ADSs upon notice to the ADS holders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>How may the deposit agreement be amended?</I></B></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">We may agree with the depositary
to amend the deposit agreement and the ADRs without your consent for any reason. If an amendment adds or increases fees or charges, except
for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar
items, or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary
notifies ADS holders of the amendment. <I>At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs,
to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended.</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"><B><I>How may the deposit agreement be terminated?</I></B></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">The depositary will initiate
termination of the deposit agreement if we instruct it to do so. The depositary may initiate termination of the deposit agreement if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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="padding: 0.25pt; width: 0.25in">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">60 days have passed since the depositary told us it wants to resign but a successor depositary has not been appointed and accepted its appointment;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">we delist our shares from an exchange on which they were listed and do not list the shares on another exchange;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">we appear to be insolvent or enter insolvency proceedings;</FONT></TD></TR>
</TABLE>



<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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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="padding: 0.25pt; width: 0.25in">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">all or substantially all the value of the deposited securities has been distributed either in cash or in the form of securities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">there are no deposited securities underlying the ADSs or the underlying deposited securities have become apparently worthless; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">there has been a replacement of deposited securities.</FONT></TD></TR>
  </TABLE>
<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">If the deposit agreement will
terminate, the depositary will notify ADS holders at least 90 days before the termination date. At any time after the termination date,
the depositary may sell the deposited securities. After that, the depositary will hold the money it received on the sale, as well as any
other cash it is holding under the deposit agreement, unsegregated and without liability for interest, for the pro rata benefit of the
ADS holders that have not surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination date.</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">After the termination date
and before the depositary sells, ADS holders can still surrender their ADSs and receive delivery of deposited securities, except that
the depositary may refuse to accept a surrender for the purpose of withdrawing deposited securities if it would interfere with the selling
process. The depositary may refuse to accept a surrender for the purpose of withdrawing sale proceeds until all the deposited securities
have been sold. The depositary will continue to collect distributions on deposited securities, <U>but</U>, after the termination date,
the depositary is not required to register any transfer of ADSs or distribute any dividends or other distributions on deposited securities
to the ADSs holder (until they surrender their ADSs) or give any notices or perform any other duties under the deposit agreement except
as described in this paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Limitations on Obligations and Liability</B></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: 0in">The deposit agreement expressly
limits our obligations and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and
the depositary:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 0.25in; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">are only obligated to take the actions specifically set forth in the deposit agreement without negligence or bad faith;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">are not liable if we are or it is prevented or delayed by law or circumstances beyond our or its control from performing our or its obligations under the deposit agreement;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">are not liable if we or it exercises discretion permitted under the deposit agreement;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited securities that is not made available to holders of ADSs under the terms of the deposit agreement, or for any special, consequential or punitive damages for any breach of the terms of the deposit agreement;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">have no obligation to become involved in a lawsuit or other proceeding related to the ADSs or the deposit agreement on your behalf or on behalf of any other person;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">are not liable for the acts or omissions of any securities depository, clearing agency or settlement system; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">may rely upon any documents we believe or it believes in good faith to be genuine and to have been signed or presented by the proper person.</FONT></TD></TR>
  </TABLE>
<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: 0in">In the deposit agreement,
we and the depositary agree to indemnify each other under certain circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Requirements for Depositary Actions</B></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: 0in">Before the depositary will
deliver or register a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of shares, the depositary may require:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.25pt; width: 0.25in">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties for the transfer of any shares or other deposited securities;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">compliance with regulations it may establish, from time to time, consistent with the deposit agreement, including presentation of transfer documents.</FONT></TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The depositary may refuse
to deliver ADSs or register transfers of ADSs when the transfer books of the depositary or our transfer books are closed or at any time
if the depositary or we think it advisable to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Right to Receive the Shares Underlying your
ADSs</B></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: 0in">ADS holders have the right
to cancel their ADSs and withdraw the underlying shares at any time except:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 0.25in; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">when temporary delays arise because: (i) the depositary has closed its transfer books or we have closed our transfer books; (ii) the transfer of shares is blocked to permit voting at a shareholders&rsquo; meeting; or (iii) we are paying a dividend on our shares;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">when you owe money to pay fees, taxes and similar charges; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of shares or other deposited securities.</FONT></TD></TR>
  </TABLE>
<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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">This right of withdrawal may
not be limited by any other provision of the deposit agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Pre-release of ADSs</B></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: 0in">The deposit agreement permits
the depositary to deliver ADSs before deposit of the underlying shares. This is called a pre-release of the ADSs. The depositary may also
deliver shares upon cancellation of pre-released ADSs (even if the ADSs are canceled before the pre-release transaction has been closed
out). A pre-release is closed out as soon as the underlying shares are delivered to the depositary. The depositary may receive ADSs instead
of shares to close out a pre-release. The depositary may pre-release ADSs only under the following conditions: (1) before or at the time
of the pre-release, the person to whom the pre-release is being made represents to the depositary in writing that it or its customer owns
the shares or ADSs to be deposited; (2) the pre-release is fully collateralized with cash or other collateral that the depositary considers
appropriate; and (3) the depositary must be able to close out the pre-release on not more than five business days&rsquo; notice. In addition,
the number of ADSs that may be outstanding at any time as a result of pre-release will not normally exceed 30% of the total number of
Ordinary Shares deposited under the deposit agreement, although the depositary may disregard the limit from time to time if it thinks
it is appropriate to do so. The depositary has full discretion as to how and to what extent it may disregard the limit for the amount
of ADSs that may be outstanding at any time as a result of the pre-release.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Direct Registration System</B></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: 0in">In the deposit agreement,
all parties to the deposit agreement acknowledge that the Direct Registration System, also referred to as DRS, and Profile Modification
System, also referred to as Profile, will apply to the ADSs. DRS is a system administered by DTC that facilitates interchange between
registered holding of uncertificated ADSs and holding of security entitlements in ADSs through DTC and a DTC participant. Profile is a
feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the depositary
to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without
receipt by the depositary of prior authorization from the ADS holder to register that transfer.</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: 0in">In connection with and in
accordance with the arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement understand that the depositary
will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of
transfer and delivery as described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding
any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the depositary&rsquo;s reliance
on and compliance with instructions received by the depositary through the DRS/Profile system and in accordance with the deposit agreement
will not constitute negligence or bad faith on the part of the depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Shareholder Communications; Inspection of Register
of Holders of ADSs</B></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: 0in">The depositary will make available
for your inspection at its office all communications that it receives from us as a holder of deposited securities that we make generally
available to holders of deposited securities. The depositary will send you copies of those communications or otherwise make those communications
available to you if we ask it to. You have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those
holders about a matter unrelated to our business or the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transfer Agent and Registrar</B></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: 0in">Our transfer agent and registrar
will be the depositary for the ADSs, Bank of New York Mellon, and its address is 101 Barclay Street, New York, NY.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Listing</B></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: 0in">Our Ordinary Shares are currently
traded on the TASE under the symbol &ldquo;PPBT.&rdquo; The ADSs are listed on The Nasdaq Capital Market under the symbol &ldquo;PPBT.&rdquo;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>DESCRIPTION OF SECURITIES WE ARE OFFERING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are offering up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ADSs, with each ADS representing 200 of our Ordinary Shares, or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ordinary Shares in the aggregate, Pre-Funded Warrants to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ADSs and Warrants to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs. For each Pre-Funded
Warrant we sell, the number of ADSs we are offering will be decreased on a one-for-one basis. We are also registering the ADSs issuable
from time to time upon exercise of the Warrants and Pre-Funded Warrants offered hereby.</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"><B>American Depositary Shares (ADSs)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The material terms and provisions
of the ADSs and our Ordinary Shares are described in the section entitled &ldquo;Description of Share Capital&rdquo; beginning on page
15 of this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>The following is a brief
summary of certain terms and conditions of the Warrants being offered by us. The following description is subject in all respects to the
provisions contained in the form of Warrant, the form of which will be filed as an exhibit to the registration statement of which this
prospectus forms a part.</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: 0in"><I>Duration and Exercise Price.
</I>Each Warrant will have an exercise price equal to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS. The Warrants will be
immediately exercisable from the date of issuance until the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&nbsp;year
anniversary of the initial exercise date. The exercise price and number of ADSs issuable upon exercise of the Warrants is subject to appropriate
adjustment in the event of share dividends, share splits, subsequent rights offerings, pro rate distributions, reorganizations, or similar
events affecting our Ordinary Shares and ADSs and the exercise price. The Warrants will be issued in certificated form only.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Exercisability. </I>The
Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to the Company a duly executed exercise
notice accompanied by payment in full for the number of ADSs purchased upon such exercise (except in the case of a cashless exercise as
discussed below). No fractional ADSs will be issued in connection with the exercise of a Warrant.</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: 0in">A holder (together with its
affiliates) may not exercise any portion of such holder&rsquo;s Warrants to the extent that the holder would beneficially own more than
4.99% (or, at the election of the holder, 9.99%) of the outstanding Ordinary Shares represented by ADSs immediately after exercise, except
that upon prior notice from the holder to the Company, the holder may increase or decrease the amount of beneficial ownership of outstanding
ADSs after exercising the holder&rsquo;s Warrants up to 9.99% of the number of the Ordinary Shares outstanding immediately after giving
effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Warrants, provided that any increase
will not be effective until 61 days following notice to us.</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: 0in"><I>Cashless Exercise. </I>If
at the time of exercise there is no effective registration statement registering, or the prospectus contained therein is not available
for the issuance of the underlying shares to the holder, 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 may elect instead to receive upon such exercise (either in whole
or in part) the net number of ADSs determined according to a formula set forth in the Warrants.<I>&nbsp;</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"></P>

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<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: 0in"><I>Fundamental Transactions.
</I>If at any time the Warrants are outstanding, the Company, either directly or indirectly, in one or more related transactions, effects
a Fundamental Transaction (as defined in the Warrant), a holder of Warrants will be entitled to receive, upon exercise of the Warrants,
the kind and amount of securities, cash or other property that such holder would have received had they exercised the Warrants immediately
prior to the Fundamental Transaction. In addition, in certain circumstances, upon a Fundamental Transaction, the holder of the Warrants
will have the right to require us or a successor entity to repurchase the unexercised portion of the Warrants for cash at the Black-Scholes
Value (as defined in the Warrants); provided, however, that, if the Fundamental Transaction is not within our control, including not approved
by our Board of Directors, then the holder will only be entitled to receive the same type or form of consideration (and in the same proportion),
at the Black-Scholes Value of the unexercised portion of the Warrant that is being offered and paid to the holders of ADSs in connection
with the Fundamental Transaction, whether that consideration is in the form of cash, stock or any combination of cash and stock, or whether
the holders of ADSs are given the choice to receive alternative forms of consideration in connection with the fundamental transaction.</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; text-indent: 0in"><I>Transferability</I>. Subject
to applicable laws, a Warrant may be transferred at the option of the holder upon surrender of the Warrants to us together with the appropriate
instruments of transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Rights as a Shareholder.
</I>Except as otherwise provided in the Warrants or by virtue of the holder&rsquo;s ownership of the ADSs, such holder of Warrants does
not have the rights or privileges of a holder of the ADSs, including any voting rights, until such holder exercises such holder&rsquo;s
Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Waivers and Amendments.
</I>The Warrants may be modified or amended or the provisions of the Warrants waived with the Company&rsquo;s and the holder&rsquo;s written
consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Trading Market and Listing.
</I> There is no established trading market for the Warrants, and we do not expect an active trading market to develop. We do not intend
to apply to list the Warrants on any securities exchange or other trading market. Without a trading market, the liquidity of the Warrants
will be extremely limited.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The following is a brief summary
of certain terms and conditions of the Pre-Funded Warrants being offered by us. The following description is subject in all respects to
the provisions contained in the form of Pre-Funded Warrant, the form of which will be filed as an exhibit to the registration statement
of which this prospectus forms a part.</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: 0in"><I>Duration and Exercise Price</I>.
The Pre-Funded Warrants will have an exercise price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS. The Pre-Funded Warrants will be
immediately exercisable and may be exercised at any time after their original issuance until such Pre-Funded Warrants are exercised in
full. The exercise price and number of ADSs issuable upon exercise are subject to appropriate adjustment in the event of share dividends
(bonus issues), share splits (share consolidations or subdivisions), reorganizations or similar events affecting our ADSs. The exercise
price and number of ADSs issuable upon exercise of the Pre-Funded Warrants is subject to appropriate adjustment in the event of share
dividends, share splits, subsequent rights offerings, pro rate distributions, reorganizations, or similar events affecting our Ordinary
Shares and ADSs and the exercise price. The Pre-Funded Warrants will be issued in certificated form only.</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: 0in"><I>Exercisability</I>. 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 for the number of ADSs purchased upon such exercise (except in the case of a cashless exercise as
discussed below). No fractional ADSs will be issued in connection with the exercise of a Pre-Funded Warrant.</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: 0in">A holder (together with its
affiliates) may not exercise any portion of such holder&rsquo;s Pre-Funded Warrants to the extent that the holder would beneficially own
more than 4.99% (or, at the election of the holder, 9.99%) of the outstanding Ordinary Shares represented by ADSs immediately after exercise,
except that upon prior notice from the holder to the Company, the holder may increase or decrease the amount of beneficial ownership of
outstanding ADSs after exercising the holder&rsquo;s Pre-Funded Warrants up to 9.99% of the number of the Ordinary Shares outstanding
immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Pre-Funded
Warrants, provided that any increase will not be effective until 61 days following notice to us.</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"></P>

