<SEC-DOCUMENT>0001171843-24-005170.txt : 20240913
<SEC-HEADER>0001171843-24-005170.hdr.sgml : 20240913
<ACCEPTANCE-DATETIME>20240912183921
ACCESSION NUMBER:		0001171843-24-005170
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20240630
FILED AS OF DATE:		20240913
DATE AS OF CHANGE:		20240912

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XORTX Therapeutics Inc.
		CENTRAL INDEX KEY:			0001729214
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40858
		FILM NUMBER:		241296012

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 2400 - 745 THURLOW STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 0C5
		BUSINESS PHONE:		403-607-2621

	MAIL ADDRESS:	
		STREET 1:		SUITE 2400 - 745 THURLOW STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 0C5
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K/A
<SEQUENCE>1
<FILENAME>f6ka_091224.htm
<DESCRIPTION>FORM 6-K/A
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B><BR>
<B>Washington, D.C. 20549</B><BR>
<BR>
<B>Form 6-K/A<BR>
(Amendment No. 1)</B><BR>
<BR>
<B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B>
</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>For the month of September 2024</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Commission File Number: 001-40858</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>XORTX Therapeutics Inc.</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>3710 &#8211; 33<SUP>rd</SUP> Street NW,
Calgary, Alberta, T2L 2M1</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Form 20-F &#9746; Form 40-F &#9744;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>EXHIBIT INDEX</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><A HREF="exh_991.htm"> 99.1</A></TD>
    <TD STYLE="width: 95%"><A HREF="exh_991.htm"> Amended Management Discussion and Analysis for the three months ended June 30, 2024</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="exh_992.htm">99.2</A></TD>
    <TD><A HREF="exh_992.htm">CEO Certificate</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="exh_993.htm">99.3</A></TD>
    <TD><A HREF="exh_993.htm">CFO Certificate</A></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>SIGNATURE</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>XORTX THERAPEUTICS INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(Registrant) </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Date: </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">September 12, 2024</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><I>/s/ Allen Davidoff&#9;</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Allen Davidoff </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font-size: 10pt; margin: 0pt 0">Chief Executive Officer</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0; color: #004699"><FONT STYLE="font-size: 12pt">XORTX
THERAPEUTICS INC.</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">Management Discussion and Analysis</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">For the six months ended June 30, 2024</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This management discussion and analysis of financial position and results
of operations (&ldquo;<B>MD&amp;A</B>&rdquo;) is prepared as at August 14, 2024 and should be read in conjunction with the unaudited condensed
interim consolidated financial statements for the three and six months ended June 30, 2024 and 2023 of XORTX Therapeutics Inc. (the &ldquo;<B>Company</B>&rdquo;
or &ldquo;<B>XORTX</B>&rdquo;), together with the audited financial statements of the Company for the years ended December 31, 2023 and
2022, as well as the accompanying MD&amp;A for the period then ended (the &ldquo;<B>Annual MD&amp;A</B>&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The referenced unaudited condensed interim consolidated financial statements
have been prepared in accordance with International Financial Reporting Standards (&ldquo;<B>IFRS</B>&rdquo;), including International
Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (&ldquo;<B>IASB</B>&rdquo;)
and Interpretations of the IFRS Interpretations Committee (&ldquo;<B>IFRIC</B>&rdquo;). All dollar amounts included therein and in the
following MD&amp;A are expressed in United States dollars except where noted.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company&rsquo;s critical accounting estimates, significant accounting
policies and risk factors as disclosed in the Annual MD&amp;A have remained substantially unchanged and are still applicable to the Company
unless otherwise indicated.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In this discussion, unless the context requires otherwise, references to
&ldquo;we&rdquo; or &ldquo;our&rdquo; are references to XORTX Therapeutics Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding: 1pt 4pt; border: Black 1pt solid">

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">NOTICE TO READER</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Please be advised that the following changes were made to the Management
Discussion and Analysis for the interim period ended June 30, 2024:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Under the Funding Requirements and Future Plans and Outlook sections amendments
include to breakdown of the use of funds for the Company&rsquo;s product candidates and estimated costs, respectively.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Other than as expressly set forth above, the revised MD&amp;A does not,
and does not purport to, update or restate the information in the original MD&amp;A or reflect any events that occurred after the date
of the filing of the original MD&amp;A.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This MD&amp;A is amended and restated as of September 12, 2024. It should
be read in conjunction with the Company&rsquo;s interim financial statements for the period ended June 30, 2024, including the accompanying
notes.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The amended MD&amp;A have been reviewed by the Company&rsquo;s Audit Committee
and approved by the Company&rsquo;s Board of Directors as of September 12, 2024.</P>

</DIV>


<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">CORPORATE INFORMATION</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">XORTX was incorporated under the laws of Alberta, Canada on August 24,
2012, under the name ReVasCor Inc. and continued under the Canada Business Corporations Act on February 27, 2013, under the name of XORTX
Pharma Corp. Upon completion of a reverse take-over transaction on January 10, 2018, with APAC Resources Inc., a company incorporated
under the laws of British Columbia, the Company changed its name to &ldquo;XORTX Therapeutics Inc.&rdquo; and XORTX Pharma Corp. became
a wholly-owned subsidiary. The Company&rsquo;s operations and mailing address is 3710 &ndash; 33<SUP>rd</SUP> Street NW, Calgary, Alberta,
Canada T2L 2M1 and its registered address is located at 550 Burrard Street, Suite 2900, Vancouver, British Columbia, V6C 0A3. The Company&rsquo;s
shares trade on the TSX Venture Exchange (&ldquo;<B>TSXV</B>&rdquo;), on the Nasdaq Stock Exchange (&ldquo;<B>Nasdaq</B>&rdquo;) under
the symbol &ldquo;XRTX&rdquo;, and on the B&ouml;rse Frankfurt under the symbol &ldquo;ANU&rdquo;.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; color: #004699">FORWARD LOOKING STATEMENTS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This MD&amp;A contains certain statements, other than statements of historical
fact that are forward-looking statements, which reflect the current view of the Company with respect to future events including corporate
developments, financial performance and general economic conditions which may affect the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">All statements other than statements of historical fact contained in this
MD&amp;A, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs,
prospects, plans, objectives of management and expected market growth are forward-looking statements. These statements involve known and
unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or implied by the forward-looking statements.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The words &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;could,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo;
&ldquo;project,&rdquo; &ldquo;should,&rdquo; &ldquo;target,&rdquo; &ldquo;will,&rdquo; &ldquo;would&rdquo; and similar expressions are
intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-
looking statements include, among other things, statements about:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to obtain additional financing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the accuracy of our estimates regarding expenses, costs associated with clinical trials, regulatory
                                                                                                         and commercial activities, future revenues and capital requirements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the success and timing of our preclinical studies and clinical trials;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to obtain and maintain regulatory approval of &ldquo;XORLO<SUP>TM</SUP>&rdquo;, XORTX&rsquo;s
proprietary formulation of oxypurinol for use in the Company&rsquo;s XRx-008 program to treat ADPKD, and any other product candidates
we may develop, and the labeling under any approval we may obtain;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory approvals and other regulatory developments in the United States and other countries;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the performance of third-party manufacturers and contract research organizations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our plans to develop and commercialize our product candidates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our plans to advance research in other kidney disease applications;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to obtain and maintain intellectual property protection for our product candidates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the successful development of our sales and marketing capabilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the potential markets for our product candidates and our ability to serve those markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the rate and degree of market acceptance of any future products;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the success of competing drugs that are or become available; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the loss of key scientific or management personnel.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">XORTX relies on certain key expectations and assumptions in making the
forecasts, projections, predictions or estimations set out in forward-looking information. These factors and assumptions are based on
information available at the time that the forward-looking information is provided. These include, but are not limited to, expectations
and assumptions concerning:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt; text-align: right"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the availability of capital on acceptable terms to fund planned expenditures;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prevailing regulatory, tax and environmental laws and regulations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the ability to secure necessary personnel, equipment and services.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Undue reliance should not be placed on forward-looking information because
a number of risks and factors may cause actual results to differ materially from those set out in such forward-looking information. These
include:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt; text-align: right"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the availability of capital on acceptable terms;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt; text-align: right"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">incorrect assessments of the value of acquisitions, licenses and development programs;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>technical, manufacturing and processing problems;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>actions by governmental authorities, including increases in taxes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fluctuations in foreign exchange, currency, or interest rates and stock market volatility;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>failure to realize the anticipated benefits from licenses or acquisitions;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the other factors specifically identified as risk factors in this MD&amp;A; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>potential labour unrest.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Readers are cautioned that the foregoing list of factors should not be
construed as exhaustive. Further information relating to risks is included in this MD&amp;A under Risks Related to the Business.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Except as may be required by applicable law or stock exchange regulation,
XORTX undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances
after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance
on forward-looking statements. If XORTX does update one or more forward-looking statements, no inference should be drawn that additional
updates will be made with respect to those or other forward-looking statements. Additional information relating to the Company is available
by accessing the SEDAR+ website at www.sedarplus.ca.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>&nbsp;</B></P>


