<SEC-DOCUMENT>0001104659-25-118662.txt : 20251205
<SEC-HEADER>0001104659-25-118662.hdr.sgml : 20251205
<ACCEPTANCE-DATETIME>20251205080028
ACCESSION NUMBER:		0001104659-25-118662
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251205
DATE AS OF CHANGE:		20251205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Quoin Pharmaceuticals, Ltd.
		CENTRAL INDEX KEY:			0001671502
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			L3

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-291385
		FILM NUMBER:		251551207

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		23 HATA'AS STREET
		CITY:			KFAR SABA
		PROVINCE COUNTRY:   	L3
		ZIP:			44425
		BUSINESS PHONE:		97299741444

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		23 HATA'AS STREET
		CITY:			KFAR SABA
		PROVINCE COUNTRY:   	L3
		ZIP:			44425

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Cellect Biotechnology Ltd.
		DATE OF NAME CHANGE:	20160721

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Cellect Biomed Ltd.
		DATE OF NAME CHANGE:	20160406
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>tm2530425d3_424b3.htm
<DESCRIPTION>424B3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-291385</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2530425d1_s3img001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>10,045,455&nbsp;American Depositary Shares Representing
351,590,925 Ordinary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the resale from time to time of up to 10,045,455
American Depositary Shares (&ldquo;ADSs&rdquo;) representing 351,590,925 ordinary shares, no par value per share (&ldquo;Ordinary Shares&rdquo;)
of Quoin Pharmaceuticals Ltd. (the &ldquo;Company&rdquo; or &ldquo;Quoin&rdquo;) by the selling shareholders identified in this prospectus,
including their pledgees, assignees or successors-in-interest (collectively, the &ldquo;Selling Shareholders&rdquo;). The ADSs being registered
for resale herewith consist of: (i)&nbsp;15,152&nbsp;ADSs (the &ldquo;Closing ADSs&rdquo;) which Closing ADSs were issued pursuant to
that certain securities purchase agreement (&ldquo;the &ldquo;Purchase Agreement&rdquo;), dated as of October&nbsp;10, 2025, by and among
us and the purchasers named therein (the &ldquo;Purchasers&rdquo;); (ii)&nbsp;1,993,939&nbsp;ADSs (the &ldquo;Pre-Funded ADSs&rdquo;)
issued or issuable upon the exercise of pre-funded warrants (the &ldquo;Pre-Funded Warrants&rdquo;) that were issued pursuant to the Purchase
Agreement, (iii)&nbsp;2,009,091&nbsp;ADSs (the &ldquo;Series&nbsp;H ADSs&rdquo;) issuable upon the exercise of Series&nbsp;H warrants
(the &ldquo;Series&nbsp;H Warrants&rdquo;) (or upon the exercise of Exchange Warrants (as defined below) initially issued upon the exercise
of the Series&nbsp;H Warrants) that were issued together with the Closing ADSs or the Pre-Funded Warrants, as applicable, pursuant to
the Purchase Agreement; (iv)&nbsp;2,009,091&nbsp;ADSs (the &ldquo;Series&nbsp;I ADSs&rdquo;) issuable upon the exercise of Series&nbsp;I
warrants (the &ldquo;Series&nbsp;I Warrants&rdquo;) (or upon the exercise of Exchange Warrants initially issued upon the exercise of the
Series&nbsp;I Warrants) that were issued together with the Closing ADSs or the Pre-Funded Warrants, as applicable, pursuant to the Purchase
Agreement; (v)&nbsp;2,009,091&nbsp;ADSs (the &ldquo;Series&nbsp;J ADSs&rdquo;) issuable upon the exercise of Series&nbsp;J warrants (the
 &ldquo;Series&nbsp;J Warrants&rdquo;) (or upon the exercise of Exchange Warrants initially issued upon the exercise of the Series&nbsp;J
Warrants) that were issued together with the Closing ADSs or the Pre-Funded Warrants, as applicable, pursuant to the Purchase Agreement;
and (vi)&nbsp;2,009,091&nbsp;ADSs (the &ldquo;Series&nbsp;K ADSs&rdquo; and with the Series&nbsp;H ADSs, the Series&nbsp;I ADSs, and the
Series&nbsp;J ADSs, collectively referred to herein as, the &ldquo;Ordinary Warrant ADSs&rdquo;) issuable upon the exercise of Series&nbsp;K
warrants (the &ldquo;Series&nbsp;K Warrants&rdquo;) (or upon the exercise of Exchange Warrants initially issued upon the exercise of the
Series&nbsp;K Warrants) that were issued together with the Closing ADSs or the Pre-Funded Warrants, as applicable, pursuant to the Purchase
Agreement. The Series&nbsp;K Warrants together with the Series&nbsp;H Warrants, the Series&nbsp;I Warrants, and the Series&nbsp;J Warrants,
are collectively referred to herein as the &ldquo;Ordinary Warrants.&rdquo; The ADSs being offered hereby were issued, or are issuable,
pursuant to Pre-Funded Warrants or Ordinary Warrants issued, in a private placement transaction that closed on October&nbsp;14, 2025 (the
 &ldquo;Private Placement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not offering any ADSs under this prospectus
and will not receive any proceeds from the sale or other disposition of the ADSs representing Ordinary Shares covered hereby. However,
we could receive up to $88.7 million if all of the Ordinary Warrants issued to the Selling Shareholders are exercised for cash. See &ldquo;Use
of Proceeds&rdquo; beginning on page&nbsp;10 of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuance of the ADSs covered by this prospectus
could cause substantial dilution to our existing shareholders. The number of ADSs covered by this prospectus (and not currently outstanding)
represents approximately 1,193% of the number of ADSs outstanding as of the date of this prospectus. The actual number of ADSs that we
issue to the Selling Shareholders may be less than the aggregate number of ADSs covered by this prospectus. Please refer to the risk factor
entitled &ldquo;<I>The issuance of the ADSs covered by this prospectus could significantly increase the total number of ADSs in the public
market and thereby cause our existing shareholders to experience substantial dilution</I>&rdquo; on page&nbsp;6 of this prospectus. For
additional information on the terms of the Ordinary Warrants, you should refer to the section of this prospectus entitled &ldquo;The Private
Placement.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any ADSs subject to resale hereunder will have
been issued by us and received by the Selling Shareholders prior to any resale of such ADSs pursuant to this prospectus.</P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are filing the registration statement on Form&nbsp;S-3
of which this prospectus forms a part to fulfill certain contractual obligations to the Selling Shareholders relating to the resale by
the Selling Shareholders of the ADSs offered hereby. See &ldquo;Selling Shareholders&rdquo; beginning on page&nbsp;14 of this prospectus
for more information about the Selling Shareholders. The registration of the Ordinary Shares to which this prospectus relates does not
require the Selling Shareholders to sell any of their ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders identified in this prospectus,
or their pledgees, assignees or their respective successors-in-interest, from time to time may offer and sell through public or private
transactions at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices the ADSs held
by them directly or through underwriters, agents or broker-dealers on terms to be determined at the time of sale, as described in more
detail in this prospectus. See &ldquo;Plan of Distribution&rdquo; beginning on page&nbsp;20 of this prospectus for more information about
how the Selling Shareholders may sell their respective ADSs. The Selling Shareholders may be deemed &ldquo;underwriters&rdquo; within
the meaning of Section&nbsp;2(a)(11) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Private Placement, we agreed,
pursuant to a registration rights agreement, dated October&nbsp;10, 2025, that we entered into with the Selling Shareholders (the &ldquo;Registration
Rights Agreement&rdquo;), to bear all of the expenses in connection with the registration of the resale of the ADSs pursuant to this prospectus.
The Selling Shareholders will pay or assume all commissions, discounts and fees of underwriters, agents, selling brokers or dealer managers
and similar expenses, if any, attributable to their respective sales of such ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a &ldquo;smaller reporting company&rdquo;
under applicable Securities and Exchange Commission rules&nbsp;and, as such, have elected to comply with certain reduced public company
disclosure requirements for this prospectus and future filings. See &ldquo;Prospectus Summary&mdash;Implications of Being a Smaller Reporting
Company.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ADSs are listed on The Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;)
under the symbol &ldquo;QNRX.&rdquo; On December&nbsp;3, 2025, the closing price of our ADSs on Nasdaq was $17.83 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our ADSs involves risks. You should
review carefully the risks and uncertainties described under the heading &ldquo;<I>Risk Factors</I>&rdquo; contained in this prospectus
and under similar headings in the other documents that are incorporated by reference into this prospectus, as described beginning on page&nbsp;6
of this prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus.
Any representation to the contrary is a criminal offense. The securities are not being offered in any jurisdiction where the offer is
not permitted.</B></P>

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

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

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD STYLE="width: 93%"><A HREF="#a_001"><B>ABOUT THIS PROSPECTUS</B></A></TD>
<TD STYLE="text-align: center; width: 7%"><A HREF="#a_001"><B>1</B></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS SUMMARY</B></FONT></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE OFFERING</B></FONT></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RISK FACTORS</B></FONT></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><A HREF="#a_005"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</B> <B></B></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_005"><B>8</B> <B></B></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><A HREF="#a_006"><B>SELECTED FINACIAL DATA REFLECTING THE RATIO CHANGE AND THE REVERSE SPLIT</B></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_006"><B>9</B></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>USE OF PROCEEDS</B></FONT></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE PRIVATE PLACEMENT</B></FONT></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SELLING SHAREHOLDERS</B></FONT></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLAN OF DISTRIBUTION</B></FONT></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LEGAL MATTERS</B></FONT></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPERTS</B></FONT></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B></FONT></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></FONT></A></TD>
<TD STYLE="text-align: center"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22</B></FONT></A></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The registration statement containing this
prospectus, including the exhibits to the registration statement, provides additional information about us and the ADSs offered under
this prospectus. The registration statement, including the exhibits, can be read on our website and the website of the Securities and
Exchange Commission. See &ldquo;Where You Can Find More Information.&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information contained in, and that can be accessed
through our web site, <I>www.quoinpharma.com</I>.<I>,</I> shall not be deemed to be part of this prospectus or incorporated herein by
reference and should not be relied upon by any prospective investors for the purposes of determining whether to purchase the ADSs offered
hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated or the context otherwise
requires, all references in this prospectus to the terms &ldquo;Quoin,&rdquo; &ldquo;Quoin Ltd.,&rdquo; the &ldquo;Company,&rdquo; &ldquo;us,&rdquo;
 &ldquo;we&rdquo;, &ldquo;our&rdquo; and the &ldquo;Registrant&rdquo; refer to Quoin Pharmaceuticals Ltd., an Israeli company, and its
consolidated subsidiaries and &ldquo;this offering&rdquo; refers to the offering contemplated in this prospectus.</P>

