<SEC-DOCUMENT>0001683168-25-006701.txt : 20250905
<SEC-HEADER>0001683168-25-006701.hdr.sgml : 20250905
<ACCEPTANCE-DATETIME>20250905104803
ACCESSION NUMBER:		0001683168-25-006701
CONFORMED SUBMISSION TYPE:	424B4
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250905
DATE AS OF CHANGE:		20250905

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AETHLON MEDICAL INC
		CENTRAL INDEX KEY:			0000882291
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				133632859
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		424B4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-289745
		FILM NUMBER:		251295364

	BUSINESS ADDRESS:	
		STREET 1:		11555 SORRENTO VALLEY ROAD, SUITE 203
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		619-941-0360

	MAIL ADDRESS:	
		STREET 1:		11555 SORRENTO VALLEY ROAD, SUITE 203
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BISHOP EQUITIES INC
		DATE OF NAME CHANGE:	19930602
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B4
<SEQUENCE>1
<FILENAME>aethlon_424b4.htm
<DESCRIPTION>PROSPECTUS
<TEXT>
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     <TITLE>AETHLON MEDICAL, INC. S-1</TITLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><B>Registration No. 333-289745</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="aethlonlogo.jpg" ALT="" STYLE="height: 73px; width: 225px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to 4,047,780 Shares of Common Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pre-Funded Warrants to Purchase up to 952,220
Shares of Common Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warrants to Purchase up to 5,000,000 Shares
of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Placement Agent Warrants to Purchase up to
200,000 shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6,152,220 Shares of Common Stock Issuable upon
the Exercise of the Warrants, Pre-Funded Warrants and Placement Agent 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>1,550,000 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issuable upon Exercise of Outstanding Warrants
Offered by Selling Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are offering in a best-efforts
offering up to 4,047,780 shares of common stock, par value $0.001 per share (&ldquo;common stock&rdquo;), Pre-Funded Warrants to purchase
up to 952,220 shares of our common stock, and accompanying warrants to purchase up to 5,000,000 shares of our common stock at a combined
public offering price of $0.90 per share of common stock and accompanying warrant (the &ldquo;Company Offering&rdquo;).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are also offering to those
purchasers, if any, whose purchase of our common stock in this Company Offering would otherwise result in such purchaser, together with
its affiliates and certain related parties, beneficially owning more than 4.99% of our outstanding common stock immediately following
the consummation of this Company Offering, the opportunity, in lieu of purchasing common stock, to purchase pre-funded warrants to purchase
shares of our common stock, or pre-funded warrants. Each pre-funded warrant will be exercisable for one share of our common stock (subject
to adjustment as provided for therein) at any time at the option of the holder until such pre-funded warrant is exercised in full, provided
that the holder will be prohibited from exercising pre-funded warrants for shares of our common stock if, as a result of such exercise,
the holder, together with its affiliates and certain related parties, would own more than 4.99% of the total number of shares of our
common stock then issued and outstanding. However, any holder may increase such percentage to any other percentage not in excess of 9.99%,
provided that any increase in such percentage shall not be effective until 61 days after notice to us. The purchase price of each pre-funded
warrant will equal the price per share at which shares of our common stock and accompanying warrants to purchase common stock are being
sold to the public in this Company Offering, minus $0.001, and the exercise price of each pre-funded warrant will equal $0.001 per share
of common stock. For each pre-funded warrant purchased in this Company Offering in lieu of common stock, we will reduce the number of
shares of common stock we are offering by one. Pursuant to this prospectus, we are also offering the shares of common stock issuable
upon the exercise of the warrants, pre-funded warrants and placement agent warrants offered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each share of our common stock,
or pre-funded warrant in lieu thereof, is being sold together with a warrant to purchase one share of our common stock. Each warrant
will have an exercise price of $ per share (representing 100% of the combined public offering price per share of common stock (or pre-funded
warrant) and accompanying warrant in this offering), will be immediately exercisable and will expire on the fifth anniversary of the
original issuance date. The shares of our common stock and warrants are immediately separable and will be issued separately, but will
be purchased together in this Company Offering. The pre-funded warrants and warrants are not listed on any trading market and we do not
intend to apply for listing of these pre-funded warrants and warrants. Without an active market, the liquidity of these warrants will
be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Company Offering will
terminate on within one year of the effective date, unless we decide to terminate (which we may do at any time in our discretion) prior
to that date. We will have one closing for all the securities purchased in this Company Offering by us. The combined public offering
price per share (or pre-funded warrant) and warrant will be fixed for the duration of this Company Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have engaged Maxim Group LLC,
or the placement agent, to act as our exclusive placement agent in connection with the securities offered by the Company in the Company
Offering. The placement agent has agreed to use its reasonable best efforts to arrange for the sale of the securities offered in the
Company Offering in this prospectus. Other than the placement agent warrants issued as compensation, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, this prospectus
also relates to the resale from time to time, by the selling securityholders (the &#8220;Inducement Offering&#8221;) identified in this
prospectus under the caption &#8220;<A HREF="#s1_007">Selling Securityholders</A>&#8221; of up to 1,550,000 shares of our common stock
which are issuable upon the exercise of outstanding inducement warrants (the &#8220;Inducement Warrants&#8221;). We previously issued
Inducement Warrants to the Selling Securityholder in a private placement, pursuant to a Warrant Inducement Agreement dated March 16,
2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Selling Securityholder may,
from time to time, sell, transfer or otherwise dispose of any or all of their common stock or interests in their common stock on any
stock exchange, market or trading facility on which the common stock is traded or in private transactions. These dispositions may be
at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices
determined at the time of sale, or at negotiated prices. See &#8220;<A HREF="#s1_012">Plan of Distribution</A>&#8221; in this prospectus
for more information. We will not receive any proceeds from the resale or other disposition of the common stock by the Selling Securityholder.
However, we will receive the proceeds of any cash exercise of the Inducement Warrants. See &#8220;<A HREF="#s1_006">Use of Proceeds</A>&#8221;
beginning on page 27 and &#8220;<A HREF="#s1_012">Plan of Distribution</A>&#8221; beginning on page 40 of this prospectus for more information.
The offering will settle delivery versus payment (&#8220;DVP&#8221;)/receipt versus payment (&#8220;RVP&#8221;). Accordingly, we and
the placement agent have not made any arrangements to place investor funds in an escrow account or trust account since the placement
agent will not receive investor funds in connection with the sale of the securities offered hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock is traded
on the Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;AEMD.&rdquo; On September 3, 2025, the last reported sale
price of our common stock as reported on Nasdaq was $1.35 per share. We are a &ldquo;smaller reporting company&rdquo; as defined under
the federal securities laws and, under applicable Securities and Exchange Commission rules, we have elected to comply with certain reduced
public company reporting and disclosure requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You should read this prospectus,
together with additional information described under the headings &#8220;<A HREF="#s1_016">Where You Can Find More Information</A>,&#8221;
carefully before you invest in any of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have agreed to pay the placement
agent fees set forth in the table below, which assumes that we sell all of the securities offered by this prospectus. See &#8220;<A HREF="#s1_012">Plan of Distribution</A>&#8221; section of this prospectus for more information regarding these arrangements. There is no minimum number of
shares of common stock or pre-funded warrants or minimum aggregate amount of proceeds that is a condition for this offering to close.
We may sell fewer than all of the shares of common stock and pre-funded warrants offered hereby, which may significantly reduce the amount
of proceeds received by us, and investors in this offering will not receive a refund if we do not sell all of the securities offered
hereby. In addition, because there is no escrow account and no minimum number of securities or amount of proceeds, investors could be
in a position where they have invested in us, but we have not raised sufficient proceeds in this offering to adequately fund the intended
uses of the proceeds as described in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Share and Warrant</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Pre-Funded Warrant and Warrant</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 49%">Public offering price</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">0.900</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">0.899</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">4,500,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placement agent fees<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.056</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">281,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds, before expenses to us<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.844</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,218,750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have agreed to (i) pay
    the placement agent a cash fee equal to 6.25% of the aggregate gross proceeds raised at the closing of this offering and (ii) issue
    warrants to the placement agent exercisable for a number of shares of common stock equal to 4.0% of the total number of shares of
    common stock issued in this offering. We have also agreed to reimburse the placement agent for certain expenses and closing costs.
    See &#8220;<A HREF="#s1_012">Plan of Distribution</A>&#8221; for additional information and a description of the compensation payable
    to the placement agent.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. For more information, see &#8220;<A HREF="#s1_012">Plan of Distribution</A>.&#8221;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>An investment in our securities
involves a high degree of risk. Before deciding whether to invest in our securities, you should consider carefully the risks and uncertainties
described in the section captioned &#8220;Risk Factors&#8221; contained herein and in our Annual Report on Form 10-K for the fiscal year
ended March 31, 2025 filed with the Securities and Exchange Commission (the SEC) on June 26, 2025, and other filings we make with the
SEC from time to time, which are incorporated by reference herein in their entirety, together with other information in this prospectus
and the information incorporated by reference herein.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Neither the SEC nor any state
securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Delivery of the common stock,
pre-funded warrants and accompanying warrants offered in the Company Offering is expected to be made on or about September 5, 2025 subject
to satisfaction of certain customary closing conditions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this Prospectus is&nbsp;September
4, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</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>&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><A HREF="#s1_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About this Prospectus</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 93%"><A HREF="#s1_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Summary</FONT></A></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><A HREF="#s1_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: right">2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#s1_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special Note Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><A HREF="#s1_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#s1_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling Securityholders</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#s1_008">Dilution</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#s1_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Capital Stock</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><A HREF="#s1_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#s1_011">Certain Material U.S. Federal Tax Consequences</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><A HREF="#s1_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of Distribution</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
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    <TD><A HREF="#s1_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT>9</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT>9</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#s1_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market and Industry Data</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT>9</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><A HREF="#s1_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT>9</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#s1_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation of Certain Information by Reference</FONT></A></TD>
    <TD STYLE="text-align: right">50</TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.75pt"><B><A NAME="s1_002"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.75pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.75pt">You should read this prospectus, including the information
incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.75pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.75pt">Neither we, the Selling Securityholders
nor the placement agent have authorized anyone to provide you with information that is different from that contained in this prospectus
or in any free writing prospectus we may authorize to be delivered or made available to you. We take no responsibility for, and can provide
no assurance as to the reliability of, any other information that others may give you. Neither the delivery of this prospectus nor the
sale of our securities means that the information contained in this prospectus or any free writing prospectus is correct after the date
of this prospectus or such free writing prospectus. This prospectus is not an offer to sell or the solicitation of an offer to buy our
securities in any circumstances under which the offer or solicitation is unlawful. The information contained in this prospectus is current
only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our common stock or warrants.
Our business, financial condition, results of operations and prospects may have changed since that date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.75pt">For investors outside the United
States: We have not, and the placement agent has not, taken any action that would permit this offering or possession or distribution
of this prospectus 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 covered hereby and the distribution of this prospectus outside the United States.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.75pt; background-color: white">Unless
otherwise indicated, information contained in this prospectus concerning our industry and the markets in which we operate, including
our general expectations and market position, and market opportunity, is based on information from our own management estimates and research,
as well as from industry and general publications and research, surveys and studies conducted by third parties. Management estimates
are derived from publicly available information, our knowledge of our industry and assumptions based on such information and knowledge,
which we believe to be reasonable. Our management estimates have not been verified by any independent source, and we have not independently
verified any third-party information. In addition, assumptions and estimates of our and our industry&#8217;s future performance are necessarily
subject to a high degree of uncertainty and risk due to a variety of factors, including those described in &#8220;<A HREF="#s1_004">Risk Factors</A>&#8221; These and other factors could cause our future performance to differ materially from our assumptions and estimates.
See &#8220;<A HREF="#s1_005">Special Note Regarding Forward-Looking Statements</A>.&#8221;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.75pt; background-color: white">We
further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to the registration
statement of which this prospectus is a part were made solely for the benefit of the parties to such agreement, including, in some cases,
for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty or
covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly, such
representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.75pt; background-color: white">This
prospectus contains references to our trademarks, including&#160;<FONT STYLE="background-color: white">Aethlon Medical, Inc.</FONT> and
Hemopurifier, and to trademarks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this prospectus,
including logos, artwork and other visual displays, may appear without the &#174; or TM symbols, but such references are not intended
to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable
licensor to these trademarks and trade names. We do not intend our use or display of other companies&#8217; trade names or trademarks
to imply a relationship with, or endorsement or sponsorship of us by, any other companies.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="s1_003"></A><B>PROSPECTUS SUMMARY</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>This summary highlights information
contained in other parts of this prospectus. Because it is only a summary, it does not contain all the information you should consider
before investing in shares of our common stock and it is qualified in its entirety by, and should be read in conjunction with, the more
detailed information appearing elsewhere in this prospectus. You should read all such documents carefully, especially the risk factors
included herein and incorporated by reference herein and our audited consolidated financial statements and the related notes incorporated
by reference herein, before deciding to buy shares of our common stock. Unless the context requires otherwise, references in this prospectus
to &#8220;Aethlon,&#8221; &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to Aethlon Medical, Inc.
and our subsidiaries following the closing of the Merger (as defined below) on the closing date.</I></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are a medical therapeutic
company focused on developing the Hemopurifier, a clinical-stage immunotherapeutic device designed to combat cancer and life-threatening
viral infections and for use in organ transplantation. In human studies, 164 sessions with 38 patients, the Hemopurifier was safely utilized
and demonstrated the potential to remove life-threatening viruses. In pre-clinical studies, the Hemopurifier has demonstrated the potential
to remove harmful exosomes and exosomal particles from biological fluids, utilizing its proprietary lectin-based technology. This action
has potential applications in cancer, where exosomes and exosomal particles may promote immune suppression and metastasis, and in life-threatening
infectious diseases. The U.S. Food and Drug Administration, or FDA, has designated the Hemopurifier as a &#8220;Breakthrough Device&#8221;
for two independent indications:</P>

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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the treatment of individuals
    with advanced or metastatic cancer who are either unresponsive to or intolerant of standard of care therapy, and with cancer types
    in which exosomes or exosomal particles have been shown to participate in the development or severity of the disease; and</FONT></TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the treatment of life-threatening
    viruses that are not addressed with approved therapies.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Oncology</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We believe that the Hemopurifier
may be a substantial advancement in the treatment of patients with advanced and metastatic cancer through its design to bind to and remove
harmful remove harmful extracellular vesicles particles that promote the growth and spread of tumors. In October 2022, we formed a wholly-owned
subsidiary in Australia to initially conduct oncology-related clinical research, then seek regulatory approval and commercialize our
Hemopurifier in Australia.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We completed an&#160;<I>in vitro</I>&#160;binding
study of extracellular vesicles from cancer patient samples, to provide pre-clinical evidence to support our trial design and translational
endpoints. Our study indicated positive results from this study, providing evidence that our Hemopurifier removes extracellular vesicles,
or EVs, from plasma. This translational study provides pre-clinical evidence to support our phase 1 safety, feasibility and dose-finding
clinical trials of our Hemopurifier in patients with solid tumors who have stable or progressive disease during anti-PD-1 monotherapy
treatment, such as Keytruda&#174; or Opdivo&#174;.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have launched in an Australia
safety, feasibility and dose-finding clinical trials of the Hemopurifier in cancer patients with solid tumors who have stable or progressive
disease during anti-PD-1 monotherapy treatment, such as Keytruda&#174; (pembrolizumab) or Opdivo&#174; (nivolumab). The primary endpoint
of the approximately nine to 18-patients, is safety. Exploratory analyses will be conducted to explore the number of HP treatments required
to produce sustained reductions of EVs as well as improve anti-tumor T cell activity. We plan to open a similarly designed trial in India.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following three hospitals
in Australia have received ethics committee approval, have gone through training on our device and are open for patient enrollment: Royal
Adelaide Hospital in Adelaide, Australia and Pindara Private Hospital in the Gold Coast section of Australia and GenesisCare North Shore
Hospital in Sydney, Australia. As of June 26, 2025, we have treated three participants in the first of the three treatment cohorts. Once
these patients have completed the pre-specified 7-day safety follow-up period, the data will be presented to an independent Data Safety
Monitoring Board (DSMB). The DSMB will provide a recommendation to Aethlon senior leadership on advancing to the next cohort where participants
will receive 2 HP treatments during the one week treatment period.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On July 15, 2025, DSMB, overseeing
its ongoing clinical trial AEMD-2022-06, completed its scheduled safety review and recommended advancing to the next patient cohort without
modification. The trial, titled "Safety, Feasibility, and Dose-Finding Study of Aethlon Hemopurifier in Patients with Solid Tumors Who
Have Stable or Progressive Disease While on a Treatment That Includes Pembrolizumab or Nivolumab", is being conducted to assess the Hemopurifier's
safety, feasibility, and optimal dosing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company continues to pursue
approval of a similar clinical trial in India. HREC approval has previously been obtained at Medanta Medicity Hospital. Following this
a meeting with Subject Expert Committee (SEC) of the India Regulatory Agency CDSCO was held June 5, 2025. Subsequently, ee received the
formal approval letter of the CDSCO. The clinical trial at Medanta can commence following a Site Initiation Visit (SIV) by the company&#8217;s
India CRO, Qualtran.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Life-Threatening Viral Infections</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We also believe that the Hemopurifier
can be part of the broad-spectrum treatment of life-threatening highly glycosylated, or carbohydrate coated, viruses that are not addressed
with an already approved treatment. In small-scale or early feasibility human studies, the Hemopurifier has been used in the past to
treat individuals infected with human immunodeficiency virus, or HIV, hepatitis-C and Ebola.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Additionally, in vitro, the Hemopurifier
has been demonstrated to capture Ebola, Marburg virus, Zika, Lassa, MERS-CoV, Cytomegalovirus, Epstein-Barr, Herpes simplex, Chikungunya,
Dengue, West Nile, H1N1 swine flu, H5N1 bird flu, and the reconstructed 1918 Spanish flu virus. In several cases, these studies were
conducted in collaboration with leading government or non-government research institutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Hemopurifier has previously
been studied under FDA and international regulatory frameworks for the treatment of severe SARS-CoV-2 infection. While we terminated
our U.S. and India-based COVID-19 studies due to low ICU patient volume and shifting priorities, these programs demonstrated real-world
use of the Hemopurifier in critically ill patients. We maintain an open IDE for viral indications to preserve optionality for future
outbreaks or emergent pathogens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have sufficient inventory
of Hemopurifiers to support our ongoing oncology trial in Australia as well as any near-term expansion of that study or potential trial
activity in India. While we have received FDA approval to begin manufacturing at our San Diego facility under our IDE supplement, we
are still awaiting FDA approval of a separate supplement to qualify an additional supplier of a key Hemopurifier component. We continue
to work with the FDA on this process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Pre-Clinical Exploration of Additional Clinical Uses for the Hemopurifier</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Aethlon R&amp;D laboratory
continues to explore potential new indications for the Hemopurifier. We have published in the peer-reviewed journal&#160;<I>Transplant
Immunology</I>&#160;the ability of the device to remove extracellular vesicles and their microRNA cargo from acellular perfusates of
discarded kidneys that had undergone normothermic machine perfusion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 12, 2025, the results
of our pre-clinical ex vivo study entitled &#8220;Ex Vivo Removal of CD41 positive platelet microparticles from Plasma by a Medical Device
containing a Galanthus nivalis agglutinin (GNA) affinity resin&#8221; were published in the pre-print vehicle bioRxiv. This manuscript
has been submitted to a peer-reviewed publication for review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Platelet-derived extracellular
vesicles (PD-EVs) are the most numerous EV population in the body and are released by platelets in response to a variety of stimuli.