<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">BUSINESS OVERVIEW</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">XORTX is a late-stage clinical pharmaceutical company, focused on developing
and potentially commercializing innovative therapies to treat progressive kidney disease modulated by aberrant purine and uric acid metabolism
in orphan (rare) disease indications such as autosomal dominant polycystic kidney disease (&ldquo;<B>ADPKD</B>&rdquo;) and larger, more
prevalent type 2 diabetic nephropathy (&ldquo;<B>T2DN</B>&rdquo;) as well as acute kidney injury (&ldquo;<B>AKI</B>&rdquo;) associated
with respiratory virus infection.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our focus is on developing three unique therapeutic products to:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">1/ slow or reverse the progression of chronic kidney disease in patients
at risk of end stage kidney failure;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">2/ address the immediate need of individuals facing AKI associated with
respiratory virus infection; and</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">3/ identify other opportunities where our existing and new intellectual
property can be leveraged to address health issues.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We believe that our technology is underpinned by well-established research
and insights into the underlying biology of aberrant purine metabolism, chronically high serum uric acid and its health consequences.
Our aim is to advance novel proprietary formulations of oxypurinol, a uric acid lowering agent that works by effectively inhibiting xanthine
oxidase. We are developing product candidates that include new or existing drugs that can be adapted to address different disease indications
where aberrant purine metabolism and/or elevated uric acid is a common denominator, including polycystic kidney disease, pre-diabetes,
insulin resistance, metabolic syndrome, diabetes, diabetic nephropathy, and infection. We are focused on building a pipeline of assets
to address the unmet medical needs for patients with a variety of serious or life-threatening diseases using our innovative formulation
of oxypurinol, and our proprietary pipeline-in-a-product strategy supported by our intellectual property, established exclusive manufacturing
agreements, and proposed clinical trials with experienced clinicians.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our three unique product development programs are:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>XRx-008</B>, a program for the treatment of ADPKD;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>XRx-101</B>, a program to treat AKI associated with respiratory virus infection, AKI and associated
health consequences; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>XRx- 225</B>, a program for the treatment of T2DN.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">At XORTX, we aim to redefine the treatment of kidney diseases by developing
medications to improve the quality of life of patients with life threatening diseases by modulating aberrant purine and uric acid metabolism,
including lowering elevated uric acid as a therapy.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">Our Proprietary Therapeutic Platforms</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our expertise and understanding of the pathological effects of aberrant
purine metabolism combined with our understanding of uric acid lowering agent structure and function, has enabled the development of our
proprietary therapeutic platforms. These are a complementary suite of therapeutic formulations and new chemical entities designed to provide
unique solutions for acute and chronic disease. Our therapeutic platforms can be used alone, or in combination, with synergistic activity
to develop a multifunctional tailored approach to a variety of indications that can address disease in multiple body systems through management
of chronic or acute hyperuricemia, immune modulation, and metabolic disease. We continue to leverage these therapeutic platforms to expand
our pipeline of novel and next generation drug-based product candidates that we believe could represent significant improvements to the
standard of care in multiple acute and chronic cardiovascular diseases and specifically kidney disease.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We believe our in-house drug design and formulation capabilities confer
a competitive advantage to our therapeutic platforms and are ultimately reflected in our programs. Some of these key advantages are:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Highly Modular and Customizable</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our platforms can be combined in multiple ways and this synergy can be
applied to address acute, intermittent or chronic disease progression. For example, our XRx-101 program for AKI associated with respiratory
virus infection is designed to produce rapid suppression of hyperuricemia and then maintain purine metabolism at a low level during viral
infection and target management of acute organ injury. Our XRx-008 program is designed for longer term stable chronic oral dosing of xanthine
oxidase inhibitors (&ldquo;<B>XOI</B>&rdquo;). We believe that the capabilities of our formulation technology allow us to manage the unique
challenges of cardiovascular and renal disease by modulating purine metabolism, inflammatory and oxidative state.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0">Fit-for-purpose</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our platforms can also be utilized to engineer new chemical entities and
formulations of those agents that have enhanced properties<FONT STYLE="color: #221F1F">. For example, our XRx-225 product candidate program,
some of the intellectual property for which we license from third parties, represents a potential new class of xanthine oxidase inhibitor(s)
with a targeted design to enhance anti-in&#64258;ammatory activity. </FONT>The capability of tailoring the potential therapeutic benefit
of this class of new agents permits us to identify targets and disease that we wish to exploit and then, through formulation design, optimize
those small molecules and proprietary formulations to maximize potentially clinically meaningful therapeutic effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Readily Scalable and Transferable</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our in-house small molecule and formulations design expertise is positioned
to create a steady succession of drug product candidates that are scalable, efficient to manufacture (by us or a partner or contract manufacturing
organization) and produce large scale and high purity active pharmaceutical drug product. We believe this will provide a competitive advantage,
new intellectual property and opportunity to provide first-in-class products that target unmet medical needs and clinically meaningful
quality of life.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our team&rsquo;s expertise in uric acid lowering agents, speci&#64257;cally
in the development and use of xanthine oxidase inhibitors, has enabled the development of our therapeutic product candidates to treat
the symptoms of, and potentially delay the progression of ADPKD, AKI associated with respiratory virus infection, and T2DN. We note that
there is no guarantee that the United States Food and Drug Administration (&ldquo;<B>FDA</B>&rdquo;) will approve our proposed uric acid
lowering agent product candidates for the treatment of kidney disease or the health consequences of diabetes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">Product Candidate Pipeline</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our product candidates include XRx-008, XRx-101, and XRx-225. Our lead
program, XRx-008, has reported topline results for the XRX-OXY-101 Bridging Pharmacokinetic Study of XORLO<SUP>TM</SUP> (the &ldquo;<B>XRX-OXY-101
PK Clinical Trial</B>&rdquo;) in advance of initiating Phase 3 registration clinical trial testing, the last stage of clinical development
before application for FDA approval. Discussions with the FDA have confirmed that a single clinical trial with a one-year treatment period
would be sufficient to make this program eligible for accelerated approval once the benefit of XORLO<SUP>TM</SUP> on decreasing the rate
of decline of glomerular filtration rate was demonstrated. Our reported study XRX-OXY-101 supports both the XRx-008 and XRx-101 programs.
Future late-stage clinical studies targeting attenuation or reversal of AKI in hospitalized individuals with respiratory virus infection
are planned. XRx-225 is a non-clinical stage program advancing new chemical entities toward the clinical development stage.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0">Products</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company&rsquo;s lead and most advanced development program, XRx-008,
is a late clinical stage program focused on demonstrating the potential of our novel product candidate for ADPKD. XRx-008 is the development
name given to XORTX's therapeutics program and associated proprietary oral formulation of oxypurinol, XORLO<SUP>TM</SUP>. XORLO<SUP>TM</SUP>
has shown increased oral bioavailability compared to a control formulation and demonstrates the potential for an expanded use across a
broad therapeutic range. XORTX is also developing a drug product combination therapy that includes both intravenous uric acid lowering
therapy combined with an oral anti-hyperuricemic xanthine oxidase inhibitor, XRx-101, for use in treating patients with AKI associated
with respiratory virus infection and/or associated co-morbidities including sepsis.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">XORLO<SUP>TM</SUP> is the working name of XORTX&rsquo;s unique proprietary
formulation of oxypurinol being developed for the XRx-008 drug development program for testing in the XRX-OXY-201 and XRX-OXY-301 clinical
trials.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">XORTX is currently evaluating novel XOI candidates for the XRx-225 program
to potentially treat T2DN as well as developing new chemical entities to address other orphan and large market unmet medical need.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0">Patents</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">XORTX is the exclusive licensee of two U.S. granted patents with claims
to the use of all uric acid lowering agents to treat insulin resistance or diabetic nephropathy, and two U.S. patent applications with
similar claims for the treatment of metabolic syndrome, diabetes, and fatty liver disease. Counterparts for some of these patent applications
have also been submitted in Europe. In both the US and Europe, XORTX owns composition of matter patent applications for unique proprietary
formulations of xanthine oxidase inhibitors &ndash; U.S. and European patents have been granted. XORTX has also submitted two patent applications
to cover the use of uric acid lowering agents for the treatment of the health consequences of respiratory virus infection. Recently, XORTX
filed a third provisional patent application covering formulations and methods of dosing xanthine oxidase inhibitors in individuals with
kidney disease.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">OUR STRATEGY</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company&rsquo;s goal is to apply our interdisciplinary expertise and
pipeline-in-a-product strategy to further identify, develop and commercialize novel treatments in orphan indications, with an initial
focus on renal and significant unmet medical needs.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our ability to implement our business strategy is subject to numerous risks.
These risks include, among others (see &ldquo;Risks Related to the Business&rdquo;):</P>