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

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

<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_001"></A>About
This Prospectus</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement
on Form&nbsp;S-3 that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). Under this registration process, the
Selling Shareholders may, from time to time, sell the securities offered by them described in this prospectus. We will not receive any
proceeds from the sale by the Selling Shareholders of the ADSs offered by them described in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This prospectus provides
you with a general description of the ADSs the Selling Shareholders may offer. A prospectus supplement may also add, update or change
information contained in this prospectus. To the extent that any statement made in an accompanying prospectus supplement is inconsistent
with statements made in this prospectus, the statements made in this prospectus will be deemed modified or superseded by those made in
the accompanying prospectus supplement. You should read both this prospectus and any accompanying prospectus supplement together with
the additional information described under the headings &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation of
Certain Information by Reference.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither we nor the Selling Shareholders have authorized
anyone to provide you with any information or to make any representations other than those contained, or incorporated by reference, in
this prospectus, any post-effective amendment, or any applicable prospectus supplement or free-writing prospectus prepared by or on behalf
of us or to which we have referred you. We and the Selling Shareholders take no responsibility for and can provide no assurance as to
the reliability of any other information that others may give you. This prospectus is an offer to sell only the ADSs offered hereby, but
only under circumstances and in jurisdictions where it is lawful to do so. You should not assume that the information contained in this
prospectus or any applicable prospectus supplement is accurate on any date subsequent to the date set forth on the front of the document
or that any information we have incorporated by reference is correct on any date subsequent to the date of the document incorporated by
reference, even though this prospectus or any applicable prospectus supplement is delivered, or securities are sold, on a later date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus contains summaries of certain
provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information.
All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have
been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a
part, and you may obtain copies of those documents as described below under the section entitled &ldquo;Where You Can Find More Information.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the information incorporated
herein by reference include trademarks, service marks and trade names owned by us or other companies. All trademarks, service marks and
trade names included or incorporated by reference into this prospectus, any applicable prospectus supplement or any related free writing
prospectus are the property of their respective owners.</P>

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

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

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="border: Black 1pt solid; padding: 10pt; width: 96.5%">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_002"></A>Prospectus
Summary</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary contains basic information about
us and this offering. Because it is a summary, it does not contain all of the information that you should consider before deciding to
invest in our securities. Before you decide to invest in our securities, you should read this entire prospectus carefully, any related
free writing prospectus that we have authorized for use in connection with the offering and the documents incorporated by reference herein,
including the information included under the heading titled &ldquo;Risk Factors.&rdquo;</I></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">We
are a late-stage clinical specialty pharmaceutical company focused on the development and commercialization of therapeutic products that
treat rare and orphan diseases for which there are currently very limited or no approved treatments or cures. Our lead product, QRX003,
is under clinical development as a potential treatment for Netherton Syndrome (NS), a rare hereditary genetic disease. QRX003 is in two
pivotal registrational clinical studies under an open Investigational New Drug (IND) application with the Food and Drug Administration
(FDA). We have opened six clinical sites in the United States (US) and are opening sites internationally in the United Kingdom, Spain,
The Netherlands, Germany and the Middle East. QRX003 is currently being tested in two pediatric NS patients at the Children&rsquo;s Hospital
in Dublin,&nbsp;Ireland and we are expanding this study to include two additional children with NS in Austria. QRX003 is also being developed
as a potential treatment for Peeling Skin Syndrome with the first subject being treated in New Zealand. We are planning to expand this
study to include up to three additional pediatric subjects. In addition, we entered into a Research Agreements with the Queensland University
of Technology, under which we have obtained an option for a global license to QRX008 for the potential treatment of scleroderma, as well
as a Research Agreement with University College Cork for the development of novel topical formulations of rapamycin (sirolimus) as potential
treatments for a number of rare and orphan diseases, including microcystic lymphatic malformations, venous malformations and angiofibroma&rsquo;s.
On November 11, 2025 we announced that the target rapamycin concentrations of 4% and 5% had been achieved for a topical lotion formulation
and a dermal patch, respectively. Clinical testing of these rapamycin formulations is anticipated to commence in the first half of 2026.
On June&nbsp;24, 2025 we announced that the FDA had granted Rare Pediatric Disease Designation for QRX003 and on <FONT STYLE="color: #222222">October&nbsp;21,
2025, we announced that the FDA granted Orphan Drug Designation to QRX003, both for the treatment of Netherton Syndrome. The designations
follow previously granted Orphan Drug Designation by the European Medicines Agency in May&nbsp;2025. The FDA&rsquo;s Orphan Drug Designation
program provides orphan status to therapies intended for the treatment, diagnosis, or prevention of rare diseases that affect fewer than
200,000 people in the United States. This designation provides certain benefits, including tax credits for qualified clinical testing,
waiver or partial payment of FDA application fees and seven years of market exclusivity, if approved.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><FONT STYLE="color: #222222"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
mission is to develop and commercialize proprietary therapeutic drug products that treat rare and orphan diseases, particularly those
where none currently exists. To achieve this, we plan to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">complete the late-stage clinical testing of QRX003
in NS and, if successful, file for marketing approval in the United States and other territories;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">prepare to commercialize QRX003 by establishing
our own sales infrastructure in the U.S., Western Europe and Japan and enter into distribution partnerships in other territories. For
example, we have entered into nine commercial partnerships for QRX003 spanning 61 countries outside of our core commercial territories.
These partnership countries include Canada, Australia/New Zealand, the Middle East, China, Taiwan, Hong Kong, Singapore,&nbsp;Israel,
Central and Eastern Europe, Turkey as well as several countries in Latin America; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">pursue business development activities by seeking
partnering, licensing, merger and acquisition opportunities or other transactions to further expand our pipeline and drug-development
capabilities.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, we have not commercialized any products
and have not generated any revenue.</P>

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

</DIV>

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

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="border: Black 1pt solid; padding: 10pt; width: 96.5%">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a &ldquo;smaller reporting company&rdquo;
as defined in the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). As a result, we may take advantage of
certain reduced disclosure obligations available to smaller reporting companies, including the exemption from compliance with the auditor
attestation requirements pursuant to the Sarbanes-Oxley Act of 2022, reduced disclosure about our executive compensation arrangements
and the requirements to provide only two years of audited financial statements in our annual reports and registration statements. We will
continue to be a &ldquo;smaller reporting company&rdquo; as long as (1)&nbsp;the market value of our ADSs held by non-affiliates is less
than $250 million calculated as of the last business day of our most recently completed second fiscal quarter, or (2)&nbsp;our annual
revenues are less than $100 million for our previous fiscal year and we have either no public float or a public float of less than $700
million as of the end of that fiscal year&rsquo;s second fiscal quarter. Decreased disclosures in our SEC filings due to our status as
a &ldquo;smaller reporting company&rdquo; may make it harder for investors to analyze our results of operations and financial prospects.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were incorporated under the laws of the State
of Israel in 1986 under the name Montiger Ltd. Between 1986 and 2021, we underwent several name changes, including the name change to
Cellect Biotechnology Ltd. (&ldquo;Cellect&rdquo;). On October&nbsp;28, 2021, Cellect completed the business combination with Quoin Pharmaceuticals,&nbsp;Inc.,
a Delaware corporation (&ldquo;Quoin&nbsp;Inc.&rdquo;), in accordance with the terms of the Agreement and Plan of Merger and Reorganization,
dated as of March&nbsp;24, 2021, by and among Cellect, Quoin&nbsp;Inc. and CellMSC,&nbsp;Inc., a Delaware corporation and wholly-owned
subsidiary of Cellect (&ldquo;Merger Sub&rdquo;), pursuant to which Merger Sub merged with and into Quoin Inc., with Quoin Inc. surviving
as a wholly-owned subsidiary of Cellect (the &ldquo;Merger&rdquo;). Immediately after completion of the Merger, Cellect changed its name
to &ldquo;Quoin Pharmaceuticals Ltd.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to January&nbsp;1, 2023, we qualified as a &ldquo;foreign private
issuer&rdquo; as such term is defined in Rule&nbsp;405 under the Securities Act. Since January&nbsp;1, 2023, we have been obligated to
file or furnish reports, proxy statements, and other information on U.S. domestic issuer forms with the SEC, which are more detailed and
extensive in certain respects, and which must be filed more promptly, than the forms available to a foreign private issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The address of our executive corporate offices is 42127 Pleasant Forest
Ct., Ashburn, VA 20148, and our telephone number is (703) 980-4182. Our website is&nbsp;<I>www.quoinpharma.com</I>. Information contained
on or accessible through this website is not incorporated by reference in, or otherwise a part of, this prospectus, and any references
to this website are intended to be inactive textual references only.</P>

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

</DIV>

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

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="border: Black 1pt solid; padding: 10pt; width: 96.5%">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_003"></A>The
Offering</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the resale or other
disposition from time to time by the Selling Shareholders identified in this prospectus of up 10,045,455 ADSs. None of the ADSs registered
for resale hereby are being offered for sale by us.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADSs offered by the Selling Shareholders</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 69%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,045,455 ADSs, consisting of: (i)&nbsp;15,152 Closing ADSs issued
pursuant to the Purchase Agreement, (ii)&nbsp;1,993,939 Pre-Funded ADSs issued or issuable upon the exercise of the Pre-Funded Warrants,
(iii)&nbsp;2,009,091&nbsp;Series&nbsp;H ADSs issuable upon the exercise of Series&nbsp;H Warrants (or upon the exercise of Exchange Warrants
initially issued upon the exercise of the Series&nbsp;H Warrants), (iv)&nbsp;2,009,091&nbsp;Series&nbsp;I ADSs issuable upon the exercise
of Series&nbsp;I Warrants (or upon the exercise of Exchange Warrants initially issued upon the exercise of the Series&nbsp;I Warrants),
(v)&nbsp;2,009,091&nbsp;Series&nbsp;J ADSs issuable upon the exercise of Series&nbsp;J Warrants (or upon the exercise of Exchange Warrants
initially issued upon the exercise of the Series&nbsp;J Warrants), and (vi)&nbsp;2,009,091&nbsp;Series&nbsp;K ADSs issuable upon the exercise
of Series&nbsp;K Warrants (or upon the exercise of Exchange Warrants initially issued upon the exercise of the Series&nbsp;K Warrants).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADSs outstanding prior to this offering</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">838,976 ADSs (including the Closing ADSs and 25,000 Pre-Funded ADSs previously issued upon the exercise of certain Pre-Funded Warrants)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADSs to be outstanding after this offering</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,844,279 ADSs, assuming the exercise in full for cash of all Pre-Funded Warrants and Ordinary Warrants</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration of the ADSs</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the Registration Rights Agreement, we agreed to file a registration statement with respect to the registration of the
resale of the ADSs issued or issuable pursuant to the Private Placement, including the Closing ADS and those underlying the Pre-Funded
Warrants and the Ordinary Warrants (the &ldquo;Resale ADSs&rdquo;) no later than 30&nbsp;calendar days after the date of the Registration
Rights Agreement, and to use commercially reasonable efforts to cause such registration statement to become effective as promptly as
practicable and keep such registration statement effective at all times until all securities covered by such registration statement have
been sold or may be sold without volume or manner-of-sale restrictions pursuant to Rule&nbsp;144 and without the requirement for us to
be in compliance with the current public information requirement under Rule&nbsp;144. The registration statement on Form&nbsp;S-3, of
which this prospectus forms a part, is being filed to satisfy the requirement to register for resale the Resale ADSs.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Selling Shareholders will receive all of the proceeds from the sale of the ADSs sold by them pursuant to this prospectus. We will not receive any proceeds from the sale of ADSs by the Selling Shareholders. However, we could receive up to $88.7 million if all of the Ordinary Warrants issued to the Selling Shareholders in the Private Placement are exercised for cash. See &ldquo;Use of Proceeds.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Plan of Distribution</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Selling Shareholders named in this prospectus, or their pledgees, assignees and successors-in-interest, may offer or sell the ADSs offered hereby from time to time through public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices. The Selling Shareholders may also resell the ADSs to or through underwriters, broker-dealers or agents, who may receive compensation in the form of discounts, concessions or commissions. See &ldquo;Plan of Distribution.&rdquo; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;6 of this prospectus and in the documents incorporated by reference in this prospectus and the other information included in this prospectus for a discussion of factors you should carefully consider before investing in our securities.</FONT></TD></TR>
</TABLE>