The cargo contained within these EVs have been noted to take part in damage to blood vessels, activation of immune cells and spread of
tumor cells. Excessive levels of PD-EVs have been implicated in a myriad of diseases including cancer, lupus, systemic sclerosis, multiple
sclerosis, Alzheimer&#8217;s disease, sepsis, acute and Long COVID.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We hypothesized that the Aethlon
Hemopurifier which contains a propriety GNA affinity resin would remove platelet derived EVs from plasma. In this experiment two hundred
milliliters on donated healthy human plasma were circulated over the Aethlon Hemoupurifier (HP) to simulate a clinical HP session. The
study results showed a 98.5% removal of platelet -derived EVs at a timepoint equivalent to a 4-hour HP treatment. The results of this
study support the current Australian Clinical Trial in Oncology as well as open the investigation of the Hemopurifier in many indications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Extracellular vesicles have been
implicated in the pathogenesis of Long COVID. As we had previously demonstrated removal of extracellular vesicles by the Hemopurifier
in a patient with severe acute COVID-19 infection, we hypothesized that patients with Long COVID would have extracellular vesicles with
the mannose sugar on their surface that would bind to the affinity resin in our device. We partnered with investigators at the Univ of
California San Francisco Medical Center Long COVID clinic to obtain samples from participants with Long COVID as well as controls that
had had COVID -10 infection but had recovered. The data to be presented will review the binding of larger and smaller extracellular vesicles
to the GNA lectin and the lectin affinity resin, respectively. We believe the data from this pre-clinical study calls for additional
study of the Hemopurifier and look forward to receiving feedback from the Long COVID scientific community at the Keystone Symposium.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Successful outcomes of human
trials will also be required by the regulatory agencies of certain foreign countries where we plan to market and sell the Hemopurifier.
Some of our patents may expire before FDA approval or approval in a foreign country, if any, is obtained. However, we believe that certain
patent applications and/or other patents issued to us more recently will help protect the proprietary nature of our Hemopurifier treatment
technology.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to the foregoing,
we are monitoring closely the impact of inflation, recent bank failures and the war between Russia and Ukraine and the military conflicts
in Israel and the surrounding areas, as well as related political and economic responses and counter-responses by various global factors
on our business. Given the level of uncertainty regarding the duration and impact of these events on capital markets and the U.S. economy,
we are unable to assess the impact on our timelines and future access to capital. The full extent to which inflation, recent bank failures
and the ongoing military conflicts will impact our business, results of operations, financial condition, clinical trials and preclinical
research will depend on future developments, as well as the economic impact on national and international markets that are highly uncertain.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 10, 1999, Aethlon, Inc.,
a California corporation, Hemex, Inc., a Delaware corporation and the accounting predecessor to Aethlon, Inc., and Bishop Equities, Inc.,
a publicly traded Nevada corporation, completed an Agreement and Plan of Reorganization structured to result in Bishop Equities, Inc.&#8217;s
acquisition of all of the outstanding common stock of Aethlon, Inc. and Hemex, Inc. Under the plan&#8217;s terms, Bishop Equities, Inc.
issued shares of its common stock to the stockholders of Aethlon, Inc. and Hemex, Inc. such that Bishop Equities, Inc. then owned 100%
of each company. Upon completion of the transaction, Bishop Equities, Inc. was renamed Aethlon Medical, Inc. Our executive offices are
located at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121. Our telephone number is (619) 941-0360. Our website address
is www.aethlonmedical.com. The information contained on, or that can be accessed through, our website is not part of, and is not incorporated
into, this Annual Report.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Mechanism of Action (MOA) of the Hemopurifier</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Hemopurifier is a lectin-affinity
plasmapheresis extracorporeal device designed for the removal of harmful extracellular vesicles and life-threatening enveloped viruses
from the plasma component of the bloodstream. In the United States, the Hemopurifier is classified as a combination product whose regulatory
jurisdiction is the Center for Devices and Radiological Health, or CDRH, the branch of FDA responsible for the premarket approval of
all medical devices.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In our current applications,
our Hemopurifier can be used with approved dialysis machines serving as a blood pump. It could also potentially be developed as part
of a proprietary closed system with its own pump and tubing set, negating the requirement for dialysis infrastructure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B>&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The initial clinical development
of the Hemopurifier focused on the viral infections Hepatitis C and HIV. Clinical trials conducted in India and a safety trial demonstrated
the removal of both viruses from the bloodstream with a benign safety profile. Prior to FDA approval of the IDE feasibility study, we
conducted investigational HCV treatment studies at the Apollo Hospital, Fortis Hospital, and the Medanta Medicity Institute in India.
In the Medanta Medicity Institute study, 12 HCV-infected individuals were enrolled to receive three six-hour Hemopurifier treatments
during the first three days of a 48-week peginterferon+ribavirin treatment regimen. The study was conducted under the leadership of Dr.
Vijay Kher. Dr. Kher&#8217;s staff reported that Hemopurifier therapy was well tolerated and without device-related adverse events in
the 12 patients treated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Of these 12 patients, ten completed
the Hemopurifier-peginterferon+ribavirin treatment protocol, including eight genotype-1 patients and two genotype-3 patients. Eight of
the ten patients achieved a sustained virologic response, which is the clinical definition of treatment cure and is defined as undetectable
HCV in the blood 24 weeks after the completion of the 48-week peginterferon+ribavirin drug regimen. Both genotype-3 patients achieved
a sustained virologic response, while six of the eight genotype-1 patients achieved a sustained virologic response, which defines a cure
of the infection. Our IDE safety study in end stage renal disease patients on dialysis who were infected with HCV was conducted at DaVita
MedCenter Dialysis in Houston, Texas. We reported that there were no device-related adverse events in enrolled subjects who met the study
inclusion-exclusion criteria. We also reported that an average capture of 154 million copies of HCV (in International Units, I.U.) within
the Hemopurifier during four-hour treatments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The initial clinical development
of the Hemopurifier was focused on the viral infections Hepatitis C and HIV. Clinical trials conducted in India and a safety trial demonstrated
the removal of both viruses from the bloodstream with a benign safety profile. Prior to FDA approval of the IDE feasibility study, we
conducted investigational HCV treatment studies at the Apollo Hospital, Fortis Hospital, and the Medanta Medicity Institute in India.
In the Medanta Medicity Institute study, 12 HCV-infected individuals were enrolled to receive three six-hour Hemopurifier treatments
during the first three days of a 48-week peginterferon+ribavirin treatment regimen. The study was conducted under the leadership of Dr.
Vijay Kher. Dr. Kher&#8217;s staff reported that Hemopurifier therapy was well tolerated and without device-related adverse events in
the 12 treated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Of these 12 patients, ten completed
the Hemopurifier-peginterferon+ribavirin treatment protocol, including eight genotype-1 patients and two genotype-3 patients. Eight of
the ten patients achieved a sustained virologic response, which is the clinical definition of treatment cure and is defined as undetectable
HCV in the blood 24 weeks after the completion of the 48-week peginterferon+ribavirin drug regimen. Both genotype-3 patients achieved
a sustained virologic response, while six of the eight genotype-1 patients achieved a sustained virologic response, which defines a cure
of the infection. Our IDE safety study in end stage renal disease patients on dialysis who were infected with HCV was conducted at DaVita
MedCenter Dialysis in Houston, Texas. We reported that there were no device-related adverse events in enrolled subjects who met the study
inclusion-exclusion criteria. We also reported that an average capture of 154 million copies of HCV (in International Units, I.U.) within
the Hemopurifier during four-hour treatments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to treating Ebola
and HCV-infected individuals, we also conducted a single proof-of-principle treatment study at the Sigma New Life Hospital in an AIDS
patient who was not being administered HIV antiviral drugs. In the study, viral load was reduced by 93% as the result of 12 Hemopurifier
treatments (each four hours in duration) that were administered over the course of one month.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">With the advent of highly effective
anti-retroviral drugs for HIV (HAART), and curative direct acting antivirals (DACs) for Hepatitis C, clinical development for these indications
was abandoned.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Ebola Virus-Single Patient Emergency Use</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under Emergency use conditions
a single patient with Ebola infection with multiple organ dysfunction was treated with the Hemopurifier at Frankfurt University Hospital
in Germany. The patient tolerated a single 6.5-hour Hemopurifier treatment. Prior to treatment, the Ebola viral load was measured at
400,000 copies/ml. The post-treatment viral load was 1,000 copies/ml. Calculations by the treating physician indicated that 242 million
copies of Ebola virus were captured within the Hemopurifier during treatment. The patient made a full recovery. Based on this experience,
the Company filed an Expanded Access protocol with the FDA to treat Ebola virus infected patients in up to ten centers in the United
States and a corresponding protocol was approved by HealthCanada. These protocols remain open, allowing Hemopurifier treatment to be
offered to patients presenting for care in both countries. In 2018, the FDA designated the Hemopurifier as a Breakthrough Device &#8220;&#8230;
for the treatment of life-threatening viruses that are not addressed with approved therapies.&#8221;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Severe Acute SARS-CoV-2/COVID-19</B>&#160;<B>Infection&#160;</B>&#8211;
Emergency Use and Clinical Trials</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SARS-COV-2, the causative agent
of COVID-19 is a member of the coronavirus family, which includes the original SARS virus, SARS-CoV, and the MERS virus. SARS-CoV-2,
found to contain mannose on the envelope surface. This suggests that the Hemopurifier could potentially clear it from biological fluids,
including blood.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under Single Patient Emergency
Use regulations, we have treated two patients with COVID-19 with the Hemopurifier. We published a manuscript reviewing case studies covering
those two Single Patient Emergency Use treatments entitled &#8220;Removal of COVID-19 Spike Protein, Whole Virus, Exosomes and Exosomal
microRNAs by the Hemopurifier&#174; Lectin-Affinity Cartridge in Critically Ill Patients with COVID-19 Infection&#8221; in the peer-reviewed
journal Frontiers in Medicine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The manuscript described the
use of the Hemopurifier for a total of nine sessions in two critically ill COVID-19 patients. The first case study demonstrated the improvement
in the patient who was a SARS-COV-2 positive COVID-19 present at entry to the hospital, with associated coagulopathy, or CAC, lung injury,
inflammation, and tissue injury despite the absence of demonstrable COVID-19 viremia at the start of treatment at Day 22.This patient
received eight Hemopurifier treatments without complications and eventually was weaned from a ventilator and was discharged from the
hospital. Plasma samples from this patient revealed a decrease in extracellular vesicle counts over the course of the eight treatments
and decreases in exosomal microRNAs associated with the development of coagulopathy and acute lung injury.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The second patient case study
demonstrated in vivo removal of SARS-CoV-2 virus from the blood stream of an infected patient. This patient completed a six-hour Hemopurifier
treatment without complications and subsequently was placed on continuous renal replacement therapy, or CRRT. The patient ultimately
expired three hours after being placed on CRRT because of the advanced stage of the patient&#8217;s disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On June 17, 2020, the FDA approved
a supplement to our open IDE for the Hemopurifier in viral disease to allow for the testing of the Hemopurifier in patients with SARS-CoV-2/COVID-19
in a New Feasibility Study.&#160;<FONT STYLE="background-color: white">That study was designed to enroll up to 40 subjects at up to 20
centers in the United States. Subjects had to have an established laboratory diagnosis of COVID-19, be admitted to an ICU, and have acute
lung injury and/or severe or life-threatening disease, among other criteria. Endpoints for this study, in addition to safety, include
reduction in circulating virus, as well as clinical outcomes (NCT # 04595903). In June 2022, the Company completed the treatment protocol
for its first patient in this study.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">In
June 2022, the Company completed the treatment protocol of the only participant enrolled in the study. study. The patient received one
HP treatment daily for 4 days. This patient died following cardiac arrest (not related to the HP treatment) as a consequence of severe
COVID-19 pneumonia. Blood samples taken from the patient did not reveal any evidence of viremia. Plasma sent for cytokine analysis revealed
a</FONT>&#160;numeric decrease in the levels of IP-10, MCP-1, and IL-10.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A similarly designed trial was
also conducted in India. One patient was enrolled on February 16, 2022, at Medanta Medicity Hospital, Gurugram, Haryana 12200, India.
The patient tolerated one HP treatment daily for three days. On 19 February 2022, in the first 15 min during the 3rd treatment, one nonserious
Grade 2 AE was reported (hemolysis and leaking of the filter). The filter was replaced, and therapy resumed without sequalae. On Day
#4 the patient suffered asystole and died due to clinical deterioration unrelated to the device. During the first Hemopurifier treatment
(T1) there was a gradual decrease in viral load from the baseline at 4923 copies/mL decreasing steadily to 1307 copies/mL over five hours,
indicating a 73% reduction from baseline. At the beginning of the second Hemopurifier treatment (T2), the viral load was 850 copies/mL,
dropped below the lower limit of quantification within an hour, and remained undetectable, suggesting rapid clearance. The viral load
before the third treatment (T3) was below the quantification limit but unexpectedly rose at 3 hours (636 copies/mL), peaking at 4 hours
(1583 copies/mL), and slightly decreasing at 5 hours (1104 copies/mL). This irregular pattern suggests possible delayed RNA release,
sample variability, or another biological factor affecting detection. The cumulative data shows a reduced SARs-CoV-2 viral load during
the first two Hemopurifier treatments but not during the third treatment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Due to lack of eligible patients
in the ICU the clinical trial was closed as of November 22, 2022.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Oncology- U.S. Clinical Trial in Head and Neck
Cancer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A single center clinical trial
entitled &#8220;Depleting Exosomes to Improve Response to Immune Therapy in Head and Neck Squamous Cell Cancer: An Early Feasibility
Phase I Clinical Trial&#8221; was conducted under a US IDE at the University of Pittsburgh. This was a single arm Phase 1 clinical trial
designed to evaluate the safety and efficacy of the Hemopurifier plus pembrolizumab for the treatment of patients with recurrent or metastatic
head and neck squamous cell cancer. All patients were treated with pembrolizumab every 21 days as standard of care. The patients were
to receive a 4-hour Hemopurifier treatment before Pembrolizumab infusions 2 occasions 21 days apart. A total of 2 patients were enrolled
in the study with the first occurring on Dec 14, 2020. The first patients received 2 HP treatments, and the second patient received one
HP treatment. The second treatment in the second patient was terminated due to operator error. Eighteen no serious adverse events occurred
in the two patients with none thought related to the device.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The only exploratory efficacy
laboratory analysis that was performed in this study was a determination of the total nanoparticle concentrations in the 1st patient
prior to and for 14 days after the second HP treatment. Total nanoparticle concentrations decreased following each Hemopurifier treatment.
Following Hemopurifier treatment, the total nanoparticle concentrations rose by about Day 7 but did not reach the baseline levels. Exosomes
levels are a component of the total nanoparticle concentration but exosome levels over time were not specifically determined.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A substantial portion of our
operating budget is used for research and development activities. The cost of research and development, all of which has been charged
to operations, amounted to approximately $2,212,000 and $2,520,000 in the fiscal years ended March 31, 2025 and 2024, respectively. For
the three-month periods ended June 30, 2025 and 2024, research as development expenses were $524,368 and $414,658, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">On
September 3, 2025, the Company announced that U.S. Patent No. 12,409,260 (the &quot;260 Patent&quot;) directed to treatment of Long COVID
will issue on September 9, 2025, and Unitary European Patent 4136453 (the &quot;453 Patent&quot;) directed to the treatment of COVID-19-associated
coagulopathy (&quot;CAC&quot;) issued July 9, 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">On
June 25, 2025, the Company received notice&#160;</FONT>from Nasdaq stating the Company has regained compliance with Listing Rule 5550(a)(2),
and that the matter is now closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Reverse
Split &#8211; Following the approval of a reverse stock split at a Special Meeting of Stockholders on May 13, 2025, our Board of Directors
approved a 1-for-8 reverse stock split of our outstanding shares of Common Stock, effective as of the close of business on June 6, 2025
with an effective trading date of June 9, 2025. Accordingly, each eight shares of outstanding common stock held by stockholders were
combined into one share of common stock. Our authorized common stock remained at 60,000,000 shares following the stock split. We issued
an additional 77 shares as a result of rounding up fractional shares related to the reverse stock split.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">On
June 2, 2025, a </FONT> second patient was treated with the Hemopurifier at GenesisCare North Shore Hospital in Sydney, Australia. The
patient was treated with the Aethlon Hemopurifier for 4 hours in a single day and tolerated the procedure without complications. The
patient will have follow-up safety visits, EV and T cell measurements as well as imaging for clinical response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We currently own or have license
rights to a number of U.S. and foreign patents and patent applications and endeavor to continually improve our intellectual property
position. We consider the protection of our technology, whether owned or licensed, to the exclusion of use by others, to be vital to
our business. While we intend to focus primarily on patented or patentable technology, we also rely on trade secrets, unpatented property,
know-how, regulatory exclusivity, patent extensions and continuing technological innovation to develop our competitive position. We also
own certain trademarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our success depends in large
part on our ability to protect our proprietary technology, including the Hemopurifier product platform, and to operate without infringing
the proprietary rights of third parties. We rely on a combination of patent, trade secret, copyright and trademark laws, as well as confidentiality
agreements, licensing agreements and other agreements, to establish and protect our proprietary rights. Our success also depends, in
part, on our ability to avoid infringing patents issued to others. If we were judicially determined to be infringing on any third-party
patent, we could be required to pay damages, alter our products or processes, obtain licenses or cease sales of products or certain activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To protect our proprietary medical
technologies, including the Hemopurifier product platform and other scientific discoveries, we have a portfolio of over 32 issued patents
and pending applications worldwide. We currently have three issued U.S. patents and 14 issued patents in countries outside of the United
States. In addition, we have 15 patent applications pending worldwide related to our Hemopurifier product platform and other technologies.