<P STYLE="font: 10pt Symbol; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we will require substantial additional funding, which may not be available to us on acceptable terms,
or at all, and, if not available, may require us to alter, delay, scale back, or cease our product development programs or operations;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we have incurred significant losses since inception and anticipate that we will continue to incur losses
for the foreseeable future;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we have not generated any revenue to date and may never be profitable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we have a limited number of product candidates, all of which are still in preclinical or clinical development,
and we may fail to obtain regulatory approval or experience significant delays in doing so;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our product candidates may have undesirable side effects that may delay or prevent marketing approval
or, if approved, require them to be taken off the market, require them to include contraindications, warnings and precautions, limitations
of use, or otherwise limit their sales;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we may be unable to obtain regulatory approval for our product candidates under applicable regulatory
requirements, and the denial or delay of any such approval would delay commercialization of our product candidates, if approved, and adversely
impact our potential to generate revenue, our business and our results of operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">security breaches, loss of data and other disruptions could compromise sensitive information related to
our business or protected health information or prevent us from accessing critical information and expose us to liability, which could
adversely affect our business and our reputation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our existing strategic partnerships are important to our business, and future strategic partnerships may
also be important to us; if we are unable to maintain any of these strategic partnerships, or if these strategic partnerships are not
successful, we may not realize the anticipated benefits of our strategic partnerships and our business could be adversely affected;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we rely on third parties to monitor, support, conduct and oversee clinical trials of the product candidates
that we are developing and, in some cases, to maintain regulatory files for those product candidates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our commercial success depends significantly on our ability to operate without infringing the patents
and other proprietary rights of third parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our patents covering one or more of our products or product candidates could be found invalid or unenforceable
if challenged;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if we are unable to obtain, maintain and enforce patent and trade secret protection for our product candidates
and related technology, our business could be materially harmed; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Symbol; color: #004699">&middot;</FONT></TD><TD STYLE="text-align: justify">if we are unable to protect the confidentiality of our proprietary information, the value of our technology
and products could be adversely affected.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">Funding Requirements</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company has not generated any revenue from product sales to date and
does not expect to do so until such time as XORTX obtains regulatory approval for and commercializes one or more of our product candidates.
As the Company is currently in clinical and preclinical stages of development, it will be some time before we expect to achieve this,
and it is uncertain that we ever will. We expect that we will continue to increase our operating expenses in connection with ongoing clinical
trials and preclinical activities and the development of product candidates in our pipeline. We also expect to continue our strategic
partnerships and we continue to seek additional collaboration opportunities. Further, we expect to continue our efforts to pursue additional
grants and refundable tax credits from the Canadian government in order to further our research and development. Although it is difficult
to predict our funding requirements, based upon our current operating plan, the Company anticipates that our existing cash and cash equivalents
as of June 30, 2024, combined with the net proceeds of future financings, will enable us to advance the clinical development of XRx-008
and XRx-101 product candidates. The XRx-008 will receive 98% of funding, subject to available funds. The XRx-101 and XRx-225 programs
will not be advanced until sufficient funding is available. Approximately 2% of funding is anticipated for intellectual property development.
XORTX may also be eligible to receive certain research, development, and commercial milestone payments in the future. However, because
successful development of our product candidates and the achievement of milestones by our strategic partners is uncertain, we are unable
to estimate the actual funds we will require to complete the research, development, and commercialization of product candidates.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">RECENT DEVELOPMENTS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #214288"><B>Financing Activities</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On February 15 and March 4, 2024, the Company closed two tranches of a
non-brokered offering of 899,717 common share units at a price of CAD $3 per common share unit for aggregate gross proceeds of CAD $2,699,151.
Each common share unit consisted of one common share and one warrant to purchase one common share at CAD $4.50 per common share for a
period of two years. The warrants were immediately exercisable, and may be exercised for two years from the date of issuance, provided,
however that, if, the common shares on the TSXV trade at greater than CAD $6.00 for 10 or more consecutive trading days, the warrants
will be accelerated and the warrants will expire on the 30<SUP>th</SUP>&nbsp;business day following notice. In connection with the non-brokered
offering, the Company paid finder&rsquo;s fees of CAD $132,551, representing a 5% finder&rsquo;s fee on certain subscriptions to qualified
finders.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">During the six months ended June 30, 2024, the Company announced it had
received TSXV approval to amend the terms of an aggregate of 1,125,210 outstanding common share purchase warrants as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">198,333 of the warrants issued pursuant to the private placement that closed on February 9, 2021 and which
had an original exercise price of CAD $42.26 per share (CAD $0.40 per share, adjusted to reflect the 2021 and 2023 Share Consolidations),
the TSXV has approved an amended exercise price of $5.00.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">371,322 of the warrants issued pursuant to the prospectus offering that closed on October 15, 2021 and
which had an original exercise price of $42.93 per share ($4.77 per share, adjusted to reflect the 2023 Share Consolidation), the TSXV
has approved an amended exercise price of $5.00.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">555,555 of the warrants issued pursuant to the prospectus offering that closed on October 7, 2022 and
which had an original exercise price of $10.98 per share ($1.22 per share, adjusted to reflect the 2023 Share Consolidation), the TSXV
has approved an amended exercise price of $5.00.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">If the volume weighted average price for the Company&rsquo;s common shares
on TSXV is greater than $6.50 (approximately CAD $8.7562) per common share for a period of ten (10) consecutive trading days, then the
Company may give notice to the Holders of the Warrant by way of a news release (the <B>&ldquo;Notice&rdquo;</B>) notifying such Holder
that the warrants must be exercised within thirty (30) calendar days from the date of delivery of such Notice, otherwise the warrants
will expire at 4:30 p.m. (Calgary time) on the 30<SUP>th</SUP> day after the date of delivery of the Notice (the <B>&ldquo;Forced Conversion
Right&rdquo;</B>). Notwithstanding anything herein to the contrary, the Forced Conversion Right shall only be available to the Company
on or after such time in which such forced exercise of the warrants will result in the issuance of free trading shares to the Holder.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #214288"><B>Regulatory Advancements</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On January 3, 2024, the Company announced the submission of a new patent
for the treatment of chronic kidney disease (<B>&ldquo;CKD&rdquo;</B>). This patent is designed to protect new discoveries and strategies
for the treatment of individuals with varied degrees of kidney function in the setting of CKD.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #214288"><B>Changes in Officers and Directors </B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On March 27, 2024, the Company announced Dr. Ronald Perrone has joined
the Company&rsquo;s Clinical Advisory Board.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On April 8, 2024, the Company announced the appointment of Ms. Abigail
Jenkins to the Board of Directors.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">FUTURE PLANS AND OUTLOOK</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">XORTX intends to grow its business by developing three programs focused
on kidney disease.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">For the balance of 2024, XORTX will continue to focus on advancing XORLO<SUP>TM</SUP>
for the XRx-008 program for ADPKD into a Phase 2/3 &ldquo;registration&rdquo; clinical trial program &ndash; XRX-OXY-201, ODD in the EU,
discussion with the US FDA regarding the XRX-OXY-301 clinical trial and possible initiation of special protocol assessment (&ldquo;<B>SPA</B>&rdquo;)
discussions with the FDA and initiation of commercialization activities, if approved, for XORLO<SUP>TM</SUP> as well as advancing research
in other kidney disease applications. To achieve these objectives, XORTX&rsquo;s action plan includes:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B>Under the XRx-008 program, initiate the Pivotal Registration clinical trial named &ldquo;XRX-OXY-201&rdquo;,
to support an application for &ldquo;Accelerated Approval&rdquo; of XORLO<SUP>TM</SUP> for individuals with ADPKD. </B>The XRX-OXY-201
Clinical Trial is a Phase 2b/3a, Multi-Centre, Double-Blind, Placebo Controlled, Randomized Withdrawal Design Study to Evaluate the Efficacy
and Safety of a Novel Oxypurinol Formulation in Patients with Progressing Stage 3-4 ADPKD and Coexistent Hyperuricemia. The XRX-OXY-201
Clinical Trial will provide data for future &ldquo;Accelerated Approval&quot; NDA submissions to the FDA and MAA to the EMA. Subject to
available financing, the XRX-OXY-201 Clinical Trial is planned to start in the first half of 2025 and enroll individuals with stage 3
or 4 ADPKD and presenting with chronically high uric acid. The objective of the XRX-OXY-201 Clinical Trial is to evaluate the ability
of XORLO<SUP>TM</SUP> to slow rate of decline of glomerular filtration rate and/or the expansion of total kidney volume over a 12-month
treatment period. An estimated 150 patients will be enrolled with 120 patients completing the study. (Estimated cost - $5 million to $30
million.)</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B>Under the XRx-008 program, prepare and communicate with the FDA and EMA regarding a second phase clinical
trial named &ldquo;XRX-OXY-301&rdquo;, a Full Registration trial in ADPKD. </B>The XRX-OXY-301 Clinical Trial is a Phase 3, Multi-Centre,
Double-Blind, Placebo Controlled, Randomized Withdrawal Design Study to Evaluate the Efficacy and Safety of a Novel Oxypurinol Formulation
in Patients with Progressing Stage 2-4 ADPKD and Coexistent Hyperuricemia with progressing stage 2, 3, or 4 kidney disease. The objective
of the XRX-OXY-301 Clinical Trial is to evaluate the safety and effectiveness of XORLO<SUP>TM</SUP> for the XRx-008 program over a 24-month
treatment period and obtain &ldquo;full FDA marketing approval&rdquo;. The aim of the XRX-OXY-301 Clinical Trial is to characterize the
ability of XORLO<SUP>TM</SUP> to potentially decrease the rate of decline of glomerular filtration rate. An estimated 300 patients will
be enrolled. Subject to available financing, the XRX-OXY-301 Clinical Trial will not be scheduled or budgeted until XRX-OXY-201 is well
underway, and may be subject to SPA review by FDA.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -36.05pt; margin: 0pt 0 0pt 41.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>Ongoing CMC Work. </B>In parallel with the XRX-OXY-201 and XRX-OXY-301 Clinical Trials, XORTX will
focus on scale-up, validation and stability testing of clinical drug product supplies of XORLO<SUP>TM</SUP> under the Company&rsquo;s
granted IND, as well as building, validating and characterization of stability of future clinical and commercial supplies. All development
will be performed according to current GMP methodology. This work will be ongoing throughout 2024 to 2027. (Estimated cost of Clinical
and Commercial drug supply - $5 million to $15 million.)</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B>Activities Related to Potential Commercial Launch.</B> In preparation for a possible &ldquo;Accelerated
Approval&quot; NDA filing in 2027 for XORLO<SUP>TM</SUP> for XRx-008, XORTX will conduct commercialization studies to support in-depth
analysis of pricing and/or reimbursement, as well as evaluate product brand name selection and prepare related filings and conduct other
launch preparation activities. This work will be ongoing from 2024 to 2027. (Estimated cost - $500,000 and $3 million.)</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><B>Activities Related to European Registration. </B>XORTX will continue to work with and seek out guidance
from the EMA to facilitate the path to potential approval of XORLO<SUP>TM</SUP> in the EU, including required clinical studies and reimbursement
conditions. This work will be ongoing from 2024 through 2027 and will include continued pursuit of orphan drug status. In addition, XORTX
is updating an information dossier to support an orphan drug designation from the EMA. (Estimated cost - $500,000 and $3 million.)</TD></TR></TABLE>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">To achieve the above goals, XORTX will continue to pursue non-dilutive
and dilutive funding and expand discussions to partner with major pharma / biotech companies with a global reach. XORTX will also increase
financial and healthcare conference participation to further strengthen and expand its investor base.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #004699"><B></B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">SUMMARY OF QUARTERLY RESULTS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The following table sets forth unaudited quarterly results prepared by
management for the eight previous quarters to June 30, 2024:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 20pt; white-space: nowrap; font-size: 10pt; text-align: left">(unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2024 Q2</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2024 Q1</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2023 Q4</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2023 Q3</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; width: 48%; font-size: 10pt; text-align: left; padding-left: 5.35pt">Research and development</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">67,683</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">73,643</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">134,132</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">569,713</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Consulting, wages and benefits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">360,617</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">224,721</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">260,607</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">249,033</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Directors&rsquo; fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">46,371</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">39,161</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,495</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">46,469</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Investor relations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">502,265</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">439,405</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">278,934</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">236,934</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Professional fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">274,635</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">120,210</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">56,363</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">102,617</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">General and administrative</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92,258</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">74,920</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">93,567</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90,140</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Public company costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">56,053</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29,683</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29,630</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,822</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Travel</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,728</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,607</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">31,771</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,267</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Amortization of property and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">26,885</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20,246</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,299</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,329</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Amortization of intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,164</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,886</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,061</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,862</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt"><FONT STYLE="font-size: 10pt">Share based payments <SUP>(</SUP>1)</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">44,031</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">53,134</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">28,815</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21,850</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Loss/(gain) on derivative warrant liability</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,645,548</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,724,792</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,641,403</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Foreign exchange loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,744</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,644</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,320</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,668</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Interest income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(35,952</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(31,602</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(49,815</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(63,614</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.35pt">Transaction costs on derivative warrant liability</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">224,486</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Total (loss) income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">170,066</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,018,936</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,699,224</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,333,366</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.35pt">(Loss) income per share</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.06</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1.24</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1.38</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.67</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 20pt; white-space: nowrap; font-size: 10pt; text-align: left">(unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2023 Q2</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2023 Q1</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2022 Q4</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022 Q3</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; width: 48%; font-size: 10pt; text-align: left; padding-left: 5.35pt">Research and development</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">667,913</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,046,957</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,903,204</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,472,856</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Consulting, wages and benefits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">343,606</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">184,312</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">219,183</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">244,122</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Directors&rsquo; fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">43,204</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">44,238</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">42,077</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,495</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Investor relations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">223,334</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">180,288</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">182,192</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100,706</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Professional fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">214,425</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">140,858</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92,434</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">56,244</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">General and administrative</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90,299</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">101,499</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">88,226</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">117,236</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Public company costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">47,371</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">47,361</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">31,280</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,105</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Travel</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">68,765</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55,384</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,041</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">84</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Amortization of property and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,328</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,105</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,836</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,308</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Amortization of intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,692</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">48,742</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,721</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,749</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt"><FONT STYLE="font-size: 10pt">Share based payments <SUP>(</SUP>1)</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,769</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">39,550</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">67,682</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,268</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Gain on derivative warrant liability</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,579,802</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(362,688</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Foreign exchange (gain) loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,494</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8,457</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">626,369</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(507,859</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Interest income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(73,312</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(66,802</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(53,716</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(35,460</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.35pt">Transaction costs on derivative warrant liability</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">926,456</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 5.35pt">Total loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,691,888</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,832,035</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,579,183</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,197,166</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.35pt">Loss per share</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.85</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.95</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1.62</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.83</TD><TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Notes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 8pt">Share based payments relate to the vesting
                                            of options over the period.</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004799"><B>Three months ended June 30, 2024</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004799"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company has a net income of $170,066 ($0.06 per share) for the three
months ended June 30, 2024, compared to a loss of $1,691,888 ($0.85 per share) in the three months ended June 30, 2023.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Variances within the loss items are as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Consulting, wages and benefits</I></B> - $360,617 (2023 - $343,606)
&ndash; Consulting expenses increased during the three months ended June 30, 2024, as more consultants were engaged during the current
quarter due to an increase in Company activity with respect to corporate development.</P>