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

</DIV>

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

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="border: Black 1pt solid; padding: 10pt; width: 96.5%">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nasdaq Capital Market <BR>
trading symbol</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 69%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ADSs are listed on Nasdaq under the symbol &ldquo;QNRX.&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information above is based on 29,364,180 Ordinary
Shares represented by 838,976 ADSs outstanding as of November&nbsp;3, 2025, with each ADS representing 35 Ordinary Shares, and excludes
the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,021,935&nbsp;Ordinary Shares represented by
200,627&nbsp;ADSs issuable upon the exercise of outstanding options at a weighted-average exercise price of $44.68 per ADS;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">31,412,430&nbsp;Ordinary Shares represented by
897,498 ADSs issuable upon the exercise of outstanding warrants at a weighted-average exercise price of $23.12 per ADS;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,000,000&nbsp;Ordinary Shares represented by
85,714 ADSs reserved for future issuance under our 2025 Equity Incentive Plan.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, all information contained
in this prospectus assumes no exercise of the outstanding options or warrants described in the bullets above.</P>

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

</DIV>

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

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_004"></A>Risk
Factors</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing in ADSs involves a high degree of
risk. Before deciding whether to invest in our ADSs, you should consider carefully the risks and uncertainties described below, together
with all of the other information included or incorporated by reference in this prospectus, including the risks and uncertainties discussed
under &ldquo;Risk Factors&rdquo; in our most recent Annual Report on Form&nbsp;10-K and our subsequent Quarterly Reports on Form&nbsp;10-Q,
which are incorporated by reference in this prospectus, as well as any updates thereto contained in subsequent filings with the SEC or
any free writing prospectus, before deciding whether to purchase our ADSs in this offering. All of these risk factors are incorporated
herein in their entirety. The risks described below and incorporated by reference are material risks currently known, expected or reasonably
foreseeable by us. However, the risks described below and incorporated by reference are not the only ones that we face. Additional risks
not presently known to us or that we currently deem immaterial may also affect our business, operating results, prospects or financial
condition. If any of these risks actually materialize, our business, prospects, financial condition, and results of operations could be
seriously harmed. This could cause the trading price of our ADSs to decline, resulting in a loss of all or part of your investment. For
more information, see the section entitled &ldquo;Where You Can Find More Information.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The sale of a substantial
amount of our ADSs in the public market could adversely affect the prevailing market price of our securities.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are registering for resale up to 10,045,455
ADSs, which is a significant number of ADSs compared to the current number of ADSs in the public market. Sales of substantial amounts
of ADSs in the public market, or the perception that such sales might occur, could adversely affect the market price of our ADSs. We cannot
predict if and when the Selling Shareholders may sell such ADSs in the public markets. Furthermore, in the future, we may issue additional
ADSs or other equity or debt securities exercisable or convertible into ADSs. Any such issuance could result in substantial dilution to
our existing shareholders and could cause the market price of our securities to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The issuance of
the ADSs covered by this prospectus could significantly increase the total number of ADSs in the public market and thereby cause our existing
shareholders to experience substantial dilution.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of November&nbsp;3, 2025, there were 838,976
ADSs outstanding (including the Closing ADSs and 25,000 Pre-Funded ADSs previously issued upon the exercise of certain Pre-Funded Warrants).
The number of ADSs covered by this prospectus (and not currently outstanding, which includes 1,968,939 Pre-Funded ADSs and 8,036,364 Ordinary
Warrant ADSs) represents approximately 1,193% of the number of ADSs outstanding as of the date of this prospectus. As a result, if we
issue the maximum number of ADSs that are being registered hereunder, an existing shareholder&rsquo;s proportionate interest in us will
be substantially diluted. The actual number of ADSs that we issue to the Selling Shareholders may be less than the aggregate number of
ADSs covered by this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Investors who buy
ADSs at different times will likely pay different prices.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors who purchase ADSs in this offering at
different times will likely pay different prices, and so may experience different levels of dilution and different outcomes in their investment
results. The Selling Shareholders may sell such ADSs at different times and at different prices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We have additional
securities available for issuance, which, if issued, could adversely affect the rights of the holders of our ADSs.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time-to-time issue additional ADSs.
In addition, as opportunities present themselves, we may enter into financing or similar arrangements in the future, including the issuance
of debt securities or ADSs. Any future issuances of ADSs or securities convertible into ADSs would further dilute the percentage ownership
of us held by holders of ADSs. In addition, the issuance of certain securities may be used as an &ldquo;anti-takeover&rdquo; device without
further action on the part of our shareholders, and may adversely affect the holders of our ADSs.</P>

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

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

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We have not paid,
and do not intend to pay, dividends on our Ordinary Shares and, therefore, unless our traded securities appreciate in value, our investors
may not benefit from holding our securities.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not paid any cash dividends on our Ordinary
Shares, and we do not anticipate paying any cash dividends on our Ordinary Shares in the foreseeable future. Moreover, the Israeli Companies
Law, 5759-1999 (the &ldquo;Companies Law&rdquo;) imposes certain restrictions on our ability to declare and pay dividends. As a result,
investors in our ADSs or Ordinary Shares will not be able to benefit from owning these securities unless their market price becomes greater
than the price paid by such investors and they are able to sell such securities. We cannot assure you that shareholders will ever be able
to resell our securities at a price in excess of the price paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Under the Purchase
Agreement, we are subject to certain restrictive covenants that may make it difficult to procure additional financing.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Purchase Agreement
contains, among others, various restrictive covenants which may make it difficult for us to procure financing. Pursuant to the Purchase
Agreement, we agreed, subject to certain exceptions, (i)&nbsp;to not enter into variable rate financings for a period of 180&nbsp;days
following October&nbsp;14, 2025, the closing date of the Private Placement (the &ldquo;Closing Date&rdquo;); (ii)&nbsp;to not enter into
any equity financings until the later of 60&nbsp;days after the Effective Date (as defined in &ldquo;The Private Placement&mdash;The Purchase
Agreement&rdquo;) and 90&nbsp;days after the Closing Date (the &ldquo;Initial Standstill Period&rdquo;), and (iii)&nbsp;to not enter into
any equity financings at an effective price per ADS or Ordinary Share that is less $8.25 from the last day of the Initial Standstill Period
until 180 days after the Effective Date. The Purchase Agreement further provides that the Purchasers have a right of participation in
certain subsequent financings by us or any of our Subsidiaries in an amount equal to up to an aggregate of 25% of such subsequent financings
for 12 months following the date of the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we require additional funding while these restrictive
covenants remain in effect, we may be unable to effect a financing transaction on terms acceptable to us, or at all, while also remaining
in compliance with the terms of the Purchase Agreement, or we may be forced to seek a waiver from the Purchasers, which such Purchasers
are not obligated to grant to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Our need for future
financing may result in the issuance of additional securities that will cause investors to experience dilution.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our cash requirements may vary from those now
planned depending upon numerous factors. We expect to require additional capital until our operations generate sufficient revenue to cover
our expenses. Accordingly, we will need to obtain additional funding in connection with our continuing operations. The issuance of securities
in any future financing may dilute an investor&rsquo;s equity ownership and have the effect of depressing the market price for our securities.
Moreover, we may issue derivative securities, including options and/or warrants, from time to time, to procure qualified personnel or
for other business reasons. The issuance of any such derivative securities, which is at the discretion of our Board of Directors, may
further dilute the equity ownership of our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the restrictions set forth in the Purchase
Agreement, we may sell ADSs or other securities in another offering at a price per ADS that is less than the price per ADS that was paid
by Purchasers in this offering, and investors purchasing ADSs or other securities in the future could have rights superior to those of
existing shareholders. No assurance can be given as to our ability to procure additional financing, if required, and on terms deemed favorable
to us. To the extent additional capital is required and cannot be raised successfully, we may then have to limit our then current operations
and/or may have to curtail certain, if not all, of our business objectives and plans.</P>


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

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

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_005"></A>Special
Note Regarding Forward-Looking Statements</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
by reference herein contain &ldquo;forward-looking statements&rdquo; that involve risks and uncertainties. Our actual results could differ
materially from those discussed in the forward-looking statements. The statements contained in this prospectus and the documents incorporated
by reference herein that are not purely historical are forward-looking statements within the meaning of Section&nbsp;27A of the Securities
Act and Section&nbsp;21E of the Exchange Act. Forward-looking statements are often identified by the use of words such as, but not limited
to, &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;can,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo;
 &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;project,&rdquo; &ldquo;seek,&rdquo; &ldquo;should,&rdquo;
 &ldquo;strategy,&rdquo; &ldquo;target,&rdquo; &ldquo;will,&rdquo; &ldquo;would&rdquo; and similar expressions or variations intended to
identify forward-looking statements. These statements are based on the beliefs and assumptions of our management based on information
currently available to management. Such forward-looking statements are subject to risks, uncertainties and other important factors that
could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking
statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those
discussed in this section of the prospectus titled &ldquo;Risk Factors.&rdquo; Furthermore, such forward-looking statements speak only
as of the date of this prospectus. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect
events or circumstances after the date of such statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please consider our forward-looking statements
in light of those risks as you read this prospectus and the documents incorporated by reference herein. It is not possible for our management
to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Given these
uncertainties, you should not place undue reliance on these forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not assume that the information contained
in this prospectus and the documents incorporated by reference herein is accurate as of any date other than as of the date of this prospectus
or that any information incorporated by reference into this prospectus is accurate as of any date other than the date of the document
so incorporated by reference. Except as required by law, we assume no obligation to update these forward-looking statements publicly,
or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new
information becomes available in the future. Thus, you should not assume that our silence over time means that actual events are bearing
out as expressed or implied in such forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If one or more of these or other risks or uncertainties
materializes, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we anticipate. All
subsequent written and oral forward-looking statements attributable to us or individuals acting on our behalf are expressly qualified
in their entirety by this Note. Before purchasing any ADSs, you should consider carefully all of the factors set forth or referred to
in this prospectus and the documents incorporated by reference that could cause actual results to differ.</P>