We are seeking additional patents on our scientific discoveries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">It is possible that our pending
patent applications may not result in issued patents, that we will not develop additional proprietary products that are patentable, that
any patents issued to us may not provide us with competitive advantages or will be challenged by third parties and that the patents of
others may prevent the commercialization of products incorporating our technology. Furthermore, others may independently develop similar
products, duplicate our products or design around our patents. U.S. patent applications are not immediately made public, so it is possible
that a third party may obtain a patent on a technology we are actively using.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">There is a risk that any patent
applications that we file and any patents that we hold or later obtain could be challenged by third parties and declared invalid or unenforceable.
For many of our pending applications, patent interference proceedings may be instituted with the U.S. Patent and Trademark Office, or
the USPTO, when more than one person files a patent application covering the same technology, or if someone wishes to challenge the validity
of an issued patent. At the completion of the interference proceeding, the USPTO will determine which competing applicant is entitled
to the patent, or whether an issued patent is valid. Patent interference proceedings are complex, highly contested legal proceedings,
and the USPTO&#8217;s decision is subject to appeal. This means that if an interference proceeding arises with respect to any of our
patent applications, we may experience significant expenses and delays in obtaining a patent, and if the outcome of the proceeding is
unfavorable to us, the patent could be issued to a competitor rather than to us.&#160;Third parties can file post-grant proceedings in
the USPTO, seeking to have issued patent invalidated, within nine months of issuance. This means that patents undergoing post-grant proceedings
may be lost, or some or all claims may require amendment or cancellation, if the outcome of the proceedings is unfavorable to us. Post-grant
proceedings are complex and could result in a reduction or loss of patent rights. The institution of post-grant proceedings against our
patents could also result in significant expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Patent law outside the United
States is uncertain and in many countries, is currently undergoing review and revisions. The laws of some countries may not protect our
proprietary rights to the same extent as the laws of the United States. Third parties may attempt to oppose the issuance of patents to
us in foreign countries by initiating opposition proceedings. Opposition proceedings against any of our patent filings in a foreign country
could have an adverse effect on our corresponding patents that are issued or pending in the United States. It may be necessary or useful
for us to participate in proceedings to determine the validity of our patents or our competitors&#8217; patents that have been issued
in countries other than the United States. This could result in substantial costs, divert our efforts and attention from other aspects
of our business, and could have a material adverse effect on our results of operations and financial condition. Outside of the United
States, we currently have pending patent applications or issued patents in Europe, India, Russia, Canada, Japan, Singapore and Hong Kong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to patent protection,
we rely on unpatented trade secrets and proprietary technological expertise. It is possible that others could independently develop or
otherwise acquire substantially equivalent technology, somehow gain access to our trade secrets and proprietary technological expertise
or disclose such trade secrets, or that we may not successfully ultimately protect our rights to such unpatented trade secrets and proprietary
technological expertise. We rely, in part, on confidentiality agreements with our marketing partners, employees, advisors, vendors and
consultants to protect our trade secrets and proprietary technological expertise. We cannot assure you that these agreements will not
be breached, that we will have adequate remedies for any breach or that our unpatented trade secrets and proprietary technological expertise
will not otherwise become known or be independently discovered by competitors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table lists our
issued patents and patent applications, including their ownership status, including relevant patent term adjustments (PTA), which is
a process of extending the term of a U.S. patent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Patents Issued in the United States</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</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="border-bottom: black 1pt solid; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PATENT
    #</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PATENT
    NAME</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 15%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>ISSUANCE</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>DATE</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 15%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>OWNED
                                            OR</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>LICENSED</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>EXPIRATION</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>DATE</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,707,333</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extracorporeal removal of microvesicular particles</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/18/17</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/6/29</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,364,601</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extracorporeal removal of microvesicular particles</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/14/16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5/30/29</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,288,172</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extracorporeal removal of microvesicular particles</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/16/12</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/09/27<BR>
    <BR>
    05/30/29 (with 813 days Patent Term Adjustment (PTA))</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Patent Applications Pending in the United States</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</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="border-bottom: black 1pt solid; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPLICATION
    #</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPLICATION
    NAME</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 12%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>FILING</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>DATE</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>OWNED
                                            OR</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>LICENSED</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17/918,085</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Devices and methods for treating a coronavirus infection
    and symptoms thereof</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/10/22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18/700571</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Devices and methods for treating a viral infection
    and symptoms thereof</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/11/24</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></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="border-bottom: black 1pt solid; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PATENT
    #</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PATENT
    NAME</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 12%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>ISSUANCE</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>DATE</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>OWNED
                                            OR</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>LICENSED</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 12%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>EXPIRATION</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>DATE</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>60 2011 035 500.7</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Methods for quantifying exosomes (Germany)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/01/17</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/07/31</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2591359</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Methods for quantifying exosomes (France)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/01/17</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/07/31</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2591359</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Methods for quantifying exosomes (Great Britain)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/01/17</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/07/31</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11804372</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Methods for quantifying exosomes (Spain)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/01/17</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/07/31</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2644855</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extracorporeal removal of microvesicular particles
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    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11/19/19</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/09/27</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>502019000055563</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extracorporeal removal of microvesicular particles
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    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/24/19</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/09/27</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1993600</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extracorporeal removal of microvesicular particles
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>*&#160;</B>The US Application for SANSAGITTA abandoned
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can be converted to national applications to avoid abandonment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to the Tausome, Sansagitta
and Hemosagitta trademarks noted in the above table, we also have trademark registrations in the United States for Hemopurifier and Aethlon
Medical, Inc., and obtained a trademark registration in India for Hemopurifier. We also have common law trademark rights in Aethlon ADAPT&#8482;
and ELLSA&#8482;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The industry for treating infectious
disease and cancer is extremely competitive, and companies developing new treatment procedures face significant capital and regulatory
challenges. As our Hemopurifier is a clinical-stage device, we have the additional challenge of establishing medical industry support,
which will be driven by treatment data resulting from human clinical studies. Should our device become market cleared by the FDA or the
regulatory body of another country, we may face significant competition from well-funded pharmaceutical organizations. Additionally,
we would likely need to establish large-scale production of our device in order to be competitive. Our competitors include blood filters
produced by ExThera Medical Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Hemopurifier is subject to
regulation by numerous regulatory bodies, primarily the FDA, and comparable international regulatory agencies. These agencies require
manufacturers of medical devices to comply with applicable laws and regulations governing the development, testing, manufacturing, labeling,
marketing, storage, distribution, advertising and promotion, and post-marketing surveillance reporting of medical devices. As the primary
mode of action of the Hemopurifier is attributable to the device component of this combination product, the CDRH has primary jurisdiction
over its premarket development, review and approval. Failure to comply with applicable requirements may subject a device and/or its manufacturer
to a variety of administrative sanctions, such as issuance of warning letters, import detentions, civil monetary penalties and/or judicial
sanctions, such as product seizures, injunctions and criminal prosecution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>FDA&#8217;s Pre-market Clearance and Approval
Requirements &#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each medical device we seek to
commercially distribute in the United States will require either a prior 510(k) clearance, unless it is exempt, or a pre-market approval
from the FDA. Generally, if a new device has a predicate that is already on the market under a 510(k) clearance, the FDA will allow that
new device to be marketed under a 510(k) clearance; otherwise, a premarket approval, or PMA, is required. Medical devices are classified
into one of three classes&#8212;Class&#160;I, Class&#160;II or Class&#160;III&#8212;depending on the degree of risk associated with each
medical device and the extent of control needed to provide reasonable assurance of safety and effectiveness. Class&#160;I devices are
deemed to be low risk and are subject to the general controls of the Federal Food, Drug and Cosmetic Act, such as provisions that relate
to: adulteration; misbranding; registration and listing; notification, including repair, replacement, or refund; records and reports;
and good manufacturing practices. Most Class&#160;I devices are classified as exempt from pre-market notification under section 510(k)
of the FD&amp;C Act, and therefore may be commercially distributed without obtaining 510(k) clearance from the FDA. Class&#160;II devices
are subject to both general controls and special controls to provide reasonable assurance of safety and effectiveness. Special controls
include performance standards, post market surveillance, patient registries and guidance documents. A manufacturer may be required to
submit to the FDA a pre-market notification requesting permission to commercially distribute some Class&#160;II devices. Devices deemed
by the FDA to pose the greatest risk, such as life-sustaining, life-supporting or implantable devices, or devices deemed not substantially
equivalent to a previously cleared 510(k) device, are placed in Class&#160;III. A Class&#160;III device cannot be marketed in the United
States unless the FDA approves the device after submission of a PMA. However, there are some Class&#160;III devices for which FDA has
not yet called for a PMA. For these devices, the manufacturer must submit a pre-market notification and obtain 510(k) clearance in orders
to commercially distribute these devices. The FDA can also impose sales, marketing or other restrictions on devices in order to assure
that they are used in a safe and effective manner. We believe that the Hemopurifier will be classified as a Class III device and as such
will be subject to PMA submission and approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A pre-market approval application
must be submitted to the FDA for Class&#160;III devices for which the FDA has required a PMA. The pre-market approval application process
is much more demanding than the 510(k) pre-market notification process. A pre-market approval application must be supported by extensive
data, including but not limited to technical, preclinical, clinical trials, manufacturing and labeling to demonstrate to the FDA&#8217;s
satisfaction reasonable evidence of safety and effectiveness of the device.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">After a pre-market approval application
is submitted, the FDA has 45 days to determine whether the application is sufficiently complete to permit a substantive review and thus
whether the FDA will file the application for review. The FDA has 180 days to review a filed pre-market approval application, although
the review of an application generally occurs over a significantly longer period of time and can take up to several years. During this
review period, the FDA may request additional information or clarification of the information already provided. Also, an advisory panel
of experts from outside the FDA may be convened to review and evaluate the application and provide recommendations to the FDA as to the
approvability of the device.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Although the FDA is not bound
by the advisory panel decision, the panel&#8217;s recommendations are important to the FDA&#8217;s overall decision making process. In
addition, the FDA may conduct a preapproval inspection of the manufacturing facility to ensure compliance with the Quality System Regulation,
or QSR. The agency also may inspect one or more clinical sites to assure compliance with FDA&#8217;s regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon completion of the PMA review,
the FDA may: (i)&#160;approve the PMA which authorizes commercial marketing with specific prescribing information for one or more indications,
which can be more limited than those originally sought; (ii)&#160;issue an approvable letter which indicates the FDA&#8217;s belief that
the PMA is approvable and states what additional information the FDA requires, or the post-approval commitments that must be agreed to
prior to approval; (iii)&#160;issue a not approvable letter which outlines steps required for approval, but which are typically more
onerous than those in an approvable letter, and may require additional clinical trials that are often expensive and time consuming and
can delay approval for months or even years; or (iv)&#160;deny the application. If the FDA issues an approvable or not approvable letter,
the applicant has 180 days to respond, after which the FDA&#8217;s review clock is reset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Emergency Use Authorizations,
or EUAs, are granted by FDA in public health emergencies but allow use of the authorized device only during the period of the respective
public health emergency, and do not change the requirement to ultimately seek PMA approval after the authorization period has ended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Clinical trials are almost always
required to support pre-market approval and are sometimes required for 510(k) clearance. In the United States, for significant risk devices,
these trials require submission of an application for an IDE to the FDA. The IDE application must be supported by appropriate data, such
as animal and laboratory testing results, showing it is safe to test the device in humans and that the testing protocol is scientifically
sound. The IDE must be approved in advance by the FDA for a specific number of patients at specified study sites. During the trial, the
sponsor must comply with the FDA&#8217;s IDE requirements for investigator selection, trial monitoring, reporting and recordkeeping.