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<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: 0in"><I>Cashless Exercise</I>.
At the time a holder exercises its Pre-Funded Warrants, 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 may elect instead to receive upon such exercise (either in whole
or in part) the net number of ADSs 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; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Fundamental Transactions</I>.
If at any time the Pre-Funded Warrants are outstanding, the Company, either directly or indirectly, in one or more related transactions,
effects a Fundamental Transaction (as defined in the Pre-Funded Warrant), a holder of Warrants will be entitled to receive, upon exercise
of the Pre-Funded Warrants, the kind and amount of securities, cash or other property that such holder would have received had they exercised
the Pre-Funded Warrants immediately prior to the Fundamental Transaction.</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: 0in"><I>Transferability</I>. Subject
to applicable laws, a Pre-Funded Warrant may be transferred at the option of the holder upon surrender of the Pre-Funded Warrants to us
together with the appropriate instruments of transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Rights as a Shareholder.
</I>Except as otherwise provided in the Pre-Funded Warrants or by virtue of the holder&rsquo;s ownership of the ADSs, such holder of Pre-Funded
Warrants does not have the rights or privileges of a holder of the ADSs, including any voting rights, until such holder exercises such
holder&rsquo;s Pre-Funded Warrants.</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: 0in"><I>Waivers and Amendments.
</I>The Pre-Funded Warrants may be modified or amended or the provisions of the Warrants waived with the Company&rsquo;s and the holder&rsquo;s
written consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Trading Market and Listing.
</I> There is no established trading market for the Pre-Funded Warrants, and we do not expect an active trading market to develop. We
do not intend to apply to list the Pre-Funded Warrants on any securities exchange or other trading market. Without a trading market, the
liquidity of the Pre-Funded Warrants will be extremely limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</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"><B><A NAME="a_012"></A>TAXATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The following description
is not intended to constitute a complete analysis of all tax consequences relating to our Securities. You should consult your own tax
advisor concerning the tax consequences of your particular situation, as well as any tax consequences that may arise under the laws of
any state, local, non-U.S. or other taxing jurisdiction.</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The
following is a brief summary of the material tax consequences under Israeli law concerning the purchase, ownership and disposition of
our securities purchased in this offering. This discussion does not purport to constitute a complete analysis of all potential Israeli
tax consequences applicable to investors upon purchasing, owning or disposing of our securities. In particular, this discussion does not
take into account the specific circumstances of any particular investor, such as traders in securities or persons that own, directly or
indirectly, 10% or more of our outstanding voting capital, all of whom are subject to special tax regimes not covered in this discussion.
Some parts of this discussion may be based on new tax legislation which has not been subject to judicial or administrative interpretation.
The discussion below is subject to change, including due to amendments under Israeli law or changes to the applicable judicial or administrative
interpretations of Israeli law, which change could affect the tax consequences described below. The discussion should not be construed
as legal or professional tax advice and does not cover all possible tax considerations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Each
prospective investor in our securities is urged to consult its own tax advisor with respect to the particular tax consequences to such
investor of the acquisition, ownership and disposition of our securities, including the applicability and effect of any Israeli tax laws
and any applicable tax treaties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>General Corporate
Tax Structure in Israel</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Israeli
companies are generally subject to corporate tax on their taxable income. The Israeli corporate tax rate is 23% since 2018.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Taxation of Shareholders</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Israeli
law generally imposes a capital gains tax on the sale of any capital assets by residents of Israel, as defined for Israeli tax purposes,
and on the sale of capital assets by a non-resident of Israel if those assets (i) are located in Israel, (ii) are shares or a right to
shares in an Israeli resident corporation, or (iii) represent, directly or indirectly, rights to assets located in Israel, or (iv) a right
in a foreign resident corporation, which in its essence is the owner of a direct or indirect right to property located in Israel (with
respect to the portion of the gain attributed to the property located in Israel), unless a specific exemption is available or unless a
tax treaty between Israel and the shareholder&rsquo;s country of residence provides otherwise. The law distinguishes between real gain
and inflationary surplus. The inflationary surplus is a portion of the total capital gain, which is equivalent to the increase of the
relevant asset&rsquo;s purchase price, which is attributable to the increase in the Israeli consumer price index between the date of purchase
and the date of sale. The real gain is the excess of the total capital gain over the inflationary surplus.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The
tax rate applicable to capital gains derived from the sale of our securities, whether listed on a stock market or not, is subject to a
marginal tax rate according to Section 121 of the Israeli Income Tax Ordinance but shall not exceed 25% for Israeli individuals, unless
such shareholder claims a deduction for financing expenses in connection with such security, in which case the gain will generally be
taxed at a rate of 30%. Additionally, if such shareholder is considered a &ldquo;significant shareholder&rdquo; at any time during the
12-month period preceding such sale (i.e., such shareholder holds directly or indirectly, including jointly with others, at least 10%
of any means of control in the company) the tax rate will be 30%. However, different tax rates may apply to dealers in securities and
shareholders who acquired their securities prior to an initial public offering. Israeli companies are subject to the corporate tax rate
as specified in Section 126 of the Israeli Income Tax Ordinance on capital gains derived from the sale of shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Corporate
and individual shareholders dealing in securities in Israel are taxed at the tax rates applicable to business income which is 23% for
corporations, and a marginal tax rate of up to 47% for individuals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Notwithstanding
the foregoing, real capital gains generated from the sale of our securities by a non-Israeli shareholder may be exempt from Israeli tax
under the Israeli Income Tax Ordinance provided that the following cumulative conditions are met: (i) the securities were purchased upon
or after the registration of the securities on a non-Israeli stock exchange (NASDAQ); and (ii) the seller does not have a permanent establishment
in Israel to which the generated capital gain is attributed. However, non-Israeli resident corporations will not be entitled to the foregoing
exemption if Israeli residents: (i)&nbsp;hold more than 25% or more means of control in such non-Israeli corporation or (ii)&nbsp;are
the beneficiaries of, or are entitled to, 25% or more of the income or profits of such non-Israeli corporation, whether directly or indirectly.
In addition, such exemption would not be available to a person whose gains from selling or otherwise disposing of securities are deemed
to be business income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In
addition, the sale of securities may be exempt from Israeli capital gain tax under the provisions of an applicable double tax treaty (subject
to the receipt in advance of a valid certificate from the Israel Tax Authority allowing for such an exemption). For example, the Convention
between the Government of the U.S. and the Government of the State of Israel with respect to Taxes on Income (the &ldquo;U.S.- Israel
Double Tax Treaty&rdquo;) exempts a U.S. resident (for purposes of the treaty) from Israeli capital gains tax in connection with the sale
of the Ordinary Shares or ADSs, provided that: (i) the U.S. resident owned, directly or indirectly, less than 10% of the voting power
of the company at any time within the 12 month period preceding such sale; (ii) the U.S. resident, being an individual, is present in
Israel for a period or periods of less than 183 days in the aggregate during the taxable year; (iii) the capital gain from the sale, exchange
or disposition was not derived through a permanent establishment of the U.S. resident; and (iv) the capital gains arising from such sale,
exchange or disposition is not attributed to real estate located in Israel or a resident in Israel; however, under the U.S-Israel Double
Tax Treaty, the taxpayer would be permitted to claim a credit for such taxes against the U.S. federal income tax imposed with respect
to such sale, exchange or disposition, subject to the limitations under U.S. law applicable to foreign tax credits. The U.S-Israel Double
Tax Treaty does not relate to U.S. state or local taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Payers
of consideration for the securities, including the purchaser, the Israeli stockbroker or the financial institution through which the securities
are held, are obligated, subject to certain exemptions, to withhold tax upon sale of securities from the amount of consideration paid
upon the sale of the securities (or on the real capital gain realized on the sale, if known), at a rate of 25% for an individual or at
a rate of corporate tax for a corporation (23% in 2018 and thereafter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Upon
the sale of traded securities, a detailed return, including a computation of the tax due, must be filed and an advanced payment must be
paid to the Israel Tax Authority on January 31 and July 31 of every tax year in respect of sales of traded securities made within the
previous six months. However, if all tax due was withheld at source according to applicable provisions of the Israeli Income Tax Ordinance
and regulations promulgated thereunder, such return need not be filed and no advance payment must be paid. Capital gains are also reportable
on annual income tax returns.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Dividends
distributed by a company from income, which is not attributed to an Approved Enterprise, a Benefited Enterprise, a Preferred Enterprise
or a Preferred Technology Enterprise, as defined in the Israel&rsquo;s Encouragement of Capital Investment Law, 1959, to a shareholder
who is an Israeli resident individual will be generally subject to income tax at a rate of 25%. However, a 30% tax rate will generally
apply if the dividend recipient is a Controlling Shareholder, as defined above, at the time of distribution or at any time during the
preceding 12-month period. If the recipient of the dividend is an Israeli resident corporation, such dividend will generally not be subject
to tax provided that the income from which such dividend is distributed, derived or accrued within Israel.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Non-Israeli
residents (either an individual or a corporation) are generally subject to Israeli tax on the receipt of dividends at the rate of 25%
(30% if the dividend recipient is a Controlling Shareholder at the time of distribution or at any time during the preceding 12-month period).
Dividends distributed by an Israeli resident company from income, which is attributed to a Preferred Enterprise or Preferred Technology
Enterprise, to a non-Israeli resident (either an individual or a corporation) are generally subject to withholding tax at a rate of 20%.
These rates may be reduced under the provisions of an applicable double tax treaty. For example, under the U.S.-Israel Double Tax Treaty,
the following tax rates will apply in respect of dividends distributed by an Israeli resident company to a U.S. resident: (i) if the U.S.
resident is a corporation which holds during that portion of the taxable year which precedes the date of payment of the dividend and during
the whole of its prior taxable year (if any), at least 10% of the outstanding shares of the voting stock of the Israeli resident paying
corporation and not more than 25% of the gross income of the Israeli resident paying corporation for such prior taxable year (if any)
consists of certain types of interest or dividends the tax rate is 12.5%; (ii) if both the conditions mentioned in clause (i) above are
met and the dividend is paid from an Israeli resident company&rsquo;s income which was entitled to a reduced tax rate under The Law for
the Encouragement of Capital Investments, 1959, the tax rate is 15%; and (iii) in all other cases, the tax rate is 25%. The aforementioned
rates under the U.S.-Israel Double Tax Treaty will not apply if the dividend income is attributed to a permanent establishment of the
U.S. resident in Israel and is subject to certain exemptions under such treaty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Payers
of dividends on our shares, including the Israeli stockbroker effectuating the transaction, or the financial institution through which
the securities are held, are required, subject to any of the foregoing exemptions, reduced tax rates and the demonstration of a shareholder
of his, her or its foreign residency, to withhold taxes upon the distribution of dividends at a rate of 25%, provided that the shares
are registered with a nominee company (for corporations and individuals).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Exercise or Lapse
of Warrants</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">A
holder of Warrants generally will not recognize gain or loss upon the exercise of a Warrant for cash. An ADS acquired pursuant to the
exercise of a Warrant for cash generally will have a tax basis equal to the holder&rsquo;s tax basis in the Warrant, increased by the
amount paid to exercise the Warrant. The holding period of such ADS (or Ordinary Share represented thereby) generally would begin on the
day after the date of exercise of the Warrant. If a Warrant is allowed to lapse unexercised, the holder generally will recognize a capital
loss equal to such holder&rsquo;s tax basis in the Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">It
is possible that a cashless exercise would be treated as a taxable exchange in which gain or loss is recognized. In such event, a holder
could be deemed to have surrendered a number of Warrants with a fair market value equal to the exercise price for the number of Warrants
deemed exercised. For this purpose, the number of Warrants deemed exercised would be equal to the number of Warrants that would entitle
the holder to receive upon exercise the number of ADSs issued pursuant to the cashless exercise of the Warrants. In this situation, the
holder would recognize capital gain or loss in an amount equal to the difference between the fair market value of the Warrants deemed
surrendered to pay the exercise price and the holder&rsquo;s tax basis in the Warrants deemed surrendered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Adjustments with
Respect to Warrants</I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The
terms of the Warrants and Pre-Funded Warrants provide for an adjustment to the number of ADSs for which the warrant may be exercised or
adjustment to the exercise price of the warrant in certain events. An adjustment of the exercise price or an adjustment that has the effect
of preventing dilution generally is not taxable. However, the holders of the Warrants or Pre-Funded Warrants may be treated as receiving
a constructive distribution from us if, for example, the adjustment increases the warrant holders&rsquo; proportionate interest in our
assets or earnings and profits (e.g., through a decrease in the exercise price of the Warrants or Pre-Funded Warrants) as a result of
a distribution of cash to the holders of our Ordinary Shares. Such constructive distribution would be subject to tax as described above
in the same manner as if the holders of the Warrants or Pre-Funded Warrants received a cash distribution from us equal to the fair market
value of such increased interest. Holders of Warrants and Pre-Funded Warrants are urged to consult their own tax advisors on these issues.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Individual
holders who are subject to tax in Israel (whether any such individual is an Israeli resident or non-Israeli resident) and who have taxable
income that exceeds a certain threshold in a tax year (NIS 698,280 for 2023 and NIS 721,560 for 2024 and 2025), will be subject to an
additional tax on any income in excess of such amount, at the rate of 3% on any such taxable income prior to January 1, 2025 and commencing
January 1, 2025, at the rate of 3% of any such active taxable income and 5% of any such passive taxable income. For this purpose, passive
taxable income includes taxable capital gains from the sale of securities and taxable income from interest and dividends, subject to the
provisions of an applicable double tax treaty.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Estate and Gift
Tax</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Israeli
law presently does not impose estate or gift taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>U.S. Federal Income
Tax Considerations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The
following is a description of certain U.S. federal income tax consequences relating to the ownership and disposition of the ADSs, the
Pre-Funded Warrants and the Series B Warrants by a holder. This description addresses only the U.S. federal income tax consequences to
holders that are initial purchasers of the ADSs, the Pre-Funded Warrants and the Series B Warrants and that hold such ADSs, Pre-Funded
Warrants and Series B Warrants as capital assets. This description does not address tax considerations applicable to holders that may
be subject to special tax rules, including, without limitation:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">banks, financial institutions or insurance companies;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">real estate investment trusts, regulated investment companies
or grantor trusts;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">dealers or traders in securities, commodities or currencies;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">tax exempt entities or organizations;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">certain former citizens or residents of the United States;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.15pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">persons that received the ADSs, the Pre-Funded Warrants and
the Series B Warrants as compensation for the performance of services;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">persons that will hold the ADSs, the Pre-Funded Warrants and
the Series B Warrants as part of a &ldquo;hedging,&rdquo; &ldquo;integrated&rdquo; or &ldquo;conversion&rdquo; transaction or as a position
in a &ldquo;straddle&rdquo; for U.S. federal income tax purposes;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">partnerships (including entities classified as partnerships
for U.S. federal income tax purposes) or other pass- through entities, or holders that will hold the ADSs, the Pre-Funded Warrants and
the Series B Warrants through such an entity;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.15pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">U.S. Holders (as defined below) whose &ldquo;functional currency&rdquo;
is not the U.S. dollar; or</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">holders that own directly, indirectly or through attribution
10% or more of the voting power or value of our shares.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Moreover,
this description does not address the U.S. federal estate, gift, or alternative minimum tax consequences, or any U.S. state, local or
non-U.S. tax consequences of the acquisition, ownership and disposition of the ADSs, the Pre-Funded Warrants and the Series B Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This
description is based on the U.S. Internal Revenue Code of 1986, as amended, or the Code, existing, proposed and temporary U.S. Treasury
Regulations promulgated thereunder and administrative and judicial interpretations thereof, in each case as in effect and available on
the date hereof. All the foregoing is subject to change, which change could apply retroactively and could affect the tax consequences
described below. There can be no assurances that the U.S. Internal Revenue Service, or IRS, will not take a different position concerning
the tax consequences of the acquisition, ownership and disposition of the ADSs, the Pre-Funded Warrants and the Series B Warrants or that
such a position would not be sustained. Holders should consult their own tax advisers concerning the U.S. federal, state, local and foreign
tax consequences of acquiring, owning and disposing of the ADSs in their particular circumstances.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">For
purposes of this description, the term &ldquo;U.S. Holder&rdquo; means a beneficial owner of the ADSs, the Pre-Funded Warrants and the
Series B Warrants that, for U.S. federal income tax purposes, is (i) a citizen or resident of the United States, (ii) a corporation (or
entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States,
any state thereof, or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax regardless of
its source or (iv) a trust (x) with respect to which a court within the United States is able to exercise primary supervision over its
administration and one or more U.S. persons have the authority to control all of its substantial decisions or (y) that has elected to
be treated as a domestic trust for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">A
&ldquo;Non-U.S. Holder&rdquo; is a beneficial owner of the ADSs, the Pre-Funded Warrants and the Series B Warrants that is neither a U.S.
Holder nor a partnership (or other entity treated as a partnership for U.S. federal income tax purposes).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If
a partnership (or any other entity treated as a partnership for U.S. federal income tax purposes) holds the ADSs, the Pre-Funded Warrants
and the Series B Warrants, the U.S. federal income tax consequences relating to an investment in the ADSs, the Pre-Funded Warrants and
the Series B Warrants will depend in part upon the status of the partner and the activities of the partnership. Such a partner or partnership
should consult its tax advisor regarding the U.S. federal income tax consequences of acquiring, owning and disposing of the ADSs, the
Pre-Funded Warrants and the Series B Warrants in its particular circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Persons
considering an investment in the ADSs, the Pre-Funded Warrants and the Series B Warrants should consult their own tax advisors as to the
particular tax consequences applicable to them relating to the acquisition, ownership and disposition of the ADSs, the Pre-Funded Warrants
and the Series B Warrants, including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>Tax Treatment of Pre-funded Warrants</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Although the law is not completely
settled in the area, Pre-Funded Warrants will likely be treated as ADSs for U.S. federal income tax purposes. Any person that receives
Pre-Funded Warrants in this offering should consult their own tax advisor regarding the application of the U.S. federal income tax laws
to their particular situation. The remainder of this summary assumes that the Pre-Funded Warrants will be treated as ADSs for U.S. federal
income tax purposes. Subsequent references in this to ADSs will also include reference to Pre-Funded Warrants, as applicable or unless
otherwise noted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Allocation of Purchase
Price</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Each purchaser of our ADSs
must allocate its purchase price for such ADSs between the ADSs and Pre-Funded Warrants received based on the respective relative fair
market values of each at the time of issuance. This allocation of the purchase price will establish the holder&rsquo;s initial tax basis
for U.S. federal income tax purposes for each ADS and Pre-Funded Warrant. This position is not free from doubt, and a Holder&rsquo;s allocation