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

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

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_006"></A>SELECTED
FINANCIAL DATA REFLECTING THE RATIO CHANGE AND THE REVERSE SPLIT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April&nbsp;9, 2025 we effected a change in the ratio of ADSs evidencing
Ordinary Shares from one (1) ADS representing one (1) Ordinary Share to one (1) ADS representing thirty-five (35) Ordinary Shares (the
 &ldquo;Ratio Change&rdquo;), which resulted in a 1-for-35 reverse split of our issued and outstanding ADSs (the &ldquo;Reverse Split&rdquo;).
The total number of outstanding ADSs was reduced from approximately 20,585,830 ADSs to approximately 588,166 ADSs as a result of the Ratio
Change and the Reverse Split. The par value per Ordinary Share remained unchanged.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following selected financial data has been derived from our audited
consolidated financial statements included in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024, as adjusted
to reflect the Ratio Change and the Reverse Split for all periods presented. Our historical results are not indicative of the results
that may be expected in the future and results of interim periods are not indicative of the results for the entire year.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year Ended, December&nbsp;31</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Net Loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">(8,962,472</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">(8,686,573</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net Loss per ADS</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.91</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(9.64</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Weighted average ADS outstanding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,688,723</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">900,919</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">ADS outstanding at year end</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,948,164</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">987,220</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>As adjusted for the Ratio Change and the Reverse Split:</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year Ended, December&nbsp;31</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Net Loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">(8,962,472</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">(8,686,573</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net Loss per ADS</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(66.90</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(337.47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Weighted average ADS outstanding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">133,964</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25,740</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">ADS outstanding at year end</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">255,662</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">28,206</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_007"></A>Use
Of Proceeds</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not receive any proceeds from the sale of the ADSs by the Selling
Shareholders. Accordingly, we will not receive any proceeds from the sale of the ADSs that may be sold from time to time pursuant to this
prospectus. See &ldquo;Plan of Distribution&rdquo; elsewhere in this prospectus for more information. We will, however, receive up to
an aggregate of approximately $88.7 million in cash from the exercise of the Ordinary Warrants. We intend to use the proceeds for general
corporate purposes, which may include operating expenses, research and development, including completion of clinical development of QRX003
for Netherton Syndrome and advancing our clinical development of our Peeling Skin Syndrome and topical rapamycin programs, working capital,
future acquisitions and general capital expenditures.</P>

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

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_008"></A>The
Private Placement</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Set forth below is a
summary of the Private Placement transaction and the related agreements. Copies of the related agreements are filed as exhibits to the
registration statement of which this prospectus forms a part. You are encouraged to review the full text of such agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On October&nbsp;10, 2025,
we entered into the Purchase Agreement with the Purchasers for the issuance and sale of securities in the Private Placement for gross
proceeds at the Closing Date of approximately $16.6&nbsp;million. The Purchase Agreement provides for the issuance and sale of (i)&nbsp;Ordinary
Shares represented by 15,152 Closing ADSs, (ii)&nbsp;Ordinary Shares represented by 1,993,939 Pre-Funded ADSs, together with (iii)(A)&nbsp;Series&nbsp;H
Warrants to purchase Ordinary Shares represented by up to 2,009,091 Series&nbsp;H ADSs, (B)&nbsp;Series&nbsp;I Warrants to purchase Ordinary
Shares represented by up to 2,009,091&nbsp;Series&nbsp;I ADSs, (C)&nbsp;Series&nbsp;J Warrants to purchase Ordinary Shares represented
by up to 2,009,091&nbsp;Series&nbsp;J ADSs, and (D)&nbsp;Series&nbsp;K Warrants to purchase Ordinary Shares represented by up to 2,009,091&nbsp;Series&nbsp;K
ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Closing ADSs and
accompanying Ordinary Warrants were sold at a combined purchase price of $8.25 (the &ldquo;Unit Purchase Price&rdquo;), and the Pre-Funded
Warrants and accompanying Ordinary Warrants were sold at a combined purchase price of $8.2499, which equals the purchase price per ADS
and accompanying Ordinary Warrants less $0.0001, which is in turn equal to the exercise price of each Pre-Funded Warrant. The Unit Purchase
Price was equal to the Nasdaq Minimum Price, as defined in Nasdaq Listing Rule&nbsp;5635(d), plus $0.50.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Dennis Langer, one of
our directors, participated in the Private Placement. Mr.&nbsp;Langer purchased 15,152 Closing ADSs and accompanying Ordinary Warrants
for a total purchase price of approximately $128,641, at a combined purchase price of $8.49 per Closing ADS and accompanying Ordinary
Warrant. In accordance with Nasdaq rules, Mr.&nbsp;Langer&rsquo;s purchase price was based upon the consolidated closing bid price from
the trading day immediately preceding the date we entered into the Purchase Agreement, plus $0.50. Mr.&nbsp;Langer&rsquo;s participation
in the Private Placement was approved by both our Audit Committee and our Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Private Placement
closed on October&nbsp;14, 2025. The aggregate upfront gross proceeds at the Closing Date were approximately $16.6&nbsp;million, before
deducting placement agent fees and other expenses payable by us. We received upfront net proceeds of approximately $15&nbsp;million from
the Private Placement, after deducting estimated offering expenses payable by us, including placement agent fees and expenses. Maxim Group
LLC served as the exclusive placement agent in connection with the Private Placement and was paid (i)&nbsp;a cash fee equal to 7.0% of
the aggregate gross proceeds of the Private Placement (excluding the securities purchased by Mr.&nbsp;Langer, for which no cash fee was
paid), and (ii)&nbsp;up to $75,000 for legal fees and other out-of-pocket expenses.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Beneficial ownership
limitation.</I> A holder of Pre-Funded Warrants or Ordinary Warrants may not exercise any portion of such holder&rsquo;s Pre-Funded Warrants
or Ordinary Warrants for ADSs to the extent that the holder, together with its affiliates, would beneficially own more than 4.99% of
the number of Ordinary Shares outstanding immediately after giving effect to the issuance of the Ordinary Shares represented by the ADSs
issuable upon exercise of the applicable warrant (the &ldquo;Beneficial Ownership Limitation&rdquo;). Notwithstanding the foregoing,
to the extent that an exercise of Ordinary Warrants would cause a holder, together with its affiliates, to beneficially own in excess
of the Beneficial Ownership Limitation, such holder may elect to receive upon exercise of such Ordinary Warrant and payment of the exercise
price of the Ordinary Warrant minus $0.0001, pre-funded warrants (the &ldquo;Exchange Warrants&rdquo;) to purchase an equal number of
Ordinary Shares represented by the ADSs for an exercise price of $0.0001 per ADS.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Pre-Funded Warrants.
</I>The Pre-Funded Warrants have an exercise price of $0.0001 per ADS. The Pre-Funded Warrants are exercisable at any time after their
original issuance, subject to the Beneficial Ownership Limitation and will not expire until exercised in full. In addition, the Pre-Funded
Warrants may be exercised, in whole or in part, any time after issuance by means of a cashless exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Ordinary Warrants</I>.&nbsp;The
Ordinary Warrants are exercisable at any time after their original issuance, subject to the Beneficial Ownership Limitation.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Series&nbsp;H Warrants have an exercise price
of $9.075 per ADS and may be exercised until the earlier of (i)&nbsp;five years from the Closing Date or (ii)&nbsp;30 days after our public
announcement that we have received Type C meeting minutes from the FDA indicating openness to baseline-controlled pivotal studies for
QRX003 for the treatment of Netherton Syndrome.</FONT></TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Series&nbsp;I Warrants have an exercise price
of $10.3125 per ADS and may be exercised as follows: (i)&nbsp;50% of the Series&nbsp;I Warrants may be exercised until the earlier of
(A)&nbsp;five years from the Closing Date or (B)&nbsp;30 days after our public announcement that the primary endpoint has been met in
the monotherapy pivotal trial of QRX003 for the treatment of Netherton Syndrome, and (ii)&nbsp;50% of the Series&nbsp;I Warrants may be
exercised until the earlier of (A)&nbsp;five years from the Closing Date or (B)&nbsp;30 days after our public announcement that the primary
endpoint has been met in the adjuvant pivotal trial of QRX003 for the treatment of Netherton Syndrome.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Series&nbsp;J Warrants have an exercise price
of $12.375 per ADS and may be exercised until the earlier of (i)&nbsp;five years from the Closing Date or (ii)&nbsp;30 days after the
public announcement of the receipt of either accelerated or traditional approval by the FDA of QRX003 for the treatment of Netherton Syndrome.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Series&nbsp;K Warrants have an exercise price
of $12.375 per ADS and may be exercised until the earlier of (i)&nbsp;five years from the Closing Date or (ii)&nbsp;30 days after the
public announcement of our sale of a Priority Review Voucher (PRV).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If at the time of exercise
on a date that is six months after the issuance of the Ordinary Warrants (the &ldquo;Cashless Exercise Deadline&rdquo;), there is no effective
registration statement registering, or the prospectus contained therein is not available for the resale of, the ADSs underlying the Ordinary
Warrants, the Ordinary Warrants may be exercised, in whole or in part, at such time by means of a &ldquo;cashless exercise,&rdquo; provided
that if the SEC is closed for operations due to a government shutdown, the Cashless Exercise Deadline shall be extended by the same amount
of days that the SEC remains closed for operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The exercise price and
number of ADSs issuable upon exercise of the Pre-Funded Warrants and the Ordinary Warrants are subject to appropriate adjustment in the
event of stock dividends, stock splits, changes in ADS ratio, reorganizations or similar events affecting our ADSs and the exercise price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The foregoing does not
purport to be a complete description of the Pre-Funded Warrants or the Ordinary Warrants and is qualified in its entirety by reference
to the full text of such documents, which are filed as exhibits to the registration statement of which this prospectus forms a part.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Purchase Agreement
contains customary representations, warranties and covenants by us, customary conditions to closing, indemnification obligations of the
parties signatory thereto, including for liabilities under the Securities Act, other obligations of the parties and termination provisions.
The representations, warranties and covenants contained in the Purchase Agreement were made only for purposes of such agreement and as
of specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting
parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, pursuant
to the terms of the Purchase Agreement, we agreed, subject to certain exceptions, (i)&nbsp;to not enter into variable rate financings
for a period of 180&nbsp;days following the Closing Date, (ii)&nbsp;to not enter into any equity financings until the later of 60&nbsp;days
after the Effective Date (as defined below) and 90&nbsp;days after the Closing Date (the &ldquo;Initial Standstill Period&rdquo;), and
(iii)&nbsp;to not enter into any equity financings at an effective price per ADS or Ordinary Share that is less than the Unit Purchase
Price from the last day of the Initial Standstill Period until 180 days after the Effective Date. The Purchase Agreement further provides
that the Purchasers have a right of participation in certain subsequent financings by us or any of our Subsidiaries in an amount equal
to up to an aggregate of 25% of such subsequent financings for 12 months following the date of the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&ldquo;Effective Date&rdquo;
is the earliest of the date that (a)&nbsp;the initial registration statement required to be filed pursuant to the Registration Rights
Agreement (defined below) has been declared effective by the SEC, (b)&nbsp;all of the Securities (as defined in the Purchase Agreement)
have been sold pursuant to Rule&nbsp;144 or may be sold pursuant to Rule&nbsp;144 without the requirement for the Company to be in compliance
with the current public information required under Rule&nbsp;144 and without volume or manner-of-sale restrictions, or (c)&nbsp;all of
the Securities may be sold pursuant to an exemption from registration under Section&nbsp;4(a)(1)&nbsp;of the Securities Act without volume
or manner-of-sale restrictions and Company U.S. Counsel has delivered to such holders a standing written unqualified opinion that resales
may then be made by such holders of the Securities pursuant to such exemption which opinion shall be in form and substance reasonably
acceptable to such holders.</P>

