<SEC-DOCUMENT>0001104659-25-045934.txt : 20250508
<SEC-HEADER>0001104659-25-045934.hdr.sgml : 20250508
<ACCEPTANCE-DATETIME>20250508090523
ACCESSION NUMBER:		0001104659-25-045934
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20250508
DATE AS OF CHANGE:		20250508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Theriva Biologics, Inc.
		CENTRAL INDEX KEY:			0000894158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				133808303
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-283722
		FILM NUMBER:		25924146

	BUSINESS ADDRESS:	
		STREET 1:		9605 MEDICAL CENTER DRIVE
		STREET 2:		SUITE 270
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
		BUSINESS PHONE:		(734) 332-7800

	MAIL ADDRESS:	
		STREET 1:		9605 MEDICAL CENTER DRIVE
		STREET 2:		SUITE 270
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Synthetic Biologics, Inc.
		DATE OF NAME CHANGE:	20120305

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADEONA PHARMACEUTICALS, INC.
		DATE OF NAME CHANGE:	20081027

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIPEX PHARMACEUTICALS, INC.
		DATE OF NAME CHANGE:	20061214
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>tm2514445d1_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS</B></FONT></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule&nbsp;424(b)(5)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-283722</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_004.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>1,990,900&nbsp;Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6,818,180&nbsp;Common Warrants to Purchase Up to 6,818,180&nbsp;Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4,827,280&nbsp;Pre-Funded Warrants to Purchase Up to 4,827,280&nbsp;Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>11,645,460&nbsp;Shares of Common Stock Underlying the Common Warrants and Pre-Funded Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are offering on a best efforts basis 1,990,900&nbsp;shares of our
common stock, par value $0.001 (the &ldquo;Common Stock&rdquo;), and 4,827,280&nbsp;pre-funded warrants (the &ldquo;Pre-Funded Warrants&rdquo;)
to purchase up to 4,827,280&nbsp;shares of Common Stock, together with warrants to purchase up to 6,818,180&nbsp;shares of our Common
Stock. Each share of Common Stock, or a pre-funded warrant in lieu thereof, is being sold together with a common warrant to purchase one
share of Common Stock (the &ldquo;Common Warrant&rdquo;). The shares of Common Stock and Common Warrants are immediately separable and
will be issued separately in this offering, but must be purchased together in this offering. The public offering price for each share
of Common Stock and accompanying Common Warrant is $1.10. Each Common Warrant will have an exercise price per share of $1.10 and will
be immediately exercisable. The Common Warrants will expire on the 5-year anniversary of the original issuance date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also offering to certain purchasers Pre-Funded Warrants in lieu
of shares of Common Stock that would otherwise result in any such purchaser&rsquo;s beneficial ownership exceeding 4.99% (or, at the election
of the purchaser, 9.99%) of our outstanding Common Stock immediately following the consummation of this offering. The public offering
price of each Pre-Funded Warrant and accompanying Common Warrant is $1.099, which is equal to the price of one share of Common Stock and
accompanying Common Warrant in this offering, minus $0.001, and the exercise price of each Pre-Funded Warrant will be $0.001 per share.
The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised
in full. The Pre-Funded Warrants and Common Warrants are immediately separable and will be issued separately in this offering, but must
be purchased together in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have engaged A.G.P./Alliance Global Partners (&ldquo;A.G.P.&rdquo;
or the &ldquo;Placement Agent&rdquo;), to act as our sole placement agent, to use its reasonable best efforts to arrange for the sale
of the securities offered by this prospectus. The Placement Agent is not purchasing or selling any of the securities we are offering,
and the Placement Agent is not required to arrange the purchase or sale of any specific number or dollar amount of 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">The securities will be offered at a fixed price and are expected to
be issued in a single closing. We expect that the closing of the offering will occur on or about May&nbsp;8, 2025, but no later than one
trading day after we price the securities offered hereby if we price such securities prior to 4:01 p.m.&nbsp;eastern time on a trading
day and two trading days after we price the Securities offered hereby if we price such securities at any other time. When we price the
securities, we will simultaneously enter into securities purchase agreements relating to the offering with those investors who so choose.
The offering will settle delivery versus payment (&ldquo;DVP&rdquo;)/receipt versus payment (&ldquo;RVP&rdquo;). That is, on the closing
date, we will issue the shares of Common Stock directly to the account(s)&nbsp;at the Placement Agent identified by each purchaser; upon
receipt of such shares, the Placement Agent shall promptly electronically deliver such shares to the applicable purchaser, and payment
therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer 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">Since we will deliver the securities to be issued in this offering
upon our receipt of investor funds, we and the Placement Agent have not made any arrangements to place investor funds in an escrow account
or trust account. Because this is a best efforts offering, the Placement Agent does not have an obligation to purchase any securities,
and, as a result, there is a possibility that we may not be able to sell the securities. There is no minimum offering requirement as a
condition of closing of this offering. Because there is no minimum offering amount required as a condition to closing this offering, we
may sell fewer than all of the securities offered hereby, which may significantly reduce the amount of proceeds received by us, and investors
in this offering will not receive a refund in the event that we do not sell an amount of securities sufficient to pursue our business
goals described in this prospectus. In addition, because there is no escrow account and no minimum offering amount, investors could be
in a position where they have invested in our company, but we are unable to fulfill all of our contemplated objectives due to a lack of
interest in this offering. Further, any proceeds from the sale of securities offered by us will be available for our immediate use, despite
uncertainty about whether we would be able to use such funds to effectively implement our business plan. See the section entitled &ldquo;Risk
Factors&rdquo; for more information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Common Stock is listed on the NYSE American. On May&nbsp;6, 2025,
the last reported sale price of our Common Stock on the NYSE American was $1.36 per share. There is no established public trading market
for the Common Warrants or the Pre-Funded Warrants, and we do not expect such a market to develop. Without an active trading market, the
liquidity of the Common Warrants and the Pre-Funded Warrants will be limited. In addition, we do not intend to list the Common Warrants
and the Pre-Funded Warrants on NYSE American, any other national securities exchange or any other trading system.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investing in our securities 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;8 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"><B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of the securities to be issued under this prospectus or determined if this prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</B></P>

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

<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="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">Per Share of<BR> Common Stock<BR> and<BR> Accompanying<BR> Common<BR> Warrant</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">Per Pre-Funded<BR> Warrant and<BR> Accompanying<BR> Common<BR> Warrant</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">Total</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: 58%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public offering price<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1.10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1.099</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">7,495,170.72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placement agent fees<SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.077</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.07693</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">524,661.9504</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds to us, before expenses<SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.02207</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,970,508.7696</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>

<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: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The combined public offering price is $1.10&nbsp;per share of Common Stock and accompanying Common Warrant and $1.099&nbsp;per Pre-Funded Warrant and accompanying Common Warrant.</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents a cash fee equal to 7.0% of the aggregate purchase price paid by investors in this offering. See &ldquo;Plan of Distribution&rdquo; for additional disclosure regarding compensation payable to the Placement Agent.</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does not include proceeds from the exercise of the Common Warrants and/or Pre-Funded Warrants in cash, if any.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delivery of the securities is expected to be made on or about May&nbsp;8,
2025.</P>

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>A.G.P.</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>The date of this prospectus is May&nbsp;7, 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</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: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_001">ii</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_002">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_002">iii</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; text-align: left"><A HREF="#a_003">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><A HREF="#a_003">1</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_004">THE OFFERING</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_004">5</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_005">RISK FACTORS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_005">8</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_006">USE OF PROCEEDS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_006">16</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_007">DIVIDEND POLICY</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_007">17</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_008">CAPITALIZATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_008">18</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_009">DILUTION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_009">20</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_010">DESCRIPTION OF CAPITAL STOCK</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_010">22</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_011">DESCRIPTION OF SECURITIES TO BE REGISTERED</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_011">28</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_012">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_012">33</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_013">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_013">44</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_014">LEGAL MATTERS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_014">47</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_015">EXPERTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_015">47</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_016">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_016">48</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_017">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_017">49</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><B>ABOUT 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">You should rely only on the information that we have provided or incorporated
by reference in this prospectus. We have not authorized anyone to provide you with different or additional information. If anyone provides
you with different or additional information, you should not rely on it. You should assume that the information in this prospectus is
accurate only as of the date on the cover of the document and that any information we have incorporated by reference is accurate only
as of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any sale of a security.
Our business, financial condition, results of operations and prospects may have changed since those dates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We urge you to carefully read this prospectus, together with the information
incorporated herein by reference as described under the heading &ldquo;Where You Can Find Additional 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">In this prospectus, unless otherwise specified or the context requires
otherwise, we use the terms &ldquo;Theriva,&rdquo; &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; or
similar references to refer to Theriva Biologics,&nbsp;Inc., a Nevada corporation, together with its consolidated subsidiaries.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">This prospectus
and the documents incorporated by reference into this prospectus include forward-looking statements within the meaning of Section&nbsp;27A
of the Securities Act of 1933, as amended, or the Securities Act, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended,
or the Exchange Act, that relate to future events or our future financial performance and involve known and unknown risks, uncertainties
and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future
results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but
not limited to, &ldquo;anticipate,&rdquo; &ldquo;aim,&rdquo; &ldquo;believe,&rdquo; &ldquo;contemplate,&rdquo; &ldquo;continue,&rdquo;
 &ldquo;could,&rdquo; &ldquo;design,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo;
 &ldquo;plan,&rdquo; &ldquo;predict,&rdquo; &ldquo;poise,&rdquo; &ldquo;project,&rdquo; &ldquo;potential,&rdquo; &ldquo;suggest,&rdquo;
 &ldquo;should,&rdquo; &ldquo;strategy,&rdquo; &ldquo;target,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo; and similar expressions or
phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking
statements contain these identifying words. Although we believe that we have a reasonable basis for each forward-looking statement contained
in this prospectus and incorporated by reference into this prospectus, we caution you that these statements are based on our projections
of the future that are subject to known and unknown risks and uncertainties and other factors that may cause our actual results, level
of activity, performance or achievements expressed or implied by these forward-looking statements, to differ. The section in this prospectus
entitled &ldquo;Risk Factors&rdquo; and the sections in our periodic reports, including the </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/894158/000141057825000285/tmb-20241231x10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024 filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), on March&nbsp;6, 2025</A>
entitled &ldquo;Business,&rdquo; &ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations,&rdquo; as well as other sections in this prospectus and the documents or reports incorporated by reference
into this prospectus, discuss some of the factors that could contribute to these differences.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please consider our forward-looking statements in light of those risks
as you read this prospectus and the documents incorporated by reference into this prospectus. 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">You should not assume that the information contained in this prospectus
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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 securities, 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">We may not actually achieve the plans, intentions or expectations disclosed
in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Forward-looking statements
should be regarded solely as our current plans, estimates and beliefs. We have included important factors in the cautionary statements
included in this document, particularly in the section entitled &ldquo;Risk Factors&rdquo; of this prospectus that we believe could cause
actual results or events to differ materially from the forward-looking statements that we make. Moreover, we operate in a very competitive
and rapidly changing environment. New risks emerge from time to time. 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 risks and uncertainties,
readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are qualified in
their entirety by this cautionary statement. Our forward-looking statements do not reflect the potential impact of any future acquisitions,
mergers, dispositions, joint ventures or investments we may make. You should read this prospectus and the documents that we have filed
as exhibits to this prospectus and incorporated by reference herein completely and with the understanding that our actual future results
may be materially different from the plans, intentions and expectations disclosed in the forward-looking statements we make. The forward-looking
statements contained in this prospectus are made as of the date of this prospectus and we do not assume any obligation to update any forward-looking
statements, whether as a result of new information, future events or otherwise, except as required by applicable law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 and the documents incorporated by reference
herein, including the information included under the heading titled &ldquo;Risk Factors.&rdquo; Unless we specify otherwise, all references
in this prospectus to &ldquo;Theriva,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo; and &ldquo;our company&rdquo; refer
to Theriva Biologics,&nbsp;Inc.</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">We are a diversified clinical-stage company developing therapeutics
designed to treat cancer and related diseases in areas of high unmet need. As a result of the acquisition in March&nbsp;2022 of Theriva
Biologics, S.L. (&ldquo;VCN&rdquo;, formerly named VCN Biosciences, S.L.), described in more detail below (the &ldquo;Acquisition&rdquo;),
we began transitioning our strategic focus to oncology, which is now our primary focus, through the development of VCN&rsquo;s new oncolytic
adenovirus platform designed for intravenous and intravitreal delivery to trigger tumor cell death, to improve access of co-administered
cancer therapies to the tumor, and to promote a robust and sustained anti-tumor response by the patient&rsquo;s immune system. Our lead
product candidate, VCN-01, a clinical stage oncolytic human adenovirus that is modified for tumor-selective replication and to express
an enzyme, PH20 hyaluronidase, is currently being evaluated in a Phase 2 clinical study for the treatment of pancreatic cancer (&ldquo;Virage&rdquo;),
and has recently been used to treat patients in a Phase&nbsp;1 clinical study for the treatment of retinoblastoma, and Phase 1 clinical
studies for the treatment of other solid tumors including head and neck squamous cell carcinoma.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the Acquisition, our focus was on developing therapeutics
designed to treat gastrointestinal (GI) diseases which included our clinical development candidates: (1)&nbsp;SYN-004 (ribaxamase) which
is designed to degrade certain commonly used intravenous (IV)&nbsp;beta-lactam antibiotics within the GI tract to prevent microbiome damage,
thereby preventing overgrowth and infection by pathogenic organisms such Clostridioides difficile infection (CDI) and vancomycin resistant
Enterococci (VRE), and reducing the incidence and severity of acute graft-versus-host-disease (aGVHD) in allogeneic hematopoietic cell
transplant (HCT) recipients, and (2)&nbsp;SYN-020, a recombinant oral formulation of the enzyme intestinal alkaline phosphatase (IAP)
produced under cGMP conditions and intended to treat both local GI and systemic diseases. As part of our strategic transformation into
an oncology focused company, we are exploring value creation options for our SYN-004 and SYN-020 assets, including out-licensing or partnering.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_005.jpg" ALT="">&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">*Based on management&rsquo;s current beliefs and expectations</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Defined terms. <B>allo-HCT</B> allogeneic hematopoietic cell transplant.
<B>CSR</B> clinical study report. <B>HNSCC</B> head and neck squamous cell carcinoma. <B>IV</B> intravenous. <B>IVit</B> intravitreal.
For other abbreviations see the text.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&sup1;Additional products with preclinical proof-of-concept include
SYN-006 (carbapenemase) to prevent aGVHD, CDI, and microbiome damage in patients treated with carbapenem antibiotics and SYN-007 (ribaxamase)
DR to prevent antibiotic associated diarrhea with oral &beta;-lactam antibiotics.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&sup2;Depending on funding/partnership. SYN-004 may enter a U.S. Food
and Drug Administration (&ldquo;FDA&rdquo;)-agreed Phase 3 clinical trial for the treatment of CDI.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our predecessor, Sheffield Pharmaceuticals,&nbsp;Inc., was incorporated
in 1986, and in 2006 engaged in a reverse merger with Pipex Therapeutics,&nbsp;Inc., a publicly-traded Delaware corporation formed in
2001. After the reverse merger, we changed our name to Pipex Pharmaceuticals,&nbsp;Inc., and in October&nbsp;2008 we changed our name
to Adeona Pharmaceuticals,&nbsp;Inc. On October&nbsp;15, 2009, we engaged in a merger with a wholly owned subsidiary for the purpose of
reincorporating in the State of Nevada. On February&nbsp;15, 2012, we changed our name to Synthetic Biologics,&nbsp;Inc. On August&nbsp;10,
2018, we effected a one for thirty-five reverse stock split of our authorized, issued and outstanding Common Stock. On July&nbsp;15, 2022,
we effected a one for ten reverse stock split of our authorized, issued and outstanding Common Stock. On October&nbsp;12, 2022, we changed
our name to Theriva Biologics,&nbsp;Inc. On August&nbsp;26, 2024, we effected a one for twenty-five reverse stock split of our authorized,
issued and outstanding Common Stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our principal executive offices are located at 9605 Medical Center
Drive, Suite&nbsp;270, Rockville, Maryland 20850, and our telephone number is (301) 417-4367. Our website address is www.therivabio.com.
Information contained on our website is intended for informational purposes only and is not incorporated by reference into this prospectus,
and it should not be considered to be part of this prospectus or the registration statement of which this prospectus forms a part. The
SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers like us
that file documents electronically with the SEC. The address of the SEC website is <U>www.sec.gov</U>.</P>