of the purchase price among our ADSs and Pre-Funded Warrants 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. Each Holder should consult its own tax advisor regarding the allocation
of the purchase price among the ADSs 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: 0in; background-color: white"><B><I>Exchange
of ADSs for Ordinary Shares</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In
general, if you hold ADSs, you will be treated as the holder of the underlying Ordinary Shares represented by those ADSs for U.S. federal
income tax purposes. Accordingly, gain or loss generally will not be recognized if you exchange ADSs for the underlying Ordinary Shares
represented by those ADSs. In addition, you will receive a basis in your Ordinary Shares equal to the basis of your ADSs exchanged for
such shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"><B><I>Taxation
of Dividends and Other Distributions on the ADSs</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Subject
to the discussion below under &ldquo;Passive Foreign Investment Company Consequences,&rdquo; if you are a U.S. Holder, the gross amount
of any distribution made to you with respect to the ADSs before reduction for any Israeli taxes withheld therefrom, generally will be
includible in your income as dividend income to the extent such distribution is paid out of our current or accumulated earnings and profits
as determined under U.S. federal income tax principles. Non-corporate U.S. Holders may qualify for the lower rates of taxation with respect
to dividends on ADSs applicable to &ldquo;qualified dividends,&rdquo; provided that certain conditions are met, including certain holding
period requirements and the absence of certain risk reduction transactions. Such lower rate of taxation shall not apply if we are a PFIC
for the taxable year in which we pay a dividend. Moreover, such dividends will not be eligible for the dividends received deduction generally
allowed to corporate U.S. Holders irrespective of PFIC status. To the extent that the amount of any distribution by us exceeds our current
and accumulated earnings and profits as determined under U.S. federal income tax principles, it will be treated first as a tax-free return
of your adjusted tax basis in the ADSs and thereafter as either long-term or short-term capital gain depending upon whether the U.S. Holder
has held the ADSs for more than one year as of the time such distribution is received.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If
you are a U.S. Holder, dividends paid to you with respect to the ADSs will be foreign source income for foreign tax credit purposes. Subject
to certain conditions and limitations, Israeli tax withheld on dividends may be deducted from your taxable income or credited against
your U.S. federal income tax liability. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific
classes of income. For this purpose, dividends generally constitute &ldquo;passive category income.&rdquo; A foreign tax credit for foreign
taxes imposed on distributions may be denied if you do not satisfy certain minimum holding period requirements. The rules relating to
the determination of the foreign tax credit are complex, and you should consult your tax advisor to determine whether and to what extent
you will be entitled to this credit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The
amount of a distribution paid to a U.S. Holder in a foreign currency will be the dollar value of the foreign currency calculated by reference
to the spot exchange rate on the day the U.S. Holder receives the distribution, regardless of whether the foreign currency is converted
into U.S. dollars at that time. Any foreign currency gain or loss a U.S. Holder realizes on a subsequent conversion of foreign currency
into U.S. dollars will be U.S. source ordinary income or loss. If dividends received in foreign currency are converted into U.S. dollars
on the day they are received, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect of
the dividend.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Subject
to the discussion below under &ldquo;Backup Withholding Tax and Information Reporting Requirements,&rdquo; if you are a Non-U.S. Holder,
you generally will not be subject to U.S. federal income (or withholding) tax on dividends received by you on your ADSs, unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">you conduct a trade or business in the U.S. and such income
is effectively connected with that trade or business (and, if required by an applicable income tax treaty, the dividends are attributable
to a permanent establishment or fixed base that such holder maintains in the U.S.); or</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">you are an individual and have been present in the U.S. for
183 days or more in the taxable year of such sale or exchange and certain other conditions are met.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"><B><I>Sale,
Exchange or Other Disposition of the ADSs</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Subject
to the discussion below under &ldquo;Passive Foreign Investment Company Consequences,&rdquo; if you are a U.S. Holder, you generally will
recognize gain or loss on the sale, exchange or other disposition of the ADSs equal to the difference between the amount realized on such
sale, exchange or other disposition and your adjusted tax basis in the ADSs and such gain or loss will be capital gain or loss. The adjusted
tax basis in an ADS generally will be initially determined as described above in &ldquo;Tax Basis of each ADS.&rdquo; If you are a non-corporate
U.S. Holder, capital gain from the sale, exchange or other disposition of an ADS is generally eligible for a preferential rate of taxation
applicable to capital gains, if your holding period determined at the time of such sale, exchange or other disposition for such ADS exceeds
one year (i.e., such gain is long-term capital gain). The deductibility of capital losses is subject to limitations. Any such gain or
loss generally will be treated as U.S. source income or loss for foreign tax credit limitation purposes. A foreign tax credit for foreign
taxes imposed on capital gains may be denied if you do not satisfy certain minimum holding period requirements. The rules relating to
the determination of the foreign tax credit are complex, and it is possible that the ability of a U.S. Holder to claim a foreign tax credit
for any such Israeli tax will be limited. You should consult your tax advisor to determine whether, and to what extent, you will be entitled
to this credit.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Subject
to the discussion below under &ldquo;Backup Withholding Tax and Information Reporting Requirements,&rdquo; if you are a Non-U.S. Holder,
you generally will not be subject to U.S. federal income or withholding tax on any gain realized on the sale or exchange of such ADSs
unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">such gain is effectively connected with your conduct of a
trade or business in the United States (and, if required by an applicable income tax treaty, the gain is attributable to a permanent
establishment or fixed base that you maintain in the United States); or</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">you are an individual and have been present in the United
States for 183 days or more in the taxable year of such sale or exchange and certain other conditions are met.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"><B><I>Passive
Foreign Investment Company Consequences</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We
may be classified as a PFIC for the 2024 tax year. If we are indeed so classified for 2024 or in any other taxable year, a U.S. Holder
would be subject to special rules generally intended to reduce or eliminate any benefits from the deferral of U.S. federal income tax
that a U.S. Holder could derive from investing in a non-U.S. company that does not distribute all of its earnings on a current basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">A
non-U.S. corporation will be classified as a PFIC for federal income tax purposes in any taxable year in which, after applying certain
look-through rules with respect to the income and assets of subsidiaries, either:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">at least 75% of its gross income is &ldquo;passive income&rdquo;;
or</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">at least 50% of the average quarterly value of its total
gross assets (which may be determined in part by the market value of the ADSs, which is subject to change) is attributable to assets
that produce &ldquo;passive income&rdquo; or are held for the production of passive income.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Passive
income for this purpose generally includes dividends, interest, royalties, rents, gains from commodities and securities transactions,
the excess of gains over losses from the disposition of assets which produce passive income, and includes amounts derived by reason of
the temporary investment of funds raised in offerings of the ADSs. If a non-U.S. corporation owns at least 25% by value of the stock of
another corporation, the non-U.S. corporation is treated for purposes of the PFIC tests as owning its proportionate share of the assets
of the other corporation and as receiving directly its proportionate share of the other corporation&rsquo;s income. If we are classified
as a PFIC in any year with respect to which a U.S. Holder owns the ADSs, we will generally continue to be treated as a PFIC with respect
to such U.S. Holder in all succeeding years during which the U.S. Holder owns the ADSs, regardless of whether we continue to meet the
tests described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If
we are indeed properly classified as a PFIC, and you are a U.S. Holder, then unless you make one of the elections described below, a special
tax regime will apply to both (a) any &ldquo;excess distribution&rdquo; by us to you (generally, your ratable portion of distributions
in any year which are greater than 125% of the average annual distribution received by you in the shorter of the three preceding years
or your holding period for the ADSs) and (b) any gain realized on the sale or other disposition of the ADSs. Under this regime, any excess
distribution and realized gain will be treated as ordinary income and will be subject to tax as if (i) the excess distribution or gain
had been realized ratably over your holding period, (ii) the amount deemed realized in each year had been subject to tax in each year
of that holding period at the highest marginal rate for such year (other than income allocated to the current period or any taxable period
before we became a PFIC, which would be subject to tax, at the U.S. Holder&rsquo;s regular ordinary income rate for the current year and
would not be subject to the interest charge discussed below), and (iii) the interest charge generally applicable to underpayments of tax
had been imposed on the taxes deemed to have been payable in those years. In addition, dividend distributions made to you will not qualify
for the lower rates of taxation applicable to long-term capital gains discussed above under &ldquo;Distributions.&rdquo; Certain elections
may be available that would result in an alternative treatment (such as mark-to-market treatment) of the ADSs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If
a U.S. Holder makes the mark-to-market election, then, in lieu of being subject to the tax and interest charge rules discussed above,
the U.S. Holder generally will recognize as ordinary income any excess of the fair market value of the ADSs at the end of each taxable
year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of the ADSs
over their fair market value at the end of the taxable year (but only to the extent of the net amount of income previously included as
a result of the mark-to-market election). If a U.S. Holder makes the election, the U.S. Holder&rsquo;s tax basis in its ADSs will be adjusted
to reflect these income or loss amounts. Any gain recognized on the sale or other disposition of ADSs in a year when we are a PFIC will
be treated as ordinary income and any loss will be treated as an ordinary loss (but only to the extent of the net amount of income previously
included as a result of the mark-to-market election).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The
mark-to-market election is available only if we are a PFIC and the ADSs are &ldquo;regularly traded&rdquo; on a &ldquo;qualified exchange.&rdquo;
The ADSs will be treated as &ldquo;regularly traded&rdquo; in any calendar year in which more than a de minimis quantity of the ADSs are
traded on a qualified exchange on at least 15 days during each calendar quarter. NASDAQ is a qualified exchange for this purpose. Because
a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the tax
and interest charge rules discussed above with respect to such holder&rsquo;s indirect interest in any investments held by us that are
treated as an equity interest in a PFIC for U.S. federal income tax purposes, including stock in any of our subsidiaries that are treated
as PFICs. If a U.S. Holder makes a mark-to-market election, it will be effective for the taxable year for which the election is made and
all subsequent taxable years unless the ADSs are no longer regularly traded on a qualified exchange or the IRS consents to the revocation
of the election.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If
we are determined to be a PFIC, the general tax treatment for U.S. Holders described in this section would apply to indirect distributions
and gains deemed to be realized by U.S. Holders in respect of any of our subsidiaries that also may be determined to be PFICs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;If
we are a PFIC and a U.S. Holder makes a Qualified Electing Fund Election under Section 1295 of the Code (&ldquo;QEF Election&rdquo;) for
the first tax year in which its holding period of its ADSs begins, such U.S. Holder generally will not be subject to the PFIC rules discussed
above with respect to its ADSs. However, a U.S. Holder that makes a QEF Election will be subject to U.S. federal income tax on such U.S.
Holder&rsquo;s pro rata share of (a) the net capital gain of the Company, which will be taxed as long-term capital gain to such U.S. Holder,
and (b) the ordinary earnings of the Company, which will be taxed as ordinary income to such U.S. Holder. Generally, &ldquo;net capital
gain&rdquo; is the excess of (a) net long-term capital gain over (b) net short-term capital gain, and &ldquo;ordinary earnings&rdquo;
are the excess of (a) &ldquo;earnings and profits&rdquo; over (b) net capital gain. A U.S. Holder that makes a QEF Election will be subject
to U.S. federal income tax on such amounts for each tax year in which the Company is a PFIC, regardless of whether such amounts are actually
distributed to such U.S. Holder by the Company. However, a U.S. Holder that makes a QEF Election may, subject to certain limitations,
elect to defer payment of current U.S. federal income tax on such amounts, subject to an interest charge. If such U.S. Holder is not a
corporation, any such interest paid will be treated as &ldquo;personal interest,&rdquo; which is not deductible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">A
U.S. Holder that makes a QEF Election generally (a) may receive a tax-free distribution from the Company to the extent that such distribution
represents &ldquo;earnings and profits&rdquo; of the Company that were previously included in income by the U.S. Holder because of such
QEF Election and (b) will adjust such U.S. Holder&rsquo;s tax basis in the ADSs to reflect the amount included in income or allowed as
a tax-free distribution because of such QEF Election. In addition, a U.S. Holder that makes a QEF Election generally will recognize capital
gain or loss on the sale or other taxable disposition of ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The
procedure for making a QEF Election, and the U.S. federal income tax consequences of making a QEF Election, will depend on whether such
QEF Election is timely. A QEF Election will be treated as timely if it is made for the first year in the U.S. Holder&rsquo;s holding period
for the ADSs in which the Company was a PFIC. A U.S. Holder may make a timely QEF Election by filing the appropriate QEF Election documents
at the time such U.S. Holder files a U.S. federal income tax return for such year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">A
QEF Election will apply to the tax year for which such QEF Election is made and to all subsequent tax years, unless such QEF Election
is invalidated or terminated or the IRS consents to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent
tax year, the Company ceases to be a PFIC, the QEF Election will remain in effect (although it will not be applicable) during those tax
years in which the Company is not a PFIC. Accordingly, if the Company becomes a PFIC in a subsequent tax year, the QEF Election will be
effective, and the U.S. Holder will be subject to the QEF rules described above during a subsequent tax year in which the Company qualifies
as a PFIC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">U.S.
Holders should be aware that, for each tax year that the Company is a PFIC, the Company can provide no assurances that it will satisfy
the record-keeping requirements or make available to U.S. Holders a PFIC Annual Information Statement or any other information such U.S.
Holders require to make a QEF Election with respect to the Company or any subsidiary that also is classified as a PFIC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We
do not intend to provide the information necessary for U.S. Holders to make qualified electing fund elections if we are classified as
a PFIC. U.S. Holders should consult their tax advisors to determine whether any of these elections would be available and if so, what
the consequences of the alternative treatments would be in their particular circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">A
U.S. Holder who owns ADSs during any year in which we are a PFIC, will be required to file an IRS Form 8621 (Information Return by a Shareholder
of a Passive Foreign Investment Company or Qualified Electing Fund) with respect to us, generally with the U.S. Holder&rsquo;s federal
income tax return for that year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">U.S.
Holders should consult their tax advisors regarding application of the PFIC rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"><B><I>Medicare
Tax</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Certain
U.S. Holders that are individuals, estates or trusts are subject to a 3.8% tax on all or a portion of their &ldquo;net investment income,&rdquo;
which may apply to all or a portion of the following items with respect to ADSs: dividend or other distributions, gains from dispositions
and &ldquo;excess distributions&rdquo; and income from &ldquo;mark-to-market&rdquo; elections under the PFIC rules, if applicable. Each
U.S. Holder that is an individual, estate or trust is urged to consult its tax advisors regarding the applicability of the Medicare tax
to its income and gains in respect of its investment in the ADSs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">U.S.
backup withholding tax and information reporting requirements may apply to certain payments to certain holders of the ADSs. Information
reporting generally will apply to payments of dividends on the ADSs, and to proceeds from the sale or redemption of the ADSs made within
the United States, or by a U.S. payer or U.S. middleman, to a holder of the ADSs, other than an exempt recipient (including a payee that
is not a U.S. person that provides an appropriate certification and certain other persons). A payer may be required to withhold backup
withholding tax from any payments of dividends on the ADSs, or the proceeds from the sale or redemption of the ADSs within the United
States, or by a U.S. payer or U.S. middleman, to a holder, other than an exempt recipient, if such holder fails to furnish its correct
taxpayer identification number or otherwise fails to comply with, or establish an exemption from, such backup withholding tax requirements.
Any amounts withheld under the backup withholding rules will be allowed as a credit against the beneficial owner&rsquo;s U.S. federal
income tax liability, if any, and any excess amounts withheld under the backup withholding rules may be refunded, provided that the required
information is timely furnished to the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"><B><I>Foreign
Asset Reporting</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Certain
U.S. Holders, who are individuals, are required to report information relating to an interest in the ADSs, subject to certain exceptions
(including an exception for shares held in accounts maintained by financial institutions) by filing IRS Form 8938 (Statement of Specified
Foreign Financial Assets) with their federal income tax return. U.S. Holders are urged to consult their tax advisors regarding their information
reporting obligations, if any, with respect to their ownership and disposition of the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>THE
DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PROSPECTIVE INVESTOR. EACH PROSPECTIVE
INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN ADSs IN LIGHT OF THE INVESTOR&rsquo;S
OWN CIRCUMSTANCES.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>PLAN OF DISTRIBUTION</B></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: 0in">We have engaged &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the Placement
Agent, to act as our exclusive Placement Agent to solicit offers to purchase the securities offered pursuant to this prospectus on a reasonable
best efforts basis. The engagement agreement does not give rise to any commitment by the Placement Agent to purchase any of our securities,
and the Placement Agent will have no authority to bind us by virtue of the engagement agreement. The Placement Agent is not purchasing
or selling any of the securities offered by us under this prospectus, nor is it required to arrange for the purchase or sale of any specific
number or dollar amount of securities, other than to use its &ldquo;reasonable best efforts&rdquo; to arrange for the sale of such securities
by us. Therefore, we may not sell all of the securities being offered. The terms of this offering were subject to market conditions and
negotiations between us, the Placement Agent and prospective investors. This is a best efforts offering and there is no minimum offering
amount required as a condition to the closing of this offering. Because there is no minimum offering amount required as a condition to
closing this offering, we may sell fewer than all of the securities offered hereby, which may significantly reduce the amount of proceeds
received by us. The Placement Agent does not guarantee that it will be able to raise new capital in any prospective offering. The Placement
Agent may engage sub-agents or selected dealers to assist with the offering.</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: 0in">Investors purchasing securities
offered hereby will have the option to execute a securities purchase agreement with us. In addition to rights and remedies available to
all purchasers in this offering under federal securities and state law, the purchasers which enter into a securities purchase agreement
will also be able to bring claims of breach of contract against us. The ability to pursue a claim for breach of contract is material to
larger purchasers in this offering as a means to enforce the following covenants uniquely available to them under the securities purchase
agreement: (i)&nbsp;a covenant to not enter into variable rate financings for a period of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) months following the closing of the offering,
subject to certain exceptions; and (ii) a covenant to not issue any Ordinary Shares or ADSs or securities convertible into Ordinary Shares
or ADSs for &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;( &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) days from closing of the offering, subject to certain exceptions.</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: 0in">The nature of the representations,
warranties and covenants in the securities purchase agreements shall include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">standard issuer representations and warranties on matters
such as organization, qualification, authorization, no conflict, no governmental filings required, current in SEC filings, no litigation,
labor or other compliance issues, environmental, intellectual property and title matters and compliance with various laws such as the
Foreign Corrupt Practices Act; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">covenants regarding matters such as no integration with other
offerings, filing of a 6-K to disclose entering into these securities purchase agreements, no shareholder rights plans, no material nonpublic
information, use of proceeds, indemnification of purchasers, reservation and listing of ADSs, and not issuance of any Ordinary Shares
or ADSs or securities convertible into Ordinary Shares or ADSs for ( &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) days from closing of the offering, subject to certain exceptions.</TD>
</TR></TABLE>