<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B><I></I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Investor relations </I></B>- $502,265 (2023 - $223,334) &ndash; Investor
relations expense increased during the three months ended June 30, 2024 as the Company increased its marketing, and promotional efforts
with additional investor relations consultants, attendance to investor and marketing conferences.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Professional fees </I></B>- $274,635 (2023 - $214,425). Professional
fees, which consists mainly of accounting, audit and legal fees, increased during the three months ended June 30, 2024 as compared with
the 2023 period, due to the Company&rsquo;s increased corporate activity.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Research and development </I></B>- $67,683 (2023 - $667,913) &ndash;
Research and development expenses decreased in the three months ended June 30, 2024 compared to the same period last year as detailed
in the following table:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.2pt; margin: 0pt 0 0pt 0.7pt">The table below presents combined research
and development costs for XRx-008, XRx-101, and XRx-225 as the Company&rsquo;s projects are presently run concurrently and in combination.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.2pt; margin: 0pt 0 0pt 0.7pt">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Q2 2024</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Q2 2023</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Change $</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Change %</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Clinical trials expenses <SUP>1</SUP></FONT></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">787</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">308,580</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(307,793</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(100</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Manufacturing and related process expenses <SUP>2</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,815</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">118,302</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(101,487</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(86</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Intellectual property expenses <SUP>3</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,180</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">455</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,725</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,038</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Translational science expenses <SUP>4</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40,682</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(40,682</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(100</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">External consultants expenses <SUP>5</SUP></FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">44,901</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">199,894</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(154,993</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(78</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: justify">Total Research and development</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">67,683</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">667,913</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(600,230</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(90</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Notes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Clinical trials
                                            expenses include those costs associated with our clinical trial program which primarily included
                                            expenses related to the XRx-008 and XRx-101 projects. Included in clinical trials expenses
                                            are regulatory and consulting activities, contract research organization expenses, data management
                                            expenses, and other costs associated with our clinical trial program. In Q2 2024, clinical
                                            trials expense decreased mainly as the bridging pharmacokinetics study was mostly completed
                                            at the end of 2022 as compared to the comparative period when the XRX-OXY-101 PK Clinical
                                            Trial was starting as a new expense.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Manufacturing
                                            and related process expenses includes third party direct manufacturing costs, quality control
                                            testing and packaging costs. In Q2 2024, manufacturing costs primarily related to the Company's
                                            oxypurinol quality control and stability related costs.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Intellectual
                                            property expenses include legal and filing fees associated with our patent portfolio. Submission
                                            of new patents in Q2 2024 resulted in an increase in intellectual property expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Translational
                                            science expenses include various research studies conducted to expand our intellectual knowledge
                                            base related to oxypurinol and our proprietary formulations of oxypurinol, pharmacokinetic
                                            testing, non-clinical bioavailability studies, pharmacology and toxicology testing and identify
                                            potential licensing opportunities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">External consultants
                                            expenses include third party consultants engaged in the activities of research and development,
                                            including chemistry, manufacturing, drug product development, regulatory, non-clinical and
                                            clinical study execution. The decrease in external consultants expenses in Q2 2024 as compared
                                            to Q2 2023 was attributed to decreased activity associated with completion of the XRX-OXY-101
                                            PK Clinical Trial versus the previous year quarter the activities were attributed to the
                                            initiation of the Company's bridging study and thereafter a single registration trial associated
                                            to the XRx-008 program in individuals.</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 23.85pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Travel</I></B> - $16,728 (2023 - $68,765) &ndash; Travel decreased
during the three months ended June 30, 2024, as compared with the 2023 period due to a decrease in travel to investor conferences.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Gain on derivative warrant liability</I></B> - $1,645,548 (2023 -
$nil) &ndash; During the period ended June 30, 2024, the gain was primarily due to a decrease in the Company&rsquo;s share price and a
decrease in the remaining terms of the warrants which decrease the value of the derivative warrant liability. The warrants included in
the units issued under the offering in Q1-2024 have an exercise price in CAD dollars and have a derivative financial liability as the
exercise price is in a different currency than the functional currency of the entity. The warrants are initially recognized at fair value
and subsequently measured at fair value with changes recognized through profit or loss.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004799"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 10 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #004799"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: #004799"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004799"><B>Six months ended June 30, 2024</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004799"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company incurred a loss of $2,848,870 ($1.07 per share) for the six
months ended June 30, 2024, compared to a loss of $3,523,923 ($1.79 per share) in the six months ended June 30, 2023.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Variances within the loss items are as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.05pt; margin: 0pt 0 0pt 5.9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Consulting, wages and benefits</I></B> - $585,338 (2023 - $527,918)
&ndash; Consulting expenses increased during the six months ended June 30, 2024, as more consultants were engaged during the current quarter
due to an increase in Company activity with respect to corporate development.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>General and administrative</I></B> - $167,178 (2023 - $191,798) &ndash;
General and administrative expenses decreased due to lower directors&rsquo; and officers&rsquo; insurance premiums.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Investor relations </I></B>- $941,670 (2023 - $403,622) &ndash; Investor
relations expense increased during the six months ended June 30, 2024 as the Company increased its marketing, and promotional efforts
with additional investor relations consultants, attendance to investor and marketing conferences.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Research and development </I></B>- $141,326 (2023 - $1,714,870) &ndash;
Research and development expenses decreased in the six months ended June 30, 2024, compared to the same period last year as detailed in
the following table (future expenditures will depend upon financial resources available):</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.2pt; margin: 0pt 0 0pt 0.7pt">The table below presents combined research
and development costs for XRx-008, XRx-101, and XRx-225 as the Company&rsquo;s projects are presently run concurrently and in combination.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.2pt; margin: 0pt 0 0pt 0.7pt">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Q2 2024</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Q2 2023</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Change $</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Change %</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Clinical trials expenses <SUP>1</SUP></FONT></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">7,439</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">776,566</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(769,127</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(99</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Manufacturing and related process expenses <SUP>2</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">49,178</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">315,899</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(266,721</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(84</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Intellectual property expenses <SUP>3</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,319</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,025</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,294</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">410</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Translational science expenses <SUP>4</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">138,366</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(138,366</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(100</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">External consultants expenses <SUP>5</SUP></FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">74,390</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">482,014</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(407,624</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(85</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: justify">Total Research and development</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">141,326</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">1,714,870</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(1,573,544</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(92</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Notes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Clinical trials
                                            expenses include those costs associated with our clinical trial program which primarily included
                                            expenses related to the XRx-008 and XRx-101 projects. Included in clinical trials expenses
                                            are regulatory and consulting activities, contract research organization expenses, data management
                                            expenses, and other costs associated with our clinical trial program. In Q2 2024, clinical
                                            trials expense decreased mainly as the bridging pharmacokinetics study was mostly completed
                                            at the end of 2022 as compared to the comparative period when the XRX-OXY-101 PK Clinical
                                            Trial was starting as a new expense.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Manufacturing
                                            and related process expenses includes third party direct manufacturing costs, quality control
                                            testing and packaging costs. In Q2 2024, manufacturing costs primarily related to the Company's
                                            oxypurinol quality control and stability related costs.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Intellectual
                                            property expenses include legal and filing fees associated with our patent portfolio. Submission
                                            of new patents in Q2 2024 resulted in an increase in intellectual property expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Translational
                                            science expenses include various research studies conducted to expand our intellectual knowledge
                                            base related to oxypurinol and our proprietary formulations of oxypurinol, pharmacokinetic
                                            testing, non-clinical bioavailability studies, pharmacology and toxicology testing and identify
                                            potential licensing opportunities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">External consultants
                                            expenses include third party consultants engaged in the activities of research and development,
                                            including chemistry, manufacturing, drug product development, regulatory, non-clinical and
                                            clinical study execution. The decrease in external consultants expenses in Q2 2024 as compared
                                            to Q2 2023 was attributed to decreased activity associated with completion of the XRX-OXY-101
                                            PK Clinical Trial versus the previous year quarter the activities were attributed to the
                                            initiation of the Company's bridging study and thereafter a single registration trial associated
                                            to the XRx-008 program in individuals.</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 23.85pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 23.85pt; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Travel</I></B> - $18,335 (2023 - $124,149) &ndash; Travel decreased
during the six months ended June 30, 2024, as compared with the 2023 period due to a decrease in travel to investor conferences.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Loss on derivative warrant liability</I></B> - $79,244 (2023 - $nil)
&ndash; During the period ended June 30, 2024, the loss was primarily due to an increase in the Company&rsquo;s share price and an increase
in the remaining terms of the warrants which increase the value of the derivative warrant liability. The warrants included in the units
issued under the offering in Q1-2024 have an exercise price in CAD dollars and have a derivative financial liability as the exercise price
is in a different currency than the functional currency of the entity. The warrants are initially recognized at fair value and subsequently
measured at fair value with changes recognized through profit or loss.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">Comparison of cash flows for the six
months ended June 30, 2024 and 2023</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company realized a net cash outflow of $369,193 for the six months
ended June 30, 2024, compared to a cash outflow of $4,270,023 for the six months ended June 30, 2023. The variances in the cash flow for
the six months ended June 30, 2024, compared to June 30, 2023 were as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Operating activities </I></B>&ndash; Cash used in operating activities
for the six months ended June 30, 2024, was $2,040,389 (2023 - $4,214,376). The cash used in operating activities decreased primarily
due to decreases in research and development costs incurred.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Investing activities </I></B>&ndash; Cash used in investing activities
for the six months ended June 30, 2024, was $11,707 (2023 - $29,269). The cash used was related to the acquisition of intangible assets
and equipment during the periods.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 6.05pt 0pt 0"><B><I>Financing activities </I></B>&ndash; Cash provided by
financing activities in the six months ended June 30, 2024, was $1,694,710 (2023 &ndash; cash used of $32,118). The cash provided was
mostly related to the non-brokered offerings that took place in February and March raising gross proceeds of CAD $2,699,151 through the
issuance of 899,717 units at a subscription price of CAD $3.00 per unit.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0; color: #004699">LIQUIDITY AND CAPITAL RESOURCES</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">As at June 30, 2024, the Company had a cash balance of $3,078,472 and working
capital of $1,262,029 as compared to a cash balance of $3,447,665 and working capital of $3,773,845 as at December 31, 2023. Working capital
included a non-cash component related to derivative warrant liability of $1,573,000 (December 31, 2023 - $531,000) if this non-cash amount
was excluded, working capital would have been $2,835,029 (December 31, 2023 - $3,773,845). During the six months ended June 30, 2024,
the Company closed two offerings that consisted of 899,717 common share units at CAD $3.00 per unit for aggregate gross proceeds of CAD
$2,699,151.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Although there is no certainty, management is of the opinion that additional
funding for its projects and operations can be raised as needed. The Company is subject to a number of risks associated with the successful
development of new products and their marketing and the conduct of its clinical studies and their results. The Company will have to finance
its research and development activities and its clinical studies. To achieve the objectives in its business plan, the Company plans to
raise the necessary capital and to generate revenues. It is anticipated that the products developed by the Company will require approval
from the FDA and equivalent organizations in other countries before their sale can be authorized. If the Company is unsuccessful in obtaining
adequate financing in the future, corporate initiatives may be affected or postponed. The Company&rsquo;s current cash burn is approximately
$300,000 per month, however dependent on the timing of financing activities, expenditures will be adjusted to ensure a 12 month cash runway.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; color: #004699"><B></B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0; color: #004699">USE OF FINANCING PROCEEDS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The proceeds that the Company has used have been for funding operations
and general corporate purposes, which has included further research and development and manufacture of active pharmaceutical ingredients
and drug product to support clinical trials. The Company intends to continue to use the remaining net proceeds of the Offering, together
with existing cash, for funding operations and general corporate purposes, which may include further research and development, clinical
trials, manufacture of active pharmaceutical ingredients and drug product to support clinical trials and intends to use the proceeds in
approximately the following proportions: XRx-008: 98%; XRx-101: 1%; XRx-225: 1%.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>&nbsp;</B></P>