The investigators must obtain patient informed consent, rigorously follow the investigational plan and study protocol, control the disposition
of investigational devices and comply with all reporting and recordkeeping requirements. Clinical trials for significant risk devices
may not begin until the IDE application is approved by the FDA and the appropriate institutional review boards, or IRBs, at the clinical
trial sites. An IRB is an appropriately constituted group that has been formally designated to review and monitor medical research involving
subjects and which has the authority to approve, require modifications in, or disapprove research to protect the rights, safety and welfare
of human research subjects. The FDA or the IRB at each site at which a clinical trial is being performed may withdraw approval of a clinical
trial at any time for various reasons, including a belief that the risks to study subjects outweigh the benefits or a failure to comply
with FDA or IRB requirements. Even if a trial is completed, the results of clinical testing may not demonstrate the safety and effectiveness
of the device, may be equivocal or may otherwise not be sufficient to obtain approval or clearance of the product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Even after a device receives
clearance or approval and is placed on the market, numerous regulatory requirements apply. Even after a device receives clearance or
approval and is placed on the market, numerous regulatory requirements apply. These include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    related to promotional activities;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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<TR STYLE="vertical-align: top">
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    regulations, which require that manufactures report to the FDA if their device may have caused or contributed to a death or serious
    injury, or if their device malfunctioned and the device or a similar device marketed by the manufacturer would be likely to cause
    or contribute to a death or serious injury if the malfunction were to recur;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top">
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    reporting regulations, which require that manufactures report to the FDA field corrections or removals if undertaken to reduce a
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top">
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    regulations, which apply to certain Class II or III devices when necessary to protect the public health or to provide additional
    safety and effectiveness data for the device.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Some changes to an approved PMA
device, including changes in indications, labeling or manufacturing processes or facilities, require submission and FDA approval of a
new PMA or PMA supplement, as appropriate, before the change can be implemented. Supplements to a PMA often require the submission of
the same type of information required for an original PMA, except that the supplement is generally limited to that information needed
to support the proposed change from the device covered by the original PMA. The FDA uses the same procedures and actions in reviewing
PMA supplements as it does in reviewing original PMAs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Failure by us or by our suppliers
to comply with applicable regulatory requirements can result in enforcement action by the FDA or state authorities, which may include
any of the following sanctions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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    fines, injunctions, consent decrees and civil penalties;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top">
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Medical Device Reporting
laws and regulations require us to provide information to the FDA when we receive or otherwise become aware of information that reasonably
suggests our device may have caused or contributed to a death or serious injury as well as a device malfunction that likely would cause
or contribute to death or serious injury if the malfunction were to recur. In addition, the FDA prohibits an approved device from being
marketed for off-label use. The FDA and other agencies actively enforce the laws and regulations prohibiting the promotion of off-label
uses, and a company that is found to have improperly promoted off-label uses may be subject to significant liability, including substantial
monetary penalties and criminal prosecution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Newly discovered or developed
safety or effectiveness data may require changes to a product&#8217;s labeling, including the addition of new warnings and contraindications,
and also may require the implementation of other risk management measures. Also, new government requirements, including those resulting
from new legislation, may be established, or the FDA&#8217;s policies may change, which could delay or prevent regulatory clearance or
approval of our products under development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Healthcare Regulation</I>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to the FDA&#8217;s
restrictions on marketing of pharmaceutical products, the U.S. healthcare laws and regulations that may affect our ability to operate
include: the federal fraud and abuse laws, including the federal anti-kickback and false claims laws; federal data privacy and security
laws; and federal transparency laws related to payments and/or other transfers of value made to physicians (defined to include doctors,
dentists, optometrists, podiatrists and chiropractors) and other healthcare professionals (such as physicians assistants and nurse practitioners)
and teaching hospitals. Many states have similar laws and regulations that may differ from each other and federal law in significant
ways, thus complicating compliance efforts. For example, states have anti-kickback and false claims laws that may be broader in scope
than analogous federal laws and may apply regardless of payor. In addition, state data privacy laws that protect the security of health
information may differ from each other and may not be preempted by federal law. Moreover, several states have enacted legislation requiring
pharmaceutical manufacturers to, among other things, establish marketing compliance programs, file periodic reports with the state, make
periodic public disclosures on sales and marketing activities, report information related to drug pricing, require the registration of
sales representatives, and prohibit certain other sales and marketing practices. These laws may adversely affect our sales, marketing
and other activities with respect to any product candidate for which we receive approval to market in the United States by imposing administrative
and compliance burdens on us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Because of the breadth of these
laws and the narrowness of available statutory exceptions and regulatory safe harbors, it is possible that some of our business activities,
particularly any sales and marketing activities after a product candidate has been approved for marketing in the United States, could
be subject to legal challenge and enforcement actions. If our operations are found to be in violation of any of the federal and state
laws described above or any other governmental regulations that apply to us, we may be subject to significant civil, criminal, and administrative
penalties, including, without limitation, damages, fines, imprisonment, exclusion from participation in government healthcare programs,
additional reporting obligations and oversight if we become subject to a corporate integrity agreement or other agreement to resolve
allegations of non-compliance with these laws, and the curtailment or restructuring of our operations, any of which could adversely affect
our ability to operate our business and our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">From time to time, legislation
is drafted and introduced in Congress that could significantly change the statutory provisions governing the regulatory approval, manufacture
and marketing of regulated products or the reimbursement thereof. For example, in the United States, the Patient Protection and Affordable
Care Act, as amended by the Health Care and Education Reconciliation Act of 2010, or collectively, ACA, among other things, reduced and/or
limited Medicare reimbursement to certain providers and imposed an annual excise tax of 2.3% on any entity that manufactures or imports
medical devices offered for sale in the United States, with limited exceptions. However, the 2020 federal spending package permanently
eliminated, effective January 1, 2020, this ACA-mandated medical device tax. On June 17, 2021, the U.S. Supreme Court dismissed a challenge
on procedural grounds that argued the ACA is unconstitutional in its entirety because the &#8220;individual mandate&#8221; was repealed
by Congress. Further, on August 16, 2022, President Biden signed the Inflation Reduction Act of 2022, or IRA, into law, which among other
things, extends enhanced subsidies for individuals purchasing health insurance coverage in ACA marketplaces through plan year 2025. The
IRA also eliminates the "donut hole" under the Medicare Part D program beginning in 2025 by significantly lowering the beneficiary maximum
out-of-pocket cost and creating a new manufacturer discount program. It is possible that the ACA will be subject to judicial or congressional
challenges in the future. It is unclear how such challenges and any additional healthcare reform measures will impact the ACA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other legislative changes have
been proposed and adopted since the ACA was enacted. The Budget Control Act of 2011, as amended by subsequent legislation, further reduces
Medicare&#8217;s payments to providers by two percent through fiscal year 2032. These reductions may reduce providers&#8217; revenues
or profits, which could affect their ability to purchase new technologies. Furthermore, the healthcare industry in the United States
has experienced a trend toward cost containment as government and private insurers seek to control healthcare costs by imposing lower
payment rates and negotiating reduced contract rates with service providers. In July 2021, the Biden Administration released an executive
order, &#8220;Promoting Competition in the American Economy,&#8221; which contained provisions relating to prescription drugs. On September
9, 2021, in response to this executive order, the U.S. Department of Health and Human Services, or HHS, released a Comprehensive Plan
for Addressing High Drug Prices that outlines principles for drug pricing reform and sets out a variety of potential legislative policies
that Congress could pursue as well as potential administrative actions HHS can take to advance these principles. Further, the IRA, among
other things (i) directs HHS to negotiate the price of certain high-expenditure, single-source drugs and biologics covered under Medicare
and (ii) imposes rebates under Medicare Part B and Medicare Part D to penalize price increases that outpace inflation. These provisions
will take effect progressively starting in fiscal year 2023, although they may be subject to legal challenges. HHS has and will continue
to issue and update guidance as these programs are implemented. It is currently unclear how the IRA will be implemented but is likely
to have a significant impact on the pharmaceutical industry. In addition, in response to the Biden administration&#8217;s October 2022
executive order, on February 14, 2023, HHS released a report outlining three new models for testing by the Center for Medicare and Medicaid
Innovation which will be evaluated on their ability to lower the cost of drugs, promote accessibility, and improve quality of care. It
is unclear whether the models will be utilized in any health reform measures in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Legislation could be adopted
in the future that limits payments for our products from governmental payors. In addition, commercial payors such as insurance companies
could adopt similar policies that limit reimbursement for medical device manufacturers&#8217; products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In both the U.S. and international
markets, the use of medical devices is dependent in part on the availability of reimbursement from third-party payors, such as government
and private insurance plans. Healthcare providers that use medical devices generally rely on third-party payors to pay for all or part
of the costs and fees associated with the medical procedures being performed or to compensate them for their patient care services. Should
our Hemopurifier or any other products under development be approved for commercialization by the FDA, any such products may not be considered
cost-effective, reimbursement may not be available in the United States or other countries, if approved, and reimbursement may not be
sufficient to allow sales of our future products on a profitable basis. The coverage decisions of third-party payors will be significantly
influenced by the assessment of our future products by health technology assessment bodies. If approved for use in the United States,
we expect that any products that we develop, including the Hemopurifier, will be purchased primarily by medical institutions, which will
in turn bill various third-party payors for the health care services provided to patients at their facility. Payors may include the Centers
for Medicare &amp; Medicaid Services, or CMS, which administers the Medicare program and works in partnership with state governments
to administer Medicaid, other government programs and private insurance plans. The process involved in applying for coverage and reimbursement
from CMS is lengthy and expensive. Further, Medicare coverage is based on our ability to demonstrate that the treatment is &#8220;reasonable
and necessary&#8221; for Medicare beneficiaries. Even if products utilizing our Hemopurifier technology receive FDA and other regulatory
clearance or approval, they may not be granted coverage and reimbursement by any payor, including by CMS. Many private payors use coverage
decisions and payment amounts determined by CMS as guidelines in setting their coverage and reimbursement policies and amounts. However,
no uniform policy for coverage and reimbursement for medical devices exists among third-party payors in the United States. Therefore,
coverage and reimbursement can differ significantly from payor to payor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Historically, manufacturing of
our Hemopurifier occurred in collaboration with a contract manufacturer based in California under current Good Manufacturing Practice,
or cGMP, regulations promulgated by the FDA.&#160;Our contract manufacturer is registered with the FDA. To date, our manufacture of the
Hemopurifier has been limited to quantities necessary to support our clinical studies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In May 2024, the FDA approved the use of our own manufacturing
facility to manufacture Hemopurifiers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our costs of compliance with federal, state and local
environmental laws have been immaterial to date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Sources and Availability of Raw&#160;Materials&#160;and the Names of
Principal Suppliers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Aethlon personnel assemble the
various components of the Hemopurifier with materials from our various suppliers, which are purchased and released by Aethlon. Specifically,
the Hemopurifier contains three critical components with limited available suppliers. The GNA lectin is sourced from Vector Laboratories
Inc. and also is available from other suppliers. Our intended transition from Vector Laboratories to a new supplier for GNA is delayed
as we work with the FDA for approval of our supplement to our IDE, which is required to make this manufacturing change. The base cartridge
on which the Hemopurifier is constructed is sourced from Medica S.p.A and we are dependent on the continued availability of these cartridges.
Although there are other suppliers, the process of qualifying a new supplier takes time and regulatory approvals must be obtained. We
currently purchase the diatomaceous earth from Janus Scientific, Inc., as the distributor; however, the product is manufactured by Imerys
Minerals Ltd. There potentially are other suppliers of this product, but as with the cartridges, qualifying and obtaining required regulatory
approvals takes time and resources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We do not currently have any
sales and marketing capability. With respect to commercialization efforts in the future, we intend to build or contract for distribution,
sales and marketing capabilities for any product candidate that is approved. From time to time, we have had and are having strategic
discussions with potential collaboration partners for our product candidates, although no assurance can be given that we will be able
to enter into one or more collaboration agreements for our product candidates on acceptable terms, if at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The risk of product liability
claims, product recalls and associated adverse publicity is inherent in the testing, manufacturing, marketing and sale of medical products.
We have limited clinical trial liability insurance coverage. It is possible that future insurance coverage may not be adequate or available.
We may not be able to secure product liability insurance coverage on acceptable terms or at reasonable costs when needed. Any liability
for mandatory damages could exceed the amount of our coverage. A successful product liability claim against us could require us to pay
a substantial monetary award. Moreover, a product recall could generate substantial negative publicity about our products and business
and inhibit or prevent commercialization of other future product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September 3, 2025,
we had 9 full-time employees and no part-time employees. All of our employees are located in the United States. We do intend to hire
additional employees. We utilize, whenever appropriate, consultants in order to conserve cash and resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We believe our employee relations
are good. None of our employees are represented by a labor union or are subject to collective-bargaining agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt; background-color: white"><I>Investing
in our securities involves a high degree of risk. You should consider carefully the risks described below, together with all of the other
information included or incorporated by reference in this prospectus, including the risks and uncertainties discussed under &#8220;Risk
Factors&#8221; in our Annual Report on Form 10-K for the year ended March&#160;31, 2025, which has been filed with the SEC and is incorporated
by reference in this prospectus, as well as any updates thereto contained in subsequent filings with the SEC or any free writing prospectus,
before deciding whether to purchase our securities in this offering. All of these risk factors are incorporated herein in their entirety.
The risks described below and incorporated by reference are material risks currently known, expected or reasonably foreseeable by us.
However, the risks described below are not the only ones that we face. Additional risks not presently known to us or that we currently
deem immaterial may also affect our business, operating results, prospects or financial condition. If any of these risks actually materialize,
our business, prospects, financial condition, and results of operations could be seriously harmed. This could cause the trading price
of our common stock and the value of the warrants to decline, resulting in a loss of all or part of your investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Relating to Our Financial Position and Need
for Additional Capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Related to Our Securities and the Inducement
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">On June
6, 2025, the Company completed a reverse split of its outstanding shares of common stock at a ratio of 1-for-8. In connection with the
reverse stock split, every 8 shares of the Company&#8217;s issued and outstanding common stock was automatically converted into one share
of the Company&#8217;s common stock. Any fractional shares resulting from the reverse split were rounded up to the next whole share.
All common stock amounts and prices in this Offering Circular reflect the consummation of the reverse split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">On March
10, 1999, Aethlon, Inc., a California corporation, Hemex, Inc., a Delaware corporation and the accounting predecessor to Aethlon, Inc.,
and Bishop Equities, Inc., a publicly traded Nevada corporation, completed an Agreement and Plan of Reorganization structured to result
in Bishop Equities, Inc.&#8217;s acquisition of all of the outstanding common stock of Aethlon, Inc. and Hemex, Inc. Under the plan&#8217;s
terms, Bishop Equities, Inc. issued shares of its common stock to the stockholders of Aethlon, Inc. and Hemex, Inc. such that Bishop
Equities, Inc. then owned 100% of each company. Upon completion of the transaction, Bishop Equities, Inc. was renamed Aethlon Medical,
Inc. Our executive offices are located at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121. Our telephone number is
(619) 941-0360. Our website address is www.aethlonmedical.com. The information contained on, or that can be accessed through, our website
is not part of, and is not incorporated into, this prospectus, and you should not rely on any such information in making the decision
of whether to purchase our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">We are
a &#8220;smaller reporting company&#8221; as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or the Exchange
Act, and have elected to take advantage of certain of the scaled disclosure available for smaller reporting companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock
    offered by the Selling Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up
    to 1,550,000 shares of common stock issuable upon exercise of the Inducement Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock offered by us</FONT></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">4,047,780 shares.</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-funded warrants</FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">We
                                       are also offering to those purchasers, if any, whose purchase of common stock in the Company Offering
                                       would otherwise result in such purchaser, together with its affiliates and certain related parties,
                                       beneficially owning more than 4.99% of our outstanding common stock immediately following the
                                       consummation of this offering, the opportunity, in lieu of purchasing common stock, to purchase
                                       pre-funded warrants to purchase up to 952,220 shares of our common stock. For each pre-funded&nbsp;warrant
                                       we sell, the number of shares of common stock we are offering will be decreased on a&nbsp;one-for-one
                                       basis. The purchase price of each&nbsp;pre-funded&nbsp;warrant will equal the price per share
                                       at which the shares of common stock and accompanying warrants to purchase common stock are being
                                       sold to the public in the Company Offering, minus $0.001, and the exercise price of each pre-funded
                                       warrant will be $0.001 per share of common stock.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each pre-funded warrant will be exercisable immediately
    upon issuance and will not expire. This prospectus also relates to the offering of the shares of common stock issuable upon exercise
    of such pre-funded warrants. See &#8220;<A HREF="#s1_022">Description of the Securities We are Offering &#8212; Pre-Funded Warrants</A>&#8221;
    for a discussion on the terms of the pre-funded warrants. Each pre-funded warrant is exercisable for one share of our common stock
    (subject to adjustment as provided therein) at any time at the option of the holder, provided that the holder will be prohibited
    from exercising its pre-funded warrant for shares of our common stock if, as a result of such exercise, the holder, together with
    its affiliates and certain related parties, would own more than 4.99% of the total number of shares of our common stock then issued
    and outstanding. However, any holder may increase such percentage to any other percentage not in excess of 9.99%, provided that any
    increase in such percentage shall not be effective until 61 days after notice to us.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Warrants
                                            to purchase up to 5,000,000 shares of our common stock. Each share of our common stock, or
                                            pre-funded warrant in lieu thereof, is being sold together with a warrant to purchase one
                                            share of our common stock. Each warrant will have an initial exercise price of $0.90 per
                                            share (representing 100% of the combined public offering price per share of common stock
                                            (or pre-funded warrant) in the Company Offering and accompanying warrant in this Company
                                            Offering), subject to appropriate adjustment in the event of recapitalization events, stock
                                            dividends, stock splits, stock combinations, reclassifications, reorganizations or similar
                                            events affecting our common stock. The warrants will be immediately exercisable and will
                                            expire on the fifth anniversary of the original issuance date. This prospectus also relates
                                            to the offering of the shares of common stock issuable upon exercise of such warrants.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To better understand the terms of the warrants,
    you should carefully read the &#8220;<A HREF="#s1_023">Description of Securities We are Offering &#8211; Warrants</A>&#8221;. You
    should also read the form of warrant, which is filed as an exhibit to the registration statement that includes this prospectus.</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placement agent warrants</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have agreed to issue to the placement agent warrants to purchase a number of shares of common stock equal to 4% of the total number
    of shares of common stock issued in this offering. The placement agent&#8217;s warrant will be&#160;non-exercisable for six (6) months
    after the date of the closing and will expire five years after the commencement of sales of the offering. The placement agent&#8217;s
    warrant will be exercisable for the purchase of shares of our common stock at a price per share equal to the combined purchase price
    per share of common stock (or pre-funded warrant) and accompanying warrant in this offering. We are also registering the shares of
    common stock issuable upon the exercise of the placement agent&#8217;s warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock outstanding
    after the Company Offering and the Inducement Offering</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">14,348,711
                                            shares, assuming the exercise in full of the warrants in both the Company Offering and the
                                            Inducement Offering.</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of
    proceeds</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will not receive any
    proceeds from the sale of shares of common stock offered by the Selling Securityholders under this prospectus. However, Aethlon will
    receive the proceeds of any cash exercise of the Inducements Warrants which are currently worth less than what an investor would
    pay for the shares thus the Selling Securityholders are unlikely to exercise their Inducement Warrants. Cash proceeds associated
    with the exercise(s) of the warrants, if any, are dependent on the Company&#8217;s stock price at the time of exercise. However,
    if we receive proceeds, we currently intend to use the proceeds general corporate purposes which will include research and development
    expenses, clinical trial expenses, capital expenditures and working capital. We may also use a portion of the net proceeds from the
    Company Offering to in-license, acquire, or invest in complementary businesses, technologies, products or assets. P<FONT STYLE="background-color: white">ending
    use of the net proceeds, we intend to invest the proceeds in a variety of capital preservation instruments, including short-term,
    investment-grade, interest-bearing instruments</FONT>.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
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    <TD STYLE="vertical-align: bottom; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For
                                            the Inducement Offering, the Selling Securityholders may sell all or a portion of their shares
                                            through public or private transactions at prevailing market prices or privately negotiated
                                            prices.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
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    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing Information</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our common stock is traded
    on the Nasdaq Capital Market under the symbol &#8220;AEMD.&#8221;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An investment in our securities
    involves a high degree of risk. See the section entitled &#8220;<A HREF="#s1_004">Risk Factors</A>&#8221; of this prospectus and
    the similarly titled sections in the documents incorporated by reference into this prospectus.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lock-up</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We along with and our officers,
    and directors have agreed with the placement agent, to not offer for sale, issue, sell, pledge or otherwise dispose of any common
    stock or securities convertible into common stock for a period of 60 days after the date of this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of shares of our
common stock to be outstanding after this offering is based on <FONT STYLE="background-color: white">2,598,711</FONT> shares of common
stock outstanding as of September 3, 2025 and excludes as of such date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.75pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 24px">&#160;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,546 shares of common
    stock issuable upon the exercise of outstanding stock options under our equity incentive plan at a weighted-average exercise price
    of $130.52 per share;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53,574 shares of common
    stock issuable pursuant to outstanding restricted stock units;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">319,518 shares of common
    stock reserved for future issuance under our equity incentive plan; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,129,187 shares of common
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="s1_004"></A><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><I>Investing
in our securities involves a high degree of risk. You should consider carefully the risks described below, together with all of the other
information included or incorporated by reference in this prospectus, including the risks and uncertainties discussed under &#8220;Risk
Factors&#8221; in our Annual Report on Form 10-K for the year ended March&#160;31, 2025, which has been filed with the SEC and is incorporated
by reference in this prospectus, as well as any updates thereto contained in subsequent filings with the SEC or any free writing prospectus,
before deciding whether to purchase our securities in this offering. All of these risk factors are incorporated herein in their entirety.
The risks described below and incorporated by reference are material risks currently known, expected or reasonably foreseeable by us.
However, the risks described below are not the only ones that we face. Additional risks not presently known to us or that we currently
deem immaterial may also affect our business, operating results, prospects or financial condition. If any of these risks actually materialize,
our business, prospects, financial condition, and results of operations could be seriously harmed. This could cause the trading price
of our common stock and the value of the warrants to decline, resulting in a loss of all or part of your investment.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Risks Relating to Our Financial Position and Need for Additional Capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>We have incurred significant losses and expect to continue to incur
losses for the foreseeable future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have never been profitable.
We did not generate any revenue during the fiscal years ended March 31, 2025 and March 31, 2024. In prior fiscal years we did record
revenue from government contracts. We do not currently have any research grants or contracts. It is possible that we may not be able
to enter into future government contracts. Future profitability, if any, will require the successful commercialization of our Hemopurifier
technology or any other product that we develop or from additional government contract or grant income we may obtain. We may not be able
to successfully commercialize the Hemopurifier or any other products, and even if commercialization is successful, we may never be profitable.