<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: 0in">We expect to deliver the securities
being offered pursuant to this prospectus on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, subject to satisfaction of certain customary closing conditions.</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: 0in"><B>Fees and Expenses</B></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: 0in">The following table shows
the per ADS and accompanying Warrant and per Pre-Funded Warrant and accompanying Warrant and total Placement Agent fees we will pay in
connection with the sale of the Securities in this offering.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>Per ADS and <BR>
Accompanying Warrant</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>Per<BR>
 Pre-Funded Warrant and<BR>
 Accompanying Warrant</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 10pt">Combined public offering price</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Placement agent fees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Proceeds to us (before expenses)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<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"></P>

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<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: 0in">We have agreed to pay the
Placement Agent a total cash fee equal to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the aggregate gross proceeds received in the offering
and a management fee equal to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the gross proceeds raised in the offering. We
will also pay the Placement Agent for non-accountable fees and expenses of up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
and its legal fees and expenses and other out-of-pocket expenses in an amount up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for closing costs. We estimate the total expenses of this
offering payable by us, excluding the Placement Agent fee, will be approximately $ million.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Each of our officers and directors
have agreed with the Placement Agent to be subject to a lock-up period of days following the date of closing of the offering pursuant
to this prospectus. 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 of
the ADSs or any securities convertible into, or exercisable or exchangeable for, ADSs, subject to customary exceptions. The Placement
Agent may waive the terms of these lock-up agreements in its sole discretion and without notice. In addition, we have agreed to not issue
any securities that are subject to a price reset based on the trading prices of the ADSs or upon a specified or contingent event in the
future, or enter into any agreement to issue securities at a future determined price for a period of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ( &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) months following the closing
date of this offering, subject to certain exceptions. The Placement Agent may waive this prohibition in its sole discretion and without
notice.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have granted the Placement
Agent a right of first refusal for a period of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) months following the closing of this offering, to act as exclusive financial advisor,
sole book-running manager, sole underwriter, sole Placement Agent or sole agent for each and every future debt financing or refinancing
and public or private equity offering or acquisition or disposition by us or any of our successors or subsidiaries.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have also agreed to pay
the Placement Agent a tail fee equal to the cash compensation in this offering, if any investor, who was brought over-the-wall by the
Placement Agent during the term of its engagement, provides us with capital in any public or private offering or other financing or capital
raising transaction during the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -month period following expiration or termination of our engagement of the Placement Agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Placement Agent may be
deemed to be an underwriter within the meaning of Section&nbsp;2(a)(11) of the Securities Act, and any commissions received by it and
any profit realized on the resale of the securities sold by it while acting as principal might be deemed to be underwriting discounts
or commissions under the Securities Act. As an underwriter, the Placement Agent would be required to comply with the requirements of the
Securities Act and the Exchange Act, including, without limitation, Rule 10b-5 and Regulation M under the Exchange Act. These rules&nbsp;and
regulations may limit the timing of purchases and sales of our securities by the Placement Agent acting as principal. Under these rules
and regulations, the Placement Agent (i) may not engage in any stabilization activity in connection with our securities and (ii) may not
bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under
the Exchange Act, until it has completed its participation in the distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have agreed to indemnify
the Placement Agent against certain liabilities, including certain liabilities arising under the Securities Act and to contribute to payments
that the Placement Agent may be required to make for these liabilities.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The actual offering price
of the securities we are offering has been negotiated between us and the investors in the offering based on the trading of our ADSs prior
to the offering, among other things. Other factors considered in determining the public offering price of the securities we are offering
include our history and prospects, the stage of development of our business, our business plans for the future and the extent to which
they have been implemented, an assessment of our management, the general conditions of the securities markets at the time of the offering
and such other factors as were deemed relevant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Electronic Offer, Sale
and Distribution of Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">A prospectus in electronic
format may be made available on the websites maintained by the Placement Agent, if any, participating in this offering and the Placement
Agent may distribute prospectuses electronically. Other than the prospectus in electronic format, the information on these websites 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 Placement Agent, and should not be relied upon by investors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">From time to time, the Placement
Agent or its affiliates have in the past or may in the future provide in the future, various advisory, investment and commercial banking
and other services to us in the ordinary course of business, for which they have received and may continue to receive customary fees and
commissions. However, except as disclosed in this prospectus, we have no present arrangements with the Placement Agent for any further
services.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The ADSs are listed on The
Nasdaq Capital Market under the symbol &ldquo;PPBT.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Depositary for the ADSs
is The Bank of New York Mellon.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>EXPENSES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The following table sets forth the costs and expenses,
other than placement agent fees, payable by us in connection with the offer and sale of the securities in this offering. All amounts listed
below are estimates except the SEC registration fee and the Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;) filing
fee.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">SEC registration fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">*</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">FINRA filing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Printer fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Transfer agent, depositary fees and registrar fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">*</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> *</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">To be completed by amendment.</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"><B><A NAME="a_015"></A>LEGAL MATTERS</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">Certain legal matters with respect to Israeli
law and with respect to the validity of the offered securities under Israeli law will be passed upon for us by FISCHER (FBC &amp; Co.).
Certain legal matters with respect to U.S. federal securities law and New York law will be passed upon for us by Haynes and Boone, LLP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_016"></A>EXPERTS</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 consolidated financial statements of Purple
Biotech Ltd. and its subsidiaries as of December 31, 2024 and 2023 and for each of the years in the three-year period ended December 31,
2024, have been incorporated by reference herein in reliance upon the report of Somekh Chaikin, a member firm of KPMG International, independent
registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and
auditing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_017"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to the informational requirements
of the Securities Exchange Act of 1934, as amended, and in accordance therewith file annual and special reports with, and furnish other
information to, the SEC. The SEC maintains a website that contains reports, information statements and other information regarding registrants
that file electronically with the SEC. The address of the SEC&rsquo;s website is www.sec.gov. These SEC filings are also generally available
to the public on (i) the Israel Securities Authority&rsquo;s website at www.magna.isa.gov.il, (ii) the Tel Aviv Stock Exchange&rsquo;s
website at http://www.maya.tase.co.il, and (iii) from commercial document retrieval services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We make available free of charge on or through
our website at <I>www.purple-biotech.com</I>, our Annual Reports on Form 20-F, Reports on Form 6-K and amendments to those reports filed
or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after we electronically file such
material with or otherwise furnish it to the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a foreign private issuer, we are exempt from
the rules under the Exchange Act relating to the furnishing and content of proxy statements, and our officers, directors and principal
shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In
addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as
promptly as U.S. companies whose securities are registered under the Exchange Act. However, we are required to file with the SEC, within
120 days after the end of each fiscal year ending December 31, an annual report on Form 20-F containing financial statements which are
examined and reported on, with an opinion expressed, by an independent registered public accounting firm. We also furnish to the SEC under
cover of Form 6-K material information required to be made public in Israel, filed with and made public by any stock exchange or distributed
by us to our shareholders. In addition, in accordance with the Nasdaq Listing Rules, as a foreign private issuer we are required to submit
on Form 6-K an interim balance sheet and income statement as of the end of the second quarter of each fiscal year. We have also agreed
contractually under the Open Market Sale Agreement<SUP>SM</SUP> we entered into with Jefferies LLC to provide on Form 6-K an interim balance
sheet and income statement as of the end of the first and third quarters of each fiscal year.</P>