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

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

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The foregoing does not
purport to be a complete description of the Purchase Agreement and is qualified in its entirety by reference to the full text of the form
of such document, which is filed as an exhibit to the registration statement of which this prospectus forms a part.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In connection with the
Private Placement, we entered into the Registration Rights Agreement, dated as of October&nbsp;10, 2025, with the Purchasers, pursuant
to which we agreed to prepare and file a registration statement with the SEC registering for resale the Resale ADSs no later than 30 calendar
days after the date of the Registration Rights Agreement (the &ldquo;Filing Date&rdquo;), to use our commercially reasonable efforts to
have the registration statement declared effective as promptly as possible thereafter, and in any event not more than 60 days following
the date of the Registration Rights Agreement (or 90 days following the date of the Registration Rights Agreement in the event of a &ldquo;full
review&rdquo; by the SEC) (the &ldquo;Effectiveness Date&rdquo;), provided that if the SEC is closed for operations due to a government
shutdown, the applicable Effectiveness Date shall be extended by the same amount of days that the SEC remains closed for operations. In
the event the Company does not comply with certain of its obligations under the Registration Rights Agreement, the Company will be required
under the Registration Rights Agreement to pay to the Selling Shareholders liquidated damages as set forth in the Registration Rights
Agreement until the applicable event is cured. The Registration Rights Agreement further provides that we shall use commercially reasonable
efforts to keep such registration statement effective at all times until all securities covered by such registration statement have been
sold or may be sold without volume or manner-of-sale restrictions pursuant to Rule&nbsp;144 and without the requirement for us to be in
compliance with the current public information requirement under Rule&nbsp;144.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The foregoing does not
purport to be a complete description of the Registration Rights Agreement and is qualified in its entirety by reference to the full text
of the form of such document, which is filed as an exhibit to the registration statement of which this prospectus forms a part.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In connection with the
Private Placement, each of our directors and officers entered into a lock-up agreement (each a &ldquo;Lock-Up Agreement&rdquo; and collectively,
the &ldquo;Lock-Up Agreements&rdquo;) dated October&nbsp;10, 2025. Under the Lock-Up Agreements, our directors and officers agreed not
to take any of the following actions without the Placement Agent&rsquo;s prior written consent for a period of 180 days following the
date of the Lock-Up Agreements (the &ldquo;Lock-Up Period&rdquo;):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">offer for sale, sell, pledge, or otherwise transfer
or dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the transfer or disposition
by any person at any time in the future of) any Ordinary Shares (including, without limitation, Ordinary Shares the director or officer
beneficially owns and Ordinary Shares that may be issued upon exercise of any options or warrants) or securities convertible into or exercisable
or exchangeable for Ordinary Shares, whether any such transaction is to be settled by delivery of Ordinary Shares or other securities,
in cash or otherwise;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">enter into any swap or other derivatives transaction
that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of Ordinary Shares, whether any such
transaction is to be settled by delivery of Ordinary Shares or other securities, in cash or otherwise;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">make any demand for or exercise any right or
cause to be filed a registration statement, including any amendments thereto, with respect to the registration of any Ordinary Shares
or securities convertible into or exercisable or exchangeable for Ordinary Shares or any of our other securities, subject to certain exceptions;
and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">publicly disclose the intention to do any of
the foregoing during the Lock-Up Period.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Notwithstanding these
limitations, our securities may be transferred under limited circumstances, including, without limitation, by gift, will or intestate
succession.</P>

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

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

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_009"></A>SELLING
SHAREHOLDERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ADSs being offered by the Selling Shareholders
are those Closing ADSs issued to the Selling Shareholders in the Private Placement and those ADSs issued or issuable to the Selling Shareholders
upon exercise of the Pre-Funded Warrants or the Ordinary Warrants. For additional information regarding the issuances of the Closing ADSs,
the Pre-Funded Warrants and the Ordinary Warrants, see &ldquo;The Private Placement.&rdquo; We are registering the ADSs in order to permit
the Selling Shareholders to offer the ADSs for resale from time to time. Other than the ownership of our ADSs, the Pre-Funded Warrants
and the Ordinary Warrants, the Selling Shareholders have not had any material relationship with us within the past three years, except
that Dr.&nbsp;Dennis H. Langer has served on our Board of Directors since 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below lists the Selling Shareholders
and other information regarding the beneficial ownership of the ADSs by each of the Selling Shareholders. Such table has been prepared
based upon information furnished to us by the Selling Shareholders. The Selling Shareholders identified below may have sold, transferred
or otherwise disposed of some or all of their ADSs since the date on which the information in the following table is presented in transactions
exempt from or not subject to the registration requirements of the Securities Act. Information concerning the Selling Shareholders may
change from time to time and, if necessary, we will amend or supplement this prospectus accordingly and as required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The column &ldquo;Number of ADSs Beneficially
Owned Prior to Offering&rdquo; lists the number of ADSs beneficially owned by each of the Selling Shareholders, including their ownership
of the Resale ADSs, as of November&nbsp;3, 2025, assuming exercise in full of the Pre-Funded Warrants and the Ordinary Warrants on that
date, without regard to the Beneficial Ownership Limitation (see footnote (1)&nbsp;below). The number of ADSs reflected are those beneficially
owned, as determined under applicable rules&nbsp;of the SEC, and the information is not necessarily indicative of beneficial ownership
for any other purpose. Under applicable SEC rules, beneficial ownership includes any ADSs as to which a person has sole or shared voting
power or investment power and any ADSs which the person has the right to acquire within 60 days after November&nbsp;3, 2025 through the
exercise of any option, warrant or right or through the conversion of any convertible security. Unless otherwise indicated in the footnotes
to the table below, we believe, based on information furnished to us that each Selling Shareholder named in this table has sole voting
and investment power with respect to the ADSs indicated as beneficially owned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The column &ldquo;Maximum Number of ADSs to be
Sold in this Offering&rdquo; lists the maximum number of ADSs being offered by this prospectus by the Selling Shareholders. In accordance
with the terms of the Registration Rights Agreement with the Selling Shareholders, this prospectus generally covers the resale of the
sum of (i)&nbsp;the number of Closing ADSs issued to the Selling Shareholders in the Private Placement, and (ii)&nbsp;the maximum number
of ADSs issued or issuable upon exercise of the Pre-Funded Warrants and the Ordinary Warrants, determined as if the outstanding Pre-Funded
Warrants and the Ordinary Warrants were exercised in full as of the trading day immediately preceding the date this Registration Statement
is initially filed with the SEC, without regard to the Beneficial Ownership Limitation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The columns &ldquo;Number of ADSs Beneficially
Owned After Offering&rdquo; and &ldquo;Percentage of ADSs Beneficially Owned After Offering&rdquo; assume the sale of all of the ADSs
offered by each Selling Shareholder pursuant to this prospectus. We have assumed that all of the ADSs reflected in the table as being
offered in the offering covered by this prospectus will be sold from time to time in this offering. We cannot provide an estimate as to
the number of ADSs that will be held by the Selling Shareholders upon termination of the offering covered by this prospectus because the
Selling Shareholders may offer some, all or none of the ADSs being offered in the offering. See &ldquo;Plan of Distribution.&rdquo; Information
about the Selling Shareholders may change over time. Any changed information will be set forth in an amendment to the Registration Statement
or supplement to this prospectus, to the extent required by law.</P>