<P STYLE="margin: 0pt 0; font-size: 10pt; color: #004699"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>COMMITMENTS</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company has long-term arrangements with commitments that are not recognized
as liabilities as at June 30, 2024 and December 31, 2023 are as follows:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Employment Agreements</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">June 30, <BR>2024</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">December 31, <BR>2023</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; background-color: white"><B>$</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.85pt">Management services &ndash; officers</TD><TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">321,000</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">321,000</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The President, CEO and a director of the Company has a long-term employment
agreement with the Company. The agreement has a termination clause whereby he is entitled to the equivalent of 12 times his current monthly
salary which, as of June 30, 2024 and December 31, 2023, equated to an annual salary of $321,000.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white"><B>Payments
</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 21.3pt; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In the normal course of business, the Company has committed to payments
totaling $261,490 (December 31, 2023 - $446,000) for activities related to its clinical trials, manufacturing, collaboration programs
and other regular business activities which are expected to occur over the next two years.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0; color: #004699">OFF BALANCE SHEET ARRANGEMENTS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company has no off-balance sheet arrangements.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0; color: #004699">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0; color: #004699">TRANSACTIONS WITH RELATED PARTIES</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">All related party transactions were measured at fair value. All amounts
due from/payable to related parties are unsecured, non-interest bearing and have no fixed terms of repayment.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">During the three and six months ended June 30, 2024 and 2023, the Company
incurred the following transactions with related parties:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Wages and benefits and professional fees were paid or accrued to Allen Davidoff, the Chief Executive Officer
(<B>&ldquo;CEO&rdquo;</B>), in the amount of $128,264 and $212,711 (2023 - $80,250 and $164,332).</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Fees were paid or accrued to 1282803 Ontario Inc., a company owned by James Fairbairn, the Chief Financial
Officer (&ldquo;<B>CFO</B>&rdquo;) of the Company in the amount of $37,567 and $75,584 (2023 - $38,868 and $80,015 (paid or accrued to
former CFO.))</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -36.05pt; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">Research and development fees were paid or accrued to Haworth Biopharmaceutical, a company owned by Stephen
Haworth, the Chief Medical Officer (&ldquo;<B>CMO</B>&rdquo;) of the Company in the amount of $38,445 and $62,445 (2023 - $56,250 and
$109,229).</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -36.05pt; margin: 0pt 0 0pt 41.35pt">&nbsp;</P>