<P STYLE="font: 10pt Times 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 have filed with the SEC a registration statement
under the Securities Act relating to the offering of these securities. The registration statement, including the attached exhibits, contains
additional relevant information about us and the securities. This prospectus does not contain all of the information set forth in the
registration statement. You can obtain a copy of the registration statement for free at www.sec.gov. The registration statement and the
documents referred to below under &ldquo;Incorporation of Documents by Reference&rdquo; are also available on our website, <I>www.purple-biotech.com</I>.
We will provide you without charge, upon your written or oral request, a copy of any of the documents incorporated by reference in this
prospectus, other than exhibits to such documents which are not specifically incorporated by reference into such documents. Please direct
your written or telephone requests to Purple Biotech Ltd., 4 Oppenheimer Street, Science Park, Rehovot 7670104, Israel, Attn: Gil Efron,
telephone number + 972-3-933-3121.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information contained on, or that can be accessed
through, our website does not constitute a part of this prospectus and is not incorporated by reference herein. We have included our website
address in this prospectus solely as an inactive textual reference. We will post on our website any materials required to be posted on
such website under applicable corporate or securities laws and regulations, including posting any notices of general meetings of our shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_018"></A>INCORPORATION OF DOCUMENTS BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to &ldquo;incorporate by reference&rdquo;
the information we have filed with it, which means that we can disclose important information to you by referring you to those documents.
The information we incorporate by reference is an important part of this prospectus. We specifically are incorporating by reference the
following documents filed with the SEC:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the description of our Ordinary Shares, no par value per share, and the American Depositary Shares representing the Ordinary Shares, contained in </FONT><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025022192/ea023248301ex2-1_purple.htm">Exhibit 2.1</A></FONT> <FONT STYLE="font-size: 10pt">to our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025022192/ea0232483-20f_purple.htm">Form 20-F</A> for the fiscal year ended December 31, 2024, filed with the SEC on March 10, 2025, including any amendments or reports filed for the purpose of updating the description;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025022192/ea0232483-20f_purple.htm">Form 20-F</A> for the fiscal year ended December 31, 2024, filed with the SEC on March 10, 2025; &nbsp;and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Reports on Form 6-K furnished to the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/1614744/000121390025001241/ea0226945-6k_purplebio.htm">January 6, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025009090/ea0229548-6k_purplebio.htm">February 3, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025014577/ea0231399-6k_purple.htm">February 18, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025018754/ea0232211-6k_purple.htm">February 28, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025020358/ea0233219-6k_purple.htm">March 5, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025021971/ea023374201-6k_purple.htm">March 10, 2025</A> (as amended on Form 6-K/A on <A HREF="https://www.sec.gov/Archives/edgar/data/1614744/000121390025022027/ea0233776-6ka1_purple.htm">March 10, 2025</A>), <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000101376225000572/ea0234753-6k_purple.htm">March 18, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000101376225003595/ea0236059-6k_purple.htm">March 28, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025026637/ea0236524-6k_purple.htm">April 1, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025032062/ea0238395-6k_purplebio.htm">April 15, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025032327/ea0238509-6k_purple.htm">April, 16, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025034220/ea0239112-6k_purple.htm">April 22, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025035816/ea0239703-6k_purple.htm">April 28, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025037075/ea0239703-6k_purple.htm">April 30, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025040149/ea0241062-6k_purple.htm">May 6, 2025</A>,  <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025041720/ea0241701-6k_purplebio.htm">May 12. 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025046205/ea0243048-6k_purple.htm">May 21, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025054948/ea024591302-6k_purple.htm">June 17, 2025</A>, and <A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025056405/ea0246145-6k_purple.htm">June 23, 2025</A>.</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">The information relating to us contained in this
prospectus does not purport to be comprehensive and should be read together with the information contained in the documents incorporated
or deemed to be incorporated by reference in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information incorporated
by reference or provided in this prospectus. We have not authorized anyone else to provide you with different information. You should
not assume that the information in this prospectus is accurate as of any date other than the date of this prospectus or the date of the
documents incorporated by reference in this prospectus. As you read the above documents, you may find inconsistencies in information from
one document to another. If you find inconsistencies between the documents and this prospectus, you should rely on the statements made
in the most recent document. All information appearing in this prospectus is qualified in its entirety by the information and financial
statements, including the notes thereto, contained in the documents incorporated by reference herein.</P>