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

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

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt"><B>Name of Selling Shareholder</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of<BR>
ADSs<BR>
Beneficially<BR>
Owned<BR>
Prior to<BR>
Offering<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum<BR>
Number of<BR>
ADSs<BR>
to be Sold<BR>
in this<BR>
Offering<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of<BR>
ADSs<BR>
Beneficially<BR>
Owned After<BR>
Offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percentage<BR>
of ADSs<BR>
Beneficially<BR>
Owned After<BR>
Offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 10pt">ADAR1 Partners, LP (2)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">262,120</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">262,120</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">AIGH Investment Partners, LP (3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,323,635</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,323,635</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Blackwell Partners LLC - Series&nbsp;A (4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">474,140</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">474,140</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Brio Capital Master Fund Ltd. (5)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">363,635</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">363,635</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Daniel Herr and Lauren Rimoin Living Trust (6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">181,815</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">181,815</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Dellora Investments Master Fund LP (7)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">551,515</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">551,515</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Dellora Long Only Master Fund LP (8)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">54,545</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">54,545</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Diadema Partners Master Fund LP (9)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">109,520</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">109,520</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Diadema Partners Strategic Fund LP (10)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">173,325</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">173,325</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Lytton-Kambar Foundation (11)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">909,090</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">909,090</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">MK Plumeria, LLC (12)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">60,605</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">60,605</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Nantahala Capital Partners Limited Partnership (13)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">330,220</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">330,220</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">NCP RFM LP (14)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">104,730</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">104,730</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Persistent Asset Global Select Fund SPC (15)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">118,520</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">118,520</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Point72 Associates, LLC (16)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">909,090</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">909,090</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Propel Bio Partners L.P. (17)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">128,555</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">128,555</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Revach Fund LP (18)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">303,030</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">303,030</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Simplify Propel Opportunities ETF (19)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">174,475</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">174,475</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Soleus Capital Master Fund, L.P. (20)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,363,650</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,363,650</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Spearhead Insurance Solutions IDF, LLC - Series&nbsp;ADAR1 (21)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">40,910</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">40,910</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Stonepine Capital, LP (22)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">615,071</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">606,060</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,011</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">The Hewlett Fund LP (23)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">424,240</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">424,240</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Valence8 Diversified (US) LLC (24)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">53,180</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">53,180</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Velan Capital Master Fund LP (25)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">424,245</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4<FONT STYLE="font-size: 10pt">24,245</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Velan Horizon Fund LP (26)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30,300</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30,300</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">WVP Emerging Manager Onshore Fund, LLC &ndash; AIGH Series&nbsp;(27)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">494,545</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">494,545</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Dr.&nbsp;Dennis H. Langer (28)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">75,837</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">75,760</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">77</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Pursuant to the Beneficial Ownership Limitation under the terms of the Pre-Funded Warrants and the Ordinary
Warrants, a Selling Shareholder may not exercise any of such warrants to the extent such exercise would cause such Selling Shareholder,
together with its affiliates and attribution parties, to own a number of Ordinary Shares represented by ADSs which would exceed 4.99%
of our then outstanding Ordinary Shares following such exercise, excluding for purposes of such determination Ordinary Shares represented
by ADSs issuable upon exercise of such warrants which have not been exercised. The number of ADSs set forth in the above table does not
reflect the application of this Beneficial Ownership Limitation.</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;52,424 Pre-Funded ADS, (ii)&nbsp;52,424 Series&nbsp;H ADS, (iii)&nbsp;52,424 Series&nbsp;I ADS, (iv)&nbsp;52,424 Series&nbsp;J ADS and (v)&nbsp;52,424 Series&nbsp;K ADS. ADAR1 Capital Management, LLC acts as an investment adviser to, and manages investment and trading accounts of, ADAR1 Partners, LP (&ldquo;ADAR1&rdquo;). ADAR1 Capital Management GP, LLC (&ldquo;ADAR1 General Partner&rdquo;) acts as the general partner of ADAR1. ADAR1 Capital Management and ADAR1 General Partner may be deemed to indirectly beneficially own securities held by ADAR1. Mr.&nbsp;Daniel Schneeberger is the Manager of ADAR1 Capital Management, LLC and ADAR1 General Partner. Mr.&nbsp;Schneeberger may be deemed to indirectly beneficially own securities held by ADAR1. The address of ADAR1 Capital Management, LLC is 3503 Wild Cherry Drive, Building 9, Austin, Texas 78738.</FONT></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;264,727 Pre-Funded ADS, (ii)&nbsp;264,727 Series&nbsp;H ADS, (iii)&nbsp;264,727 Series&nbsp;I ADS, (iv)&nbsp;264,727 Series&nbsp;J ADS and (v)&nbsp;264,727 Series&nbsp;K ADS. AIGH Capital Management, LLC serves as an advisor or sub-advisor with respect to securities held by AIGH Investment Partners, LP. Orin Hirschman is the Managing Member of AIGH Capital Management, LLC. The principal place of business of AIGH Investment Partners, LP is 6006 Berkeley Avenue, Baltimore, MD 21209.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;94,828 Pre-Funded ADS, (ii)&nbsp;94,828 Series&nbsp;H ADS, (iii)&nbsp;94,828 Series&nbsp;I ADS, (iv)&nbsp;94,828 Series&nbsp;J ADS and (v)&nbsp;94,828 Series&nbsp;K ADS. Each of Wilmot B. Harkey and Daniel Mack may be deemed to be beneficial owners of securities held by Blackwell Partners LLC &ndash; Series&nbsp;A (&ldquo;Blackwell&rdquo;)&nbsp;as the managing members of Nantahala Capital Management, LLC, which is the investment manager of Blackwell. The address of Blackwell is 130 Main Street, 2nd Floor, New Canaan, CT 06840.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;72,727 Pre-Funded ADS, (ii)&nbsp;72,727 Series&nbsp;H ADS, (iii)&nbsp;72,727 Series&nbsp;I ADS, (iv)&nbsp;72,727 Series&nbsp;J ADS and (v)&nbsp;72,727 Series&nbsp;K ADS. Brio Capital Management LLC, is the investment manager of Brio Capital Master Fund Ltd. and has the voting and investment discretion over securities held by Brio Capital Master Fund Ltd. Shaye Hirsch, in his capacity as Managing Member of Brio Capital Management LLC, makes voting and investment decisions on behalf of Brio Capital Management LLC in its capacity as the investment manager of Brio Capital Master Fund Ltd. The address of the Selling Shareholder is c/o Brio Capital Management LLC, 100 Merrick Road, Suite&nbsp;401 W. Rockville Center, NY 11570.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">The ADSs beneficially owned prior to this offering (which does not
reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;36,363 Pre-Funded ADS, (ii)&nbsp;36,363 Series&nbsp;H
ADS, (iii)&nbsp;36,363 Series&nbsp;I ADS, (iv)&nbsp;36,363 Series&nbsp;J ADS and (v)&nbsp;36,363 Series&nbsp;K ADS. The trustees of the
Daniel Herr and Lauren Rimoin Living Trust (the &ldquo;Trust&rdquo;) are Daniel Herr and Lauren Rimoin, who share voting and dispositive
power over the securities held by the Trust.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;110,303&nbsp;Pre-Funded ADSs, (ii)&nbsp;110,303&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;110,303&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;110,303&nbsp;Series&nbsp;J ADSs and (v)&nbsp;110,303&nbsp;Series&nbsp;K ADSs. Dellora&nbsp;Investments LP, which serves as the investment manager to&nbsp;the Selling Stockholder, may be deemed to be the beneficial owner of all of the securities held by the&nbsp;Selling Shareholder. Kevin Pyun, as Principal of&nbsp;Dellora&nbsp;Investments LP, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all of the securities held by&nbsp;the Selling Shareholder.&nbsp;Dellora&nbsp;Investments LP and Kevin Pyun expressly disclaim beneficial ownership over any of the securities held by&nbsp;the Selling Shareholder. The business address of each of&nbsp;Dellora&nbsp;Investments LP and Kevin Pyun is 283 Greenwich Ave., 3rd&nbsp;Floor, Greenwich, CT 06830.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;10,909&nbsp;Pre-Funded ADSs, (ii)&nbsp;10,909&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;10,909&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;10,909&nbsp;Series&nbsp;J ADSs and (v)&nbsp;10,909&nbsp;Series&nbsp;K ADSs. Dellora&nbsp;Investments LP, which serves as the investment manager to&nbsp;the Selling Stockholder, may be deemed to be the beneficial owner of all of the securities held by the&nbsp;Selling Shareholder. Kevin Pyun, as Principal of&nbsp;Dellora&nbsp;Investments LP, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all of the securities held by&nbsp;the Selling Shareholder.&nbsp;Dellora&nbsp;Investments LP and Kevin Pyun expressly disclaim beneficial ownership over any of the securities held by&nbsp;the Selling Shareholder. The business address of each of&nbsp;Dellora&nbsp;Investments LP and Kevin Pyun is 283 Greenwich Ave., 3rd&nbsp;Floor, Greenwich, CT 06830. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;21,904&nbsp;Pre-Funded ADSs, (ii)&nbsp;21,904&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;21,904&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;21,904&nbsp;Series&nbsp;J ADSs and (v)&nbsp;21,904&nbsp;Series&nbsp;K ADSs. Diadema Partners LP (&ldquo;Diadema Partners&rdquo;) is the investment manager for the Selling Shareholder; and Diadema Partners General Partner LLC (&ldquo;Diadema Partners GP&rdquo;) is the sole general partner of Diadema Partners. Timothy Bassett is the sole managing member of Diadema Partners GP. Each of Diadema Partners, Diadema Partners GP, and Mr.&nbsp;Bassett disclaims beneficial ownership of these securities held directly by the Selling Shareholder except to the extent of their pecuniary interest therein. The address of the Selling Shareholder is 2140 Headquarters Plaza, East Tower 2nd Floor, Morristown, NJ 07960.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;34,665&nbsp;Pre-Funded ADSs, (ii)&nbsp;34,665&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;34,665&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;34,665&nbsp;Series&nbsp;J ADSs and (iv)&nbsp;34,665&nbsp;Series&nbsp;K ADSs. Diadema Partners LP (&ldquo;Diadema Partners&rdquo;) is the investment manager for the Selling Shareholder; and Diadema Partners General Partner LLC (&ldquo;Diadema Partners GP&rdquo;) is the sole general partner of Diadema Partners. Timothy Bassett is the sole managing member of Diadema Partners GP. Each of Diadema Partners, Diadema Partners GP, and Mr.&nbsp;Bassett disclaims beneficial ownership of these securities held directly by the Selling Shareholder except to the extent of their pecuniary interest therein. The address of the Selling Shareholder is 2140 Headquarters Plaza, East Tower 2nd Floor, Morristown, NJ 07960.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;181,818&nbsp;Pre-Funded ADSs, (ii)&nbsp;181,818&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;181,818&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;181,818&nbsp;Series&nbsp;J ADSs and (v)&nbsp;181,818&nbsp;Series&nbsp;K ADSs. Laurence Lytton has sole voting and investment control of the securities beneficially owned by the Selling Shareholder. </FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes
(i) 12,121 Pre-Funded ADSs, (ii) 12,121 Series H ADSs, (iii) 12,121 Series I ADSs, (iv) 12,121 Series J ADSs and (v) 12,121 Series K ADSs.
Daniel Herr is the Manager of MK Plumeria and has sole voting and dispositive power over the securities held by MK Plumeria. Daniel Herr