<P STYLE="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">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;we have a public float (i.e., the market value of our common stock held by non-affiliates)
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"></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities offered by us:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,990,900&nbsp;shares of Common Stock and accompanying Common Warrants to purchase up to 1,990,900&nbsp;shares of Common Stock and Pre-Funded Warrants to purchase up to 4,827,280&nbsp;shares of Common Stock, together with accompanying Common Warrants to purchase up to 4,827,280&nbsp;shares of Common Stock on a reasonable &ldquo;best efforts&rdquo; basis. The shares of Common Stock or the Pre-Funded Warrants and accompanying Common Warrants are immediately separable and will be issued separately in this offering but must initially be purchased together in this offering. The Common Warrants are exercisable immediately, have an exercise price of $1.10 per share, and will expire five years after the date of issuance. This prospectus also relates to the offering of the shares of Common Stock issuable upon exercise of the Common Warrants and Pre-Funded Warrants. For more information regarding the Common Warrants and Pre-Funded Warrants, you should carefully read the section titled &ldquo;Description of Securities to be Registered&rdquo; in this prospectus.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pre-funded warrants offered by us in this offering</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are also offering Pre-Funded Warrants to each purchaser whose purchase of shares of Common Stock in this offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding Common Stock immediately following the consummation of this offering. The purchase price of each Pre-Funded Warrant and accompanying Common Warrant will be $1.099, which is equal to the price at which one share of Common Stock and accompanying Common Warrant are being sold to the public in this offering, minus $0.001, and the exercise price of each Pre-Funded Warrant will be $0.001 per share. The Pre-Funded Warrants will be exercisable immediately and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. For more information regarding the Pre-Funded Warrants, you should carefully read the section titled &ldquo;Description of Securities to be Registered&rdquo; in this prospectus.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reasonable Best Efforts Offering</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have agreed to issue and sell the securities offered hereby to the purchasers through the Placement Agent. The Placement Agent is not required to buy or sell any specific number or dollar amount of the securities offered hereby, but will use its reasonable best efforts to solicit offers to purchase the securities offered by this prospectus. See &ldquo;Plan of Distribution&rdquo; beginning on page&nbsp;44 of this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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<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="background-color: white">
    <TD STYLE="vertical-align: top; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of proceeds</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 76%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We estimate that we will receive approximately <FONT>$6.625
    million</FONT> in net proceeds from this offering, after deducting the estimated placement agent fees and estimated offering expenses.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We currently intend to use the net proceeds from this offering primarily
    for working capital and general corporate purposes, including for research and development and manufacturing scale-up. We may also use
    a portion of the net proceeds to invest in or acquire other products, businesses or technologies, although we have no commitments or agreements
    with respect to any such investments or acquisitions as of the date of this prospectus. See &ldquo;<I>Use of Proceeds</I>&rdquo; for additional
    information.&nbsp;</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lock-Up</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our directors and officers have agreed with the Placement Agent,
subject to certain exceptions, not to sell, transfer or dispose of, directly or indirectly, any of the Common Stock or securities convertible
into or exercisable or exchangeable for the Common Stock for a period of 90 days after the completion of this offering.</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Standstill</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed, subject to certain exceptions, not to issue, enter
    into any agreement to issue or announce the issuance or proposed issuance of, any shares of Common Stock (or securities convertible into
    or exercisable for Common Stock) or, subject to certain exceptions, file any registration statement, including any amendments or supplements
    thereto (other than the registration statement or amendment to the registration statement relating to the securities offered hereunder
    and a registration statement on Form&nbsp;S-8), until 90 days after the completion of this offering. We have also agreed not to enter
    into or issuance any shares pursuant to a variable rate transaction (as defined in the securities purchase agreement) for six months after
    the completion of this offering, except that after the seventy-five (75) day anniversary of the closing of this offering we may offer
    shares of Common Stock pursuant to the Amended and Restated At Market Issuance Sales Agreement dated February&nbsp;9, 2021, between the
    Company and the Placement Agent, as amended by Amendment No.&nbsp;1 thereto, dated May&nbsp;3, 2021, and Amendment No.&nbsp;2 thereto,
    dated May&nbsp;2, 2024 (as amended, the &ldquo;ATM Sales Agreement&rdquo;), provided that after the forty-five (45) day anniversary of
    the closing of this offering we may file a prospectus supplement with respect to sales under the Sales 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">See &ldquo;Plan of Distribution&rdquo; for more information.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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<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="background-color: white">
    <TD STYLE="vertical-align: top; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You should carefully read and consider the information set forth under &ldquo;Risk Factors,&rdquo; together with all of the other information set forth in this prospectus, before deciding to invest in shares of the Common Stock.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NYSE American symbol</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Common Stock is listed on the NYSE American under the symbol &ldquo;TOVX.&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">Except as otherwise indicated, the number of shares of Common Stock
to be outstanding immediately after this offering is based on 2<FONT>,782,449&nbsp;shares</FONT> of our
Common Stock outstanding as of May&nbsp;7, 2025 and excludes the shares of Common Stock to be issued upon exercise of the Common Warrants
and Pre-Funded Warrants offered in this offering and:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,146,534 shares of Common Stock issuable upon the exercise of outstanding stock options with a weighted average exercise price of $36.88 per share;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,428,600 shares of Common Stock issuable upon the exercise of outstanding warrants to purchase Common Stock with a weighted average exercise price of $2.00 per share; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,361,136 additional shares of the Common Stock reserved for future issuance under our equity incentive plans.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_005"></A><B>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Our business,
results of operations and financial condition and the industry in which we operate are subject to various risks. Accordingly, investing
in our securities involves a high degree of risk. This prospectus does not describe all of those risks. You should consider the risk factors
described in this prospectus below, as well as those described under the caption &ldquo;Risk Factors&rdquo; in the documents incorporated
by reference herein, including our </I></FONT><I><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/894158/000141057825000285/tmb-20241231x10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024</A>, together
with the other information contained or incorporated by reference in this prospectus.</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"><I>We have described below and in the documents incorporated by reference
herein the most significant risk factors applicable to us, but they do not constitute all of the risks that may be applicable to us. New
risks may emerge from time to time, and it is not possible for us to predict all potential risks or to assess the likely impact of all
risks. Before making an investment decision, you should carefully consider these risks as well as other information we include or incorporate
by reference in this prospectus. This prospectus also contains forward-looking statements that involve risks and uncertainties. Our actual
results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including
the risks described below. See the section titled &ldquo;Special Note Regarding Forward-Looking Statements.&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>Risks Related to Our Business</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our auditor&rsquo;s report on our consolidated financial statements
contains an explanatory paragraph regarding our ability to continue as a going concern.</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">Our consolidated financial statements as of December&nbsp;31, 2024
have been prepared under the assumption that we will continue as a going concern for the next twelve months. In addition, our independent
registered public accounting firm has issued a report that includes an explanatory paragraph referring to our recurring losses from operations
(anticipated continued losses in the future) and net capital deficiency that raise substantial doubt in our ability to continue as a going
concern without additional capital becoming available. Our ability to continue as a going concern is dependent upon our ability to obtain
additional equity or debt financing, attain further operating efficiencies, reduce expenditures, and, ultimately, to generate revenue.
Our consolidated financial statements as of December&nbsp;31, 2024 did not include any adjustments that might result from the outcome
of this uncertainty. We expect that our current cash will be able to fund operations into the third quarter of 2025 but will not be sufficient
to fund operations for twelve months from the date of the filing with the SEC of our Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2024.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We will need to raise additional capital to operate our business
and our failure to obtain funding when needed may force us to delay, reduce or eliminate certain of our development programs or commercialization
efforts.</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">During the year ended December&nbsp;31, 2024, our operating activities
used net cash of approximately $16.9 million, and as of December&nbsp;31, 2024, our cash and cash equivalents were approximately $11.6
million. With the exception of the three months ended December&nbsp;31, 2017 and June&nbsp;30, 2010, we have experienced significant losses
since inception and have a significant accumulated deficit. As of December&nbsp;31, 2024, our accumulated deficit totaled approximately
$335.0 million on a consolidated basis. Pursuant to the VCN Purchase Agreement, we have agreed to use reasonable efforts to commercialize
VCN-01 and we agreed as a post- closing covenant to commit to fund VCN&rsquo;s research and development programs, including but not limited
to VCN-01 PDAC phase 2 clinical trial, VCN-01 RB pivotal trial and necessary G&amp;A within a budgetary plan of approximately $27.8 million.
We expect to incur additional operating losses in the future and therefore expect our cumulative losses to increase. With the exception
of the quarter ended June&nbsp;30, 2010, and limited laboratory revenues from Adeona Clinical Laboratory, which we sold in March&nbsp;2012,
we have generated very minimal revenues. We do not expect to derive revenue from any source in the near future until we or our potential
partners successfully commercialize our products. We expect our expenses to increase in connection with our anticipated activities, particularly
as we continue research and development, initiate and conduct clinical trials, and seek marketing approval for our product candidates.
Until such time as we receive approval from the FDA and other regulatory authorities for our product candidates, we will not be permitted
to sell our products and therefore will not have product revenues from the sale of products. For the foreseeable future we will have to
fund all of our operations and capital expenditures from equity and debt offerings, cash on hand, licensing and collaboration fees and
grants, if any.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will need to raise additional capital, even if we raise the maximum
amount offered in this offering, to fund our operations and meet our current timelines and we cannot be certain that funding will be available
on acceptable terms on a timely basis, or at all. The amount of government funding available for grants is dependent upon governmental
budgets over which we have no control and which change with new administrations. Based on our current plans, we expect that our cash will
be able to fund operations into the third quarter of 2025 but will not be sufficient to fund our operations for the twelve months from
the date of the filing with the SEC of our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024 and will only be
sufficient to complete our planned clinical trials of VCN-01 (in PDAC and retinoblastoma), but may not be sufficient for additional trials
of VCN-01, SYN-020 or SYN-004, or to complete the last cohort of the Phase 1a/2a clinical trial of SYN-004, which are expected to require
significant cash expenditures. In addition, based on the significant anticipated cost of a Phase 3 clinical program in a broad indication
for SYN-004, we expect it will not be feasible for us to initiate and complete this trial at this time without a partner given the capital
constraints tied to our current market cap and share price. We intend to focus our capital on our VCN-01 clinical trials and do not intend
to provide further funding for our development of SYN-004 internally but intend to out-license or partner further development of SYN-004.
Further development of VCN&rsquo;s product candidates will require additional funding beyond that raised in this offering. To the extent
that we raise additional funds by issuing equity securities, our stockholders may experience significant dilution. Any debt financing,
if available, may involve restrictive covenants that may impact our ability to conduct our business and also have a dilutive effect on
our stockholders. A failure otherwise to secure additional funds when needed in the future whether through an equity or debt financing
or a sufficient amount of capital without a strategic partnership could result in us being unable to complete planned preclinical and
clinical trials or obtain approval of our product candidates from the FDA and other regulatory authorities. In addition, we could be forced
to delay, discontinue or curtail product development, forego sales and marketing efforts, and forego licensing in attractive business
opportunities. Our ability to raise capital through the sale of securities may be limited by the rules&nbsp;of the SEC and NYSE American
that place limits on the number and dollar amount of securities that may be sold. There can be no assurances that we will be able to raise
the funds needed, especially in light of the fact that our ability to sell securities registered on our registration statement on Form&nbsp;S-3
will be limited until such time the market value of our voting securities held by non-affiliates is $75 million or more. We also may be
required to seek collaborators for our product candidates at an earlier stage than otherwise would be desirable and on terms that are
less favorable than might otherwise be available.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will have broad discretion in the application of the net proceeds
from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the value of the Common
Stock. Our failure to apply these funds effectively could result in financial losses that could have a material adverse effect on our
business, cause the price of our shares of Common Stock to decline and delay the development of our product candidates. Pending their
use, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>You will experience immediate and substantial dilution in the
net tangible book value of the shares you purchase in this offering and may experience additional dilution in the future.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The combined public offering price per share of Common Stock and Common
Warrant, and the public offering price of each Pre-Funded Warrant and Common Warrant, are substantially higher than the as adjusted net
tangible book value per share of our Common Stock after giving effect to this offering. Assuming the sale of (x)&nbsp;1,990,900&nbsp;shares
of our Common Stock at a public offering price of $1.10 per share and Common Warrant and (y)&nbsp;Pre-Funded Warrants to purchase 4,827,280&nbsp;shares
of our Common Stock at a public offering price of $1.099 per share and Common Warrant, and assuming the exercise of all such Pre-Funded
Warrants, and after deducting the Placement Agent fees and commissions and estimated offering expenses payable by us, you will incur immediate
dilution in as adjusted net tangible book value of approximately $0.232 per share. As a result of the dilution to investors purchasing
securities in this offering, investors may receive significantly less than the purchase price paid in this offering, if anything, in the
event of the liquidation of our company. See the section entitled &ldquo;Dilution&rdquo; below for a more detailed discussion of the dilution
you will incur if you participate in this offering. To the extent shares are issued under outstanding options and warrants at exercise
prices lower than the public offering price of our Common Stock in this offering, you will incur further dilution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>This is a reasonable best efforts offering, with no minimum amount
of securities required to be sold, and we may sell fewer than all of the securities offered hereby.</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">The Placement Agent has agreed to use its reasonable best efforts to
solicit offers to purchase the securities in this offering. The Placement Agent has no obligation to buy any of the securities from us
or to arrange for the purchase or sale of any specific number or dollar amount of the securities. There is no required minimum number
of securities that must be sold as a condition to completion of this offering, and there can be no assurance that the offering contemplated
hereby will ultimately be consummated. Even if we sell securities offered hereby, because there is no minimum offering amount required
as a condition to closing of this offering, the actual offering amount is not presently determinable and may be substantially less than
the maximum amount set forth on the cover page&nbsp;of this prospectus. We may sell fewer than all of the securities offered hereby, which
may significantly reduce the amount of proceeds received by us. Thus, we may not raise the amount of capital we believe is required for