While we currently have over $5.5 million in cash and cash equivalents and have been carrying out certain expense reductions since November
2023, our planned additional expense reductions may not materialize and/or our patient recruitment may occur more rapidly than expected
along with the concomitant increases in expenses; therefore there is substantial doubt that our cash on hand will carry the company for
12 months beyond the filing date of the financial statements included in the Annual Report for the period ended March 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We do plan to access the equity
markets for additional capital, however, there can be no assurance that we will be able to access such additional capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We will require additional financing to sustain
our operations, achieve our business objectives and satisfy our cash obligations, which may dilute the ownership of our existing stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will require significant additional
financing for our operations and for expected additional future clinical trials in the United States, India and Australia, regulatory
clearances, and continued research and development activities for the Hemopurifier and other future products. In addition, as we expand
our activities, our overhead costs to support personnel, laboratory materials and infrastructure will increase. We may also choose to
raise additional funds in debt or equity financings if they are available to us on reasonable terms to increase our working capital and
to strengthen our financial position. Any sale of additional equity or convertible debt securities could result in dilution of the equity
interests of our existing stockholders. Additionally, new investors may require that we and certain of our stockholders enter into voting
arrangements that give them additional voting control or representation on our Board of Directors. If required financing is unavailable
to us on reasonable terms, or at all, we may be unable to support our operations, including our research and development activities,
which would have a material adverse effect on our ability to commercialize our products or continue our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our ability to raise additional
funds may be adversely impacted by our ability to remain listed on Nasdaq, the potential worsening global economic conditions and disruptions
to and volatility in the credit and financial markets in the United States, including due to&#160;<FONT STYLE="background-color: white">bank
failures, actual or perceived changes in interest rates and economic inflation</FONT>, and worldwide resulting from macroeconomic factors.
Because of the numerous risks and uncertainties associated with product development, we cannot predict the timing or amount of increased
expenses and cannot assure you that we will ever be profitable or generate positive cash flow from operating activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>We may not currently
or in the future be able to continue as a going concern.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The
financial statements in this Annual Report have been prepared on a going concern basis of accounting, which assumes that we will continue
as a going concern, and do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The
Company&#8217;s ability to continue as a going concern is dependent on our ability to generate revenues and raise capital. To date, we
have not generated sufficient revenues to provide cash flows that enable us to finance our operations internally. In connection with
an evaluation conducted by our management during the preparation of the financial statements included in this Annual Report, management
concluded that there were conditions and events which raised substantial doubt as to the Company&#8217;s ability to continue as a going
concern within twelve months after the date of the issuance of the financial statements included in this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The
uncertainty regarding our ability to continue as a going concern could materially adversely affect our share price and our ability to
service our indebtedness, raise new capital or enter into commercial transactions. To address these matters, we may take actions that
materially and adversely affect our business, including significant reductions in research, development, administrative and commercial
activities, reduction of our employee base, and ultimately curtailing or ceasing operations, any of which could materially adversely
affect our business, financial condition, results of operations and share price. In addition, doubts about our ability to continue as
a going concern could impact our relationships with partners, vendors and other third parties and our ability to obtain, maintain or
renew contracts with them, or negatively impact our negotiating leverage with such parties, which could have a material adverse effect
on our business, financial condition and results of operations. Furthermore, any loss of key personnel, employee attrition or material
erosion of employee morale arising out of doubts about our ability to operate as a going concern could have a material adverse effect
on our ability to effectively conduct our business and could impair our ability to execute our strategy and implement our business objectives,
thereby having a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Risks Related to Our
Securities and the Inducement Offering and Company Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The Inducement Warrants being registered are
currently worth less than the exercise price, the Selling Securityholders are unlikely to exercise their Inducement Warrants and cash
proceeds from an exercise are dependent upon the Company&#8217;s stock price.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Inducement Warrants being registered in the registration statement of which this prospectus forms a part of, have an exercise price of
$2.99 per share, while the closing price of the common stock was $1.35 per share on September 3, 2025. Since both the Inducement Warrants
are currently worth less than what an investor would pay per share, the Selling Securityholders are unlikely to exercise. Cash proceeds
associated with the exercise(s) of the Inducement Warrants, if any, are dependent on the Company&rsquo;s stock price at the time of exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The Company Offering is a best-efforts offering,
no minimum amount of securities is required to be sold, and we may not raise the amount of capital we believe is required for our business
plans, including our near-term business plans.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The placement agent has agreed
to use its reasonable best efforts to solicit offers to purchase the securities in the Company Offering. The placement agent has no obligation
to buy any of the securities from us or to arrange for the purchase or sale of any specific number or dollar amount of the securities.
There is no required minimum number of securities that must be sold as a condition to completion of this offering. Because there is no
minimum offering amount required as a condition to the closing of the Company Offering, the actual offering amount, placement agent fees
and proceeds to us are not presently determinable and may be substantially less than the maximum amounts set forth herein. 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 support our continued
operations, including our near-term continued operations. Thus, we may not raise the amount of capital we believe is required for our
operations in the short-term and may need to raise additional funds to complete such short-term operations. Such additional fundraises
may not be available or available on terms acceptable to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If you purchase our securities in either the
Company Offering or the Inducement Offering you may incur immediate and substantial dilution in the book value of your shares.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The combined public offering
price per share of our common stock and accompanying warrant may be substantially higher than the net tangible book value per share of
our common stock immediately prior to the offering. After giving effect to the assumed sale of shares of our common stock and accompanying
warrants in this Company Offering, at a combined public offering price of $&nbsp;0.90 per share and accompanying warrant, and after deducting
the placement agent fees and estimated offering expenses payable by us and attributing no value to the warrants sold in this offering,
purchasers of our common stock in this offering will incur immediate dilution of $0.06 per share in the net tangible book value of the
common stock they acquire. In the event that you exercise your warrants, you may experience additional dilution to the extent that the
exercise price of the warrants is higher than the tangible book value per share of our common stock. For a further description of the
dilution that investors in this offering may experience, see &#8220;<A HREF="#s1_008">Dilution</A>.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, to the extent that
outstanding stock options or warrants, including the Inducement Warrants have been or may be exercised, outstanding restricted stock
units have been or may be settled or other shares are issued, you may experience further dilution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>We have broad discretion in the use of the net proceeds we receive
from the Company Offering and may not use them effectively.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our management will have broad
discretion in the application of the net proceeds we receive in the Company Offering, including for any of the purposes described in
the section entitled &#8220;<A HREF="#s1_006">Use of Proceeds</A>,&#8221; and you will not have the opportunity as part of your investment
decision to assess whether our management is using the net proceeds appropriately. Because of the number and variability of factors that
will determine our use of our net proceeds from this offering, their ultimate use may vary substantially from their currently intended
use. The failure by our management to apply these funds effectively could result in financial losses that could have a material adverse
effect on our business and cause the price of our common stock to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Future sales of substantial amounts of our common stock could adversely
affect the market price of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may choose to raise additional
capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating
plans. If additional capital is raised through the sale of equity or convertible debt securities, or perceptions that those sales could
occur, the issuance of these securities could result in further dilution to investors purchasing our common stock in this offering or
result in downward pressure on the price of our common stock, and our ability to raise capital in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Holders of our warrants and pre-funded warrants will have no rights
as a common stockholder until they acquire our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Until you acquire shares of our
common stock upon exercise of your warrants or pre-funded warrants, you will have no rights with respect to shares of our common stock
issuable upon exercise of your warrants or pre-funded warrants. Upon exercise of your warrants or pre-funded warrants, you will be entitled
to exercise the rights of a common stockholder only as to matters for which the record date occurs after the exercise date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The warrants may not have any value.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each warrant will have an exercise
price of not less than 100% of the last reported sale price of our common stock as of the close of the trading day immediately preceding
the pricing of this offering and will expire on the 5th anniversary of the date they first become exercisable. In the event our common
stock price 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: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>There is no public market for the warrants to purchase shares of
our common stock or pre-funded warrants being offered in this offering.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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, including The Nasdaq Capital Market. Without an active trading market, the liquidity of the warrants and pre-funded warrants
will be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>We will not receive
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Each
Pre-Funded Warrant will be exercisable until it is fully exercised and by means of payment of the nominal cash purchase price upon exercise.
Accordingly, we will not receive any meaningful additional funds upon the exercise of the Pre-Funded Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>Significant holders
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">A holder
of the Pre-Funded Warrants will not be entitled to exercise any portion of any Pre-Funded Warrant that, upon giving effect to such exercise,
would cause: (i) the aggregate number of shares of our common stock beneficially owned by such holder (together with its affiliates)
to exceed 4.99% (or, upon election of holder, 9.99%) of the number of shares of our common stock outstanding immediately after giving
effect to the exercise; or (ii) the combined voting power of our securities beneficially owned by such holder (together with its affiliates)
to exceed 4.99% (or, upon election of holder, 9.99%) of the combined voting power of all of our securities outstanding immediately after
giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Pre-Funded Warrants. As
a result, you may not be able to exercise your Pre-Funded Warrants for shares of our common stock at a time when it would be financially
beneficial for you to do so. In such a circumstance, you could seek to sell your Pre-Funded Warrants to realize value, but you may be
unable to do so in the absence of an established trading market and due to applicable transfer restrictions.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="s1_005"></A>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus and the documents
incorporated herein by reference contain forward-looking statements. The forward-looking statements are contained principally in the
sections entitled &#8220;Summary,&#8221; &#8220;Risk Factors,&#8221; &#8220;Management&#8217;s Discussion and Analysis of Financial Condition
and Results of Operations&#8221; and &#8220;Business&#8221; in this prospectus or the documents incorporated herein by reference. These
statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other
factors which 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. Forward-looking statements include, but are not limited to, statements
about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to achieve
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  <TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In some cases, you can identify
these statements by terms such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221;
&#8220;intend,&#8221; &#8220;may,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;continue,&#8221;
&#8220;seek,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;would&#8221; or the negative of those terms,
and similar expressions. You should be aware that the occurrence of any of the events discussed under the heading &#8220;<A HREF="#s1_004">Risk Factors</A>&#8221; in this prospectus and any documents incorporated by reference herein could substantially harm our business, operating
results and financial condition and that if any of these events occurs, it could adversely affect the value of an investment in our common
stock. In addition, statements that &#8220;we believe&#8221; and similar statements reflect our beliefs and opinions on the relevant
subject. These statements are based upon information available to us as of the date the statement is made, and while we believe such
information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not
be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.
In addition, even if our results of operations, financial condition and cash flows and the development of the markets in which we operate,
are consistent with the forward-looking statements contained in this prospectus, those results or developments may not be indicative
of results or developments in subsequent periods. New factors emerge from time to time that may cause our business not to develop as
we expect, and it is not possible for us to predict all of them. Factors that could cause actual results and outcomes to differ from
those reflected in forward-looking statements include, among others, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to hire and
    retain key personnel and to manage our future growth effectively&#894;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to obtain additional
    financing in future offerings&#894;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the volatility of the trading
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our expectations regarding
    use of proceeds from this offering;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the potential effects of
    government regulation&#894;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the impact of trade wars
    and global instability; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our expectations about market trends.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We discuss many of these risks
in greater detail under the section titled &#8220;Risk Factors&#8221; in this prospectus and in our Annual Report on Form 10-K. Given
these uncertainties, you should not place undue reliance on these forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You should carefully read this
prospectus, the documents that we incorporate by reference into this prospectus and the documents we reference in this prospectus and
have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that
our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this prospectus
by these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Except as required by law, we
assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially
from those anticipated in any forward-looking statements, whether as a result of new information, future events or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus also refers to
estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our
industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.
In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate
are necessarily subject to a high degree of uncertainty and risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="s1_006"></A><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Selling Securityholders
will be offering the shares of common stock underlying the Inducement Warrants being covered by this prospectus at prevailing market
prices or privately negotiated prices. We will not receive any proceeds from the sale of shares of common stock offered by the Selling
Securityholder under this prospectus. However, we will receive the proceeds of any cash exercise of the Inducement Warrants. If all of
the Inducement Warrants were exercised for cash, we would receive aggregate proceeds of approximately $4,634,500.Since the Inducement
Warrants are currently worth less than what an investor would pay per share, the Selling Securityholder is unlikely to exercise. Cash
proceeds associated with the exercise(s) of the Inducement Warrants, if any, are dependent on the Company&#8217;s stock price at the
time of exercise. If we receive proceeds, we currently intend to use the proceeds for general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate that the net
proceeds of the Company Offering will be approximately $3,903,750&nbsp;based on the combined public offering price of $0.90 per share
and accompanying warrant after deducting the placement agent fees and estimated offering expenses payable by us, and excluding the proceeds,
if any, from the exercise of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We currently intend to use the
net proceeds of the Company Offering for general corporate purposes, which will include research and development expenses, clinical trial
expenses, capital expenditures and working capital. We may also use a portion of the net proceeds from the Company Offering to in-license,
acquire, or invest in complementary businesses, technologies, products or assets. However, we have no current plans, commitments or obligations
to do so. P<FONT STYLE="background-color: white">ending use of the net proceeds, we intend to invest the proceeds in a variety of capital
preservation instruments, including short-term, investment-grade, interest-bearing instruments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We cannot currently allocate
specific percentages of the net proceeds to us from the Company Offering that we may use for the purposes specified above and our management
will have broad discretion in the allocation of the net proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="s1_007"></A>SELLING SECURITYHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus covers the resale
or other disposition by the Selling Securityholders identified in the table below of up to 1,550,000 shares of common stock issuable
upon the exercise Inducement Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are registering the shares
of common stock underlying the Inducement Warrants in order to permit the Selling Securityholders to offer the shares of common stock
for resale from time to time. The registration of such common stock does not necessarily mean, however, that any of the shares of common
stock will be offered or sold by the Selling Securityholders. We will not receive any proceeds from the sale of the common stock by the
Selling Securityholders, and we have borne and will continue to bear the costs relating to the registration of these shares of common
stock, other than commissions and discounts of agents or broker-dealers and transfer taxes, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Inducement Warrants held
by the Selling Securityholders contain limitations which prevent the holder from exercising those Inducement Warrants if such exercise
or conversion would cause the Selling Securityholders, together with certain related parties, to beneficially own a number of shares
of common stock which would exceed 4.99% of our then outstanding common stock following such exercise or conversion, excluding for purposes
of such determination, common stock issuable upon exercise of the Inducement Warrants which have not been exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth,
as of August 21, 2025, the following information regarding the Selling Securityholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 24px">&#160;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of shares of
    common stock to be offered by the Selling Securityholders in this offering;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of shares of
    common stock to be owned by the Selling Securityholders assuming the sale of all of the shares of common stock covered by this prospectus;
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    <TD>&#160;</TD>
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    and outstanding shares of common stock to be owned by the Selling Securityholders assuming the sale of all of the common stock covered
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as described above,
the number of shares of common stock beneficially owned by the Selling Securityholders have been determined in accordance with Rule 13d-3
under the Exchange Act and includes, for such purpose, shares of common stock that the Selling Securityholders have the right to acquire
within 60 days after August 21, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Because the Selling Securityholders
identified in the table may sell some or all of the shares of common stock beneficially owned and covered by this prospectus, and because
there are currently no agreements, arrangements or understandings with respect to the sale of any of the shares of common stock, no estimate
can be given as to the number of shares of common stock available for resale hereby that will be held by the Selling Securityholders
upon termination of this offering. In addition, the Selling Securityholders may have sold, transferred or otherwise disposed of, or may
sell, transfer or otherwise dispose of, at any time and from time to time, the shares of common stock they beneficially own in transactions
exempt from the registration requirements of the Securities Act after the date on which they provided the information set forth in the
table below. We have, therefore, assumed for the purposes of the following table, that the Selling Securityholders will sell all of the
shares of common stock owned beneficially that are covered by this prospectus, but will not sell any other shares of common stock that
they presently own. The Selling Securityholders have not held any position or office, or otherwise had a material relationship, with
us or any of our subsidiaries within the past three years other than as a result of the ownership of our common stock or other securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 91%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Armistice Capital,
    LLC (&#8220;Armistice Capital&#8221;) is the investment manager of Armistice Capital Master Fund Ltd. (the &#8220;Master Fund&#8221;),
    the direct holder of the Shares, and pursuant to an Investment Management Agreement, Armistice Capital exercises voting and investment
    power over the securities of the Issuer held by the Master Fund and thus may be deemed to beneficially own the securities of the
    Issuer held by the Master Fund. Mr. Boyd, as the managing member of Armistice Capital, may be deemed to beneficially own the securities
    of the Issuer held by the Master Fund. The Master Fund specifically disclaims beneficial ownership of the securities of the Issuer
    directly held by it by virtue of its inability to vote or dispose of such securities as a result of its Investment Management Agreement
    with Armistice Capital.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage is based on
    <FONT STYLE="background-color: white">2,598,711</FONT> shares of common stock outstanding as of August 21, 2025, assuming the resale
    of all of the shares of common stock covered by this prospectus and giving effect to the 4.99% beneficial ownership blockers in the
    Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes the sale of 1,550,000
    shares of common stock underlying the Inducement Warrants. </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="s1_008"></A>DILUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you purchase our securities
in the Company Offering, you may experience dilution to the extent of the difference between the combined public offering price per share
and accompanying warrant in the Company Offering and our as adjusted net tangible book value per share immediately after the Company
Offering, assuming no value is attributed to the warrants, and such warrants are accounted for and classified as equity. Net tangible
book value per share is equal to the amount of our total tangible assets, less total liabilities, divided by the number of outstanding
shares of our common stock. As of June 30, 2025, our net tangible book value was approximately $3,423,100, or approximately $1.32 per
share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">After giving effect to the assumed
sale by us of 5,000,000&nbsp;shares of our common stock (including the pre-funded warrants in lieu of common stock) and warrants to purchase
up to 5,000,000 shares of our common stock in this offering at a combined public offering price of $0.90 per share and accompanying warrant,
assuming no exercise of the warrants or the placement agent&rsquo;s warrant and after deducting the placement agent fees and estimated
offering expenses payable by us, our as adjusted net tangible book value as of June 30, 2025 would have been approximately $3,423,100,
or approximately $1.32 per share. This represents an immediate decrease in net tangible book value of $0.35 per share to existing stockholders
and an immediate dilution of $0.06 per share to new investors purchasing shares of our common stock and accompanying warrants in this
offering, attributing none of the assumed combined public offering price to the warrants offered hereby. The following table illustrates
this per share dilution:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

<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(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Combined public offering price per share and accompanying warrant</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">0.90</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Net tangible book value per share as of June 30, 2025</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.32</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(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Increase in net tangible book value per share after this offering</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.35</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <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(238,238,238)">
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    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.96</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
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    <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(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Dilution per share to new investors</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The discussion and table above
assume&#160;(i) no exercise of the placement agent&#8217;s warrant or the warrants issued in this offering and (ii) no sale of pre-funded
warrants in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may choose to raise additional
capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating
plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of these
securities could result in further dilution to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table and discussion
above are based on <FONT STYLE="background-color: white">2,598,711</FONT> shares of our common stock outstanding as of September 3, 2025
and excludes as of such date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,546 shares of common
    stock issuable upon the exercise of outstanding stock options under our equity incentive plan at a weighted-average exercise price
    of $130.52 per share;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53,574 shares of common
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  <TR STYLE="vertical-align: top">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">319,518 shares of common
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="s1_009"></A><B>DESCRIPTION OF CAPITAL STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following description of
our capital stock is intended as a summary only and therefore is not a complete description of our capital stock. This description is
based upon, and is qualified in its entirety by reference to, our articles of incorporation, our bylaws and applicable provisions of
Nevada corporate law. You should read our articles of incorporation and bylaws, which have been publicly filed with the SEC, for the
provisions that are important to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our authorized capital consists
of 60,000,000 shares of common stock, par value $0.001 per share. As of September 3, 2025, there were&nbsp;<FONT STYLE="background-color: white">2,598,711</FONT>
shares of common stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The holders of our common stock
are entitled to one vote per share on all matters to be voted on by the stockholders. Holders of common stock are entitled to receive
ratably such dividends as may be declared by the Board of Directors out of funds legally available therefor. If we liquidate, dissolve
or wind up, holders of common stock are entitled to share ratably in all assets remaining after payment of all debts and other liabilities.