<!-- Field: Page; Sequence: 13 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 41.35pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">Consulting fees were paid or accrued to Stacy Evans, the Chief Business Officer (&ldquo;<B>CBO</B>&rdquo;)
of the Company in the amount of $37,500 and $82,500 (2023 - $75,000 and $150,000).</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -36.05pt; margin: 0pt 0 0pt 41.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">Directors&rsquo; fees were paid or accrued to the directors of the Company in the amount of $46,371 and
$85,532 (2023 - $44,495 and $91,584). The amount includes director fees payment of $33,549 and $64,212 for the three and six months ended
June 30, 2024 (2023 - $30,243 and $66,084) to Anthony Giovinazzo, Chairman of the Company.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -36.05pt; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">f)</TD><TD STYLE="text-align: justify">As at June 30, 2024, $17,020 (December 31, 2023 - $6,805) was payable to directors of the Company, $48,150
(December 31, 2023 - $nil) was accrued to the CEO of the Company for CEO services, $14,138 (December 31, 2023 - $14,631) was accrued to
the CFO of the Company for CFO services, $22,445 (December 31, 2023 - $8,000) was payable and accrued to the CMO of the Company for consulting
services, and $25,000 (December 31, 2023 - $15,000) was payable and accrued to the CBO of the Company for consulting services. The balances
are unsecured, non-interest bearing, and have no fixed terms of repayment.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">g)</TD><TD STYLE="text-align: justify">Management and directors&rsquo; compensation transactions for the three and six months ended June 30,
2024 and 2023 are summarized as follows:</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Management <BR>
Compensation</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Directors&rsquo; <BR>fees</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Share-based <BR>
payments</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right">$</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right">$</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right">$</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right">$</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Three months ended June 30, 2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; padding-left: 2.2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors and officers</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">250,368</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">44,495</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">19,292</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">314,155</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 2.2pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Three months ended June 30, 2024</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left; padding-left: 2.2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors and officers</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">241,776</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">46,371</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">33,323</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">321,470</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Management <BR>
Compensation</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Directors&rsquo; <BR>fees</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Share-based <BR>
payments</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>$</B></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>$</B></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>$</B></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>$</B></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Six months ended June 30, 2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; padding-left: 2.2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors and officers</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">503,576</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">91,584</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">43,946</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">639,106</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 2.2pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Six months ended June 30, 2024</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left; padding-left: 2.2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors and officers</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">433,240</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">85,532</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">71,426</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">590,198</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -0.25in; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>FINANCIAL AND CAPITAL RISK MANAGEMENT</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company&rsquo;s financial instruments consist of cash, accounts payable
and accrued liabilities, lease obligation and derivative warrant liability. Cash is classified as a financial asset at FVTPL, accounts
payable and accrued liabilities and lease obligation are classified as financial liabilities at amortized cost and derivative warrant
liability is classified as a financial liability at FVTPL.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The fair values of these financial instruments approximate their carrying
values at June 30, 2024, due to their short-term nature.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company thoroughly examines the various financial instruments and risks
to which it is exposed and assesses the impact and likelihood of those risks. These risks include foreign currency risk, interest rate
risk, market risk, credit risk, and liquidity risk. Where material, these risks are reviewed and monitored by the Board of Directors</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">There have been no changes in any risk management policies since December
31, 2023.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #004699">Capital Management</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company defines capital that it manages as shareholders&rsquo; equity.
The Company manages its capital structure in order to have funds available to support its research and development and sustain the future
development of the business. When managing capital, the Company&rsquo;s objective is to ensure the entity continues as a going concern
as well as to maintain optimal returns to shareholders and benefits for other stakeholders. Management adjusts the capital structure as
necessary in order to support its activities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The Company includes the following items in its managed capital as at the following periods:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Equity is comprised of:</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">June 30, <BR>2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">December 31 <BR>2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 10pt">Share capital</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">17,870,948</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">17,056,535</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Reserves</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,565,422</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,468,257</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Obligation to issue shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24,746</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24,746</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated other comprehensive loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(52,605</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(52,605</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">Deficit</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(20,703,777</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(17,854,907</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Since inception, the Company&rsquo;s objective in managing capital is to
ensure sufficient liquidity to finance its research and development activities, general and administrative expenses, expenses associated
with intellectual property protection and its overall capital expenditures. There were no changes during the six months ended June 30,
2024. The Company is not exposed to external requirements by regulatory agencies regarding its capital.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0; color: #004699">OUTSTANDING SHARE DATA</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The Company has an unlimited number of unauthorized common shares without par value.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 79%; border: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Type of Security</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>Common shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">As of August 14, 2024</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(number)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Issued and outstanding</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,903,565</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Stock options </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">142,518</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Share purchase warrants</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,070,225</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Fully diluted shares outstanding</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,116,308</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0; color: #004699">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0; color: #004699">RISKS RELATED TO THE BUSINESS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">An investment in the Company is speculative and involves a high degree
of risk. Accordingly, prospective investors should carefully consider the specific risk factors set out below, in addition to the other
information contained in this MD&amp;A, before making any decision to invest in the Company. The Directors consider the following risks
and other factors to be the most significant for potential investors in the Company, but the risks listed do not necessarily comprise
all those associated with an investment in the Company and are not set out in any particular order of priority. Additional risks and uncertainties
not currently known to the Directors may also have an adverse effect on the Company&rsquo;s business. If any of the following risks actually
occur, the Company&rsquo;s business, financial condition, capital resources, results or future operations could be materially adversely
affected. In such a case, the price of the common shares could decline, and investors may lose all or part of their investment.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">For additional discussion on XORTX&rsquo;s risks, refer to the &ldquo;Risk
Factors&rdquo; section of the Company&rsquo;s Annual Information Form and the Form 20-F for the year ended December 31, 2023, and the
&ldquo;Forward Looking Statements&rdquo; section of this MD&amp;A.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Speculative Nature of Investment Risk</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">An investment in the common shares of the Company carries a high degree
of risk and should be considered as a speculative investment by purchasers. The Company has limited cash reserves, a limited operating
history, has not paid dividends, and is unlikely to pay dividends in the immediate or near future. The Company is in the development stage.
Operations are not yet sufficiently established such that the Company can mitigate the risks associated with planned activities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>