our operations in the short-term and may need to raise additional funds, which may not be available or available on terms acceptable 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"></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If the price of the Common Stock fluctuates significantly, your
investment could lose value.</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">Although the Common Stock is listed on the NYSE American, we cannot
assure you that an active public market will continue for the Common Stock. If an active public market for the Common Stock does not continue,
the trading price and liquidity of the Common Stock will be materially and adversely affected. If there is a thin trading market or &ldquo;float&rdquo;
for our stock, the market price for the Common Stock may fluctuate significantly more than the stock market as a whole. Without a large
float, the Common Stock would be less liquid than the stock of companies with broader public ownership and, as a result, the trading prices
of the Common Stock may be more volatile. In addition, in the absence of an active public trading market, investors may be unable to liquidate
their investment in us. Furthermore, the stock market is subject to significant price and volume fluctuations, and the price of the Common
Stock could fluctuate widely in response to several factors, including:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our quarterly or annual operating results;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">investment recommendations by securities analysts following our business or our industry;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions or departures of key personnel;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our failure to achieve operating results consistent with securities analysts&rsquo; projections;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">results of our clinical trials; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in industry, general market or economic conditions.</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">The stock market has experienced extreme price and volume fluctuations
in recent years that have significantly affected the quoted prices of the securities of many companies, including companies in our industry.
The changes often appear to occur without regard to specific operating performance. The price of the Common Stock could fluctuate based
upon factors that have little or nothing to do with our company and these fluctuations could materially reduce our stock 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We do not intend to pay dividends on the Common Stock, so any
returns will be limited to increases, if any, in the Common Stock&rsquo;s value. Your ability to achieve a return on your investment will
depend on appreciation, if any, in the price of the Common Stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We currently anticipate that we will retain future earnings for the
development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends for the foreseeable
future. Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on, among
other factors, our financial condition, operating results, capital requirements, general business conditions and other factors that our
board of directors may deem relevant. Any return to stockholders will therefore be limited to the appreciation in the value of their stock,
if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>There is no public market for the Common Warrants or Pre-Funded
Warrants to purchase shares of the Common Stock being offered by us in this offering.</I></B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as specified therein, the Common Warrants and Pre-Funded Warrants
offered hereby do not confer any rights of Common Stock ownership on their holders, such as voting rights, but rather merely represent
the right to acquire shares of the Common Stock at a fixed price. Specifically, commencing on the date of issuance, holders of the Common
Warrants and Pre-Funded Warrants may exercise their right to acquire the shares of the Common Stock upon the payment of an exercise price
of $1.10&nbsp;per share in the case of Common Warrants and an exercise price of $0.001 per share in the case of Pre-Funded Warrants. Moreover,
following this offering, the market value of the Common Warrants and Pre-Funded Warrants is uncertain and there can be no assurance that
the market value of the Common Warrants will equal or exceed their imputed public offering prices. Furthermore, each Common Warrant will
expire five years from the original issuance date and each Pre-Funded Warrant will not expire until it has been exercised in full. In
the event the price of the Common Stock does not exceed the exercise price of the Common Warrants during the period when such Common Warrants
are exercisable, the Common Warrants may not have any value. There is no established public trading market for the Common Warrants and
Pre-Funded Warrants being offered in this offering, and we do not expect a market to develop. In addition, we do not intend to apply to
list the Common Warrants or Pre-Funded Warrants on any securities exchange or nationally recognized trading system, including NYSE American.
Without an active market, the liquidity of the Common Warrants and Pre-Funded Warrants will be limited.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Except as specified therein, holders of the Common Warrants and
Pre-Funded Warrants will have no rights as a common stockholder until they acquire shares of the Common Stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as specified therein, the Common Warrants and Pre-Funded Warrants
in this offering do not confer any rights of share ownership on their holders, but rather merely represent the right to acquire shares
of the Common Stock at a fixed price. Until holders of the Common Warrants and Pre-Funded Warrants acquire shares of the Common Stock
upon exercise of the Common Warrants and Pre-Funded Warrants, as applicable, holders of Common Warrants and Pre-Funded Warrants will have
no rights with respect to our shares of Common Stock underlying such Common Warrants and Pre-Funded Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Provisions of the Common Warrants and Pre-Funded Warrants offered
by this prospectus could discourage an acquisition of us by a third party.</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">In addition to the provisions of our articles of incorporation, as
amended and our second amended and restated bylaws, certain provisions of the Common Warrants and Pre-Funded Warrants offered by this
prospectus could make it more difficult or expensive for a third party to acquire us. The Common Warrants and Pre-Funded Warrants prohibit
us from engaging in certain transactions constituting &ldquo;fundamental transactions&rdquo; unless, among other things, the surviving
entity assumes our obligations under the Common Warrants or Pre-Funded Warrants, as applicable. These and other provisions of the Common
Warrants and Pre-Funded Warrants offered by this prospectus could prevent or deter a third party from acquiring us even where the acquisition
could be beneficial to you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not receive any additional funds upon the exercise of
the Common Warrants or Pre-Funded Warrants.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Common Warrant and each Pre-Funded Warrant may be exercised by
way of a cashless exercise under certain circumstances, meaning that the holder may not pay a cash purchase price upon exercise, but instead
would receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth in the Common
Warrant or Pre-Funded Warrant, respectively. Accordingly, we may not receive any additional funds upon the exercise of the Common Warrants
or Pre-Funded Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we sell Common Stock or preferred stock in the future, stockholders
may experience immediate dilution and, as a result, our stock price may decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may from time-to-time issue additional shares of Common Stock or
preferred stock at a discount from the current trading price of the Common Stock. As a result, our stockholders could experience immediate
dilution upon the purchase of any shares sold at such discount. In addition, as opportunities present themselves, we may enter into financing
or similar arrangements in the future, including the issuance of debt securities, Common Stock or preferred stock. If we issue Common
Stock or securities convertible into Common Stock, the holders of the Common Stock could experience additional dilution and, as a result,
our stock price may decline. In addition, to the extent that any Common Warrants, Pre-Funded Warrants or options are exercised, new options
or restricted stock units are issued under our equity incentive plans, or we otherwise issue additional shares of Common Stock in the
future, at a price less than the public offering price, our stockholders could experience dilution.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to rights and remedies available to all purchasers in this
offering under federal securities and state law, the purchasers that enter into a securities purchase agreement will also be able to bring
claims of breach of contract against us. The ability to pursue a claim for breach of contract provides those investors with the means
to enforce the covenants uniquely available to them under the securities purchase agreement including, but not limited to: (i)&nbsp;timely
delivery of securities; (ii)&nbsp;agreement to not enter into any financings for 90 days from closing; and (iii)&nbsp;indemnification
for breach of contract.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We estimate that we will receive net proceeds from this offering of
approximately <FONT>$6.625&nbsp;million</FONT>, after deducting the estimated Placement Agent fees
and estimated offering expenses payable by us and assuming exercise of any Pre-Funded Warrants or Common Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We currently intend to use the net proceeds from this offering primarily
for working capital and general corporate purposes, including for research and development and manufacturing scale-up. We may also use
a portion of the net proceeds to invest in or acquire other products, businesses or technologies, although we have no commitments or agreements
with respect to any such investments or acquisitions as of 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">These estimates exclude the proceeds, if any, from the exercise of
Common Warrants offered hereby. If all of the Common Warrants offered hereby were to be exercised in cash at an exercise price of $1.10
per share, we would receive additional proceeds of approximately $7.5&nbsp;million. We cannot predict when or if these Common Warrants
will be exercised. It is possible that these Common Warrants may expire and may never be exercised. Additionally, these Common Warrants
contain a cashless exercise provision that permit exercise of such Common Warrants on a cashless basis at any time when there is no effective
registration statement under the Securities Act covering the issuance of the underlying shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amounts and timing of any expenditures will vary depending on the
amount of cash generated by our operations, and the rate of growth, if any, of our business, and our plans and business conditions. The
foregoing represents our intentions as of the date of this prospectus based upon our current plans and business conditions to use and
allocate the net proceeds of the offering. However, our management will have significant flexibility and discretion in the timing and
application of the net proceeds of the offering. Unforeseen events or changed business conditions may result in application of the proceeds
of the offering in a manner other than as 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">To the extent that the net proceeds we receive from the offering are
not immediately applied for the above purposes, we plan to invest the net proceeds in short-term, investment-grade, interest-bearing instruments
and U.S. government 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_007"></A><B>DIVIDEND POLICY</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">We have never declared or paid any cash dividends on the Common Stock
and we do not currently intend to pay any cash dividends on the Common Stock in the foreseeable future. We expect to retain all available
funds and future earnings, if any, to fund the development and growth of our business. Any future determination to pay dividends, if any,
on the Common Stock will be at the discretion of our board of directors and will depend on, among other factors, the terms of any outstanding
preferred stock, our results of operations, financial condition, capital requirements and contractual restrictions.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_008"></A><B>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth our cash and capitalization as of December&nbsp;31,
2024 on:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an actual basis; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an as adjusted basis, after giving effect to the sale in this offering of 1,990,900&nbsp;shares of Common Stock and 4,827,280&nbsp;Pre-Funded Warrants at an offering price of $1.10 per share of Common Stock and accompanying Common Warrant and $1.099 per Pre-Funded Warrant and accompanying Common Warrant, assuming the exercise in full of Pre-Funded Warrants issued in this offering and no exercise of any Common Warrants, and after deducting the Placement Agent fees and estimated offering expenses payable by us.</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">You should read the information in this table together with our audited
financial statements and related notes and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;
in the Company&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024.</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: 100%">
  <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">As of December&nbsp;31, 2024</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">Actual</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">As Adjusted<BR> (Unaudited)</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"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(in thousands, except share <BR>
and per share data)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 72%; text-align: left; padding-bottom: 2.5pt">Cash and Short-Term Investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">11,609</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">18,234</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Non-Current Liabilities</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">8,700</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">8,700</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: bold 10pt Times New Roman, Times, Serif; text-align: left">Shareholders&rsquo; Equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Common stock, $0.001 par value; 350,000,000 shares authorized, 2,811,258 issued and 2,782,449 outstanding actual and 9,629,438 issued and 9,600,629 outstanding as adjusted</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">3</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">10</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">Additional paid-in capital</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">355,501</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">362,119</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Treasury stock at cost, 28,809 shares</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">(288</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">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(288</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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">Accumulated other comprehensive (loss) income</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">(1,178</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">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,178</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; text-align: left; padding-bottom: 1pt">Accumulated deficit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(334,971</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(334,971</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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; padding-bottom: 1pt">Total shareholders&rsquo; equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">19,067</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">25,692</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total capitalization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">27,767</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">34,392</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The above discussion and table is based on 2,782,449&nbsp;shares of
our Common Stock outstanding as of December&nbsp;31, 2024 and excludes as of December&nbsp;31, 2024:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">175,034 shares of Common Stock issuable upon the exercise of outstanding stock options with a weighted average exercise price of $36.88 per share;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,428,600 shares of Common Stock issuable upon the exercise of outstanding warrants to purchase Common Stock with a weighted average exercise price of $2.00 per share; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,332,636 additional shares of the Common Stock reserved for future issuance under our equity incentive plans.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>DILUTION</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">Our net tangible book value as of December&nbsp;31, 2024 was approximately
$1.709&nbsp;million, or $0.614 per share. Net tangible book value per share is determined by dividing our total tangible assets, less
total liabilities, by the number of shares of our Common Stock outstanding as of December&nbsp;31, 2024. Dilution with respect to net
tangible book value per share represents the difference between the amount per share paid by purchasers of shares of Common Stock in this
offering and the net tangible book value per share of our Common Stock immediately after this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After giving effect to the sale in this offering of 1,990,900&nbsp;shares
of Common Stock and 4,827,280&nbsp;Pre-Funded Warrants at an offering price of $1.10 per share of Common Stock and accompanying Common
Warrant and $1.099 per Pre-Funded Warrant and accompanying Common Warrant, assuming the exercise in full of Pre-Funded Warrants issued
in this offering and no exercise of any Common Warrants, and after deducting the Placement Agent fees and estimated offering expenses
payable by us, our as adjusted net tangible book value as of December&nbsp;31, 2024 would have been approximately $8.334 million, or $0.868
per share. This represents an immediate increase in as adjusted net tangible book value of $0.254 per share to existing stockholders and
an immediate dilution of $0.232 per share to new investors purchasing securities in this offering. The following table illustrates this
per share dilution:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; text-align: justify">Public offering price per share of Common Stock and accompanying Common Warrant</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1.10</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Net tangible book value per share as of December&nbsp;31, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.614</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Increase in net tangible book value per share attributable to this offering</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.254</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">As adjusted net tangible book value per share as of December&nbsp;31, 2024, after giving effect to this offering</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.868</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Dilution per share to new investors purchasing our Common Stock in this offering</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.232</TD><TD STYLE="padding-bottom: 2.5pt; 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>