disclaims beneficial ownership over any securities owned by MK Plumeria.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(13)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;66,044&nbsp;Pre-Funded ADSs, (ii)&nbsp;66,044&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;66,044&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;66,044&nbsp;Series&nbsp;J ADSs and (v)&nbsp;66,044&nbsp;Series&nbsp;K ADSs. Each of Wilmot B. Harkey and Daniel Mack may be deemed to be beneficial owners of securities held by Nantahala Capital Partners Limited Partnership (&ldquo;Nantahala&rdquo;) as the managing members of Nantahala Capital Management, LLC, which is the general partner of Nantahala. The address for Nantahala is 130 Main St. 2nd Floor, New Canaan, Connecticut 06840.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(14)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;20,946&nbsp;Pre-Funded ADSs, (ii)&nbsp;20,946&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;20,946&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;20,946&nbsp;Series&nbsp;J ADSs and (v)&nbsp;20,946&nbsp;Series&nbsp;K ADSs. Each of Wilmot B. Harkey and Daniel Mack may be deemed to be beneficial owners of securities held by NCP RFM LP (&ldquo;NCP RFM&rdquo;)&nbsp;as the managing members of Nantahala Capital Management, LLC, which is the investment manager of NCP RFM. The address of NCP RFM is 130 Main Street, 2nd Floor, New Canaan, CT 06840.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(15)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;23,704&nbsp;Pre-Funded ADSs, (ii)&nbsp;23,704&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;23,704&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;23,704&nbsp;Series&nbsp;J ADSs and (v)&nbsp;23,704&nbsp;Series&nbsp;K ADSs. Diadema Partners LP (&ldquo;Diadema Partners&rdquo;) is the investment advisor for the Selling Shareholder; and Diadema Partners General Partner LLC (&ldquo;Diadema Partners GP&rdquo;) is the sole general partner of Diadema Partners. Timothy Bassett is the sole managing member of Diadema Partners GP. Each of Diadema Partners, Diadema Partners GP, and Mr.&nbsp;Bassett disclaims beneficial ownership of these securities held directly by the Selling Shareholder except to the extent of their pecuniary interest therein. The address of the Selling Shareholder is 2140 Headquarters Plaza, East Tower 2nd Floor, Morristown, NJ 07960.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(16)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;181,818&nbsp;Pre-Funded ADSs, (ii)&nbsp;181,818&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;181,818&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;181,818&nbsp;Series&nbsp;J ADSs and (v)&nbsp;181,818&nbsp;Series&nbsp;K ADSs. Point72 Asset Management, L.P. maintains investment and voting power with respect to the securities held by certain investment funds it manages, including Point72 Associates, LLC. Point72 Capital Advisors,&nbsp;Inc. is the general partner of Point72 Asset Management, L.P. Mr.&nbsp;Steven A. Cohen controls each of Point72 Asset Management, L.P. and Point72 Capital Advisors,&nbsp;Inc. By reason of the provisions of Rule&nbsp;13d-3 of the Exchange Act, each of Point72 Asset Management, L.P., Point72 Capital Advisors,&nbsp;Inc., and Mr.&nbsp;Cohen may be deemed to beneficially own the securities held by Point72 Associates, LLC that are disclosed herein. Each of Point72 Asset Management, L.P., Point72 Capital Advisors,&nbsp;Inc., and Mr.&nbsp;Cohen disclaims beneficial ownership of any such securities. The address of the Selling Shareholder is /o Point72 Asset Management 72 Cummings Point Road Stamford, CT 06902.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(17)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes
(i) 25,711 Pre-Funded ADSs, (ii) 25,711 Series H ADSs, (iii) 25,711 Series I ADSs, (iv) 25,711 Series J ADSs and (v) 25,711 Series K ADSs.
Leen Kawas has sole voting and investment control of the securities beneficially owned by the Selling Shareholder. The address of the
Selling Shareholder is 11620 Wilshire Blvd, Suite 350 Los Angeles, CA 90025.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(18)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not
reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;60,606&nbsp;Pre-Funded ADSs, (ii)&nbsp;60,606&nbsp;Series&nbsp;H
ADSs, (iii)&nbsp;60,606&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;60,606&nbsp;Series&nbsp;J ADSs and (v)&nbsp;60,606&nbsp;Series&nbsp;K ADSs.
Chaim Davis is the managing member of Revach Group, LLC, the general partner of&nbsp;Revach Fund&nbsp;L.P Each of Revach Group, LLC and
Chaim Davis disclaims beneficial ownership of the securities held directly by Revach Fund L.P. except to the extent of their pecuniary
interest therein.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(19)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;34,895&nbsp;Pre-Funded ADSs, (ii)&nbsp;34,895&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;34,895&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;34,895&nbsp;Series&nbsp;J ADSs and (v)&nbsp;34,895&nbsp;Series&nbsp;K ADSs. Fiona Ho, the Chief Operating Officer of the Selling Shareholder, has sole voting and investment control of the securities beneficially owned by the Selling Shareholder. The address of the Selling Shareholder is 10845 Griffith Peak Drive, Suite&nbsp;200, Las Vegas, NV 89135.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(20)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not
reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;272,730&nbsp;Pre-Funded ADSs, (ii)&nbsp;272,730&nbsp;Series&nbsp;H
ADSs, (iii)&nbsp;272,730&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;272,730&nbsp;Series&nbsp;J ADSs and (v)&nbsp;272,730&nbsp;Series&nbsp;K ADSs.
Soleus Capital, LLC is the sole general partner of Soleus Capital Master Fund, L.P.; Soleus Capital Group, LLC is the sole managing member
of Soleus Capital, LLC; Soleus Capital Management, L.P. (&ldquo;Soleus Capital Management&rdquo;) is the investment manager for Soleus
Capital Master Fund; and Soleus GP, LLC is the sole general partner of Soleus Capital Management. Guy Levy is the sole managing member
of Soleus Capital Group, LLC and Soleus GP, LLC. Each of Soleus Capital, LLC, Soleus Capital Group, LLC, Soleus Capital Management, Soleus
GP, LLC and Mr.&nbsp;Levy disclaims beneficial ownership of the securities held directly by Soleus Capital Master Fund, L.P. except to
the extent of their pecuniary interest therein. The address for each of these entities and individual is 100 Field Point Road, Suite&nbsp;200,
Greenwich, CT 06830.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(21)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The ADSs beneficially owned prior to this offering (which does not
reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;8,182&nbsp;Pre-Funded ADSs, (ii)&nbsp;8,182&nbsp;Series&nbsp;H
ADSs, (iii)&nbsp;8,182&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;8,182&nbsp;Series&nbsp;J ADSs and (v)&nbsp;8,182&nbsp;Series&nbsp;K ADSs. As
the sub-advisor of Spearhead Insurance Solutions IDF, LLC - Series ADAR1 (&ldquo;Spearhead&rdquo;), ADAR1 Capital Management may be deemed
to indirectly beneficially own securities held by Spearhead. Mr. Daniel Schneeberger is the Manager of ADAR1 Capital Management and may
be deemed to indirectly beneficially own securities held by Spearhead by holding voting and dispositive power over such securities. Mr.
Schneeberger disclaims beneficial ownership over any securities owned by Spearhead except to the extent of his pecuniary interest therein.
The address of Spearhead is 3828 Kennett Pike, Suite 202, Greenville, DE 19807.</P></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(22)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i) 9,011 ADS directly held, (ii)&nbsp;121,212&nbsp;Pre-Funded ADSs, (iii)&nbsp;121,212&nbsp;Series&nbsp;H ADSs, (iv)&nbsp;121,212&nbsp;Series&nbsp;I ADSs, (v)&nbsp;121,212&nbsp;Series&nbsp;J ADSs and (vi)&nbsp;121,212&nbsp;Series&nbsp;K ADSs. Jon M. Plexico has sole voting and investment control of the securities beneficially owned by the Selling Shareholder. The address of the Selling Shareholder is 2900 NW Clearwater Dr, Ste 100-11; Bend, OR 97703.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(23)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;84,848&nbsp;Pre-Funded ADSs, (ii)&nbsp;84,848&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;84,848&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;84,848&nbsp;Series&nbsp;J ADSs and (v)&nbsp;84,848&nbsp;Series&nbsp;K ADSs. Martin Chopp has sole voting and investment control of the securities beneficially owned by the Selling Shareholder. The address of the Selling Shareholder is 100 Merrick Road - Suite&nbsp;400W Rockville Centre, NY 11570.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(24)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;10,636&nbsp;Pre-Funded ADSs, (ii)&nbsp;10,636&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;10,636&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;10,636&nbsp;Series&nbsp;J ADSs and (v)&nbsp;10,636&nbsp;Series&nbsp;K ADSs. Diadema Partners LP (&ldquo;Diadema Partners&rdquo;) is the investment manager for the Selling Shareholder; and Diadema Partners General Partner LLC (&ldquo;Diadema Partners GP&rdquo;) is the sole general partner of Diadema Partners. Timothy Bassett is the sole managing member of Diadema Partners GP. Each of Diadema Partners, Diadema Partners GP, and Mr.&nbsp;Bassett disclaims beneficial ownership of the securities held directly by the Selling Shareholder except to the extent of their pecuniary interest therein. The address of the Selling Shareholder is 2140 Headquarters Plaza, East Tower 2nd Floor, Morristown, NJ 07960.</FONT></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(25)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;84,849&nbsp;Pre-Funded ADSs, (ii)&nbsp;84,849&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;84,849&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;84,849&nbsp;Series&nbsp;J ADSs and (v)&nbsp;84,849&nbsp;Series&nbsp;K ADSs. Velan Capital Holdings LLC (&ldquo;Velan GP&rdquo;), as the general partner of the Selling Shareholder, may be deemed to beneficially own the securities beneficially owned by the Selling Shareholder. Velan Capital Investment Management LP (&ldquo;Velan Capital&rdquo;), as the investment manager of the Selling Shareholder, may be deemed to beneficially own the securities beneficially owned by the Selling Shareholder. Velan Capital Management LLC (&ldquo;Velan IM GP&rdquo;), as the general partner of Velan Capital, may be deemed to beneficially own the securities beneficially owned by the Selling Shareholder. Balaji Venkataraman, as a Managing Member of each of Velan GP and Velan IM GP, may be deemed to beneficially own the securities beneficially owned by the Selling Shareholder. Adam Morgan, as a Managing Member of each of Velan GP and Velan IM GP, may be deemed to beneficially own the securities beneficially owned by the Selling Shareholder.The address of the Selling Shareholder is c/o Velan Capital Investment Management LP 100 North Main Street, Suite&nbsp;301, Alpharetta, GA 30009.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(26)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;6,060&nbsp;Pre-Funded ADSs, (ii)&nbsp;6,060&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;6,060&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;6,060&nbsp;Series&nbsp;J ADSs and (v)&nbsp;6,060&nbsp;Series&nbsp;K ADSs. Velan Horizon GP LLC (&ldquo;Velan Horizon GP&rdquo;), as the general partner of the Selling Shareholder, may be deemed to beneficially own the securities beneficially owned by the Selling Shareholder. Velan Capital Investment Management LP (&ldquo;Velan Capital&rdquo;), as the investment manager of the Selling Shareholder, may be deemed to beneficially own the securities beneficially owned by the Selling Shareholder. Velan Capital Management LLC (&ldquo;Velan IM GP&rdquo;), as the general partner of Velan Capital, may be deemed to beneficially own the securities beneficially owned by the Selling Shareholder. Balaji Venkataraman, as a Managing Member of each of Velan Horizon GP and Velan IM GP, may be deemed to beneficially own the securities beneficially owned by the Selling Shareholder. Adam Morgan, as a Managing Member of each of Velan Horizon GP and Velan IM GP, may be deemed to beneficially own the securities beneficially owned by the Selling Shareholder.The address of the Selling Shareholder is c/o Velan Capital Investment Management LP 100 North Main Street, Suite&nbsp;301, Alpharetta, GA 30009.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(27)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect the application of the Beneficial Ownership Limitation) includes (i)&nbsp;98,909&nbsp;Pre-Funded ADSs, (ii)&nbsp;98,909&nbsp;Series&nbsp;H ADSs, (iii)&nbsp;98,909&nbsp;Series&nbsp;I ADSs, (iv)&nbsp;98,909&nbsp;Series&nbsp;J ADSs and (v)&nbsp;98,909&nbsp;Series&nbsp;K ADSs. AIGH Capital Management, LLC serves as an advisor or sub-advisor with respect to securities held by WVP Emerging Manager Onshore Fund, LLC&thinsp;-&thinsp;Optimized Equity Series. Orin Hirschman is the Managing Member of AIGH Capital Management, LLC. The principal place of business of WVP Emerging Manager Onshore Fund, LLC&thinsp;-&thinsp;Optimized Equity Series&nbsp;is 6006 Berkeley Avenue, Baltimore, MD 21209.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(28)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The ADSs beneficially owned prior to this offering (which does not reflect
the application of the Beneficial Ownership Limitation) includes (i)&nbsp;15,153 ADSs held directly, (ii)&nbsp;76 ADSs issuable upon the
exercise of options which may be exercised within 60 days of November&nbsp;3, 2025, (iii)&nbsp;15, 152&nbsp;Series&nbsp;H ADSs, (iv)&nbsp;15,152&nbsp;Series&nbsp;I
ADSs, (v)&nbsp;15,152&nbsp;Series&nbsp;J ADSs and (vi)&nbsp;15,152&nbsp;Series&nbsp;K ADSs. The address of Dr.&nbsp;Langer is c/o Quoin
Pharmaceuticals Ltd. 42127 Pleasant Forest Court, Ashburn, VA 20148-7349.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_015"></A>PLAN
OF DISTRIBUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Selling Shareholder and any of their pledgees,
assignees and successors-in-interest may, from time to time, sell any or all of their ADSs covered by this prospectus on the Nasdaq Capital
Market or any other stock exchange, market or trading facility on which the ADSs are traded or in private transactions. These sales may
be at fixed or negotiated prices. The Selling Shareholders may use any one or more of the following methods when selling securities:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">ordinary brokerage transactions and transactions
in which the broker-dealer solicits purchasers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">block trades in which the broker-dealer will
attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">purchases by a broker-dealer as principal and
resale by the broker-dealer for its account;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">an exchange distribution in accordance with the
rules&nbsp;of the applicable exchange;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">privately negotiated transactions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">settlement of short sales;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in transactions through broker-dealers that agree
with the Selling Shareholders to sell a specified number of such securities at a stipulated price per security;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">through the writing or settlement of options
or other hedging transactions, whether through an options exchange or otherwise;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a combination of any such methods of sale; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any other method permitted pursuant to applicable
law.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders may also sell securities
under Rule&nbsp;144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Broker-dealers engaged by the Selling Shareholders
may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Shareholders
(or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except
as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission
in compliance with FINRA Rule&nbsp;2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule&nbsp;2121.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders and any broker-dealers
or agents that are involved in selling the securities may be deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities
Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale
of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Each Selling Shareholder
has informed us that they do not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute
the securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are required to pay certain fees and expenses
incurred by us incident to the registration of the securities. We agreed to indemnify the Selling Shareholders against certain losses,
claims, damages and liabilities, including liabilities under the Securities Act.</P>