<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Limited Operating History</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company has no present prospect of generating revenue from the sale
of products. The Company is therefore subject to many of the risks common to early-stage enterprises, including under-capitalization,
cash shortages, limitations with respect to personnel, financial, and other resources and lack of revenues. There is no assurance that
the Company will be successful in achieving a return on shareholders&rsquo; investment and the likelihood of success must be considered
in light of the early stage of operations.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Negative Cash Flow for the Foreseeable Future</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company has a no history of earnings or cash flow from operations.
The Company does not expect to generate material revenue or achieve self-sustaining operations for several years, if at all. To the extent
that the Company has negative cash flow in future periods, the Company may need to allocate a portion of its cash reserves to fund such
negative cash flow.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Reliance on Management</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The success of the Company is dependent upon the ability, expertise, judgment,
discretion and good faith of its management. While employment agreements are customarily used as a primary method of retaining the services
of key employees, these agreements cannot assure the continued services of such employees. Any loss of the services of such individuals
could have a material adverse effect on the Company&rsquo;s business, operating results or financial condition.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Clinical trials for potential drug candidates will be
expensive and time consuming, and their outcomes uncertain.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Before the Company can obtain regulatory approval for the commercial sale
of any drug candidate or attract major pharmaceutical companies with which to collaborate, it will be required to complete extensive clinical
trials to demonstrate safety and efficacy. Clinical trials are expensive and are difficult to design and implement. The clinical trial
process is also time-consuming and can often be subject to unexpected delays. The timing and completion of clinical trials may be subject
to significant delays relating to various causes, including but not limited to: inability to manufacture or obtain sufficient quantities
of materials for use in clinical trials; delays arising from collaborative partnerships; delays in obtaining regulatory approvals to commence
a study, or government intervention to suspend or terminate a study; delays, suspensions or termination of clinical trials by the applicable
institutional review board or independent ethics board responsible for overseeing the study to protect research subjects; delays in identifying
and reaching agreement on acceptable terms with prospective clinical trial sites; slow rates of patient recruitment and enrollment; uncertain
dosing issues; inability or unwillingness of medical investigators to follow clinical protocols; variability in the number and types of
subjects available for each study and resulting difficulties in identifying and enrolling subjects who meet trial eligibility criteria;
scheduling conflicts; difficulty in maintaining contact with subjects after treatment, resulting in incomplete data; unforeseen safety
issues or side effects; lack of efficacy during clinical trials; reliance on clinical research organizations to efficiently and properly
conduct clinical trials in accord with contracted arrangements and regulations, or other regulatory delays.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Risks Related to Food and Drug Administration (FDA)
Approval</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In the United States, the FDA regulates the approval of therapeutics and
the FDA notification and approval process requires substantial time, effort and financial resources, and the Company cannot be certain
that any approvals for its products will be granted on a timely basis, if at all. Foreign jurisdictions have similar government regulatory
bodies and requirements that the Company must meet prior to selling products in those jurisdictions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company must be considered in light of the risks, expenses, shifts,
changes and difficulties frequently encountered with companies whose businesses are regulated by various federal, state and local governments.
The health care, wellness, workers&rsquo; compensation and similar companies are subject to a variety of regulatory requirements and the
regulatory environment is ever changing particularly with recent legislation, the full impact of which is not yet understood as regulations
have not been issued. Failure to follow applicable regulatory requirements will have a materially negative impact on the business of the
Company. Furthermore, future changes in legislation cannot be predicted and could irreparably harm the business of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Intellectual Property Rights</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company could be adversely affected if it does not adequately protect
its intellectual property rights. The Company regards its marks, rights, and trade secrets and other intellectual property rights as critical
to its success. To protect its investments and the Company&rsquo;s rights in these various intellectual properties, it may rely on a combination
of patents, trademark and copyright law, trade secret protection and confidentiality agreements and other contractual arrangements with
its employees, clients, strategic partners, acquisition targets and others to protect proprietary rights. There can be no assurance that
the steps taken by the Company to protect proprietary rights will be adequate or that third parties will not infringe or misappropriate
the Company&rsquo;s copyrights, trademarks and similar proprietary rights, or that the Company will be able to detect unauthorized use
and take appropriate steps to enforce rights. In addition, although the Company believes that its proprietary rights do not infringe on
the intellectual property rights of others, there can be no assurance that other parties will not assert infringement claims against the
Company. Such claims, even if not meritorious, could result in the expenditure of significant financial and managerial resources.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company will rely on trade secrets to protect technology where it does
not believe patent protection is appropriate or obtainable. Trade secrets are difficult to protect. While commercially reasonable efforts
to protect trade secrets will be used, strategic partners, employees, consultants, contractors or scientific and other advisors may unintentionally
or willfully disclose information to competitors.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">If the Company is not able to defend patents or trade secrets, then it
will not be able to exclude competitors from developing or marketing competing products, and the Company may not generate enough revenue
from product sales to justify the cost of development of products and to achieve or maintain profitability.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">The results of preclinical studies or initial clinical
trials are not necessarily predictive of future favorable results.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Preclinical tests and initial clinical trials are primarily designed to
test safety and to understand the side effects of drug candidates and to explore efficacy at various doses and schedules. Success in preclinical
or animal studies and early clinical trials does not ensure that later large-scale efficacy trials will be successful nor does it predict
final results. Favorable results in early trials may not be repeated in later ones.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Difficulty to Forecast</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company must rely largely on its own market research to forecast sales
as detailed forecasts are not generally obtainable from other sources at this early stage of the industry. A failure in the demand for
its products to materialize as a result of competition, technological change or other factors could have a material adverse effect on
the business, results of operations and financial condition of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0">Litigation</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company may become party to litigation from time to time in the ordinary
course of business which could adversely affect its business. Should any litigation in which the Company becomes involved be determined
against the Company such a decision could adversely affect the Company&rsquo;s ability to continue operating and the market price for
the Company&rsquo;s common shares. Even if the Company is involved in litigation and wins, litigation can redirect significant Company
resources.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Commercial success of the Company will depend in part on not infringing
upon the patents and proprietary rights of other parties and enforcing its own patents and proprietary rights against others. The research
and development programs will be in highly competitive fields in which numerous third parties have issued patents and pending patent applications
with claims closely related to the subject matter of the Company&rsquo;s programs. The Company is not currently aware of any litigation
or other proceedings or claims by third parties that its technologies or methods infringe on their intellectual property.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">While it is the practice of the Company to undertake pre-filing searches
and analyses of developing technologies, it cannot guarantee that it has identified every patent or patent application that may be relevant
to the research, development, or commercialization of its products. Moreover, it cannot assure that third parties will not assert valid,
erroneous, or frivolous patent infringement claims.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Uninsurable Risks</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The business of the Company may not be insurable or the insurance may not
be purchased due to high cost. Should such liabilities arise, they could reduce or eliminate any future profitability and result in increasing
costs and a decline in the value of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">The market price of the Company&rsquo;s common shares
may be subject to wide price fluctuations.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The market price of the Company&rsquo;s common shares may be subject to
wide fluctuations in response to many factors, including variations in the operating results of the Company and its subsidiary, divergence
in financial results from analysts&rsquo; expectations, changes in earnings estimates by stock market analysts, changes in the business
prospects for the Company and its subsidiary, general economic conditions, legislative changes, and other events and factors outside of
the Company&rsquo;s control. In addition, stock markets have from time-to-time experienced extreme price and volume fluctuations, which,
as well as general economic and political conditions, could adversely affect the market price for the Company&rsquo;s common shares.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Dividends</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company has no earnings or dividend record and does not anticipate
paying any dividends on the common shares in the foreseeable future.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Dilution</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The financial risk of the Company&rsquo;s future activities will be borne
to a significant degree by purchasers of the common shares. If the Company issues common shares from its treasury for financing purposes,
control of the Company may change and purchasers may suffer additional dilution.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Rapid Technological Change</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The business of the Company is subject to rapid technological changes.
Failure to keep up with such changes may adversely affect the business of the Company. The Company is subject to the risks of companies
operating in the medical and healthcare business. The market in which the Company competes is characterized by rapidly changing technology,
evolving industry standards, frequent new service and product announcements, introductions and enhancements and changing customer demands.
As a result, an investment in the stocks of the Company is highly speculative and is only suitable for investors who recognize the high
risks involved and can afford a total loss of investment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Risks Associated with Acquisitions</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">If appropriate opportunities present themselves, the Company may acquire
businesses, technologies, services or products that the Company believes are strategic. The Company currently has no understandings, commitments
or agreements with respect to any other material acquisition and no other material acquisition is currently being pursued. There can be
no assurance that the Company will be able to identify, negotiate or finance future acquisitions successfully, or to integrate such acquisitions
with its current business. The process of integrating an acquired business, technology, service or product into the Company may result
in unforeseen operating difficulties and expenditures and may absorb significant management attention that would otherwise be available
for ongoing development of the Company&rsquo;s business. Future acquisitions could result in potentially dilutive issuances of equity
securities, the incurrence of debt, contingent liabilities and/or amortization expenses related to goodwill and other intangible assets,
which could materially adversely affect the Company&rsquo;s business, results of operations and financial condition. Any such future acquisitions
of other businesses, technologies, services or products might require the Company to obtain additional equity or debt financing, which
might not be available on terms favorable to the Company, or at all, and such financing, if available, might be dilutive.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Economic Environment</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company&rsquo;s operations could be affected by the economic context
should the unemployment level, interest rates or inflation reach levels that influence consumer trends and consequently, impact the Company&rsquo;s
future sales and profitability.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Global Economy Risk</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The ongoing economic problems and downturn of global capital markets has
generally made the raising of capital by equity or debt financing more difficult. Access to financing has been negatively impacted by
the ongoing global economic risks. As such, the Company is subject to liquidity risks in meeting its development and future operating
cost requirements in instances where cash positions are unable to be maintained or appropriate financing is unavailable. These factors
may impact the Company&rsquo;s ability to raise equity or obtain loans and other credit facilities in the future and on terms favorable
to the Company. If uncertain market conditions persist, the Company&rsquo;s ability to raise capital could be jeopardized, which could
have an adverse impact on the Company&rsquo;s operations and the trading price of the Company&rsquo;s Shares on the stock exchange.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">International Conflict</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">International conflict and other geopolitical tensions and events, including
war, military action, terrorism, trade disputes and international responses thereto have historically led to, and may in the future lead
to, uncertainty or volatility in financial markets and supply chains. Russia's invasion of Ukraine in early 2022 has led to sanctions
being levied against Russia by the international community and may result in additional sanctions or other international action, any of
which may have a destabilizing effect on supply chain disruptions which may adversely affect the Company's business, financial condition
and results of operations. The extent and duration of the current Russia-Ukraine conflict and related international action cannot be accurately
predicted at this time and the effects of such conflict may magnify the impact of the other risks identified in this document, including
those relating to global financial conditions. The situation is rapidly changing and unforeseeable impacts, including on our shareholders
and counterparties on which we rely and transact, may materialize and may have an adverse effect on the Company's business, results of
operations and financial condition.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Financial Risk Exposures</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company may have financial risk exposure to varying degrees relating
to the currency of each of the countries where it operates. The level of the financial risk exposure related to currency and exchange
rate fluctuations will depend on the Company&rsquo;s ability to hedge such risk or use another protection mechanism.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">Attracting and keeping senior management and key scientific
personnel</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The success of the Company depends on the continued ability to attract,
retain, and motivate highly qualified management, clinical, and scientific personnel and to develop and maintain important relationships
with leading academic institutions, companies, and thought leaders. Allen Davidoff, the Company&rsquo;s CEO, exercises significant control
over the day-to-day affairs of the Company. The Company depends on Dr. Davidoff to engage with third parties and contractors to operate
the business.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0; color: #004699">SEGMENT REPORTING</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">We view our operations and manage our business in one segment, which is
the development and commercialization of biopharmaceuticals, initially focused on the treatment of progressive kidney disease.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0; color: #004699">TREND INFORMATION</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Other than as disclosed elsewhere we are not aware of any trends, uncertainties,
demands, commitments, or events that are reasonably likely to have a material effect on our net revenues, income from continuing operations,
profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of
future operating results or financial condition.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0; color: #004699">MANAGEMENT&rsquo;S RESPONSIBILITY FOR FINANCIAL
STATEMENTS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company&rsquo;s management is responsible for the presentation and
preparation of the financial statements and the MD&amp;A. The MD&amp;A have been prepared in accordance with the requirements of securities
regulators, including National Instrument 51-102 of the Canadian Securities Administrators.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The financial statements and information in the MD&amp;A necessarily include
amounts based on informed judgments and estimates of the expected effects of current events and transactions with appropriate consideration
to materiality. In addition, in preparing the financial information, we must interpret the requirements described above, make determinations
as to the relevancy of information included, and make estimates and assumptions that affect reported information. The MD&amp;A also includes
information regarding the impact of current transactions and events, sources of liquidity and capital resources, operating trends, risks
and uncertainties. Actual results in the future may differ materially from our present assessment of this information because future events
and circumstances may not occur as anticipated.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #004699"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0; color: #004699">INTERNAL CONTROLS OVER FINANCIAL REPORTING</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Disclosure controls and procedures</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Disclosure controls and procedures are designed to provide reasonable assurance
that information required to be disclosed by the Company in its annual filings, interim filings, or other reports filed or submitted by
it under securities legislation is recorded, processed, summarized, and reported within the time periods specified in the securities legislation
and include controls and procedures designed to ensure that information required to be disclosed by the Company in its annual filings,
interim filings or other reports filed or submitted under securities legislation is accumulated and communicated to the Company's management,
including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Internal controls over&nbsp;financial reporting</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Internal controls over financial reporting are designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with IFRS. Management
is also responsible for the design of the Company's internal control over financial reporting in order to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
IFRS.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company's internal controls over financial reporting include policies
and procedures that: pertain to the maintenance of records that, in reasonable detail accurately and fairly reflect the transactions and
disposition of assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial
statements in accordance with IFRS and that receipts and expenditures are being made only in accordance with the authorization of management
and directors of the Company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use
or disposition of assets that could have a material effect on the financial statements.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">As at June 30, 2024, there has not been any material change to&nbsp;disclosure
controls and procedures and&nbsp;internal controls over financial reporting for the period. Management, including the Chief Executive
Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company's&nbsp;disclosure controls
and procedures&nbsp;and&nbsp;internal controls over financial reporting. As of June 30, 2024, the Chief Executive Officer and Chief Financial
Officer have each concluded that the Company's&nbsp;disclosure controls and procedures&nbsp;and&nbsp;internal controls over financial
reporting, as defined in National Instrument 52-109 &ndash;&nbsp;<I>Certification of Disclosure in Issuer's Annual and Interim Filings</I>,
are effective to achieve the purpose for which they have been designed. Because of their inherent limitations, internal controls over
financial reporting can provide only reasonable assurance and may not prevent or detect misstatements. Furthermore, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate. The control framework used to evaluate the effectiveness
of the design and operation of the Company's internal controls over financial reporting is the 2013 Internal Control &ndash;&nbsp;<I>Integrated
Framework&nbsp;</I>published by the Committee of Sponsoring Organizations of the Treadway Commission.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Changes in Internal Control Over Financial Reporting</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">There has been no change in the Company's design of internal controls and
procedures over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal
control over financial reporting during the period covered by this MD&amp;A.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0">&nbsp;</P>