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    <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">The above discussion and table is based on 2,782,449&nbsp;shares of
our Common Stock outstanding as of December&nbsp;31, 2024 and excludes as of December&nbsp;31, 2024:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">175,034 shares of Common Stock issuable upon the exercise of outstanding stock options with a weighted average exercise price of $36.88 per share;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,428,600 shares of Common Stock issuable upon the exercise of outstanding warrants to purchase Common Stock with a weighted average exercise price of $2.00 per share; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,332,636 additional shares of the Common Stock reserved for future issuance under our equity incentive plans.</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">The above illustration of dilution per share to investors participating
in this offering assumes no exercise of outstanding options to purchase our Common Stock or outstanding warrants to purchase shares of
our Common Stock (other than the Pre-Funded Warrants). To the extent that any of these outstanding options or warrants are exercised or
we issue additional shares under our equity incentive plans, there will be further dilution to new investors. In addition, we may choose
to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current
or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities,
the issuance of these securities could result in further dilution to our stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_010"></A><B>DESCRIPTION OF CAPITAL STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The following is a description of the material terms of our capital
stock. This is a summary only and does not purport to be complete. It is subject to and qualified in its entirety by reference to our
Articles of Incorporation and our Bylaws, each of which are incorporated by reference as an exhibit to the registration statement of which
this prospectus forms a part. We encourage you to read our Articles of Incorporation, our Bylaws and the applicable provisions of the
Nevada Revised Statute (the &ldquo;NRS&rdquo;), for additional information.</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">Our authorized capital stock consists of:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">350,000,000 shares of Common Stock, par value $0.001 per share; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000,000 shares of preferred stock, par value $0.001 per share.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Outstanding
Shares</I></FONT>. As of May&nbsp;7, 2025, there were 2,782,449&nbsp;shares of Common Stock outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Voting
Rights</I></FONT>. The holders of the Common Stock are entitled to one vote for each share held of record on all matters submitted to
a vote of the stockholders, including the election of directors, and do not have cumulative voting rights. Accordingly, the holders of
a majority of the shares of the Common Stock entitled to vote in any election of directors can elect all of the directors standing for
election.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Dividend
Rights</I></FONT>. Subject to preferences that may be applicable to any then outstanding preferred stock, the holders of Common Stock
are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Liquidation
Rights</I></FONT>. In the event of our liquidation, dissolution or winding up, holders of the Common Stock will be entitled to share ratably
in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities, subject
to the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Other Rights
and Preferences</I></FONT>. The holders of the Common Stock have no preemptive, conversion or subscription rights, and there are no redemption
or sinking fund provisions applicable to the Common Stock. The rights, preferences and privileges of the holders of the Common Stock are
subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that we may designate
and issue in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Fully Paid
and Nonassessable</I></FONT>. All of our outstanding shares of Common Stock are fully paid and nonassessable.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Board of Directors has the authority, without action by our stockholders,
to designate and issue up to 10,000,000 shares of preferred stock in one or more series or classes and to designate the rights, preferences
and privileges of each series or class, which may be greater than the rights of the Common Stock. It is not possible to state the actual
effect of the issuance of any shares of preferred stock upon the rights of holders of the Common Stock until our Board of Directors determines
the specific rights of the holders of the preferred stock. However, the effects might include:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricting dividends on the Common Stock;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">diluting the voting power of the Common Stock;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">impairing liquidation rights of the Common Stock; or</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delaying or preventing a change in control of us without further action by our stockholders.</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">The Board of Directors&rsquo; authority to issue preferred stock without
stockholder approval could make it more difficult for a third-party to acquire control of our company and could discourage such attempt.
We have 120,000 shares of preferred stock designated as Series&nbsp;A Convertible Preferred Stock, 15,723 shares of preferred stock designated
as Series&nbsp;B Convertible Preferred Stock, 275,000 shares of preferred stock designated as Series&nbsp;C Convertible Preferred Stock,
and 100,000 shares of preferred stock designated as Series&nbsp;D Convertible Preferred Stock. We currently do not have any shares of
preferred stock outstanding and have no present plans to issue any shares of preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anti-Takeover Effects of Nevada Law</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The provisions of NRS, our Articles of Incorporation and our Bylaws
described below may have the effect of delaying, deferring or discouraging another party from acquiring control of 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"><B><I>Business Combinations</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">The &ldquo;business combination&rdquo; provisions of Sections 78.411
to 78.444, inclusive, of the NRS generally prohibit a Nevada corporation with at least 200 stockholders from engaging in various &ldquo;combination&rdquo;
transactions with any interested stockholder for a period of two years after the date of the transaction in which the person became an
interested stockholder, unless the transaction is approved by the board of directors prior to the date the interested stockholder obtained
such status or the combination is approved by the board of directors and thereafter is approved at a meeting of the stockholders by the
affirmative vote of stockholders representing at least 60% of the outstanding voting power held by disinterested stockholders, and extends
beyond the expiration of the two-year period, unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the combination was approved by the board of directors prior to the person becoming an interested stockholder or the transaction by which the person first became an interested stockholder was approved by the board of directors before the person became an interested stockholder or the combination is later approved by a majority of the voting power held by disinterested stockholders; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE 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: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the consideration to be paid by the interested stockholder is at least equal to the highest of: (a)&nbsp;the highest price per share paid by the interested stockholder within the two years immediately preceding the date of the announcement of the combination or in the transaction in which it became an interested stockholder, whichever is higher, (b)&nbsp;the market value per share of Common Stock on the date of announcement of the combination and the date the interested stockholder acquired the shares, whichever is higher, or (c)&nbsp;for holders of preferred stock, the highest liquidation value of the preferred stock, if it is higher.</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">A &ldquo;combination&rdquo; is generally defined to include mergers
or consolidations or any sale, lease exchange, mortgage, pledge, transfer, or other disposition, in one transaction or a series of transactions,
with an &ldquo;interested stockholder&rdquo; having: (a)&nbsp;an aggregate market value equal to 5% or more of the aggregate market value
of the assets of the corporation, (b)&nbsp;an aggregate market value equal to 5% or more of the aggregate market value of all outstanding
shares of the corporation, (c)&nbsp;10% or more of the earning power or net income of the corporation, and (d)&nbsp;certain other transactions
with an interested stockholder or an affiliate or associate of an interested stockholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In general, an &ldquo;interested stockholder&rdquo; is a person who,
together with affiliates and associates, owns (or within two years, did own) 10% or more of a corporation&rsquo;s voting stock. The statute
could prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire our
company even though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing
market 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"><B><I>Control Share Acquisitions</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">The &ldquo;control share&rdquo; provisions of Sections 78.378 to 78.3793,
inclusive, of the NRS apply to &ldquo;issuing corporations&rdquo; that are Nevada corporations with at least 200 stockholders, including
at least 100 stockholders of record who are Nevada residents, and that conduct business directly or indirectly in Nevada. The control
share statute prohibits an acquirer, under certain circumstances, from voting its shares of a target corporation&rsquo;s stock after crossing
certain ownership threshold percentages, unless the acquirer obtains approval of the target corporation&rsquo;s disinterested stockholders.
The statute specifies three thresholds: one-fifth or more but less than one-third, one-third but less than a majority, and a majority
or more, of the outstanding voting power. Generally, once an acquirer crosses one of the above thresholds, those shares in an offer or
acquisition and acquired within 90 days thereof become &ldquo;control shares&rdquo; and such control shares are deprived of the right
to vote until disinterested stockholders restore the right. These provisions also provide that if control shares are accorded full voting
rights and the acquiring person has acquired a majority or more of all voting power, all other stockholders who do not vote in favor of
authorizing voting rights to the control shares are entitled to demand payment for the fair value of their shares in accordance with statutory
procedures established for dissenters&rsquo; rights.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A corporation may elect to not be governed by, or &ldquo;opt out&rdquo;
of, the control share provisions by making an election in its articles of incorporation or bylaws, provided that the opt-out election
must be in place on the 10th day following the date an acquiring person has acquired a controlling interest, that is, crossing any of
the three thresholds described above. We have not opted out of the control share statutes, and will be subject to these statutes if we
are an &ldquo;issuing corporation&rdquo; as defined in such statutes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The effect of the Nevada control share statutes is that the acquiring
person, and those acting in association with the acquiring person, will obtain only such voting rights in the control shares as are conferred
by a resolution of the stockholders at an annual or special meeting. The Nevada control share law, if applicable, could have the effect
of discouraging takeovers of our company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Articles of Incorporation and Bylaws</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">Our Articles of Incorporation and Bylaws provide that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the authorized number of directors is determined by our board of directors;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">directors may be removed only by the affirmative vote of the holders of at least a majority of our voting stock, whether for cause or without cause;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Bylaws may be amended or repealed by our board of directors or by the affirmative vote of our stockholders;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">special meetings of the stockholders may be called by Chairman of the board, if any, the Vice Chairman of the board, if any, or the President;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our board of directors may fill vacancies on the board of directors;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our board of directors will be authorized to issue, without stockholder approval, preferred stock, the rights of which will be determined at the discretion of the board of directors and that, if issued, could operate as a &ldquo;poison pill&rdquo; to dilute the stock ownership of a potential hostile acquirer to prevent an acquisition that our board of directors does not approve;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our stockholders do not have cumulative voting rights, and therefore our stockholders holding a majority of the shares of Common Stock outstanding will be able to elect all of our directors; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our stockholders must comply with advance notice provisions to bring business before or nominate directors for election at a stockholder meeting.</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"><I>Potential Effects of Authorized but Unissued Stock</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">We have shares of Common Stock and preferred stock available for future
issuance without stockholder approval. We may utilize these additional shares for a variety of corporate purposes, including future public
offerings to raise additional capital, to facilitate corporate acquisitions or payment as a dividend on the capital stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The existence of unissued and unreserved Common Stock may enable our
board of directors to issue shares to persons friendly to current management.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limitations of Director Liability and Indemnification of Directors,
Officers and Employees</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NRS&nbsp;78.138 provides that directors of a corporation is not individually
liable to the corporation or its stockholders or creditors for any damages as a result of any act or failure to act in his or her capacity
as a director or officer unless: (a)&nbsp;the presumption that directors and officers acted in good faith on an informed basis with a
view toward the best interest of the corporation has been rebutted and (b)&nbsp;it is proven that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The director&rsquo;s or officer&rsquo;s act or failure to act constituted a breach of his or her fiduciary duties as a director or officer; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such breach involved intentional misconduct, fraud or a knowing violation of 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">Our Articles of Incorporation and Bylaws provide that we will indemnify
our directors and officers to the fullest extent permitted by law and may indemnify employees and other agents. Our Articles of Incorporation
also provide that we are obligated to advance expenses incurred by a director or officer in advance of the final disposition of any action
or proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have obtained a policy of directors&rsquo; and officers&rsquo; liability
insurance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have entered into separate indemnification agreements with our directors
and officers. These agreements, among other things, require us to indemnify our directors and officers for any and all expenses (including
reasonable attorneys&rsquo; fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service fees) judgments, fines and amounts paid in settlement
actually and reasonably incurred by such directors or officers or on his or her behalf in connection with any action or proceeding arising
out of their services as one of our directors or officers, or any of our subsidiaries or any other company or enterprise to which the
person provides services at our request provided that such person follows the procedures for determining entitlement to indemnification
and advancement of expenses set forth in the indemnification agreement. We believe that these bylaw provisions and indemnification agreements
are necessary to attract and retain qualified persons as directors and officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The limitation of liability and indemnification provisions in our Articles
of Incorporation and Bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duties.
They may also reduce the likelihood of derivative litigation against directors and officers, even though an action, if successful, might
provide a benefit to us and our stockholders. Our results of operations and financial condition may be harmed to the extent we pay the
costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers or persons controlling us, we have been informed that, in the opinion of the SEC, such indemnification
is against public policy as expressed in the Securities Act and is therefore unenforceable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At present, there is no pending litigation or proceeding involving
any of our directors or officers as to which indemnification is required or permitted, and we are not aware of any threatened litigation
or proceeding that may result in a claim for indemnification.</P>