Holders of common stock have no preemptive, conversion or subscription rights. There are no redemption or sinking fund provisions applicable
to the common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our bylaws provide that stockholders
representing a majority of the voting power of our capital stock, represented in person or by proxy (regardless of whether the proxy
has authority to vote on all matters), are necessary to constitute a quorum for the transaction of business at any meeting, but at any
time during which shares of our capital stock are listed for trading on Nasdaq, stockholders representing not less than 33 1/3% of the
voting power of our capital stock, represented in person or by proxy (regardless of whether the proxy has authority to vote on all matters),
are necessary to constitute a quorum for the transaction of business at any meeting of stockholders. Except as otherwise required or
permitted by Nevada law or our articles of incorporation or bylaws, action by the stockholders entitled to vote on a matter, other than
the election of directors, is approved by and is the act of the stockholders if the number of votes cast in favor of the action exceeds
the number of votes cast in opposition to the action. If a quorum is present, directors are elected by a plurality of the votes cast.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Anti-Takeover Effects of Certain Provisions of Nevada Law and Our Articles
of Incorporation and Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Nevada&#8217;s &#8220;combinations
with interested stockholders&#8221; statutes, NRS 78.411 through 78.444, inclusive, prohibit specified types of business &#8220;combinations&#8221;
between certain Nevada corporations and any person deemed to be an &#8220;interested stockholder&#8221; for two years after such person
first becomes an &#8220;interested stockholder&#8221; unless the corporation&#8217;s board of directors approves the combination (or
the transaction by which such person becomes an &#8220;interested stockholder&#8221;) in advance, or unless the combination is approved
by the board of directors and sixty percent of the corporation&#8217;s voting power not beneficially owned by the interested stockholder,
its affiliates and associates. Further, in the absence of prior approval certain restrictions may apply even after such two year period.
However, these statutes do not apply to any combination of a corporation and an interested stockholder after the expiration of four years
after the person first became an interested stockholder. For purposes of these statutes, an &#8220;interested stockholder&#8221; is any
person who is (1) the beneficial owner, directly or indirectly, of ten percent or more of the voting power of the outstanding voting
shares of the corporation, or (2) an affiliate or associate of the corporation and at any time within the two previous years was the
beneficial owner, directly or indirectly, of ten percent or more of the voting power of the then outstanding shares of the corporation.
The definition of the term &#8220;combination&#8221; is sufficiently broad to cover most significant transactions between a corporation
and an &#8220;interested stockholder.&#8221; These statutes generally apply to Nevada corporations with 200 or more stockholders of record.
However, a Nevada corporation may elect in its articles of incorporation not to be governed by these particular laws, but if such election
is not made in the corporation&#8217;s original articles of incorporation, the amendment (1) must be approved by the affirmative vote
of the holders of stock representing a majority of the outstanding voting power of the corporation not beneficially owned by interested
stockholders or their affiliates and associates, and (2) is not effective until 18 months after the vote approving the amendment and
does not apply to any combination with a person who first became an interested stockholder on or before the effective date of the amendment.
We did not make such an election in our original articles of incorporation and have not amended our articles of incorporation to so elect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Nevada&#8217;s &#8220;acquisition
of controlling interest&#8221; statutes (NRS 78.378 through 78.3793, inclusive) contain provisions governing the acquisition of a controlling
interest in certain Nevada corporations. These &#8220;control share&#8221; laws provide generally that any person that acquires a &#8220;controlling
interest&#8221; in certain Nevada corporations may be denied voting rights, unless a majority of the disinterested stockholders of the
corporation elects to restore such voting rights. Our bylaws provide that these statutes do not apply to us or any acquisition of our
common stock. Absent such provision in our bylaws, these laws would apply to us as of a particular date if we were to have 200 or more
stockholders of record (at least 100 of whom have addresses in Nevada appearing on our stock ledger at all times during the 90 days immediately
preceding that date) and do business in the State of Nevada directly or through an affiliated corporation, unless our articles of incorporation
or bylaws in effect on the tenth day after the acquisition of a controlling interest provide otherwise. These laws provide that a person
acquires a &#8220;controlling interest&#8221; whenever a person acquires shares of a subject corporation that, but for the application
of these provisions of the NRS, would enable that person to exercise (1) one fifth or more, but less than one third, (2) one third or
more, but less than a majority or (3) a majority or more, of all of the voting power of the corporation in the election of directors.
Once an acquirer crosses one of these thresholds, shares which it acquired in the transaction taking it over the threshold and within
the 90 days immediately preceding the date when the acquiring person acquired or offered to acquire a controlling interest become &#8220;control
shares&#8221; to which the voting restrictions described above apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NRS 78.139 also provides that
directors may resist a change or potential change in control of the corporation if the board of directors determines that the change
or potential change is opposed to or not in the best interest of the corporation upon consideration of any relevant facts, circumstances,
contingencies or constituencies pursuant to NRS 78.138(4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, our authorized but
unissued shares of common stock are available for our Board of Directors to issue without stockholder approval. We may use these additional
shares for a variety of corporate purposes, including future public or private offerings to raise additional capital, corporate acquisitions
and employee benefit plans. The existence of our authorized but unissued shares of common stock could render more difficult or discourage
an attempt to obtain control of our company by means of a proxy contest, tender offer, merger or other transaction. Our authorized but
unissued shares may be used to delay, defer or prevent a tender offer or takeover attempt that a stockholder might consider in its best
interest, including those attempts that might result in a premium over the market price for the shares held by our stockholders. The
Board of Directors is also authorized to adopt, amend or repeal our Bylaws, which could delay, defer or prevent a change in control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our common stock is listed on
The Nasdaq Capital Market under the symbol &#8220;AEMD.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The transfer agent and registrar
for our common stock is Computershare Investor Services. The transfer agent&#8217;s address is P.O. Box 30170, College Station, TX 77842.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="s1_010"></A>DESCRIPTION OF SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white"><B>Company Offering</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
are offering (i) up to 4,047,780 shares of our common stock, (ii) 952,220 pre-funded warrants and (iii) warrants to purchase up to an
aggregate of 5,000,000 shares of our common stock. Each share of common stock or&nbsp;pre-funded&nbsp;warrant is being sold together
with a warrant to purchase one share of common stock. The shares of common stock or&nbsp;pre-funded&nbsp;warrants and accompanying warrants
will be issued separately. We are also registering the shares of common stock issuable from time to time upon exercise of the&nbsp;pre-funded&nbsp;warrants
and warrants offered hereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The material terms and provisions
of our common stock and each other class of our securities which, if designated and issued, qualifies or limits our common stock are
described under the caption &#8220;<A HREF="#s1_009">Description of Capital Stock</A>&#8221; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><A NAME="s1_022"></A><B>Pre-Funded Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The
following summary of certain terms and provisions of the pre-funded warrants that are being offered hereby is not complete and is subject
to, and qualified in its entirety by the provisions of, the pre-funded warrant. Prospective investors should carefully review the terms
and provisions of the form of pre-funded warrant for a complete description of the terms and conditions of the pre-funded warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The
term &#8220;pre-funded&#8221; refers to the fact that the purchase price of each pre-funded&#160;warrant, at closing, will equal the
price per share at which shares of our common stock and accompanying warrants to purchase common stock are being sold to the public in
this offering, minus $0.001, and the exercise price of each pre-funded warrant will equal $0.001 per share of common stock. The purpose
of the&#160;pre-funded&#160;warrants is to enable investors that may have restrictions on their ability to beneficially own more than
4.99% (or, upon election of the holder, 9.99%) of our outstanding common stock following the consummation of this offering the opportunity
to invest capital into us without triggering their ownership restrictions, by receiving&#160;pre-funded&#160;warrants in lieu of our
common stock to the extent it would result in such ownership of more than 4.99% (or 9.99%), and receive the ability to purchase the shares
underlying the pre-funded warrants at such nominal price at a later date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Form.</I>&#160;<FONT STYLE="background-color: white">Pursuant
to a warrant agency agreement between us and Computershare, Inc. and Computershare Trust Company, N.A., as warrant agent, the pre-funded
warrants will be issued in book-entry form and shall initially be represented only by one or more global warrants deposited with the
warrant agent, as custodian on behalf of The Depository Trust Company, or DTC, and registered in the name of Cede &amp; Co., a nominee
of DTC, or as otherwise directed by DTC. The following is a brief summary of the pre-funded warrants and is still subject in all respect
to the provisions contained in the form of pre-funded warrant.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Duration</I>.
The pre-funded&#160;warrants offered hereby will entitle the holders thereof to purchase shares of our common stock at a nominal exercise
price of $0.001 per share, commencing immediately on the date of issuance. The pre-funded warrants do not expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Exercise
Limitation.</I> A holder will not have the right to exercise any portion of the&#160;pre-funded warrant if the holder (together with
its affiliates and certain related parties) would beneficially own in excess of 4.99% (or, upon election of the holder, 9.99%) of the
number of shares of our common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined
in accordance with the terms of the&#160;pre-funded&#160;warrants. However, any holder may increase or decrease such percentage, provided
that any increase will not be effective until the 61st day after notice of such election is provided to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Exercise
Price.</I>&#160;The&#160;pre-funded&#160;warrants will have an exercise price of $0.001 per share. The exercise price is subject to appropriate
adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar
events affecting our common stock and also upon any distributions of assets, including cash, stock or other property to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Transferability.</I>&#160;Subject
to applicable laws, the pre-funded warrants may be offered for sale, sold, transferred or assigned without our consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Exchange
Listing.</I> There is no established trading market for the&#160;pre-funded warrants and we do not expect a market to develop. In addition,
we do not intend to apply for the listing of the pre-funded warrants on any national securities exchange or other trading market. Without
an active trading market, the liquidity of the&#160;pre-funded warrants will be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Fundamental
Transactions</I>.&#160;If a fundamental transaction occurs, then the successor entity will succeed to, and be substituted for us, and
may exercise every right and power that we may exercise and will assume all of our obligations under the&#160;pre-funded&#160;warrants
with the same effect as if such successor entity had been named in the pre-funded&#160;warrant itself. If holders of our common stock
are given a choice as to the securities, cash or property to be received in a fundamental transaction, then the holder shall be given
the same choice as to the consideration it receives upon any exercise of the pre-funded warrant following such fundamental transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Rights
as a Stockholder.</I> Except as otherwise provided in the pre-funded&#160;warrants or by virtue of such holder&#8217;s ownership of shares
of our common stock, the holder of a pre-funded warrant does not have the rights or privileges of a holder of our common stock, including
any voting rights, until the holder exercises the pre-funded warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="s1_023"></A><B><I>Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following summary of certain
terms and provisions of the warrants offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions
of the warrant, the form of which has been filed as an exhibit to the registration statement of which this prospectus is a part. Prospective
investors should carefully review the terms and provisions of the form of warrant for a complete description of the terms and conditions
of the warrants.&#160;<FONT STYLE="background-color: white">In addition, the terms of the warrant to be issued to the placement agent
will generally be the same as the warrants issued to investors in this offering, except that such warrant will not be exercisable for
six months following the&#160;</FONT>effective date of the registration statement of which this prospectus forms a part<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Form.</I>&#160;<FONT STYLE="background-color: white">Pursuant
to a warrant agency agreement between us and Computershare, Inc. and Computershare Trust Company, N.A., as warrant agent, the common
warrants will be issued in book-entry form and shall initially be represented only by one or more global warrants deposited with the
warrant agent, as custodian on behalf of The Depository Trust Company, or DTC, and registered in the name of Cede &amp; Co., a nominee
of DTC, or as otherwise directed by DTC. The following is a brief summary of the common warrants and is still subject in all respect
to the provisions contained in the form of warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Exercisability.</I>&#160;The
warrants are exercisable at any time after their original issuance, expected to be September 5, 2025, and at any time up to the date
that is five years after their original issuance. The warrants will be exercisable, at the option of each holder, in whole or in part
by delivering to us a duly executed exercise notice&#160;<FONT STYLE="background-color: white">and, at any time a registration statement
registering the issuance of the shares of common stock underlying the warrants under the Securities Act is effective and available for
the issuance of such shares, or an exemption from registration under the Securities Act is available for the issuance of such shares</FONT>,
by payment in full in immediately available funds for the number of shares of common stock purchased upon such exercise.&#160;<FONT STYLE="background-color: white">If
a registration statement registering the issuance of the shares of common stock underlying the warrants under the Securities Act is not
effective or available and an exemption from registration under the Securities Act is not available for the issuance of such shares,
the</FONT>&#160;holder may, in its sole discretion, elect to exercise the warrant through a cashless exercise, in which case the holder
would receive upon such exercise the net number of shares of common stock determined according to the formula set forth in the warrant.
No fractional shares of common stock will be issued in connection with the exercise of a warrant. In lieu of fractional shares, we will
pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Exercise Limitation.&#160;</I>A
holder will not have the right to exercise any portion of the warrant if the holder (together with its affiliates and certain related
parties) would beneficially own in excess of 4.99% (or, upon election of the holder, 9.99%) of the number of shares of our common stock
outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms
of the warrants. However, any holder may increase or decrease such percentage, provided that any increase will not be effective until
the 61st day after notice of such election is provided to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Exercise Price.</I>&nbsp;The
warrants will have an exercise price of $0.90 per share. The exercise price is subject to appropriate adjustment in the event of certain
stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common stock and
also upon any distributions of assets, including cash, stock or other property to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Transferability.</I>&#160;Subject
to applicable laws, the warrants may be offered for sale, sold, transferred or assigned without our consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Exchange Listing.</I>&#160;There
is no established trading market for the warrants and we do not expect a market to develop. In addition, we do not intend to apply for
the listing of the warrants on any national securities exchange or other trading market. Without an active trading market, the liquidity
of the warrants will be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Fundamental Transactions.</I>&nbsp;If
a fundamental transaction occurs, then the successor entity will succeed to, and be substituted for us, and may exercise every right and
power that we may exercise and will assume all of our obligations under the warrants with the same effect as if such successor entity
had been named in the warrant itself. If holders of our common stock are given a choice as to the securities, cash or property to be received
in a fundamental transaction, then the holder shall be given the same choice as to the consideration it receives upon any exercise of
the warrant following such fundamental transaction. In the event of a fundamental transaction, the holders of the&nbsp;warrants shall
be entitled to receive from us or any successor entity, as of the date of consummation of such fundamental transaction, the same type
or form of consideration (and in the same proportion) as if the holder exercised the warrant upon such fundamental transaction.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Rights as a Stockholder.</I>&#160;Except
as otherwise provided in the warrants or by virtue of such holder&#8217;s ownership of shares of our common stock, the holder of a warrant
does not have the rights or privileges of a holder of our common stock, including any voting rights, until the holder exercises the warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="s1_011"></A><B>CERTAIN MATERIAL U.S. FEDERAL TAX CONSEQUENCES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a discussion
of certain material U.S. federal income tax consequences of the acquisition, ownership and disposition of our shares of common stock.