<P STYLE="font: 10pt Times 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 will provide you without charge, upon your
written or oral request, a copy of any of the documents incorporated by reference in this prospectus, other than exhibits to such documents
which are not specifically incorporated by reference into such documents. Please direct your written or telephone requests to Purple Biotech
Ltd., 4 Oppenheimer Street, Science Park, Rehovot 7670104, Israel, Attn: Gil Efron, telephone number + 972-3-933-3121. You may also obtain
information about us by visiting our website at <I>www.purple-biotech.com</I>. Except for the specific incorporated documents listed above,
no information available on or through our website shall be deemed to be incorporated in this prospectus or the registration statement
of which it forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</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="a_019"></A>ENFORCEABILITY OF CIVIL LIABILITIES</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 incorporated under the laws of the State
of Israel. Service of process upon us and upon our directors and officers and the Israeli experts named in this prospectus, substantially
all of whom reside outside the United States, may be difficult to obtain within the United States. Furthermore, because substantially
all of our assets and substantially all of our directors and officers are located outside the United States, any judgment obtained in
the United States against us or any of our directors and officers may not be collectible within the United States.</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">It may be difficult to assert U.S. securities
law claims in original actions instituted in Israel or obtain a judgment in Israel based on the civil liability provisions of U.S. federal
securities laws. Israeli courts may refuse to hear a claim based on an alleged violation of U.S. securities laws reasoning that Israel
is not the most appropriate forum to hear such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine
that Israeli law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content of applicable U.S. law
must be proved as a fact by expert witnesses which can be a time-consuming and costly process. Certain matters of procedure may also be
governed by Israeli law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to certain time limitations, legal procedures
and exceptions, Israeli courts may enforce a U.S. judgment in a civil matter which (subject to limited exceptions) is non-appealable,
including a judgment based upon the civil liability provisions of the Securities Act and the Exchange Act and including a monetary or
compensatory judgment in a non-civil matter, provided that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the judgment was rendered by
a court which was, according to the laws of the state of the court, competent to render the judgment;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the obligation imposed by the
judgment is enforceable according to the rules relating to the enforceability of judgments in Israel and the substance of the judgment
is not contrary to public policy; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the judgment is executory in
the state in which it was given.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even if these conditions are met, an Israeli court
may not declare a foreign civil judgment enforceable if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the judgment was given in a
state whose laws do not provide for the enforcement of judgments of Israeli courts (subject to exceptional cases);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the enforcement of the judgment
is likely to prejudice the sovereignty or security of the State of Israel;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the judgment was obtained by
fraud;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the opportunity given to the
defendant to bring its arguments and evidence before the court was not reasonable in the opinion of the Israeli court;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the judgment was rendered by
a court not competent to render such judgement according to the laws of private international law as they apply in Israel;</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the judgment is contradictory
to another judgment that was rendered in the same matter between the same parties and that is still valid; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at the time the action was
brought in the foreign court, a lawsuit in the same matter and between the same parties was pending before a court or tribunal in Israel.</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">We have irrevocably appointed Puglisi &amp; Associates,
850 Library Avenue, Suite 204, Newark, DE 19715 Tel: +1 (302) 738-6680 as our agent to receive service of process in any action against
us in any United States federal or state court arising out of this offering or any purchase or sale of securities in connection with 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">If a foreign judgment is enforced by an Israeli
court, it generally will be payable in Israeli currency, which can then be converted into non-Israeli currency and transferred out of
Israel. The usual practice in an action before an Israeli court to recover an amount in a non-Israeli currency is for the Israeli court
to issue a judgment for the equivalent amount in Israeli currency at the rate of exchange in force on the date of the judgment, but the
judgment debtor may make payment in foreign currency. Pending collection, the amount of the judgment of an Israeli court stated in Israeli
currency ordinarily will be linked to the Israeli consumer price index plus interest at the annual statutory rate set by Israeli regulations
prevailing at the time. Judgment creditors must bear the risk of unfavorable exchange rates.</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 100%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Shares representing
</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Funded Warrants to Purchase up to
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B Warrants to Purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American
Depositary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(and up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Shares representing
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares underlying the Pre-Funded <BR>
Warrants and up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Shares representing &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares underlying the Series
B <BR>
Warrants)</B></P>

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

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

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>PART II</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>INFORMATION NOT REQUIRED IN 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"><B>Item 6. Indemnification of Directors and Officers.</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; text-align: justify">Under the Israeli Companies Law, 5759 &ndash;
1999 (the &ldquo;Companies Law&rdquo;), a company may not exculpate an office holder from liability for a breach of a fiduciary duty.
An Israeli company may exculpate an office holder in advance from liability to the company, in whole or in part, for damages caused to
the company as a result of a breach of duty of care but only if a provision authorizing such exculpation is included in its articles of
association. Our amended and restated articles of association include such a provision. The company may not exculpate in advance a director
from liability arising out of a prohibited dividend or distribution to shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Companies Law and the Israeli Securities
Law, 5728 &ndash; 1968 (the &ldquo;Securities Law&rdquo;) a company may indemnify an office holder in respect of the following liabilities,
payments and expenses incurred for acts performed by him or her as an office holder, either in advance of an event or following an event,
provided its articles of association include a provision authorizing such indemnification:</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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a monetary liability incurred
by or imposed on him or her in favor of another person pursuant to a judgment, including a settlement or arbitrator&rsquo;s award approved
by a court. However, if an undertaking to indemnify an office holder with respect to such liability is provided in advance, then such
an undertaking must be limited to events which, in the opinion of the board of directors, can be foreseen based on the company&rsquo;s
activities when the undertaking to indemnify is given, and to an amount or according to criteria determined by the board of directors
as reasonable under the circumstances, and such undertaking shall detail the abovementioned foreseen events and amount or criteria;</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reasonable litigation expenses,
including reasonable attorneys&rsquo; fees, incurred by the office holder as a result of an investigation or proceeding instituted against
him or her by an authority authorized to conduct such investigation or proceeding, provided that (i) no indictment was filed against
such office holder as a result of such investigation or proceeding; and (ii) no financial liability was imposed upon him or her as a
substitute for the criminal proceeding as a result of such investigation or proceeding or, if such financial liability was imposed, it
was imposed with respect to an offense that does not require proof of criminal intent or in connection with a monetary sanction;</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a monetary liability imposed
on him or her in favor of a payment for a breach offended at an Administrative Procedure (as defined below) as set forth in Section 52(54)(a)(1)(a)
to the Securities Law;</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">expenses associated with an
Administrative Procedure conducted regarding an office holder, including reasonable litigation expenses and reasonable attorneys&rsquo;
fees; and</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reasonable litigation expenses,
including attorneys&rsquo; fees, incurred by the office holder or imposed by a court in proceedings instituted against him or her by
the company, on its behalf, or by a third party, or in connection with criminal proceedings in which the office holder was acquitted,
or as a result of a conviction for an offense that does not require proof of criminal intent.</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">An &ldquo;Administrative Procedure&rdquo; is defined
as a procedure pursuant to chapters H3 (Monetary Sanction by the Israeli Securities Authority), H4 (Administrative Enforcement Procedures
of the Administrative Enforcement Committee) or I1 (Arrangement to prevent Procedures or Interruption of procedures subject to conditions)
to the Securities Law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Companies Law and the Securities Law,
a company may insure an office holder against the following liabilities incurred for acts performed by him or her as an office holder
if and to the extent provided in the company&rsquo;s articles of association:</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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a breach of a fiduciary duty
to the company, provided that the office holder acted in good faith and had a reasonable basis to believe that the act would not harm
the company;</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a breach of duty of care to
the company or to a third party, to the extent such a breach arises out of the negligent conduct of the office holder;</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a monetary liability imposed
on the office holder in favor of a third party;</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a monetary liability imposed
on the office holder in favor of an injured party at an Administrative Procedure pursuant to Section 52(54)(a)(1)(a) of the Securities
Law; and</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">expenses incurred by an office
holder in connection with an Administrative Procedure, including reasonable litigation expenses and reasonable attorneys&rsquo; fees.</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">Under the Companies Law, a company may not indemnify, exculpate or
insure an office holder against any of the following:</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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a breach of fiduciary duty,
except for indemnification and insurance for a breach of the fiduciary duty to the company to the extent that the office holder acted
in good faith and had a reasonable basis to believe that the act would not prejudice the company;</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a breach of duty of care committed
intentionally or recklessly, excluding a breach arising out of the negligent conduct of the office holder;</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an act or omission committed
with intent to derive illegal personal benefit; or</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a fine &nbsp;monetary sanction
or forfeit levied against the office holder.</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">Under the Companies Law, exculpation, indemnification
and insurance of office holders must generally be approved by the compensation committee and the board of directors and, with respect
to directors or controlling shareholders, their relatives and third parties in which such controlling shareholders have a personal interest,
also by the shareholders. The compensation committee may approve the procurement of directors&rsquo; and officers&rsquo; liability insurance
policy without the need for shareholder approval, if it determines that, pursuant to the relief regulations promulgated under the Companies
Law, the provision of such insurance coverage to the office holders under our directors and officers liabilities insurance policy is on
market terms, is not likely to have a material adverse effect on our profits, assets or obligations, and is consistent with our Compensation
Policy which was approved by our shareholders in accordance with the Companies Law.</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">Our amended and restated articles of association permit us to exculpate,
indemnify and insure our office holders to the fullest extent permitted or to be permitted by law. Our office holders are currently covered
by a directors&rsquo; and officers&rsquo; liability insurance policy within the parameters set forth in our Compensation Policy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have issued letters of indemnity (the &ldquo;Indemnity
Letters&rdquo;) to each of our current office holders pursuant to which we undertook to indemnify such office holders to the fullest extent
permitted by applicable law, to the extent that these liabilities are not covered by insurance. This indemnification is limited to events
determined as foreseeable by our Board of Directors based on our activities, as set forth in the Indemnity Letters. According to the Indemnity
Letters, the total accumulative sum of indemnification that may be paid by us to all office holders will not exceed a sum equal to 25%
of our shareholders&rsquo; equity according to our latest audited or reviewed consolidated financial statements, as of the date of indemnification.
The payment of indemnity amounts will not prejudice the right of office holders to receive insurance coverage benefits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, we have
issued letters of exemption to each of our current office holders exculpating them from a breach of their duty of care to us to the fullest
extent permitted by law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to indemnify Isaac Israel for obligations,
including the deductibles for our directors&rsquo; and officers&rsquo; liability insurance policy, and we may be required to pay costs
and expenses he may incur related to the &ldquo;Atzmon Claim&rdquo; described in &ldquo;Item 8. Financial Information &ndash; A. Consolidated
Statements and Other Financial Information &ndash; Legal Proceedings&rdquo; of our 2024 Annual Report, which is incorporated herein by
reference, pursuant to the Indemnity Letter issued to him. To our knowledge, other than with respect to the foregoing proceeding, there
is no previous or pending litigation or proceedings against any of our office holders as to which indemnification is being, or may be
sought, nor are we aware of any other pending or threatened litigation or proceeding that may result in claims for indemnification by
any office holder.</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">Insofar as indemnifications for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have
been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore
unenforceable.</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>Item 7. Recent Sales of Unregistered Securities </B></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>Immunorizon Acquisition </I></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">On February 1, 2023, we entered into the Share
Purchase Agreement dated February 1, 2023 (the &ldquo;Share Purchase Agreement&rdquo;), pursuant to which we acquired 100% of the issued
and outstanding shareholdings from the shareholders of Immunorizon Ltd. and Immunorizon became a wholly-owned subsidiary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration for the transfer of 100% of Immunorizon&rsquo;s
shares to us and the other obligations set forth in the Share Purchase Agreement, we paid an aggregate purchase price consisting of an
aggregate upfront payment of $3.5 million in cash and an aggregate $3.5 million in ADSs (the &ldquo;Immunorizon ADSs&rdquo;), at a price
per ADS equal to the NASDAQ volume-weighted average price of the ADSs for the 60-day period preceding the execution date of the agreement
the (&ldquo;PPS&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Immunorizon ADSs were issued to certain major
shareholders of Immunorizon (the &ldquo;Major Selling Shareholders&rdquo;) and were subject to a three-month lock-up period. We also undertook
to file a resale registration statement with the SEC to register the ADSs for resale following the lock-up period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Immunorizon ADSs were issued pursuant to the
exemptions from the registration requirements of the Securities Act provided by Regulation S.</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>Immunorizon Anti-Dilution Shares </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">At the closing of the transactions contemplated
by the Share Purchase Agreement, we entered into a Lock-Up and Registration Rights Agreement with the Major Selling Shareholders. In the
event that during one year following the closing of the Share Purchase Agreement, the Company entered into an agreement or made a filing
pursuant to which it issued ADSs or other equity securities in a financing transaction (other than under its ATM program used for an accumulated
amount of up to $2,000,000 worth of ADSs sold during any 90 day period following the closing of the Share Purchase Agreement, a non-cash
transaction or a strategic transaction such as strategic joint venture, pre-clinical or clinical collaboration), at a price per ADS lower
than the PPS (such new price, the &ldquo;New PPS&rdquo;) (a &ldquo;Dilutive Event&rdquo;), and at such time a Major Selling Shareholder
still held any ADSs issued to it under the Share Purchase Agreement, the Company agreed to issue such Major Selling Shareholder additional
ADSs (&ldquo;Additional ADSs&rdquo;) equal to: (i) (A) the number of such ADSs held by such Major Selling Shareholder at such time, multiplied
by (B) the PPS divided by (C) the New PPS, minus (ii) the number of such ADSs held by such Major Selling Shareholder at such time. Such
protection was only permitted to be provided once.</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">Following the October 2023 Offering (as defined
below), <FONT STYLE="background-color: white">which constituted a Dilutive Event, </FONT>we issued an <FONT STYLE="background-color: white">aggregate
3,498 </FONT>Additional ADSs to the Major Selling Shareholders. Such issuance was undertaken in reliance upon the exemption from the registration
requirements of the Securities Act, pursuant to Section 4(a)(2) thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>July 2024 Warrant Exercise Transaction</I></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">On July 1, 2024, we entered into the Inducement
Letters with holders that held warrants (the &ldquo;Existing Warrants&rdquo;) to purchase up to an aggregate of 281,675 ADSs, having original
exercise prices ranging from $25 to $400 per ADS, originally issued in October 2023, June 2020, January 2019 and June 2018. Pursuant to
the Inducement Letters, the holders agreed to exercise the Existing Warrants in full for cash at a reduced exercise price of 7.20 per
ADS<FONT STYLE="background-color: white">. </FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration for the exercise of the Existing
Warrants for cash, we issued to the holders, in a private placement, new unregistered Series A-1 Warrants to purchase up to an aggregate
of 248,969 ADSs and new unregistered Series A-2 Warrants to purchase up to an aggregate of 314,382 ADSs (collectively, the &ldquo;New
Warrants&rdquo;). The New Warrants are immediately exercisable at an exercise price of $8 per ADS. The Series A-1 Warrants have a term
of five years from the issuance date and the Series A-2 Warrants have a term of twenty-four months from the issuance 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">We also issued the unregistered July 2024 PA Warrants
to purchase up to an aggregate of 19,717 ADSs to designees of Wainwright, the exclusive placement agent for the offering, which have an
exercise price of $9 per ADS and expire on July 2, 2029.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The New Warrants, the July 2024 PA Warrants and
the ADSs representing Ordinary Shares issuable upon exercise of the New Warrants and the July 2024 PA Warrants were and/or will be (as
applicable) issued pursuant to the exemptions from the registration requirements of the Securities Act provided in Section 4(a)(2) under
the Securities Act and/or Rule 506(b) promulgated thereunder.</P>