<P STYLE="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>Listing of the Common Stock on the NYSE American LLC</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Common Stock is listed for trading on the NYSE American LLC under
the symbol &ldquo;TOVX.&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"><B>Transfer Agent and Registrar</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The transfer agent and registrar for the Common Stock is Equiniti Trust
Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stock Options</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">As of May&nbsp;7, 2025, we had options outstanding to purchase an aggregate
of 1,146,534&nbsp;shares of Common Stock that were issued under our equity compensation plans. As of May&nbsp;7, 2025, there were 1,361,136&nbsp;shares
of Common Stock reserved for future issuance under our equity incentive plan.</P>

<P STYLE="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>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">As of May&nbsp;7, 2025, we had warrants outstanding to purchase an
aggregate of 1,428,600&nbsp;shares of Common Stock with a weighted average exercise price of $2.00 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>DESCRIPTION OF SECURITIES TO BE REGISTERED</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">We are offering 1,990,900&nbsp;shares of Common Stock and Pre-Funded
Warrants to purchase up to 4,827,280&nbsp;shares of Common Stock, along with Common Warrants to purchase up to an aggregate of 6,818,180&nbsp;shares
of Common Stock. Each share of Common Stock or Pre-Funded Warrant is being sold together with a Common Warrant to purchase one share of
Common Stock. The shares of Common Stock or Pre-Funded Warrants and accompanying Common Warrants will be issued separately. We are also
registering the shares of Common Stock issuable from time to time upon exercise of the Pre-Funded Warrants offered hereby and the Common
Warrants offered hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Common
Stock</B></FONT>. See the description above under &ldquo;Description of Capital Stock&mdash;Common Stock.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Warrants to be Issued in this Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following summary of certain terms and provisions of the Common
Warrants included with the Common Stock that are being offered hereby is not complete and is subject to, and qualified in its entirety
by, the provisions of the Common Warrants, the form of which is filed as an exhibit to our 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><I>Duration and Exercise Price</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Common Warrant offered hereby will be a warrant to purchase one
share of Common Stock and will have an initial exercise price equal to $1.10 per share. The Common Warrants will be exercisable immediately
upon issuance and will expire five years from the date of issuance. The exercise price and number of shares of Common Stock issuable upon
exercise is subject to appropriate adjustment in the event of share dividends, share splits, reorganizations or similar events affecting
the Common Stock and the exercise price. Subject to the rules&nbsp;and regulations of the applicable trading market, we may at any time
during the term of the Common Warrant, subject to the prior written consent of the holders, reduce the then current exercise price to
any amount and for any period of time deemed appropriate by our board of directors. The Common Warrants will be issued separately from
the shares of Common Stock, or the Pre-Funded Warrants, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Exercisability</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">The Common Warrants will be exercisable, at the option of each holder,
in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for the number of shares of Common
Stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). A holder (together with its affiliates)
may not exercise any portion of the Common Warrant to the extent that the holder would own more than 4.99% of the outstanding shares of
our common warrant immediately after exercise, except that upon at least 61&nbsp;days&rsquo; prior notice from the holder to us, the holder
may increase the amount of beneficial ownership of outstanding shares after exercising the holder&rsquo;s Common Warrants up to 9.99%
of the number of our shares of Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership
is determined in accordance with the terms of the Common Warrants. Purchasers of Common Warrants in this offering may also elect prior
to the issuance of the Common Warrants to have the initial exercise limitation set at 9.99% of our outstanding shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cashless Exercise</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">If, at the time a holder exercises its Common Warrants, a registration
statement registering the issuance of the shares of Common Stock underlying the Common Warrants under the Securities Act is not then effective
or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to us upon such
exercise in payment of the aggregate exercise price and subject to the nominal value of the shares being paid up as described below, the
holder may elect instead to receive upon such exercise (either in whole or in part) the net number of shares determined according to a
formula set forth in the Common Warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No fractional shares of Common Stock or scrip representing fractional
shares will be issued upon the exercise of the Common Warrants. Rather, the number of shares of Common Stock to be issued will, at our
election, either be rounded up to the next whole share or we will pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by 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"><B><I>Transferability</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">Subject to applicable laws, a Common Warrant may be transferred at
the option of the holder upon surrender of the Common Warrant to us together with the appropriate instruments of transfer and funds sufficient
to pay any transfer taxes payable upon such transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Trading Market</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">There is no trading market available for the Common Warrants on any
securities exchange or nationally recognized trading system, and we do not expect a trading market to develop. We do not intend to list
the Common Warrants on any securities exchange or nationally recognized trading market. Without a trading market, the liquidity of the
Common Warrants will be extremely limited. The shares of Common Stock issuable upon exercise of the Common Warrants are currently traded
on the NYSE American.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Right as a Stockholder</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">Except as otherwise provided in the Common Warrants or by virtue of
such holder&rsquo;s ownership of Common Stock, the holders of the Common Warrants do not have the rights or privileges of holders of shares
of Common Stock, including any voting rights, until they exercise their Common Warrants. The Common Warrants will provide that holders
have the right to participate in distributions or dividends paid on Common Stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Fundamental Transaction</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">In the event of a fundamental transaction, as described in the Common
Warrants and generally including (i)&nbsp;our merger or consolidation with or into another person, (ii)&nbsp;the sale, lease, license,
assignment, transfer, conveyance or other disposition of all or substantially all of our assets, (iii)&nbsp;any purchase offer, tender
offer or exchange offer pursuant to which holders of our Common Stock are permitted to sell, tender or exchange their shares for other
securities, cash or property and has been accepted by the holders of 50% or more of our outstanding Common Stock or 50% or more of the
voting power of our common equity, (iv)&nbsp;any reclassification, reorganization or recapitalization of our shares of Common Stock or
any compulsory share exchange or (v)&nbsp;any stock or share purchase agreement or other business combination with another person or group
of persons whereby such other person or group acquires 50% or more of our outstanding shares of Common Stock or 50% or more of the voting
power of our common equity, the holders will be entitled to receive the number of shares of the Common Stock for which the Common Warrant
is exercisable immediately prior to the occurrence of such fundamental transaction. Notwithstanding the foregoing, in the event of a fundamental
transaction, the holders of the Common Warrants have the right to require us or a successor entity to redeem the Common Warrants for cash
in the amount of the Black Scholes Value (as defined in each warrant) of the unexercised portion of the Common Warrants concurrently with
or within 30 days following the consummation of a fundamental transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, in the event of a fundamental transaction which is not in
our control, including a fundamental transaction not approved by our board of directors, the holders of the Common Warrants will only
be entitled to receive from us or our successor entity, as of the date of consummation of such fundamental transaction the same type or
form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of the Common Warrant that is
being offered and paid to the holders of the Common Stock in connection with the fundamental transaction, whether that consideration is
in the form of cash, stock or any combination of cash and stock, or whether the holders of the Common Stock are given the choice to receive
alternative forms of consideration in connection with the fundamental transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pre-Funded Warrants to be Issued in this Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following summary of certain terms and provisions of the Pre-Funded
Warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions of the Pre-Funded
Warrant, the form of which is filed as an exhibit to our registration statement of which this prospectus forms a part. Prospective investors
should carefully review the terms and provisions of the form of Pre-Funded Warrant for a complete description of the terms and conditions
of the Pre-Funded Warrants.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Pre-Funded Warrant offered hereby will have an initial exercise
price per share equal to $0.001. The Pre-Funded Warrants will be immediately exercisable and will expire when exercised in full. The exercise
price and number of shares of Common Stock issuable upon exercise is subject to appropriate adjustment in the event of share dividends,
share splits, reorganizations or similar events affecting our shares of Common Stock and the exercise price. Subject to the rules&nbsp;and
regulations of the applicable trading market, we may at any time during the term of the Pre-Funded Warrant, subject to the prior written
consent of the holders, reduce the then current exercise price to any amount and for any period of time deemed appropriate by our board
of directors. The Pre-Funded Warrants will be issued separately from the common warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Exercisability</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">The Pre-Funded Warrants will be exercisable, at the option of each
holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for the number of shares
of Common Stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). A holder (together with its
affiliates) may not exercise any portion of the Pre-Funded Warrant to the extent that the holder would own more than 4.99% of the outstanding
shares of the Common Stock immediately after exercise, except that upon at least 61&nbsp;days&rsquo; prior notice from the holder to us,
the holder may increase the amount of beneficial ownership of outstanding shares after exercising the holder&rsquo;s Pre-Funded Warrants
up to 9.99% of the number of our shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined
in accordance with the terms of the Pre-Funded Warrants. Purchasers of Pre-Funded Warrants in this offering may also elect prior to the
issuance of the Pre-Funded Warrants to have the initial exercise limitation set at 9.99% of our outstanding shares of Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cashless Exercise</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">If, at the time a holder exercises its Pre-Funded Warrants, a registration
statement registering the issuance of the shares of Common Stock underlying the Pre-Funded Warrants under the Securities Act is not then
effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to us
upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole
or in part) the net number of shares of Common Stock determined according to a formula set forth in the Pre-Funded Warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No fractional shares of Common Stock or scrip representing fractional
shares will be issued upon the exercise of the Pre-Funded Warrants. Rather, the number of shares of Common Stock to be issued will, at
our election, either be rounded up to the next whole share or we will pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Transferability</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">Subject to applicable laws, a Pre-Funded Warrant may be transferred
at the option of the holder upon surrender of the Pre-Funded Warrant to us together with the appropriate instruments of transfer and funds
sufficient to pay any transfer taxes payable upon such transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Trading Market</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">There is no trading market available for the Pre-Funded Warrants on
any securities exchange or nationally recognized trading system, and we do not expect a trading market to develop. We do not intend to
list the Pre-Funded Warrants on any securities exchange or nationally recognized trading market. Without a trading market, the liquidity
of Pre-Funded Warrants will be extremely limited. The shares of Common Stock issuable upon exercise of the Pre-Funded Warrants are currently
traded on the NYSE American.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Right as a Stockholder</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">Except as otherwise provided in the Pre-Funded Warrants or by virtue
of such holder&rsquo;s ownership of Common Stock, the holders of the Pre-Funded Warrants do not have the rights or privileges of holders
of the Common Stock, including any voting rights, until they exercise their Pre-Funded Warrants. The Pre-Funded Warrants will provide
that holders have the right to participate in distributions or dividends paid on Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Fundamental Transaction</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">In the event of a fundamental transaction, as described in the Pre-Funded
Warrants and generally including (i)&nbsp;our merger or consolidation with or into another person, (ii)&nbsp;the sale, lease, license,
assignment, transfer, conveyance or other disposition of all or substantially all of our assets, (iii)&nbsp;any purchase offer, tender
offer or exchange offer pursuant to which holders of the Common Stock are permitted to sell, tender or exchange their shares for other
securities, cash or property and has been accepted by the holders of 50% or more of our outstanding Common Stock or 50% or more of the
voting power of our common equity, (iv)&nbsp;any reclassification, reorganization or recapitalization of our shares of Common Stock or
any compulsory share exchange or (v)&nbsp;any stock or share purchase agreement or other business combination with another person or group
of persons whereby such other person or group acquires 50% or more of our outstanding shares of Common Stock or 50% or more of the voting
power of our common equity, the holders of the Pre-Funded Warrants will be entitled to receive upon exercise of the Pre-Funded Warrants
the kind and amount of securities, cash or other property that the holders would have received had they exercised the Pre-Funded Warrants
immediately prior to such fundamental transaction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following discussion describes the material U.S. federal income
tax consequences of the acquisition, ownership and disposition of the Common Stock, Pre-Funded Warrants and Common Warrants acquired in
this Offering. This discussion is based on the current provisions of the Internal Revenue Code of 1986, as amended, referred to as the
Code, existing and proposed U.S. Treasury regulations promulgated thereunder, and administrative rulings and court decisions in effect
as of the date hereof, all of which are subject to change at any time, possibly with retroactive effect. No ruling has been or will be
sought from the Internal Revenue Service, or IRS, with respect to the matters discussed below, and there can be no assurance the IRS will
not take a contrary position regarding the tax consequences of the acquisition, ownership or disposition of the Common Stock, Pre-Funded
Warrants or Common Warrants, or that any such contrary position would not be sustained by a court.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We assume in this discussion that the shares of Common Stock, Pre-Funded
Warrants and Common Warrants will be held as capital assets (generally, property held for investment). This discussion does not address
all aspects of U.S. federal income taxes, does not discuss the potential application of the Medicare contribution tax or the alternative
minimum tax and does not address state or local taxes or U.S. federal gift and estate tax laws, except as specifically provided below
with respect to non-U.S. holders, or any non-U.S. tax consequences that may be relevant to holders in light of their particular circumstances.
This discussion also does not address the special tax rules&nbsp;applicable to particular holders, such as:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons who acquired the Common Stock, Pre-Funded Warrants or Common Warrants s as compensation for services;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">traders in securities that elect to use a mark-to-market method of accounting for their securities holdings;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons that own, or are deemed to own, more than 5% of the Common Stock (except to the extent specifically set forth below);</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons required for U.S. federal income tax purposes to conform the timing of income accruals to their financial statements under Section&nbsp;451(b)&nbsp;of the Code (except to the extent specifically set forth below);</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons for whom the Common Stock constitutes &ldquo;qualified small business stock&rdquo; within the meaning of Section&nbsp;1202 of the Code or &ldquo;Section&nbsp;1244 stock&rdquo; for purposes of Section&nbsp;1244 of the Code;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons deemed sell the Common Stock, Pre-Funded Warrants or Common Warrants under the constructive sale provisions of the Code;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks or other financial institutions;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">brokers or dealers in securities or currencies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE 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: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt organizations or tax-qualified retirement plans;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pension plans;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated investment companies or real estate investment trusts;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: left; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons that hold the Common Stock, Pre-Funded Warrants or Common Warrants as part of a straddle, hedge, conversion transaction, synthetic security or other integrated investment;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance companies;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">controlled foreign corporations, passive foreign investment companies, or corporations that accumulate earnings to avoid U.S. federal income tax; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain U.S. expatriates, former citizens, or long-term residents of the United States.</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">In addition, this discussion does not address the tax treatment of
partnerships (including any entity or arrangement classified as a partnership for U.S. federal income tax purposes) or other pass-through
entities or persons who hold shares of Common Stock, Pre-Funded Warrants or Common Warrants through such partnerships or other entities
which are pass-through entities for U.S. federal income tax purposes. If such a partnership or other pass-through entity holds shares
of Common Stock, Pre-Funded Warrants or Common Warrants, the treatment of a partner in such partnership or investor in such other pass-through
entity generally will depend on the status of the partner or investor and upon the activities of the partnership or other pass-through
entity. A partner in such a partnership and an investor in such other pass-through entity that will hold shares of Common Stock, Pre-Funded
Warrants or Common Warrants should consult his, her or its own tax advisor regarding the tax consequences of the ownership and disposition
of shares of Common Stock, Pre-Funded Warrants or Common Warrants through such partnership or other pass-through entity, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This discussion of U.S. federal income tax considerations is for
general information purposes only and is not tax advice. Prospective investors should consult their own tax advisors regarding the U.S.
federal, state, local and non-U.S. income and other tax considerations of acquiring, holding and disposing of the Common Stock, Pre-Funded
Warrants and Common Warrants.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purposes of this discussion, a &ldquo;U.S. Holder&rdquo; means
a beneficial owner of shares of Common Stock, Pre-Funded Warrants or Common Warrants that is for U.S. federal income tax purposes (a)&nbsp;an
individual citizen or resident of the United States, (b)&nbsp;a corporation (or other entity taxable as a corporation for U.S. federal
income tax purposes), created or organized in or under the laws of the United States, any state thereof or the District of Columbia, (c)&nbsp;an
estate the income of which is subject to U.S. federal income taxation regardless of its source, or (d)&nbsp;a trust if it (1)&nbsp;is
subject to the primary supervision of a court within the United States and one or more U.S. persons (within the meaning of Section&nbsp;7701(a)(30)
of the Code) has the authority to control all substantial decisions of the trust or (2)&nbsp;has a valid election in effect under applicable
U.S. Treasury regulations to be treated as a domestic trust. A &ldquo;Non-U.S. Holder&rdquo; is, for U.S. federal income tax purposes,
a beneficial owner of shares of Common Stock, Pre-Funded Warrants or Common Warrants that is not a U.S. Holder or a partnership for U.S.
federal income tax purposes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Potential Acceleration of Income</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">Under tax legislation signed into law in December&nbsp;2017 commonly
known as the Tax Cuts and Jobs Act of 2017, U.S. Holders that use an accrual method of accounting for tax purposes and have certain financial
statements generally will be required to include certain amounts in income no later than the time such amounts are taken into account
as revenue in such financial 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">In addition, under the Inflation Reduction Act signed into law on August&nbsp;16,
2022, certain large corporations (generally, corporations reporting at least $1 billion average adjusted pre-tax net income on their consolidated
financial statements) are potentially subject to a 15% alternative minimum tax on the &ldquo;adjusted financial statement income&rdquo;
of such large corporations for tax years beginning after December&nbsp;31, 2022. The U.S. Treasury Department, the IRS, and other standard-setting
bodies are expected to issue guidance on how the alternative minimum tax provisions of the Inflation Reduction Act will be applied or
otherwise administered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The application of these rules&nbsp;thus may require the accrual of
income earlier than would be the case under the general tax rules&nbsp;described below, although the precise application of these rules&nbsp;is
unclear at this time. U.S. Holders that use an accrual method of accounting should consult with their tax advisors regarding the potential
applicability of this legislation to their particular situation.</P>