This discussion applies only to shares of common stock that are held as capital assets for U.S. federal income tax purposes and is applicable
only to holders who are receiving our shares of common stock being offered in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This discussion is a summary
only and does not describe all of the tax consequences that may be relevant to you in light of your particular circumstances, including
but not limited to the alternative minimum tax, the Medicare tax on certain investment income and the different consequences (such as
the effects of Section 451 of the Code) that may apply if you are subject to special rules that apply to certain types of investors,
including but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial institutions
    or financial services entities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments or agencies
    or instrumentalities thereof;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated investment companies;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">real estate investment
    trusts;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expatriates or former long-term
    residents of the U.S.;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons that actually or
    constructively own five percent or more of our voting shares;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance companies;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dealers or traders subject
    to a mark-to-market method of accounting with respect to the common stock;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons holding the common
    stock as part of a &#8220;straddle,&#8221; hedge, integrated transaction or similar transaction;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. holders (as defined
    below) whose functional currency is not the U.S. dollar;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">partnerships or other pass-through
    entities for U.S. federal income tax purposes and any beneficial owners of such entities; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt entities.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This discussion is based on the
Code, and administrative pronouncements, judicial decisions and final, temporary and proposed Treasury regulations as of the date hereof,
which are subject to change, possibly on a retroactive basis, and changes to any of which subsequent to the date of this prospectus may
affect the tax consequences described herein. This discussion does not address any aspect of state, local or non-U.S. taxation, or any
U.S. federal taxes other than income taxes (such as gift and estate taxes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have not sought, and will
not seek, a ruling from the IRS as to any U.S. federal income tax consequence described herein. The IRS may disagree with the discussion
herein, and its determination may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative
rulings or court decisions will not adversely affect the accuracy of the statements in this discussion. You are urged to consult your
tax advisor with respect to the application of U.S. federal tax laws to your particular situation, as well as any tax consequences arising
under the laws of any state, local or foreign jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This discussion does not consider
the tax treatment of partnerships or other pass-through entities or persons who hold our common stock through such entities. If a partnership
(or other entity or arrangement classified as a partnership or other pass-through entity for United States federal income tax purposes)
is the beneficial owner of our common stock, the United States federal income tax treatment of a partner or member in the partnership
or other pass-through entity generally will depend on the status of the partner or member and the activities of the partnership or other
pass-through entity. If you are a partner or member of a partnership or other pass-through entity holding our common stock, we urge you
to consult your own tax advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS DISCUSSION IS ONLY A SUMMARY
OF CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK.
EACH PROSPECTIVE INVESTOR IN OUR COMMON STOCK 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 COMMON STOCK, INCLUDING THE APPLICABILITY AND EFFECT OF ANY UNITED
STATES FEDERAL NON-INCOME, STATE, LOCAL, AND NON-U.S. TAX LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This section applies to you if
you are a &#8220;U.S. holder.&#8221; A U.S. holder is a beneficial owner of our shares of common stock who or that is, for U.S. federal
income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 24px">&#160;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an individual who is a
    citizen or resident of the United States;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a corporation (or other
    entity taxable as a corporation) organized in or under the laws of the United States, any state thereof or the District of Columbia;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an estate the income of
    which is includible in gross income for U.S. federal income tax purposes regardless of its source; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a trust, if (i) a court
    within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons
    (as defined in the Code) have authority to control all substantial decisions of the trust or (ii) it has a valid election in effect
    under Treasury Regulations to be treated as a U.S. person.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Taxation of Distributions</I>.
If we pay distributions in cash or other property (other than certain distributions of our stock or rights to acquire our stock) to U.S.
holders of shares of our common stock, such distributions generally will constitute dividends for U.S. federal income tax purposes to
the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions
in excess of current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce
(but not below zero) the U.S. holder&#8217;s adjusted tax basis in our common stock. Any remaining excess will be treated as gain realized
on the sale or other disposition of the common stock and will be treated as described under &#8220;<I><A HREF="#s1_024">U.S. Holders&#8212;Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of common stock</A></I>&#8221; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Dividends we pay to a U.S. holder
that is a taxable corporation generally will qualify for the dividends received deduction if the requisite holding period is satisfied.
With certain exceptions (including, but not limited to, dividends treated as investment income for purposes of investment interest deduction
limitations), and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. holder may constitute
&#8220;qualified dividends&#8221; that will be subject to tax at the maximum tax rate accorded to long-term capital gains. If the holding
period requirements are not satisfied, then a corporation may not be able to qualify for the dividends received deduction and would have
taxable income equal to the entire dividend amount, and non-corporate holders may be subject to tax on such dividend at regular ordinary
income tax rates instead of the preferential rate that applies to qualified dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><A NAME="s1_024"></A><I>Gain or Loss on Sale, Taxable
Exchange or Other Taxable Disposition of common stock</I>. Upon a sale or other taxable disposition of our common stock, a U.S. holder
generally will recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S. holder&#8217;s
adjusted tax basis in the common stock. Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. holder&#8217;s
holding period for the common stock so disposed of exceeds one year. If the holding period requirements are not satisfied, any gain on
a sale or taxable disposition of the shares would be subject to short-term capital gain treatment and would be taxed at regular ordinary
income tax rates. Long-term capital gains recognized by non-corporate U.S. holders will be eligible to be taxed at reduced rates. The
deductibility of capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Generally, the amount of gain
or loss recognized by a U.S. holder is an amount equal to the difference between (i) the sum of the amount of cash and the fair market
value of any property received in such disposition and (ii) the U.S. holder&#8217;s adjusted tax basis in its common stock so disposed
of. A U.S. holder&#8217;s adjusted tax basis in its common stock generally will equal the U.S. holder&#8217;s acquisition cost for the
common stock or less, in the case of a share of common stock, any prior distributions treated as a return of capital. In the case of
any shares of common stock originally acquired as part of an investment unit, the acquisition cost for the share of common stock that
were part of such unit would equal an allocable portion of the acquisition cost of the unit based on the relative fair market values
of the components of the unit at the time of acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Information Reporting and
Backup Withholding</I>. In general, information reporting requirements may apply to dividends paid to a U.S. holder and to the proceeds
of the sale or other disposition of our shares of common stock, unless the U.S. holder is an exempt recipient. Backup withholding may
apply to such payments if the U.S. holder fails to provide a taxpayer identification number, a certification of exempt status or has
been notified by the IRS that it is subject to backup withholding (and such notification has not been withdrawn).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any amounts withheld under the
backup withholding rules generally should be allowed as a refund or a credit against a U.S. holder&#8217;s U.S. federal income tax liability
provided the required information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Non-U.S. holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This section applies to you if
you are a &#8220;Non-U.S. holder.&#8221; As used herein, the term &#8220;Non-U.S. holder&#8221; means a beneficial owner of our common
stock who or that is for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</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">&#160;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a non-resident alien individual (other than certain
    former citizens and residents of the U.S. subject to U.S. tax as expatriates);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a foreign corporation or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an estate or trust that is not a U.S. holder;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">but generally does not include
an individual who is present in the U.S. for 183 days or more in the taxable year of disposition. If you are such an individual, you
should consult your tax advisor regarding the U.S. federal income tax consequences of the acquisition, ownership or sale or other disposition
of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Taxation of Distributions</I>.
In general, any distributions we make to a Non-U.S. holder of shares of our common stock, to the extent paid out of our current or accumulated
earnings and profits (as determined under U.S. federal income tax principles), will constitute dividends for U.S. federal income tax
purposes and, provided such dividends are not effectively connected with the Non-U.S. holder&#8217;s conduct of a trade or business within
the United States, we will be required to withhold tax from the gross amount of the dividend at a rate of 30%, unless such Non-U.S. holder
is eligible for a reduced rate of withholding tax under an applicable income tax treaty and provides proper certification of its eligibility
for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E). Any distribution not constituting a dividend will be treated first
as reducing (but not below zero) the Non-U.S. holder&#8217;s adjusted tax basis in its shares of our common stock and, to the extent
such distribution exceeds the Non-U.S. holder&#8217;s adjusted tax basis, as gain realized from the sale or other disposition of the
common stock, which will be treated as described under &#8220;<I><A HREF="#s1_025">Non-U.S. Holders&#8212;Gain on Sale, Taxable Exchange
or Other Taxable Disposition of common stock</A></I>&#8221; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The withholding tax does not
apply to dividends paid to a Non-U.S. holder who provides a Form W-8ECI, certifying that the dividends are effectively connected with
the Non-U.S. holder&#8217;s conduct of a trade or business within the United States. Instead, the effectively connected dividends will
be subject to regular U.S. income tax as if the Non-U.S. holder were a U.S. resident, subject to an applicable income tax treaty providing
otherwise. A Non-U.S. corporation receiving effectively connected dividends may also be subject to an additional &#8220;branch profits
tax&#8221; imposed at a rate of 30% (or a lower treaty rate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><A NAME="s1_025"></A><I>Gain on Sale, Taxable Exchange
or Other Taxable Disposition of common stock</I>. A Non-U.S. holder generally will not be subject to U.S. federal income or withholding
tax in respect of gain recognized on a sale, taxable exchange or other taxable disposition of our common stock, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 24px">&#160;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the gain is effectively
    connected with the conduct of a trade or business by the Non-U.S. holder within the United States (and, under certain income tax
    treaties, is attributable to a United States permanent establishment or fixed base maintained by the Non-U.S. holder); or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are or have been a &#8220;U.S.
    real property holding corporation&#8221; for U.S. federal income tax purposes at any time during the shorter of the five-year period
    ending on the date of disposition or the period that the Non-U.S. holder held our common stock, and, in the case where shares of
    our common stock are regularly traded on an established securities market, the Non-U.S. holder has owned, directly or constructively,
    more than 5% of our common stock at any time within the shorter of the five-year period preceding the disposition or such Non-U.S.
    holder&#8217;s holding period for the shares of our common stock. There can be no assurance that our common stock will be treated
    as regularly traded on an established securities market for this purpose.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless an applicable treaty provides
otherwise, gain described in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates
as if the Non-U.S. holder were a U.S. resident. Any gains described in the first bullet point above of a Non-U.S. holder that is a foreign
corporation may also be subject to an additional &#8220;branch profits tax&#8221; at a 30% rate (or lower treaty rate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the second bullet point above
applies to a Non-U.S. holder, gain recognized by such holder on the sale, exchange or other disposition of shares of our common stock
will be subject to tax at generally applicable U.S. federal income tax rates, and a buyer of such shares may be required to withhold
U.S. federal income tax at a rate of 15% of the amount realized upon the disposition. We expect not to be classified as a &#8220;U.S.
real property holding corporation&#8221; for U.S. federal income tax purposes. However, such determination is factual in nature and subject
to change and no assurance can be provided as to whether we will be a &#8220;U.S. real property holding corporation&#8221; for U.S. federal
income tax purposes in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Information Reporting and
Backup Withholding</I>. Information returns will be filed with the IRS in connection with payments of dividends and the proceeds from
a sale or other disposition of our shares of common stock. A Non-U.S. holder may have to comply with certification procedures to establish
that it is not a United States person in order to avoid information reporting and backup withholding requirements. The certification
procedures required to claim a reduced rate of withholding under a treaty will generally satisfy the certification requirements necessary
to avoid the backup withholding as well. The amount of any backup withholding from a payment to a Non-U.S. holder will be allowed as
a credit against such holder&#8217;s U.S. federal income tax liability and may entitle such holder to a refund, provided that the required
information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>FATCA Withholding Taxes</I>.
Sections 1471 through 1474 of the Code and the Treasury Regulations and administrative guidance promulgated thereunder (commonly referred
as the &#8220;Foreign Account Tax Compliance Act&#8221; or &#8220;FATCA&#8221;) generally impose withholding at a rate of 30% in certain
circumstances on dividends in respect of, and (subject to the proposed Treasury Regulations discussed below) gross proceeds from the
sale or other disposition of, securities (including shares of our common stock) which are held by or through certain foreign financial
institutions (including investment funds), unless any such institution (i) enters into, and complies with, an agreement with the IRS
to report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution that are owned by
certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments,
or (ii) if required under an intergovernmental agreement between the United States and an applicable foreign country, reports such information
to its local tax authority, which will exchange such information with the U.S. authorities. An intergovernmental agreement between the
United States and an applicable foreign country may modify these requirements. Accordingly, the entity through which shares of our common
stock are held will affect the determination of whether such withholding is required. Similarly, dividends in respect of, and (subject
to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of, our common stock held by
an investor that is a non-financial non-U.S. entity that does not qualify under certain exceptions will generally be subject to withholding
at a rate of 30%, unless such entity either (i) certifies to the applicable withholding agent that such entity does not have any &#8220;substantial
United States owners&#8221; or (ii) provides certain information regarding the entity&#8217;s &#8220;substantial United States owners,&#8221;
which will in turn be provided to the U.S. Department of Treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the applicable Treasury
Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends in respect of our common
stock. While withholding under FATCA generally would also apply to payments of gross proceeds from the sale or other disposition of securities
(including shares of our common stock), proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely.
Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. All holders should consult
their tax advisors regarding the possible implications of FATCA on their investment in shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="s1_012"></A><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Selling Securityholder, which
as used herein, includes donees, pledgees, transferees or other successors-in-interest selling shares of common stock or interests in
shares of common stock received after the date of this prospectus from the Selling Securityholders as a gift, pledge, partnership distribution
or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common stock or interests
in shares of common stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions.
These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market
price, at varying prices determined at the time of sale, or at negotiated prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Selling Securityholders may
use any one or more of the following methods when disposing of shares or interests therein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</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">&#160;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary brokerage transactions
    and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">block trades in which the
    broker-dealer will attempt to sell the securities as agent, but may position and resell a portion of the block as principal to facilitate
    the transaction;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases by a broker-dealer
    as principal and resale by the broker-dealer for its account;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an exchange distribution
    in accordance with the rules of the applicable exchange;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately negotiated transactions;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">short sales effected after
    the date the registration statement of which this prospectus is a part is declared effective by the SEC;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through the writing or
    settlement of options or other hedging transactions, whether through an options exchange or otherwise;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers may agree
    with the Selling Securityholders to sell a specified number of such shares at a stipulated price per share;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a combination of any such
    methods of sale; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other method permitted
    pursuant to applicable law.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Selling Securityholders may,
from time to time, pledge or grant a security interest in some or all of the shares of common stock owned by it and, if it defaults in
the performance of its secured obligations, the pledgees or secured parties may offer and sell the shares of common stock, from time
to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities
Act amending the list of Selling Securityholders to include the pledgee, transferee or other successors in interest as Selling Securityholders
under this prospectus. The Selling Securityholders also may transfer the shares of common stock in other circumstances, in which case
the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with the sale of
our common stock or interests therein, the Selling Securityholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions they assume. The Selling
Securityholders may also sell shares of our common stock short and deliver these securities to close out their short positions, or loan
or pledge the common stock to broker-dealers that in turn may sell these securities. The Selling Securityholders may also enter into
option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require
the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The aggregate proceeds to the
Selling Securityholders from the sale of the common stock offered by them will be the purchase price of the common stock less discounts
or commissions, if any. The Selling Securityholders reserve the right to accept and, together with their agents from time to time, to
reject, in whole or in part, any proposed purchase of common stock to be made directly or through agents. We will not receive any of
the proceeds from this Inducement Offering. Upon any exercise of the warrants by payment of cash, however, we will receive the exercise
price of the Inducement Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Selling Securityholders also
may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities Act, provided that
it meets the criteria and conforms to the requirements of that rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Selling Securityholders and
any underwriters, broker-dealers or agents that participate in the sale of the common stock or interests therein may be &#8220;underwriters&#8221;
within the meaning of Section 2(a)(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale
of the shares may be underwriting discounts and commissions under the Securities Act. Any Selling Securityholder who is an &#8220;underwriter&#8221;
within the meaning of Section 2(a)(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent required, the shares
of our common stock to be sold, the name of the Selling Securityholder, the respective purchase prices and public offering prices, the
names of any agents, dealer or underwriter, and any applicable commissions or discounts with respect to a particular offer will be set
forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes
this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In order to comply with the securities
laws of certain states, if applicable, the common stock may be sold in these jurisdictions only through registered or licensed brokers
or dealers. In addition, in some states, the common stock may not be sold unless (i) it has been registered or qualified for sale or
(ii) an exemption from registration or qualification requirements is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have advised the Selling Securityholders
that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities
of the Selling Securityholders and their affiliates. In addition, to the extent applicable we will make copies of this prospectus (as
it may be supplemented or amended from time to time) available to the Selling Securityholders for the purpose of satisfying the prospectus
delivery requirements of the Securities Act. The Selling Securityholders may indemnify any broker-dealer that participates in transactions
involving the sale of the shares against certain liabilities, including liabilities arising under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have agreed to indemnify the
Selling Securityholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the
registration of the shares offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have agreed with the Selling
Securityholders to keep the registration statement of which this prospectus constitutes a part effective until the earlier of (1) such
time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with such registration statement
or (2) the date on which all of the shares may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 of the Securities
Act and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to an engagement
agreement, dated as of July 16, 2025, we have engaged Maxim Group LLC, or the placement agent, to act as our exclusive placement agent
to solicit offers to purchase the securities offered in the Company Offering 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. The placement agent does not guarantee that it will be able to raise new capital in any prospective offering.
This offering will terminate within one year of the effective date, unless we decide to terminate the offering (which we may do at any
time in our discretion) prior to that date. We will have one closing for all the securities purchased in this offering. The combined
public offering price per share of common stock (or pre-funded warrant) and accompanying warrant, in the Company Offering, will be fixed
for the duration of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will enter into a securities
purchase agreement directly with certain institutional investors, at such investor&#8217;s option, which purchase our securities in this
offering. Investors that do not enter into a securities purchase agreement shall rely solely on this prospectus in connection with the
purchase of our securities in this offering. There is no minimum number of securities or amount of proceeds that is a condition to closing
of this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table shows the
p<FONT STYLE="background-color: white">er share and accompanying warrant and per&#160;pre-funded&#160;warrant and accompanying warrant</FONT>&#160;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: 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Share and Accompanying Warrant</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Pre-Funded Warrant and Accompanying Warrant</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 49%; text-align: left">Placement Agent Fees</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">0.056</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">0.056</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">281,250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have agreed to pay the placement
agent a cash fee equal to 6.25% of the gross proceeds raised at the closing of this offering. We also agreed to issue warrants to the
placement agent for the purchase of a number of shares of common stock equal to 4% of the total number of shares of common stock issued
in this offering. In addition, we have agreed to reimburse the placement agent for its legal fees and expenses and other out-of-pocket
expenses in an amount up to $100,000. We estimate the total offering expenses of this offering that will be payable by us, excluding the
placement agent fees and expenses, will be approximately $282,500.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B><I>Placement Agent Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, we have agreed to issue to the placement agent or its designees warrants to purchase up to 200,000 shares of common stock (which
represents 4% of the aggregate number of shares of common stock issued in this offering) with an exercise price of $0.90 per share (representing
100% of the combined public offering price per share of common stock (or pre-funded warrant) and accompanying warrant in this offering).