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

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

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We agreed to use its commercially reasonable efforts
to keep this prospectus effective until the earlier of (i)&nbsp;the date on which the securities may be resold by the Selling Shareholders
without registration and without regard to any volume or manner-of-sale limitations by reason of Rule&nbsp;144, without the requirement
for the Company to be in compliance with the current public information under Rule&nbsp;144 under the Securities Act or any other rule&nbsp;of
similar effect or (ii)&nbsp;all of the securities have been sold pursuant to this prospectus or Rule&nbsp;144 under the Securities Act
or any other rule&nbsp;of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if
required under applicable state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold
unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification
requirement is available and is complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under applicable rules&nbsp;and regulations under
the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities
with respect to the ADSs for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution.
In addition, the Selling Shareholders will be subject to applicable provisions of the Exchange Act and the rules&nbsp;and regulations
thereunder, including Regulation M, which may limit the timing of purchases and sales of the ADSs by the Selling Shareholders or any other
person. We will make copies of this prospectus available to the Selling Shareholders and have informed them of the need to deliver a copy
of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule&nbsp;172 under the Securities
Act).</P>

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

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

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_010"></A>Legal
Matters</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The validity of the securities offered hereby
will be passed upon for us by Meitar | Law Offices, Ramat Gan,&nbsp;Israel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_011"></A>Experts</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements as of and
for the years ended December&nbsp;31, 2024 and 2023 incorporated by reference in this registration statement have been audited by Marcum
LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are incorporated in reliance
upon the report of such firm given upon their authority as experts in accounting and auditing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_012"></A>Where
You Can Find MORE Information</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement
we filed with the SEC. This prospectus does not contain all of the information set forth in the registration statement and the exhibits
to the registration statement. For further information with respect to us and the securities we are offering under this prospectus, we
refer you to the registration statement and the exhibits and schedules filed as a part of the registration statement. Neither we, the
Selling Shareholders nor any agent, underwriter or dealer has authorized any person to provide you with different information. Neither
we nor the Selling Shareholders are making an offer of these securities in any state where the offer is not permitted. You should not
assume that the information in this prospectus is accurate as of any date other than the date on the front page&nbsp;of this prospectus,
regardless of the time of delivery of this prospectus or any sale of the securities offered by this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. Our SEC filings are available to the public at the SEC&rsquo;s website at <I>www.sec.gov</I>.
Additional information about Quoin Pharmaceuticals Ltd. is contained at our website, <I>www.quoinpharma.com</I>. Information on our website
is not incorporated by reference into this prospectus. We make available on our website our SEC filings as soon as reasonably practicable
after those reports are filed with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_013"></A>Incorporation
Of Certain Information By Reference</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to &ldquo;incorporate by reference&rdquo; information
from other documents that we file with it, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is considered to be part of this prospectus. Information in this prospectus supersedes information
incorporated by reference that we filed with the SEC prior to the date of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incorporate by reference into this prospectus
and the registration statement of which this prospectus is a part the information or documents listed below that we have filed with the
SEC (Commission File No.&nbsp;001-37846):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000141057825000336/qnrx-20241231x10k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024, filed with the Commission on March&nbsp;13, 2025 (the &ldquo;Form&nbsp;10-K&rdquo;);</FONT></A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000141057825001226/qnrx-20250331x10q.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2025, filed with the Commission on May&nbsp;13, 2025;</FONT></A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000141057825001613/qnrx-20250630x10q.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2025, filed with the Commission on August&nbsp;7, 2025;</FONT></A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001671502/000110465925107785/qnrx-20250930x10q.htm">Our Quarterly Report on Form&nbsp;10-Q for the ended September&nbsp;30, 2025, filed with the Commission on November&nbsp;6, 2025;</A></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Current Reports on Form&nbsp;8-K filed
                                                                                                                                                                               with the Commission on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925001350/tm252105d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;6,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925004132/tm253523d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;16,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925005619/tm254263d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;23,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925009137/tm255460d1_8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;4,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925018234/tm257848d1_8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;27,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925026176/tm259900d1_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;20,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925031240/tm2511344d1_8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;2,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925032004/tm2511401d1_8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;4,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925032189/tm2511590d1_8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;4,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925042661/tm2513688d1_8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;30,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925051324/tm2515741d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;21,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925052062/tm2516001d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;23,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925056378/tm2517172d1_8k.htm" STYLE="-sec-extract: exhibit">June&nbsp;4,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925061184/tm2518339d1_8k.htm" STYLE="-sec-extract: exhibit">June&nbsp;20,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925062406/tm2518927d1_8k.htm" STYLE="-sec-extract: exhibit">June&nbsp;25,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925066451/tm2520110d_8k.htm" STYLE="-sec-extract: exhibit">July&nbsp;8,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925081480/tm2524078d1_8k.htm" STYLE="-sec-extract: exhibit">August&nbsp;21,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925083248/tm2524439d1_8k.htm" STYLE="-sec-extract: exhibit">August&nbsp;27,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925099735/tm2528687d1_8k.htm" STYLE="-sec-extract: exhibit">October&nbsp;15,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925101269/tm2529207d1_8k.htm" STYLE="-sec-extract: exhibit">October&nbsp;21,
                                                                                                                                                                               2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925109802/tm2530990d1_8k.htm" STYLE="-sec-extract: exhibit">November 12, 2025</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925113237/tm2531454d1_8k.htm" STYLE="-sec-extract: exhibit">November 17, 2025</A>;</FONT></TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1671502/000110465925068650/tm252555-3_def14a.htm" STYLE="-sec-extract: exhibit">Our Definitive Proxy Statement on Schedule 14A filed with the SEC on July&nbsp;17, 2025</A>; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The description of our ADSs and Ordinary Shares
set forth in <A HREF="https://www.sec.gov/Archives/edgar/data/1671502/000141057825000336/qnrx-20241231xex4d15.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.15</A> to the Form&nbsp;10-K, including any amendments or reports filed for the purpose of updating such description.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also incorporate by reference all additional
documents that we file with the SEC under the terms of Section&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange&nbsp;Act that are made
with the SEC (i)&nbsp;on or after the date of the initial filing of the registration statement of which this prospectus forms a part and
prior to effectiveness of such registration statement, and (ii)&nbsp;on or after the date of this prospectus but prior to the termination
of the offering (i.e., until the earlier of the date on which all of the securities registered hereunder have been sold or the registration
statement of which this prospectus forms a part has been withdrawn). Information in such future filings updates and supplements the information
provided in this prospectus. Any statements in any such future filings will automatically be deemed to modify and supersede any information
in any document we previously filed with the SEC that is incorporated or deemed to be incorporated herein by reference to the extent that
statements in the later filed document modify or replace such earlier statements after the date of this prospectus and until the offering
of securities covered by this prospectus has been completed. We are not, however, incorporating, in each case, any documents or information
that we are deemed to furnish and not file in accordance with SEC rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will provide, without charge, to each person
to whom a copy of this prospectus or any other supplement or amendment forming a part of the registration statement is delivered, including
any beneficial owner, upon the written or oral request of such person, a copy of any or all of the documents incorporated by reference
herein and therein, including exhibits. Requests should be directed to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Quoin Pharmaceuticals Ltd.<BR>
42127 Pleasant Forest Ct<BR>
Ashburn, VA 20148<BR>
Attention: Corporate Secretary<BR>
(703) 980-4182</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any statement contained in this prospectus or
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this prospectus to the extent that a statement contained in this prospectus or in any other subsequently filed document which also
is or is deemed to be incorporated by reference herein modifies or supersedes that statement. Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>

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

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

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="tm2530425d1_s3img001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>10,045,455&nbsp;American Depositary Shares Representing
351,590,925 Ordinary Shares</B></P>

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

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

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

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

<!-- Field: Page; Sequence: 34; Options: Last -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

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





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2530425d1_s3img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2530425d1_s3img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !$ .X# 2(  A$! Q$!_\0
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MI,BQ:K82.VU%N(R3C_:%?8]NZM;1,"""@(/MBG66Q-(ER*X#XRG_ (MW=_\
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:BBB@ HHHH **** "BBB@ HHHH **** /_]D!

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