<P STYLE="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>Treatment of Pre-Funded Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although it is not entirely free from doubt, a pre-funded warrant should
be treated as a share of Common Stock for U.S. federal income tax purposes and a holder of Pre-Funded Warrants should generally be taxed
in the same manner as a holder of Common Stock, as described below. Accordingly, no gain or loss should be recognized upon the exercise
of a Pre-Funded Warrant and, upon exercise, the holding period of a Pre-Funded Warrant should carry over to the share of Common Stock
received. Similarly, the tax basis of the Pre-Funded Warrant should carry over to the share of Common Stock received upon exercise, increased
by the exercise price of $0.001 per share. Each holder should consult his, her or its own tax advisor regarding the risks associated with
the acquisition of Pre-Funded Warrants pursuant to this Offering (including potential alternative characterizations). The balance of this
discussion generally assumes that the characterization described above is respected for U.S. federal income tax purposes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For U.S. federal income tax purposes, each share of Common Stock (or,
in lieu of Common Stock, each Pre-Funded Warrant t) and the accompanying Common Warrants issued pursuant to this offering will be treated
as an &ldquo;investment unit&rdquo; each of which consisting of one share of Common Stock or one Pre-Funded Warrant (which, as described
above, should generally be treated as a share of Common Stock for U.S. federal income tax purposes), as applicable and the accompanying
Common Warrant to acquire one share of Common Stock. The purchase price for each investment unit will be allocated between these components
in proportion to their relative fair market values at the time the unit is purchased by the holder. This allocation of the purchase price
for each unit will establish the holder&rsquo;s initial tax basis for U.S. federal income tax purposes in the share of Common Stock (or,
in lieu of Common Stock, Pre-Funded Warrant) and the common warrant included in each unit. The separation of the share of Common Stock
(or, in lieu of Common Stock, Pre-Funded Warrant) and the Common Warrant included in a unit should not be a taxable event for U.S. federal
income tax purposes. Each holder should consult his, her or its own tax advisor regarding the allocation of the purchase price between
the Common Stock (or, in lieu of Common Stock, Pre-Funded Warrants) and the Common Warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Considerations Applicable to U.S. Holders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Exercise and Expiration of Common Warrants</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as discussed below with respect to the cashless exercise of
a Common Warrant, a U.S. Holder generally will not recognize gain or loss for U.S. federal income tax purposes upon exercise of a Common
Warrant. The U.S. Holder will take a tax basis in the shares acquired on the exercise of a Common Warrant equal to the exercise price
of the Common Warrant, increased by the U.S. Holder&rsquo;s adjusted tax basis in the Common Warrant exercised (as determined pursuant
to the rules&nbsp;discussed above). The U.S. Holder&rsquo;s holding period in the shares of Common Stock acquired on the exercise of a
Common Warrant will begin on the date of exercise or possibly the day after such exercise, and will not include any period for which the
U.S. Holder held the Common Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The lapse or expiration of a Common Warrant will be treated as if the
U.S. Holder sold or exchanged the Common Warrant and recognized a capital loss equal to the U.S. Holder&rsquo;s tax basis in the Common
Warrant. The deductibility of capital losses is subject to limitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The tax consequences of a cashless exercise of a Common Warrant are
not clear under current tax law. A cashless exercise may be tax-free, either because the exercise is not a realization event or because
the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-free situation, a U.S. Holder&rsquo;s
tax basis in the Common Stock received generally would equal the U.S. Holder&rsquo;s tax basis in the Common Warrants. If the cashless
exercise was not a realization event, it is unclear whether a U.S. Holder&rsquo;s holding period for the Common Stock would be treated
as commencing on the date of exercise of the Common Warrant or the day following the date of exercise of the Common Warrant. If the cashless
exercise were treated as a recapitalization, the holding period of the Common Stock would include the holding period of the Common Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is also possible that a cashless exercise could be treated as a
taxable exchange in which gain or loss would be recognized. In such event, a U.S. Holder could be deemed to have surrendered Common Warrants
having an aggregate fair market value equal to the exercise price for the total number of Common Warrants to be exercised. The U.S. Holder
would recognize capital gain or loss in an amount equal to the difference between the fair market value of the Common Stock received in
respect of the Common Warrants deemed surrendered and the U.S. Holder&rsquo;s tax basis in such Common Warrants. Such gain or loss would
be long-term or short-term, depending on the U.S. Holder&rsquo;s holding period in the Common Warrants deemed surrendered. In this case,
a U.S. Holder&rsquo;s tax basis in the Common Stock received would equal the sum of the U.S. Holder&rsquo;s initial investment in the
exercised Common Warrants (i.e., the portion of the U.S. Holder&rsquo;s purchase price for the investment unit that is allocated to the
common warrants, as described above under &ldquo;Allocation of Purchase Price&rdquo;) and the exercise price of such Common Warrants.
It is unclear whether a U.S. Holder&rsquo;s holding period for the Common Stock would commence on the date of exercise of the Common Warrant
or the day following the date of exercise of the Common Warrant. There may also be alternative characterizations of any such taxable exchange
that would result in similar tax consequences, except that a U.S. Holder&rsquo;s gain or loss would be short-term. Due to the absence
of authority on the U.S. federal income tax treatment of a cashless exercise, there can be no assurance which, if any, of the alternative
tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. Holders should consult
their tax advisors regarding the tax consequences of a cashless exercise of the Common Warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Distributions</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">As discussed above, we currently anticipate that we will retain future
earnings, if any, to finance the growth and development of our business and do not intend to pay cash dividends in respect of shares of
Common Stock in the foreseeable future. In the event that we do make distributions on the Common Stock to a U.S. Holder, those distributions
generally will constitute dividends for U.S. tax purposes to the extent paid out of our current or accumulated earnings and profits (as
determined under U.S. federal income tax principles). Distributions in excess of our current and accumulated earnings and profits will
constitute a return of capital that is applied against and reduces, but not below zero, a U.S. Holder&rsquo;s adjusted tax basis in the
Common Stock. Any remaining excess will be treated as gain realized on the sale or exchange of shares of Common Stock as described below
under the section titled &ldquo;&mdash;Disposition of Common Stock, Pre-Funded Warrants or Common Warrants.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Certain Adjustments to Pre-Funded Warrants or Common Warrants</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of shares of Common Stock issued upon the exercise of the
Pre-Funded Warrants or Common Warrants and the exercise price of Pre-Funded Warrants or Common Warrants are subject to adjustment in certain
circumstances. Adjustments (or failure to make adjustments) that have the effect of increasing a U.S. Holder&rsquo;s proportionate interest
in our assets or earnings and profits may, in some circumstances, result in a constructive distribution to the U.S. Holder. Adjustments
to the conversion rate made pursuant to a bona fide reasonable adjustment formula which has the effect of preventing the dilution of the
interest of the holders of Pre-Funded Warrants or Common Warrants generally should not be deemed to result in a constructive distribution.
If an adjustment is made that does not qualify as being made pursuant to a bona fide reasonable adjustment formula, a U.S. Holder of Pre-Funded
Warrants or Common Warrants may be deemed to have received a constructive distribution from us, even though such U.S. Holder has not received
any cash or property as a result of such adjustment. The tax consequences of the receipt of a distribution from us are described above
under &ldquo;Distributions.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Disposition of Common Stock, Pre-Funded Warrants or Common Warrants</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon a sale or other taxable disposition (other than a redemption treated
as a distribution, which will be taxed as described above under &ldquo;Distributions&rdquo;) of shares of Common Stock, Pre-Funded Warrants
or Common Warrants, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between the amount
realized and the U.S. Holder&rsquo;s adjusted tax basis in the Common Stock, Pre-Funded Warrants or Common Warrants sold. Capital gain
or loss will constitute long-term capital gain or loss if the U.S. Holder&rsquo;s holding period for the Common Stock, Pre-Funded Warrants
or Common Warrants exceeds one year. The deductibility of capital losses is subject to certain limitations. U.S. Holders who recognize
losses with respect to a disposition of shares of Common Stock, Pre-Funded Warrants or Common Warrants should consult their own tax advisors
regarding the tax treatment of such losses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Information Reporting and Backup Reporting</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">Information reporting requirements generally will apply to payments
of distributions (including constructive distributions) on the Common Stock, Pre-Funded Warrants and Common Warrants and to the proceeds
of a sale or other disposition of Common Stock, Pre-Funded Warrants and Common Warrants paid by us to a U.S. Holder unless such U.S. Holder
is an exempt recipient, such as a corporation. Backup withholding will apply to those payments if the U.S. Holder fails to provide the
holder&rsquo;s taxpayer identification number, or certification of exempt status, or if the holder otherwise fails to comply with applicable
requirements to establish an exemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Backup withholding is not an additional tax. Rather, any amounts withheld
under the backup withholding rules&nbsp;will be allowed as a refund or a credit against the U.S. Holder&rsquo;s U.S. federal income tax
liability provided the required information is timely furnished to the IRS. U.S. Holders should consult their own tax advisors regarding
their qualification for exemption from information reporting and backup withholding and the procedure for obtaining such exemption.</P>