<P STYLE="font: 10pt Times 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>October 2023 Registered Direct Offering and
Concurrent Private Placement of Warrants</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">On October 19, 2023, we issued to an institutional
investor warrants to purchase up to 21,739 ADSs (the &ldquo;October 2023 Warrants&rdquo;), in a private placement completed concurrently
with a registered direct offering (the &ldquo;October 2023 Offering&rdquo;). The October 2023 Warrants had an exercise price of $7.39
per ADS, were exercisable immediately and had an expiration date of April 19, 2029. All of the October 2023 Warrants were exercised for
cash, at a reduced exercise price of $7.20 per ADS, in connection with the July 2024 Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also issued the unregistered October 2023 PA
Warrants to purchase up to an aggregate of 15,217 ADSs to designees of Wainwright, the exclusive placement agent for the offering, which
have an exercise price of $28.75 per ADS and expire on October 17, 2028.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The October 2023 Warrants, the October 2023 PA
Warrants and the ADSs representing Ordinary Shares issued or issuable upon exercise of the October 2023 Warrants and the October 2023
PA Warrants were and/or will be (as applicable) issued pursuant to the exemptions from the registration requirements of the Securities
Act provided in Section 4(a)(2) under the Securities Act and/or Rule 506(b) promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>December 2024 Registered Direct Offering</I></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">On December 4, 2024, in connection with a registered
direct offering, we issued the unregistered December 2024 PA Warrants to purchase up to an aggregate of 33,087 ADSs to designees of Wainwright,
the exclusive placement agent for the offering, which have an exercise price of $7.50 per ADS and expire on December 3, 2029.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The December 2024 PA Warrants and the ADSs representing
Ordinary Shares issued or issuable upon exercise of the December 2024 PA Warrants were and/or will be (as applicable) issued pursuant
to the exemptions from the registration requirements of the Securities Act provided in Section 4(a)(2) under the Securities Act and/or
Rule 506(b) promulgated thereunder.</P>

<P STYLE="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>Item 8. Exhibits and Financial Statement Schedules. </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">The following exhibits are filed with this Registration Statement.</P>