The placement agent warrants will be non-exercisable for six (6) months after the date of the closing and will expire five years after
the commencement of sales of the offering. The form of the placement agent warrants has been included as an exhibit to this registration
statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Lock-up&#160;Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We have agreed with the placement
agent to be subject to a&nbsp;lock-up&nbsp;period of 90 days following the date of closing of the offering pursuant to this prospectus.
Each of our officers and directors have agreed with the placement agent to be subject to a&nbsp;lock-up&nbsp;period of 60 days following
the date of closing of the offering pursuant to this prospectus. This means that, during the applicable&nbsp;lock-up period, we and 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 our shares of common stock or any securities convertible into, or exercisable
or exchangeable for, shares of common stock, 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 our common stock 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 one year following the closing date of this offering. 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: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The placement agent may be deemed
to be an underwriter within the meaning of Section&#160;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 Securities Exchange Act of 1934, as amended, or the Exchange Act, including, without limitation, Rule 10b-5 and Regulation
M under the Exchange Act. These rules and regulations may limit the timing of purchases and sales of our securities by the placement
agent acting as principal. Under these rules and regulations, the placement agent (i)&#160;may not engage in any stabilization activity
in connection with our securities and (ii)&#160;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: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have agreed to indemnify the
placement agent against certain liabilities, including certain liabilities arising under the Securities Act, or 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: 0"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Determination of Offering Price&#160;and&#160;Warrant Exercise Price</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The actual offering price of
the securities we are offering has been negotiated between us&#160;and the investors in the offering&#160;based on the trading of our
shares of common stock 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: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Electronic Offer, Sale and Distribution of Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">From time to time, the placement
agent or its affiliates have in the past or may in the future provide, 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: 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our shares of common stock are listed on The Nasdaq
Capital Market under the symbol &#8220;AEMD.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Offer Restrictions Outside the United States</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other than in the United States,
no action has been taken by us or the placement agents that would permit a public offering of the securities offered by this prospectus
in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold,
directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale
of any such securities be distributed or published, in any jurisdiction, except under circumstances that will result in compliance with
the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform
themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus. This prospectus does
not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in
which such an offer or a solicitation is unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In relation to each member state
of the European Economic Area, no offer of securities which are the subject of the offering has been, or will be made to the public in
that Member State, other than under the following exemptions under the Prospectus Directive:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</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">&#160;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to any legal entity which
    is a qualified investor as defined in the Prospectus Directive;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">to fewer than
                                    150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive),
                                    subject to obtaining the prior consent of the Representatives for any such offer; or</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in any other circumstances
    falling within Article&#160;3(2) of the Prospectus Directive,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>provided</I>&#160;that no such offer of securities
referred to in (a)&#160;to (c)&#160;above shall result in a requirement for the Company or the placement agent to publish a prospectus
pursuant to Article&#160;3 of the Prospectus Directive, or supplement a prospectus pursuant to Article&#160;16 of the Prospectus Directive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each person located in a Member
State to whom any offer of securities is made or who receives any communication in respect of an offer of securities, or who initially
acquires any shares of our securities will be deemed to have represented, warranted, acknowledged and agreed to and with the placement
agent and the Company that (1)&#160;it is a &#8220;qualified investor&#8221; within the meaning of the law in that Member State implementing
Article&#160;2(1)(e) of the Prospectus Directive; and (2)&#160;in the case of any shares of our securities acquired by it as a financial
intermediary as that term is used in Article&#160;3(2) of the Prospectus Directive, the securities acquired by it in the offer have not
been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any Member State other than
qualified investors, as that term is defined in the Prospectus Directive, or in circumstances in which the prior consent of the placement
agent has been given to the offer or resale; or where our securities have been acquired by it on behalf of persons in any Member State
other than qualified investors, the offer of those securities to it is not treated under the Prospectus Directive as having been made
to such persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">The Company, the placement agent
and their respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgments and agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus has been prepared
on the basis that any offer of our securities in any Member State will be made pursuant to an exemption under the Prospectus Directive
from the requirement to publish a prospectus for offers of shares. Accordingly, any person making or intending to make an offer in that
Member State of our securities which are the subject of the offering contemplated in this prospectus may only do so in circumstances
in which no obligation arises for the Company or the placement agent to publish a prospectus pursuant to Article&#160;3 of the Prospectus
Directive in relation to such offer. Neither the Company nor the placement agent have authorized, nor do they authorize, the making of
any offer of securities in circumstances in which an obligation arises for the Company or the placement agent to publish a prospectus
for such an offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the purposes of this provision,
the expression an &#8220;offer of our securities to the public&#8221; in relation to any of our securities in any Member State means
the communication in any form and by any means of sufficient information on the terms of the offer and the securities to be offered so
as to enable an investor to decide to purchase or subscribe for the securities, as the same may be varied in that Member State by any
measure implementing the Prospectus Directive in that Member State, the expression &#8220;Prospectus Directive&#8221; means Directive
2003/71/EC (as amended) and includes any relevant implementing measure in each Member State. The above selling restriction is in addition
to any other selling restrictions set out below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Notice to Prospective Investors in the United Kingdom</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, in the United Kingdom,
this document is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at persons
who are &#8220;qualified investors&#8221;(as defined in the Prospectus Directive) (i)&#160;who have professional experience in matters
relating to investments falling within Article&#160;19 (5)&#160;of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005, as amended (the &#8220;Order&#8221;) and/or (ii)&#160;who are high net worth companies (or persons to whom it may otherwise
be lawfully communicated) falling within Article&#160;49(2)(a) to (d)&#160;of the Order (all such persons together being referred to
as &#8220;relevant persons&#8221;). This document must not be acted on or relied on in the United Kingdom by persons who are not relevant
persons. In the United Kingdom, any investment or investment activity to which this document relates is only available to, and will be
engaged in with, relevant persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Notice to Prospective Investors in Switzerland</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The securities may not be publicly
offered in Switzerland and will not be listed on the SIX Swiss Exchange (&#8220;SIX&#8221;) or on any other stock exchange or regulated
trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses
under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff.
of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this
document nor any other offering or marketing material relating to our securities or the offering may be publicly distributed or otherwise
made publicly available in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Neither this document nor any
other offering or marketing material relating to the offering, the Company or our securities have been or will be filed with or approved
by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of our securities will not be supervised
by, the Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of our securities has not been and will not be authorized
under the Swiss Federal Act on Collective Investment Schemes (&#8220;CISA&#8221;). The investor protection afforded to acquirers of interests
in collective investment schemes under the CISA does not extend to acquirers of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Notice to Prospective Investors in the Dubai International Financial
Centre</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus relates to an
Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (&#8220;DFSA&#8221;). This prospectus
is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered
to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt
Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility
for the prospectus. The securities to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective
purchasers of the securities offered should conduct their own due diligence on the securities. If you do not understand the contents
of this prospectus you should consult an authorized financial advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Notice to Prospective Investors in Australia</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No placement document, prospectus,
product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission (&#8220;ASIC&#8221;),
in relation to the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus does not constitute
a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the &#8220;Corporations Act&#8221;)
and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document
under the Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any offer in Australia of our
securities may only be made to persons (the &#8220;Exempt Investors&#8221;) who are &#8220;sophisticated investors&#8221; (within the
meaning of section 708(8) of the Corporations Act), &#8220;professional investors&#8221; (within the meaning of section 708(11) of the
Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful
to offer the securities without disclosure to investors under Chapter 6D of the Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The securities applied for by
Exempt Investors in Australia must not be offered for sale in Australia in the period of 12&#160;months after the date of allotment under
the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant
to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which
complies with Chapter 6D of the Corporations Act. Any person acquiring our securities must observe such Australian on-sale restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus contains general
information only and does not take account of the investment objectives, financial situation or particular needs of any particular person.
It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need
to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary,
seek expert advice on those matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Notice to Prospective Investors in Hong Kong</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The securities have not been
offered or sold and will not be offered or sold in Hong Kong, by means of&#160;any document, other than (a)&#160;to &#8220;professional
investors&#8221; as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance;
or (b)&#160;in other circumstances which do not result in the document being a &#8220;prospectus&#8221; as defined in the Companies Ordinance
(Cap.&#160;32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement,
invitation or document relating to the securities has been or may be issued or has been or may be in the possession of any person for
the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or
read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to securities
which are or are intended to be disposed of only to persons outside Hong Kong or only to &#8220;professional investors&#8221; as defined
in the Securities and Futures Ordinance and any rules made under that Ordinance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Notice to Prospective Investors in Japan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The securities have not been
and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly,
will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for re-offering
or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations and
ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time. For the
purposes of this paragraph, &#8220;Japanese Person&#8221; shall mean any person resident in Japan, including any corporation or other
entity organized under the laws of Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Notice to Prospective Investors in Singapore</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus has not been
registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material
in connection with the offer or sale, or invitation for subscription or purchase, of securities may not be circulated or distributed,
nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or
indirectly, to persons in Singapore other than (i)&#160;to an institutional investor under Section&#160;274 of the Securities and Futures
Act, Chapter 289 of Singapore (the &#8220;SFA&#8221;), (ii)&#160;to a relevant person pursuant to Section 275(1), or any person pursuant
to Section 275(1A), and in accordance with the conditions specified in Section&#160;275, of the SFA, or (iii)&#160;otherwise pursuant
to, and in accordance with the conditions of, any other applicable provision of the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Where the securities are subscribed
or purchased under Section&#160;275 of the SFA by a relevant person which is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&#160;</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">&#160;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a corporation (which is
    not an accredited investor (as defined in Section&#160;4A of the SFA)) the sole business of which is to hold investments and the
    entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a trust (where the trustee
    is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is
    an accredited investor, securities (as defined in Section&#160;239(1) of the SFA) of that corporation or the beneficiaries&#8217;
    rights and interest (howsoever described) in that trust shall not be transferred within six&#160;months after that corporation or
    that trust has acquired the securities pursuant to an offer made under Section&#160;275 of the SFA except:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    or to a relevant person defined in Section&#160;275(2) of the SFA, or to any person arising from an offer referred to in Section&#160;275(1A)
    or Section&#160;276(4)(i)(B) of the SFA;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where no consideration
    is or will be given for the transfer;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where the transfer is by
    operation of law;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as specified in Section&#160;276(7)
    of the SFA; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as specified in Regulation&#160;32
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Notice to Prospective Investors in Canada</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The securities may be sold only
to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106&#160;<I>Prospectus
Exemptions</I>&#160;or subsection&#160;73.3(1) of the&#160;<I>Securities Act</I>&#160;(Ontario), and are permitted clients, as defined
in National Instrument 31-103&#160;<I>Registration Requirements, Exemptions and Ongoing Registrant Obligations</I>. Any resale of&#160;the
securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Securities legislation in certain
provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any
amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser
within the time limit prescribed by the securities legislation of the purchaser&#8217;s province or territory. The purchaser should refer
to any applicable provisions of the securities legislation of the purchaser&#8217;s province or territory for particulars of these rights
or consult with a legal advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to section 3A.3 (or,
in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument
33-105&#160;<I>Underwriting Conflicts</I>&#160;(<B>NI 33-105</B>), the placement agent is not required to comply with the disclosure
requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Notice to Prospective Investors in Israel</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The securities offered by this
prospectus have not been approved or disapproved by the Israeli Securities Authority (the ISA), or ISA, nor have such securities been
registered for sale in Israel. The shares may not be offered or sold, directly or indirectly, to the public in Israel, absent the publication
of a prospectus. The ISA has not issued permits, approvals or licenses in connection with this offering or publishing the prospectus;
nor has it authenticated the details included herein, confirmed their reliability or completeness, or rendered an opinion as to the quality
of the securities being offered. Any resale in Israel, directly or indirectly, to the public of the securities offered by this prospectus
is subject to restrictions on transferability and must be effected only in compliance with the Israeli securities laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="s1_013"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The validity of the securities
being offered by this prospectus supplement will be passed upon for us Procopio Cory Hargreaves &amp; Savitch, LLP, San Diego, California.
Carter Ledyard&#160;&amp; Milburn LLP, New York, New York, has acted as special New York counsel to the Company by providing an opinion
on the validity of the Common Stock Warrants and the Placement Agent Warrants offered by this prospectus. Certain legal matters in connection
with this offering will be passed upon for the placement agent by Pryor Cashman LLP, New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="s1_014"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The consolidated financial statements
of Aethlon Medical, Inc. for the year ended March&#160;31, 2025 incorporated by reference in this Registration Statement and Prospectus
have been so incorporated by reference in reliance on the report, which includes an explanatory paragraph describing conditions that
raise substantial doubt about the Company&#8217;s ability to continue as a going concern as described in Note 1 to the consolidated financial
statements, of Haskell &amp; White, LLP, an independent registered public accounting firm, given on the authority of said firm as experts
in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The consolidated financial statements
of Aethlon Medical, Inc. as of March 31, 2024 and for the year in the period ended March 31, 2024, incorporated by reference in this
Registration Statement and Prospectus, have been so incorporated by reference in reliance upon the report, which includes an explanatory
paragraph describing conditions that raise substantial doubt about the Company&#8217;s ability to continue as a going concern as described
in Note 1 to the consolidated financial statements, of Baker Tilly US, LLP, independent registered public accountants, which upon the
authority of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="s1_015"></A><B>MARKET AND INDUSTRY DATA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated, information
contained in this prospectus concerning the medical device industry, including our market opportunity, is based on information from independent
industry analysts, third-party sources and management estimates. Management estimates are derived from publicly available information
released by independent industry analysts and third-party sources, as well as data from our internal research, and are based on assumptions
made by us based on such data and our knowledge of such industry and market, which we believe to be reasonable. In addition, while we
believe the market opportunity information included in this prospectus is generally reliable and is based on reasonable assumptions,
such data involves risks and uncertainties and are subject to change based on various factors, including those discussed under the heading
&#8220;<A HREF="#s1_004">Risk Factors</A>.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="s1_016"></A><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">We have
filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the securities being offered by this
prospectus. This prospectus does not contain all of the information in the registration statement and its exhibits. For further information
with respect to us and the securities offered by this prospectus, we refer you to the registration statement and its exhibits. Statements
contained in this prospectus as to the contents of any contract or any other document referred to are not necessarily complete, and in
each instance, we refer you to the copy of the contract or other document filed as an exhibit to the registration statement. Each of
these statements is qualified in all respects by this reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">You
can read our SEC filings, including the registration statement, over the Internet at the SEC&#8217;s website at www.sec.gov. You may
also request a copy of these filings, at no cost, by writing us at 11555 Sorrento Valley Road, Suite 203, San Diego, California 92121
or telephoning us at (619) 941-0360.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">We are
subject to the information and periodic reporting requirements of the Exchange Act, and we file periodic reports, proxy statements and
other information with the SEC. These periodic reports, proxy statements and other information are available at the website of the SEC
referred to above. We maintain a website at www.aethlonmedical.com. You may access our annual reports on Form 10-K, quarterly reports
on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section&#160;13(a) or 15(d)
of the Exchange Act with the SEC free of charge at our website as soon as reasonably practicable after such material is electronically
filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website is not incorporated
by reference in, and is not part of, this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="s1_017"></A><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The
SEC allows us to &#8220;incorporate by reference&#8221; information from other documents that we file with it, which means that we can
disclose important information to you by referring you to those documents. The information incorporated by reference is considered to
be part of this prospectus. Information in this prospectus supersedes information incorporated by reference that we filed with the SEC
prior to the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">We incorporate
by reference into this prospectus and the registration statement of which this prospectus is a part the information or documents listed
below (except in each case the information contained in such document to the extent &#8220;furnished&#8221; and not &#8220;filed&#8221;)
that we have filed with the SEC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

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    <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/882291/000168316825004784/aemd_8k.htm">June 27, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/882291/000168316825006042/aemd_8k.htm">August
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    common stock, which is registered under Section 12 of the Exchange Act, in our registration statement on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/882291/000101968715002644/aethlon_8a12b.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">In addition,
all documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of
the offering (excluding any information furnished rather than filed) shall be deemed to be incorporated by reference into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">We will
provide to each person, including any beneficial owners, to whom a prospectus is delivered, a copy of any or all of the reports or documents
that have been incorporated by reference in the prospectus contained in the registration statement but not delivered with the prospectus.
We will provide these reports or documents upon written or oral request at no cost to the requester. You should direct any written requests
for documents to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">11555 Sorrento Valley Road,
Suite 203</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">San Diego, California 92121</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">Telephone: (619) 941-0360</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">You
also may access these filings through the SEC website at www.sec.gov or on our website at www.aethlonmedical.com. Information contained
on or accessible through our website is not a part of this prospectus or the registration statement of which it forms a part, and the
inclusion of our website address in this prospectus is an inactive textual reference only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">In accordance
with Rule 412 of the Securities Act, (i)&#160;any statement contained in a document incorporated by reference herein shall be deemed
modified or superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or supersedes such statement, and (ii)&#160;any statement contained in a document
that is deemed to be incorporated by reference herein after the date of this prospectus may modify or replace existing statements contained
herein. You should rely only on the information contained in, or incorporated by reference into, this prospectus, or in any free writing
prospectus filed by us with the SEC. We have not authorized anyone to provide you with different or additional information. We are not
offering to sell or soliciting any offer to buy any securities in any jurisdiction where the offer or sale is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>Aethlon
Medical, Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to 4,047,780 Shares of Common Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pre-Funded Warrants to Purchase up to 952,220
Shares of Common Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warrants to Purchase up to 5,000,000 Shares
of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Placement Agent Warrants to Purchase up to
200,000 shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6,152,220 Shares of Common Stock Issuable upon
the Exercise of the Warrants, Pre-Funded Warrants and Placement Agent 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>1,550,000 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issuable upon Exercise of Outstanding Warrants
Offered by Selling Stockholders</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>&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">&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">&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-align: center"><B>PROSPECTUS</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>September 4, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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