<P STYLE="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>Tax Considerations Applicable to Non-U.S. Holders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Exercise and Expiration of Common Warrants</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In general, a Non-U.S. Holder will not recognize gain or loss for U.S.
federal income tax purposes upon the exercise of Common Warrants into shares of Common Stock, however, to the extent a cashless exercise
results in a taxable exchange, the consequences would be similar to those described in the discussion below under &ldquo;Disposition of
Common Stock, Pre-Funded Warrants or Common Warrants.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The expiration of a Common Warrant will be treated as if the Non-U.S.
Holder sold or exchanged Common Warrant and recognized a capital loss equal to the Non-U.S. Holder&rsquo;s tax basis in the common warrants.
However, a Non-U.S. Holder will not be able to utilize a loss recognized upon expiration of a Common Warrant against the Non-U.S. Holder&rsquo;s
U.S. federal income tax liability unless the loss is effectively connected with the Non-U.S. Holder&rsquo;s conduct of a trade or business
within the United States (and, if an income tax treaty applies, is attributable to a permanent establishment or fixed base in the United
States) or is treated as a U.S.-source loss and the Non-U.S. Holder is present 183 days or more in the taxable year of disposition and
certain other conditions are met.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As described under &ldquo;&mdash;U.S. Holders&mdash;Certain Adjustments
to Pre-Funded Warrants or Common Warrants,&rdquo; an adjustment to the Pre-Funded Warrants or Common Warrants could result in a constructive
distribution to a Non-U.S. Holder, which would be treated as described under &ldquo;Distributions&rdquo; below. Any resulting withholding
tax attributable to deemed dividends would be collected from other amounts payable or distributable to the Non-U.S. Holder. Non-U.S. Holders
should consult their tax advisors regarding the proper treatment of any adjustments to the Pre-Funded Warrants or Common Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, regulations governing &ldquo;dividend equivalents&rdquo;
under Section&nbsp;871(m)&nbsp;of the Code may apply to the Pre-Funded Warrants. Under those regulations, an implicit or explicit payment
under Pre-Funded Warrants that references a dividend distribution on the Common Stock would possibly be taxable to a Non-U.S. Holder as
described under &ldquo;Distributions&rdquo; below. Such dividend equivalent amount would be taxable and subject to withholding whether
or not there is actual payment of cash or other property, and the Company may satisfy any withholding obligations it has in respect of
the Pre-Funded Warrants by withholding from other amounts due to the Non-U.S. Holder. Non-U.S. Holders are encouraged to consult their
own tax advisors regarding the application of Section&nbsp;871(m)&nbsp;of the Code to the Pre-Funded Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Distributions</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">As discussed above, we currently anticipate that we will retain future
earnings, if any, to finance the growth and development of our business and do not intend to pay cash dividends in respect of the Common
Stock in the foreseeable future. In the event that we do make distributions on the Common Stock to a Non-U.S. Holder, those distributions
generally will constitute dividends for U.S. federal income tax purposes as described in &ldquo;&mdash;U.S. Holders&mdash;Distributions.&rdquo;
To the extent those distributions do not constitute dividends for U.S. federal income tax purposes (i.e., the amount of such distributions
exceeds both our current and our accumulated earnings and profits), they will constitute a return of capital and will first reduce a Non-U.S.
Holder's basis in the Common Stock (determined separately with respect to each share of Common Stock), but not below zero, and then will
be treated as gain from the sale of that share Common Stock as described below under the section titled &ldquo;&mdash;Disposition of Common
Stock, Pre-Funded Warrants or Common Warrants.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any distribution (including constructive distributions) on shares of
Common Stock that is treated as a dividend paid to a Non-U.S. Holder that is not effectively connected with the holder&rsquo;s conduct
of a trade or business in the United States will generally be subject to withholding tax at a 30% rate or such lower rate as may be specified
by an applicable income tax treaty between the United States and the Non-U.S. Holder&rsquo;s country of residence. To obtain a reduced
rate of withholding under a treaty, a Non-U.S. Holder generally will be required to provide the applicable withholding agent with a properly
executed IRS Form&nbsp;W-8BEN,&nbsp;IRS Form&nbsp;W-8BEN-E or other appropriate form, certifying the Non-U.S. Holder&rsquo;s entitlement
to benefits under that treaty. Such form must be provided prior to the payment of dividends and must be updated periodically. If a Non-U.S.
Holder holds stock through a financial institution or other agent acting on the holder&rsquo;s behalf, the holder will be required to
provide appropriate documentation to such agent. The holder&rsquo;s agent may then be required to provide certification to the applicable
withholding agent, either directly or through other intermediaries. If you are eligible for a reduced rate of U.S. withholding tax under
an income tax treaty, you should consult with your own tax advisor to determine if you are able to obtain a refund or credit of any excess
amounts withheld by timely filing an appropriate claim for a refund with the IRS.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally are not required to withhold tax on dividends paid (or
constructive dividends deemed paid) to a Non-U.S. Holder that are effectively connected with the holder&rsquo;s conduct of a trade or
business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment
or fixed base that the holder maintains in the United States) if a properly executed IRS Form&nbsp;W-8ECI, stating that the dividends
are so connected, is furnished to us (or, if stock is held through a financial institution or other agent, to the applicable withholding
agent). In general, such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the regular
tax rates applicable to U.S. persons. A corporate Non-U.S. Holder receiving effectively connected dividends may also be subject to an
additional &ldquo;branch profits tax,&rdquo; which is imposed, under certain circumstances, at a rate of 30% (or such lower rate as may
be specified by an applicable treaty) on the corporate Non-U.S. Holder&rsquo;s effectively connected earnings and profits, subject to
certain adjustments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See also the sections below titled &ldquo;&mdash;Backup Withholding
and Information Reporting&rdquo; and &ldquo;&mdash;Foreign Accounts&rdquo; for additional withholding rules&nbsp;that may apply to dividends
paid to certain foreign financial institutions or non-financial foreign entities.</P>

<P STYLE="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>Disposition of Common Stock, Pre-Funded Warrants or Common Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the discussions below under the sections titled &ldquo;&mdash;Backup
Withholding and Information Reporting&rdquo; and &ldquo;&mdash;Foreign Accounts,&rdquo; a Non-U.S. Holder generally will not be subject
to U.S. federal income or withholding tax with respect to gain recognized on a sale or other disposition (other than a redemption treated
as a distribution, which will be taxable as described above under &ldquo;Distributions&rdquo;) of shares of Common Stock, Pre-Funded Warrants
or Common Warrants unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the gain is effectively connected with the Non-U.S. Holder&rsquo;s conduct of a trade or business in the United States, and if an applicable income tax treaty so provides, the gain is attributable to a permanent establishment or fixed base maintained by the Non-U.S. Holder in the United States; in these cases, the Non-U.S. Holder will be taxed on a net income basis at the regular tax rates and in the manner applicable to U.S. persons, and if the Non-U.S. Holder is a corporation, an additional branch profits tax at a rate of 30%, or a lower rate as may be specified by an applicable income tax treaty, may also apply;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Non-U.S. Holder is a nonresident alien present in the United States for 183 days or more in the taxable year of the disposition and certain other requirements are met, in which case the Non-U.S. Holder will be subject to a 30% tax (or such lower rate as may be specified by an applicable income tax treaty between the United States and such holder&rsquo;s country of residence) on the net gain derived from the disposition, which may be offset by certain U.S.-source capital losses of the Non-U.S. Holder, if any; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE 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: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Common Stock constitutes a U.S. real property interest because we are, or have been at any time during the five-year period preceding such disposition (or the Non-U.S. Holder&rsquo;s holding period of the Common Stock, Pre-Funded Warrants or Common Warrants, if shorter), a &ldquo;U.S. real property holding corporation,&rdquo; unless the Common Stock is regularly traded on an established securities market, as defined by applicable Treasury Regulations, and the Non-U.S. Holder held no more than 5% of our outstanding Common Stock, directly or indirectly, during the shorter of the five-year period ending on the date of the disposition or the period that the Non-U.S. Holder held the Common Stock. Special rules&nbsp;may apply to the determination of the 5% threshold in the case of a holder of Pre-Funded Warrants or Common Warrants. Non-U.S. Holders are urged to consult their own tax advisors regarding the effect of holding Pre-Funded Warrants or Common Warrants on the calculation of such 5% threshold. Generally, a corporation is a &ldquo;U.S. real property holding corporation&rdquo; if the fair market value of its &ldquo;U.S. real property interests&rdquo; (as defined in the Code and applicable regulations) equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests plus its other assets used or held for use in a trade or business. Although there can be no assurance, we believe that we are not currently, and we do not anticipate becoming, a &ldquo;U.S. real property holding corporation&rdquo; for U.S. federal income tax purposes. No assurance can be provided that the Common Stock will be regularly traded on an established securities market for purposes of the rules&nbsp;described above. Non-U.S. Holders are urged to consult their own tax advisors regarding the U.S. federal income tax considerations that could result if we are, or become a &ldquo;U.S. real property holding corporation.&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">See the sections titled &ldquo;&mdash;Backup Withholding and Information
Reporting&rdquo; and &ldquo;&mdash;Foreign Accounts&rdquo; for additional information regarding withholding rules&nbsp;that may apply
to proceeds of a disposition of the Common Stock, Pre-Funded Warrants or Common Warrants paid to foreign financial institutions or non-financial
foreign entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Backup Withholding and Information Reporting</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">We must report annually to the IRS and to each Non-U.S. Holder the
gross amount of the distributions (including constructive distributions) on the Common Stock, pre-funded warrants or common warrants paid
to such holder and the tax withheld, if any, with respect to such distributions. Non-U.S. Holders may have to comply with specific certification
procedures to establish that the holder is not a U.S. person (as defined in the Code) in order to avoid backup withholding at the applicable
rate, currently 24%, with respect to dividends (or constructive dividends) on the Common Stock, Pre-Funded Warrants or Common Warrants.
Generally, a holder will comply with such procedures if it provides a properly executed IRS Form&nbsp;W-8BEN (or other applicable Form&nbsp;W-8)
or otherwise meets documentary evidence requirements for establishing that it is a Non-U.S. Holder, or otherwise establishes an exemption.
Dividends paid to Non-U.S. Holders subject to withholding of U.S. federal income tax, as described above under the heading &ldquo;Distributions,&rdquo;
will generally be exempt from U.S. backup withholding.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information reporting and backup withholding generally will apply to
the proceeds of a disposition of the Common Stock, pre-funded warrants or common warrants by a Non-U.S. Holder effected by or through
the U.S. office of any broker, U.S. or foreign, unless the holder certifies its status as a Non-U.S. Holder and satisfies certain other
requirements, or otherwise establishes an exemption. Generally, information reporting and backup withholding will not apply to a payment
of disposition proceeds to a Non-U.S. Holder where the transaction is effected outside the United States through a non-U.S. office of
a broker. However, for information reporting purposes, dispositions effected through a non-U.S. office of a broker with substantial U.S.
ownership or operations generally will be treated in a manner similar to dispositions effected through a U.S. office of a broker. Non-U.S.
Holders should consult their own tax advisors regarding the application of the information reporting and backup withholding rules&nbsp;to
them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Copies of information returns may be made available to the tax authorities
of the country in which the Non-U.S. Holder resides or is incorporated under the provisions of a specific treaty or agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Backup withholding is not an additional tax. Any amounts withheld under
the backup withholding rules&nbsp;from a payment to a Non-U.S. Holder can be refunded or credited against the Non-U.S. Holder&rsquo;s
U.S. federal income tax liability, if any, provided that an appropriate claim is timely filed with the IRS.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Foreign Account Tax Compliance Act, or FATCA, generally imposes
a 30% withholding tax on dividends (including constructive dividends) on the Common Stock, pre-funded warrants and common warrants if
paid to a non-U.S. entity unless (i)&nbsp;if the non-U.S. entity is a &ldquo;foreign financial institution,&rdquo; the non-U.S. entity
undertakes certain due diligence, reporting, withholding, and certification obligations, (ii)&nbsp;if the non-U.S. entity is not a &ldquo;foreign
financial institution,&rdquo; the non-U.S. entity identifies certain of its U.S. investors, if any, or (iii)&nbsp;the non-U.S. entity
is otherwise exempt under FATCA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Withholding under FATCA generally will apply to payments of dividends
(including constructive dividends) on the Common Stock, Pre-Funded Warrants and Common Warrants. While withholding under FATCA would have
also applied to payments of gross proceeds from a sale or other disposition of the Common Stock, pre-funded warrants or common warrants,
under proposed U.S. Treasury Regulations withholding on payments of gross proceeds is not required. Although such regulations are not
final, applicable withholding agents may rely on the proposed regulations until final regulations are issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An intergovernmental agreement between the United States and an applicable
foreign country may modify the requirements described in this section. Under certain circumstances, a holder may be eligible for refunds
or credits of the tax. Holders should consult their own tax advisors regarding the possible implications of FATCA on their investment
in the Common Stock, Pre-Funded Warrants or Common Warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Federal Estate Tax</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">Common Stock owned or treated as owned by an individual who is not
a citizen or resident of the United States (as specially defined for U.S. federal estate tax purposes) at the time of death will be included
in the individual&rsquo;s gross estate for U.S. federal estate tax purposes and, therefore, may be subject to U.S. federal estate tax,
unless an applicable estate tax or other treaty provides otherwise. The foregoing may also apply to common warrants and pre-funded warrants.
A Non-U.S. Holder should consult his, her, or its own tax advisor regarding the U.S. federal estate tax consequences of the ownership
or disposition of shares of the Common Stock, Pre-Funded Warrants and Common Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preceding discussion of material U.S. federal tax considerations
is for information only. It is not tax advice. Prospective investors should consult their own tax advisors regarding the particular U.S.
federal, state, local and non-U.S. tax consequences of purchasing, holding and disposing of the Common Stock, Pre-Funded Warrants or Common
Warrants, including the consequences of any proposed changes in applicable laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_013"></A><B>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.G.P./Alliance Global Partners has agreed to act as our sole Placement
Agent in connection with this offering subject to the terms and conditions of the placement agency agreement dated May&nbsp;7, 2025. The
Placement Agent is not purchasing or selling any of the securities offered by this prospectus, nor is it required to arrange for the purchase
and sale of any specific number or dollar amount of such securities, other than to use its reasonable &ldquo;best efforts&rdquo; to arrange
for the sale of such securities by us. Therefore, we may not sell all of the securities being offered pursuant to this prospectus. The
securities will be offered at a fixed price and are expected to be issued in a single closing. We will enter into a securities purchase
agreement directly with certain investors, at the investor&rsquo;s option, who purchase our securities in this offering. Investors who
do not enter into a securities purchase agreement shall rely solely on this prospectus in connection with the purchase of our securities
in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will deliver the securities being issued to the investors upon receipt
of investor funds for the purchase of the securities offered pursuant to this prospectus. We expect to deliver the securities being offered
pursuant to this prospectus on or about May&nbsp;8, 2025.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed to pay the Placement Agent an aggregate fee equal to
7.0% of the purchase price paid by all purchasers in this offering. In addition, we have agreed to reimburse the Placement Agent for its
legal fees in an amount up to $85,000 and non-accountable expenses of up to $15,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We estimate the total expenses of this offering paid or payable by
us, exclusive of the placement agent fee and reimbursements, will be approximately $250,000. After deducting the fees due to the Placement
Agent and our estimated expenses in connection with this offering, we expect the net proceeds from this offering will be approximately
<FONT>$6.625</FONT>&nbsp;million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table shows the per share and total cash fees we will
pay to the Placement Agent in connection with the sale of the securities pursuant to this prospectus.</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: 100%">
  <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">Per Share of<BR> Common Stock<BR> and<BR> Accompanying<BR> Common<BR> Warrant</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">Per Pre-Funded<BR> Warrant and<BR> Accompanying<BR> Common<BR> Warrant</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">Total</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: 58%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public offering price<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1.10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1.099</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">7,495,170.72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Placement agent fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.077</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.07693</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">524,661.9504</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds before expenses to us<SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.02207</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,970,508.7696</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>