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

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

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

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

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

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

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

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

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  <TD STYLE="width: 33%">&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh_992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 99.2</B></P>

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FORM&nbsp;52&#45;109F2R<BR>
CERTIFICATION OF REFILED INTERIM FILINGS<BR>
FULL CERTIFICATE</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This certificate is being filed on the same date that XORTX Therapeutics
Inc. (the &#8220;issuer&#8221;) has refiled the interim MD&amp;A for the interim period ended June 30, 2024.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">I, <B>Allen Davidoff, Chief Executive Officer of XORTX Therapeutics Inc.</B>,
certify the following:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B>Review:</B> I have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim
filings&#8221;) of XORTX Therapeutics Inc. (the &#8220;issuer&#8221;) for the interim period ended June 30, 2024.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B>No misrepresentations:</B> Based on my knowledge, having exercised reasonable diligence, the interim
filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary
to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim
filings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>Fair presentation:</B> Based on my knowledge, having exercised reasonable diligence, the interim financial
report together with the other financial information included in the interim filings fairly present in all material respects the financial
condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B>Responsibility:</B> The issuer&#8217;s other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are
defined in National Instrument&nbsp;52&#45;109 Certification of Disclosure in Issuers&#8217; Annual and Interim Filings, for the issuer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><B>Design:</B> Subject to the limitations, if any, described in paragraphs&nbsp;5.2 and 5.3, the issuer&#8217;s
other certifying officer(s) and I have, as at the end of the period covered by the interim filings:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance
that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">material information relating to the issuer is made known to us by others, particularly during the period
in which the interim filings are being prepared; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">information required to be disclosed by the issuer in its annual filings, interim filings or other reports
filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified
in securities legislation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s
GAAP.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify"><B>Control framework:</B> The control framework the issuer&#8217;s other certifying officer(s) and I used
to design the issuer&#8217;s ICFR is COSO Financial Controls Framework.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify"><B>ICFR &#45; material weakness relating to design:</B> N/A</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify"><B>Limitation on scope of design:</B> N/A</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><B>Reporting changes in ICFR:</B> The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s
ICFR that occurred during the period beginning on April 1, 2024 and ended on June 30, 2024 that has materially affected, or is reasonably
likely to materially affect, the issuer&#8217;s ICFR.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Date:&#9;September 12, 2024</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">/s/ Allen Davidoff</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Allen Davidoff</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exh_993.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.3</B></P>

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FORM&nbsp;52&#45;109F2R<BR>
CERTIFICATION OF REFILED INTERIM FILINGS<BR>
FULL CERTIFICATE</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This certificate is being filed on the same date that XORTX Therapeutics
Inc. (the &#8220;issuer&#8221;) has refiled the interim MD&amp;A for the interim period ended June 30, 2024.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">I, <B>James Fairbairn, Chief Financial Officer of XORTX Therapeutics Inc.</B>,
certify the following:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B>Review:</B> I have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim
filings&#8221;) of XORTX Therapeutics Inc. (the &#8220;issuer&#8221;) for the interim period ended June 30, 2024.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B>No misrepresentations:</B> Based on my knowledge, having exercised reasonable diligence, the interim
filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary
to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim
filings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>Fair presentation:</B> Based on my knowledge, having exercised reasonable diligence, the interim financial
report together with the other financial information included in the interim filings fairly present in all material respects the financial
condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B>Responsibility:</B> The issuer&#8217;s other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are
defined in National Instrument&nbsp;52&#45;109 Certification of Disclosure in Issuers&#8217; Annual and Interim Filings, for the issuer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><B>Design:</B> Subject to the limitations, if any, described in paragraphs&nbsp;5.2 and 5.3, the issuer&#8217;s
other certifying officer(s) and I have, as at the end of the period covered by the interim filings:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance
that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">material information relating to the issuer is made known to us by others, particularly during the period
in which the interim filings are being prepared; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">information required to be disclosed by the issuer in its annual filings, interim filings or other reports
filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified
in securities legislation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s
GAAP.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify"><B>Control framework:</B> The control framework the issuer&#8217;s other certifying officer(s) and I used
to design the issuer&#8217;s ICFR is COSO Financial Controls Framework.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify"><B>ICFR &#45; material weakness relating to design:</B> N/A</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify"><B>Limitation on scope of design:</B> N/A</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><B>Reporting changes in ICFR:</B> The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s
ICFR that occurred during the period beginning on April 1, 2024 and ended on June 30, 2024 that has materially affected, or is reasonably
likely to materially affect, the issuer&#8217;s ICFR.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Date:&#9;September 12, 2024</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">/s/ James Fairbairn</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">James Fairbairn</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>



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