<P STYLE="font: 10pt Times 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 agreements included or incorporated by reference
as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement.
These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not
intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements
prove to be inaccurate; (ii) may have been qualified in such agreement by disclosures that were made to the other party in connection
with the negotiation of the applicable agreement; (iii) may apply contract standards of &ldquo;materiality&rdquo; that are different from
&ldquo;materiality&rdquo; under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or
such other date or dates as may be specified in the 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"></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 undersigned registrant acknowledges that,
notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures
of material information regarding material contractual provisions are required to make the statements in this registration statement not
misleading.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="border-bottom: black 1.5pt solid; vertical-align: top; width: 9%"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp; Number</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 90%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390021031718/ea142416ex1-1_purplebiotech.htm"><FONT STYLE="font-size: 10pt">Open Market Sale Agreement<SUP>SM</SUP>, dated as of June 9, 2021, by and between the Company and Jefferies LLC (incorporated by reference to Exhibit 1.1 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on June 9, 2021)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390020041930/ea131388ex99-3_purplebiotech.htm"><FONT STYLE="font-size: 10pt">Memorandum of Association of the Registrant (originally filed as Exhibit 99.3 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on December 10, 2020 and incorporated herein by reference thereto)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390020041930/ea131388ex99-2_purplebiotech.htm"><FONT STYLE="font-size: 10pt">Amended and Restated Articles of Association of the Registrant (originally filed as Exhibit 99.2 to the Registrant&rsquo;s Form 6-K furnished to with the Securities and Exchange Commission on December 10, 2020 and incorporated herein by reference thereto)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000114420415056393/v420652_ex4-1.htm"><FONT STYLE="font-size: 10pt">Form of Deposit Agreement among the Registrant, the Bank of New York Mellon, as Depositary, and all Owners and Holders from time to time of American Depositary Shares issued hereunder (incorporated by reference to Exhibit 4.1 to our Registration Statement on Form F-1 as filed with the Securities and Exchange Commission on September 24, 2015)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000114420415056393/v420652_ex4-1.htm">Form of American Depositary Receipt (included in Exhibit 4.1)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390020005814/ff12019a1ex4-21_kitovpharma.htm"><FONT STYLE="font-size: 10pt">Form of Placement Agent Warrant issued to Placement Agent in the March 2020 offering (incorporated by reference to Exhibit 4.21 to the Registrant&rsquo;s Registration Statement on Form F-1/A filed with the Securities and Exchange Commission on March 10, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390020009562/ea120836ex99-2_kitovpharma.htm"><FONT STYLE="font-size: 10pt">Form of Placement Agent Warrant issued to Placement Agent in the April 2020 private placement (incorporated by reference to Exhibit 99.2 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on April 20, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390020011385/ea121534ex4-1_kitov.htm"><FONT STYLE="font-size: 10pt">Form of Warrant issued to investors in the May 2020 offering (incorporated by reference to Exhibit 4.1 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on May 8, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">4.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390020011385/ea121534ex4-2_kitov.htm"><FONT STYLE="font-size: 10pt">Form of Placement Agent Warrant issued to Placement Agent in the May 2020 offering (incorporated by reference to Exhibit 4.2 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on May 8, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390020015790/ea123437aex4-1_kitov.htm"><FONT STYLE="font-size: 10pt">Form of Warrant issued to purchasers in the June 2020 offering (incorporated by reference to Exhibit 4.1 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on June 25, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">4.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390020016163/ea123580ex4-2_kitovpharma.htm"><FONT STYLE="font-size: 10pt">Form of Placement Agent Warrant issued to Placement Agent in the June 2020 offering (incorporated by reference to Exhibit 4.2 to the Registrant&rsquo;s Form 6-K/A furnished to the Securities and Exchange Commission on June 29, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000101376223004983/ea186957ex4-5_purplebio.htm"><FONT STYLE="font-size: 10pt">Form of Placement Agent Warrant issued to the Placement Agent in the October 2023 offering (incorporated by reference in Exhibit 4.5 to the Registrant&rsquo;s Form 6-K furnished to the Securities Exchange Commission on October 19, 2023)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">4.10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390024058591/ea020886901ex1-3_purplebio.htm">Form of Series A-1 Warrant issued to an investor in the July 2024 warrant exercise transaction (incorporated by reference to Exhibit 1.3 to the Registrant&rsquo;s Form 6-K furnished to the Securities Exchange Commission on July 2, 2024)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390024058591/ea020886901ex1-4_purplebio.htm">Form of Series A-2 Warrant issued to the investors in the July 2024 warrant exercise transaction (incorporated by reference to Exhibit 1.4 to the Registrant&rsquo;s Form 6-K furnished to the Securities Exchange Commission on July 2, 2024)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">4.12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390024058591/ea020886901ex1-5_purplebio.htm">Form of Placement Agent Warrant issued to the Placement Agent in the July 2024 warrant exercise transaction (incorporated by reference to Exhibit 1.5 to the Registrant&rsquo;s Form 6-K furnished to the Securities Exchange Commission on July 2, 2024)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390024105347/ea022352601ex4-2_purplebio.htm">Form of Placement Agent Warrant issued to the Placement Agent in the December 2024 offering (incorporated by reference to Exhibit 4.2 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on December 4, 2024)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">4.14***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Form of Pre-Funded Warrant </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.15***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Form of Series B Warrant </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">4.16***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Form of Placement Agent Warrant </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.1***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Opinion of FISCHER (FBC &amp; Co.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">5.2***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Opinion of Haynes and Boone, LLP, U.S. legal counsel to the Registrant</FONT></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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">10.1 </FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 90%"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000114420415056393/v420652_ex10-5.htm"><FONT STYLE="font-size: 10pt">Form of Letter of Exemption adopted on July 2013 (unofficial English translation from Hebrew) (incorporated by reference to Exhibit 10.5 to our Registration Statement on Form F-1 filed with the Securities and Exchange Commission on September 24, 2015)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">10.2 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000114420415056393/v420652_ex10-6.htm"><FONT STYLE="font-size: 10pt">Form of Letter of Indemnity adopted on July 2013 (unofficial English translation from Hebrew) (incorporated by reference to Exhibit 10.6 to our Registration Statement on Form F-1 as filed with the Securities and Exchange Commission on September 24, 2015)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">10.3 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1614744/000121390022011191/f20f2021ex4-3_purplebiotech.htm"><FONT STYLE="font-size: 10pt">Purple Biotech Ltd. 2016 Equity-Based Incentive Plan, as amended (incorporated by reference to Exhibit 4.3 to the Registrant&rsquo;s Annual Report on Form 20-F as filed with the Securities and Exchange Commission on March 9, 2022)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">10.4*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390017004462/f20f2016ex4xiv_kitovpharma.htm"><FONT STYLE="font-size: 10pt">License Agreement, dated as of August 15, 2013, by and between Yissum Research Development Company of The Hebrew University of Jerusalem, Ltd. and TyrNovo Ltd. (incorporated by reference to Exhibit 4.14 to the Registrant&rsquo;s Annual Report on Form 20-F as filed with the Securities and Exchange Commission on May 1, 2017)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">10.5*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390017004462/f20f2016ex4xv_kitovpharma.htm"><FONT STYLE="font-size: 10pt">First Amendment to License Agreement, dated as of April 8, 2014, by and between Yissum Research Development Company of The Hebrew University of Jerusalem, Ltd. and TyrNovo Ltd. (incorporated by reference to Exhibit 4.15 to the Registrant&rsquo;s Annual Report on Form 20-F as filed with the Securities and Exchange Commission on May 1, 2017)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">10.6*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390017004462/f20f2016ex4xvi_kitovpharma.htm"><FONT STYLE="font-size: 10pt">Second Amendment to License Agreement, dated as of March 16, 2017, by and between Yissum Research Development Company of The Hebrew University of Jerusalem, Ltd. and TyrNovo Ltd. (incorporated by reference to Exhibit 4.16 to the Registrant&rsquo;s Annual Report on Form 20-F as filed with the Securities and Exchange Commission on May 1, 2017)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">10.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390023034584/ea177738ex99-1_purplebio.htm">Purple Biotech Ltd. Office Holder Compensation Policy approved the shareholders on June 15, 2023 (incorporated by reference to Exhibit A to the Proxy Statement included as Exhibit 99.1 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on May 1, 2023)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">10.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390018007250/f6k060518ex1-1_kitovpharma.htm"><FONT STYLE="font-size: 10pt">Form of Securities Purchase Agreement dated as of June 1, 2018 by and between the Registrant and the purchasers in the offering (incorporated by reference to Exhibit 1.1 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on June 5, 2018)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">10.9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390019000927/f6k011819aex1-1_kitovpharma.htm"><FONT STYLE="font-size: 10pt">Form of Securities Purchase Agreement dated as of January 16, 2019 by and between the Registrant and the purchasers in the offering (incorporated by reference to Exhibit 1.1 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on January 18, 2019)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">10.10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390020005814/ff12019a1ex10-21_kitovpharma.htm"><FONT STYLE="font-size: 10pt">Form of Securities Purchase Agreement dated as of March 12, 2020 by and between the Registrant and the purchasers in the March 2020 public offering (incorporated by reference to Exhibit 10.21 to the Registrant&rsquo;s Registration Statement on Form F-1/A filed with the Securities and Exchange Commission on March 10, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">10.11**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1614744/000121390020008240/f20f2019a1ex4-23_kitov.htm"><FONT STYLE="font-size: 10pt">Amended and Restated License effective as of the 25th day of May, 2010 by and between: Tel Hashomer - Medical Research, Infrastructure and Services LTD and Ramot at Tel Aviv University Ltd. and cCAM Biotherapeutics Ltd. (incorporated by reference to Exhibit 4.23 to the Registrant&rsquo;s Annual Report on Form 20-F/A as filed with the Securities and Exchange Commission on March 31, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">10.12**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1614744/000121390020008240/f20f2019a1ex4-24_kitov.htm"><FONT STYLE="font-size: 10pt">First Amendment to Amended and Restated License Agreement, by and between Tel Hashomer - Medical Research, Infrastructure and Services Ltd., Ramot at Tel Aviv University Ltd. and cCAM Biotherapeutics Ltd. (incorporated by reference to Exhibit 4.24 to the Registrant&rsquo;s Annual Report on Form 20-F/A as filed with the Securities and Exchange Commission on March 31, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">10.13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1614744/000121390020008240/f20f2019a1ex4-25_kitov.htm"><FONT STYLE="font-size: 10pt">Second Amendment to Amended and Restated License Agreement, by and between Tel Hashomer - Medical Research, Infrastructure and Services Ltd., Ramot at Tel Aviv University Ltd. and cCAM Biotherapeutics Ltd. (incorporated by reference to Exhibit 4.25 to the Registrant&rsquo;s Annual Report on Form 20-F/A as filed with the Securities and Exchange Commission on March 31, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">10.14</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1614744/000121390020008240/f20f2019a1ex4-26_kitov.htm"><FONT STYLE="font-size: 10pt">Assignment and Assumption Agreement effective as of March 21, 2019, between Tel Hashomer - Medical Research, Infrastructure and Services Ltd., Ramot at Tel Aviv University Ltd., FameWave Ltd. and cCAM Biotherapeutics Ltd. (incorporated by reference to Exhibit 4.26 to the Registrant&rsquo;s Annual Report on Form 20-F/A as filed with the Securities and Exchange Commission on March 31, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">10.15</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390020009562/ea120836ex99-4_kitovpharma.htm"><FONT STYLE="font-size: 10pt">Form of Warrant Exercise Agreement, dated as of April 19, 2020, entered into between the Registrant and the warrant holders in the April 2020 private placement (incorporated by reference to Exhibit 99.4 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on April 20, 2020)</FONT></A></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; background-color: #CCEEFF">
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">10.16</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 90%"><A HREF="https://www.sec.gov/Archives/edgar/data/1614744/000121390020011385/ea121534ex1-1_kitov.htm"><FONT STYLE="font-size: 10pt">Form of Securities Purchase Agreement dated as of May 6, 2020 by and between the Registrant and the purchasers in the May 2020 offering (incorporated by reference to Exhibit 1.1 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on May 8, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1614744/000121390020015790/ea123437aex1-1_kitov.htm"><FONT STYLE="font-size: 10pt">Form of Securities Purchase Agreement dated as of June 23, 2020 by and between the Registrant and the purchasers in the June 2020 offering (incorporated by reference to Exhibit 1.1 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on June 25, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">10.18**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1614744/000121390023017024/f20f2022ex4-25_purple.htm"><FONT STYLE="font-size: 10pt">Share Purchase Agreement by and among Purple Biotech Ltd., the Shareholders of Immunorizon Ltd. and M. Arkin (1999) Ltd. dated as of February 1, 2023 (incorporated by reference to Exhibit 4.25 to the Registrant&rsquo;s Annual Report on Form 20-F as filed with the Securities and Exchange Commission on March 3, 2023)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.19</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1614744/000101376223004983/ea186957ex4-1_purplebio.htm"><FONT STYLE="font-size: 10pt">Form of Securities Purchase Agreement dated as of October 17, 2023 by and between the Registrant and the purchasers in the October 2023 offering (incorporated by reference to Exhibit 4.1 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on October 19, 2023)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">10.20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000101376223004983/ea186957ex4-4_purplebio.htm"><FONT STYLE="font-size: 10pt">Form of Amendment to Existing Warrants issued to the investor in the October 2023 offering (incorporated by reference to Exhibit 4.4 to the Registrant&rsquo;s Form 6-K furnished to the Securities Exchange Commission on October 19, 2023)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.21</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390024058591/ea020886901ex1-1_purplebio.htm">Form of Warrant Reprice and Reload Letter entered into with an investor in the July 2024 warrant exercise transaction (incorporated by reference to Exhibit 1.1 to the Registrant&rsquo;s Form 6-K furnished to the Securities Exchange Commission on July 2, 2024)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">10.22</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390024058591/ea020886901ex1-2_purplebio.htm">Form of Warrant Reprice and Reload Letter entered into with an investor in the July 2024 warrant exercise transaction (incorporated by reference to Exhibit 1.2 to the Registrant&rsquo;s Form 6-K furnished to the Securities Exchange Commission on July 2, 2024)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.23</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390024105347/ea022352601ex4-1_purplebio.htm">Form of Securities Purchase Agreement dated as of December 3, 2024 by and between the Registrant and the purchasers in the December 2024 offering (incorporated by reference to Exhibit 4.1 to the Registrant&rsquo;s Form 6-K furnished to the Securities and Exchange Commission on December 4, 2024)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">10.24***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Form of Securities Purchase Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">21.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1614744/000121390025022192/ea023248301ex8-1_purple.htm">List of subsidiaries of the Registrant (originally filed as Exhibit 8.1 to the Registrant&rsquo;s Annual Report on Form 20-F as filed with the Securities and Exchange Commission on March 10, 2025 and incorporated by reference thereto)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">23.1***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consent of FISCHER (FBC &amp; Co.) (included in Exhibit 5.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.2***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consent of Haynes and Boone, LLP (included in Exhibit 5.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">23.3***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consent of Somekh Chaikin, independent registered public accounting firm, a Member Firm of KPMG International</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">24.1*** </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Powers of Attorney (included in the signature page to the Registration Statement)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">107***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Filing Fee Table </FONT></TD></TR>
  </TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Confidential treatment granted
with respect to portions of this Exhibit.</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Portions of this exhibit have
been redacted because it is both not material and is the type that the registrant treats as private or confidential.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>***</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To be filed by amendment.</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"><B>Item 9. Undertakings.</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">The undersigned Registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)(1) To file, during any period in which offers
or sales are being made, a post-effective amendment to this registration statement:</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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to include any prospectus required
by Section 10(a)(3) of the Securities Act of 1933;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to reflect in the prospectus
any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent
no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Filing Fee Tables&rdquo; or
&ldquo;Calculation of Registration Fee&rdquo; table, as applicable, in the effective registration statement; and</FONT></TD>
</TR></TABLE>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement;</FONT></TD>
</TR></TABLE>
<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: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR>
  </TABLE>
<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: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></TD></TR>
  </TABLE>
<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: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, <I>provided </I>that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.</FONT></TD></TR>
  </TABLE>
<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: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That, for the purpose of determining liability
under the Securities Act to any purchaser:</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(i) Each prospectus filed by the registrant pursuant
    to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and
    included in the registration statement; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">(ii) Each prospectus required to be filed pursuant
    to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant
    to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act shall
    be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used
    after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in
    Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a
    new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates,
    and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that
    no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
    or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as
    to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration
    statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That, for the purpose of determining liability
of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant
undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer
or sell such securities to such purchaser:</P></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">Any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule 424;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">Any free writing prospectus relating to the offering prepared
by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">The portion of any other free writing prospectus relating
to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned
registrant; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(iv)</TD><TD STYLE="text-align: justify">Any other communication that is an offer in the offering made
by the undersigned registrant to the purchaser.</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">(b) The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant
to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</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">(c) Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</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">(d) The undersigned registrant hereby undertakes that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1) For purposes of
determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of
this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to
Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time
it was declared effective.</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">(2) For the purpose of determining
any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</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"></P>

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<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: center"><B><A NAME="aa_005"></A>SIGNATURES</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">Pursuant to the requirements of the Securities
Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Rehovot, Israel on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025.</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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>PURPLE BIOTECH, LTD.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Gil Efron</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></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: center"><B>POWER OF ATTORNEY</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; text-align: justify">KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned
officers and directors of Purple Biotech Ltd., a company incorporated under the laws of the State of Israel, do hereby constitute and
appoint Gil Efron as his or her true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him
or her and in his or her name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments,
exhibits thereto and other documents in connection therewith) to this Registration Statement and any subsequent registration statement
filed by the registrant pursuant to Rule 462(b) of the Securities Act, which relates to this Registration Statement, and to file the same,
with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done
in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
this registration statement has been signed by the following persons in the capacities and on the dates indicated.</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>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 40%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 36%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Chief Executive Officer (Principal Executive Officer)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Gil Efron</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer (Principal Financial and Accounting Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Shai Lankry</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Chairman of the Board of Directors </FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Eric K. Rowinsky&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Simcha Rock&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Ido Agmon&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Robert Gagnon&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Suzana Nahum-Zilberberg&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Issac Israel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Yael Margolin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Signature
of authorized representative in the United States</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Pursuant to the requirements
of the Securities Act of 1933, as amended, the Registrant&rsquo;s duly authorized representative has signed this Registration Statement
on Form F-1 on this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Puglisi &amp; Associates</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Authorized U.S. Representative</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding-bottom: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Donald J. Puglisi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-11</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


































































































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)110 4444 ?_9

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