<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: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The combined public offering price is $1.10 per share of Common Stock and accompanying Common Warrant and $1.099 per Pre-Funded Warrant and accompanying Common Warrant.</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does not include proceeds from the exercise of the Pre-Funded Warrants or Common Warrants in cash, if any.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed to indemnify the Placement Agent and specified other
persons against specified liabilities, including liabilities under the Securities Act, and to contribute to payments the Placement Agent
may be required to make in respect thereof.</P>

<P STYLE="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">Our directors and officers have entered into lock-up agreements. Under
these agreements, these individuals agreed, subject to specified exceptions, not to sell or transfer any shares of Common Stock or securities
convertible into, or exchangeable or exercisable for, Common Stock during a period ending 90 days after the completion of this offering,
without first obtaining the written consent of the Placement Agent. Specifically, these individuals agreed, in part, subject to certain
exceptions, not to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 shares of Common Stock; or</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 of our securities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No Sales of Similar Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed, subject to certain exceptions, not to issue, enter
into any agreement to issue or announce the issuance or proposed issuance of, any shares of Common Stock (or securities convertible into
or exercisable for Common Stock) or, subject to certain exceptions, file any registration statement, including any amendments or supplements
thereto (other than the registration statement or amendment to the registration statement relating to the securities offered hereunder
and a registration statement on Form&nbsp;S-8), until <FONT>90</FONT> days after the completion of this
offering. We have also agreed not to enter into or issue any shares under a variable rate transaction (as defined in the securities purchase
agreement) for six months after the completion of this offering, except that after the seventy-five (75) day anniversary of the closing
of this offering we may offer shares of Common Stock pursuant to the ATM Sales Agreement between the Company and the Placement Agent,
provided that after the forty-five (45) day anniversary of the closing of this offering we may file a prospectus supplement with respect
to sales under the Sales Agreement.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Placement Agent may be deemed to be an underwriter within the meaning
of Section&nbsp;2(a)(11) of the Securities Act, and any commissions received by it and any profit realized on the resale of the shares
sold by it while acting as principal might be deemed to be underwriting discounts or commissions under the Securities Act. As an underwriter,
the Placement Agent would be required to comply with the requirements of the Securities Act and the Exchange Act, including, without limitation,
Rule&nbsp;415(a)(4)&nbsp;under the Securities Act and Rule&nbsp;10b-5 and Regulation M under the Exchange Act. These rules&nbsp;and regulations
may limit the timing of purchases and sales of shares by the Placement Agent acting as principal. Under these rules&nbsp;and regulations,
the placement agents:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may not engage in any stabilization activity in connection with our securities; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Placement Agent does not intend to confirm sales of the securities
offered hereby to any accounts over which it has discretionary authority.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Placement Agent and certain of its affiliates are full service
financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial
advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The Placement
Agent and certain of its affiliates have, from time to time, performed, and may in the future perform, various commercial and investment
banking and financial advisory services for us and our affiliates, for which they received or will receive customary fees and expenses.
For example, A.G.P./Alliance Global Partners was the placement agent for our public offering that was consummated on September&nbsp;27,
2024 and received a fee of 7% of the gross proceeds of such offering plus an expense reimbursement of $100,000 and is the sales agent
under the ATM Sales Agreement. Under the ATM Sales Agreement, we may offer and sell, from time to time, shares of Common Stock through
A.G.P./Alliance Global Partners in an &ldquo;at the market offering&rdquo; as defined in Rule&nbsp;415(a)(4)&nbsp;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">In the ordinary course of its various business activities, the Placement
Agent and certain of its affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related
derivative securities) and financial instruments (including bank loans) for its own account and for the accounts of its customers, and
such investment and securities activities may involve securities and/or instruments issued by us and our affiliates. If the Placement
Agent or its affiliates have a lending relationship with us, they routinely hedge their credit exposure to us consistent with their customary
risk management policies. The Placement Agent and its affiliates may hedge such exposure by entering into transactions that consist of
either the purchase of credit default swaps or the creation of short positions in our securities or the securities of our affiliates,
including potentially the Common Stock offered hereby. Any such short positions could adversely affect future trading prices of the Common
Stock offered hereby. The Placement Agent and certain of its affiliates may also communicate independent investment recommendations, market
color or trading ideas and/or publish or express independent research views in respect of such securities or instruments and may at any
time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Blank Rome LLP, New York, New York will pass upon certain legal matters
relating to the sale of the Common Warrants and Pre-Funded Warrants, offered hereby on our behalf and Parsons Behle&nbsp;&amp; Latimer,
Reno, Nevada will pass on certain legal matters related to the issuance of the Common Stock, Common Warrants and Pre-Funded Warrants offered
hereby on our behalf.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thompson Hine LLP, New York, New York, is acting as counsel to the
Placement Agent in connection with certain legal matters related to this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of the date of this prospectus, an attorney of Blank Rome LLP beneficially
owns securities exercisable to purchase shares of the Common Stock that represent less than 1% of our outstanding shares of Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_015"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consolidated financial statements of Theriva Biologics,&nbsp;Inc.
as of December&nbsp;31, 2024 and 2023 and for each of the two years in the period ended December&nbsp;31, 2024 incorporated by reference
in this prospectus and in the registration statement have been so incorporated in reliance on the report of BDO USA, P.C, an independent
registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The report on the consolidated
financial statements contains an explanatory paragraph regarding the Company&rsquo;s ability to continue as a going concern.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_016"></A>WHERE YOU CAN FIND ADDITIONAL 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">We have filed with the SEC a registration statement under the Securities
Act for the securities offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain
all of the information set forth in the registration statement or the exhibits and schedules filed therewith. For further information
about us and the securities offered hereby, we refer you to the registration statement and the exhibits and schedules filed thereto. Any
statements made in this prospectus concerning legal documents are not necessarily complete and you should read the documents that are
filed as exhibits to the registration statement or otherwise filed with the SEC for a more complete understanding of the document or matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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>. We are subject
to the information and periodic reporting requirements of the Exchange Act, and we file periodic reports, proxy statements and other information
with the SEC. These periodic reports, proxy statements and other information are available at the website of the SEC referred to above.
We maintain a website at <I>https://ir.therivabiologics.com/sec-filings</I>. You may access our Annual Reports on Form&nbsp;10-K, Quarterly
Reports on Form&nbsp;10-Q, Current Reports on Form&nbsp;8-K and amendments to those reports filed or furnished pursuant to Section&nbsp;13(a)&nbsp;or
15(d)&nbsp;of the Exchange Act with the SEC free of charge at our website as soon as reasonably practicable after such material is electronically
filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website is not incorporated by
reference in, and is not part of, this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_017"></A><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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">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;001-12584):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/894158/000141057825000285/tmb-20241231x10k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></A></TD>
    <TD STYLE="width: 96%"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/894158/000141057825000285/tmb-20241231x10k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024 filed with the SEC on March&nbsp;6, 2025; </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Current Reports on Form&nbsp;8-K filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/894158/000110465925029654/tm2510883d1_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;31, 2025</A>, and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/894158/000110465925045309/tm2514050d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;7, 2025</A>; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The description of the Common Stock set forth in (i)&nbsp;our registration statements on </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/894158/000089016307000379/s11-7491_8a.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-A12B, filed with the SEC on June&nbsp;20, 2007 (File No.&nbsp;001-12584)</A> and (ii)&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/894158/000141057824000293/tmb-20231231xex4d3.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.3</A>&mdash;Description of Securities to our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2023.</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">We also incorporate by reference any future filings (other than current
reports furnished under Item&nbsp;2.02 or Item&nbsp;7.01 of Form&nbsp;8-K and exhibits filed on such form that are related to such items
unless such Form&nbsp;8-K expressly provides to the contrary) made with the SEC pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of
the Exchange Act, including those made (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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will furnish without charge to each person, including any beneficial
owner, to whom a prospectus is delivered, upon written or oral request, a copy of any or all of the documents incorporated by reference
into this prospectus but not delivered with the prospectus, including exhibits that are specifically incorporated by reference into such
documents. You should direct any requests for documents 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">Theriva Biologics,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">9605 Medical Center Drive, Suite&nbsp;270</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rockville, Maryland 20850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone: (301) 417-4364</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may also access these documents, free of charge, on the SEC&rsquo;s
website at <I>www.sec.gov</I> or on our website at <I>https://ir.therivabio.com/sec-filings</I>. The information contained in, or that
can be accessed through, our website is not incorporated by reference in, and is not part of, this prospectus or any accompanying prospectus
supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with Rule&nbsp;412 of the Securities Act, any statement
contained in a document incorporated by reference herein shall be deemed modified or superseded to the extent that a statement contained
herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should rely only on information contained in, or incorporated by
reference into, this prospectus and any prospectus supplement. We have not authorized anyone to provide you with information different
from that contained in this prospectus or incorporated by reference into this prospectus. We are not making offers to sell the securities
in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such offer or solicitation
is not qualified to do so or to anyone to whom it is unlawful to make such an offer or solicitation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_006.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1,990,900&nbsp;Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6,818,180&nbsp;Common Warrants to Purchase Up to 6,818,180&nbsp;Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4,827,280&nbsp;Pre-Funded Warrants to Purchase Up to 4,827,280&nbsp;Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>11,645,460&nbsp;Shares of Common Stock Underlying the Common Warrants and Pre-Funded Warrants</B></P>

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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>A.G.P.</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>May&nbsp;7, 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>

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

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