<SEC-DOCUMENT>0001213900-25-126084.txt : 20251229
<SEC-HEADER>0001213900-25-126084.hdr.sgml : 20251229
<ACCEPTANCE-DATETIME>20251229163342
ACCESSION NUMBER:		0001213900-25-126084
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		19
FILED AS OF DATE:		20251229
DATE AS OF CHANGE:		20251229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MDxHealth SA
		CENTRAL INDEX KEY:			0001872529
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				000000000
		STATE OF INCORPORATION:			C9

	FILING VALUES:
		FORM TYPE:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-292463
		FILM NUMBER:		251609622

	BUSINESS ADDRESS:	
		STREET 1:		CAP BUSINESS CENTER
		STREET 2:		RUE D'ABHOOZ, 31, B-4040
		CITY:			HERSTAL
		STATE:			C9
		ZIP:			00000
		BUSINESS PHONE:		949-271-9221

	MAIL ADDRESS:	
		STREET 1:		CAP BUSINESS CENTER
		STREET 2:		RUE D'ABHOOZ, 31, B-4040
		CITY:			HERSTAL
		STATE:			C9
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDx Health SA
		DATE OF NAME CHANGE:	20210713
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3
<SEQUENCE>1
<FILENAME>ea0270822-f3_mdxhealth.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on December 29, 2025</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM F-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; width: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Belgium</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of <BR>
    incorporation or organization)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer <BR>
    Identification Number)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAP Business Center<BR>
Zone Industrielle des Hauts-Sarts<BR>
4040 Herstal, Belgium<BR>
+1 (866) 259-5644<BR>
</B>(Address and&nbsp;telephone&nbsp;number of&nbsp;Registrant&rsquo;s&nbsp;principal&nbsp;executive&nbsp;offices)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MDxHealth, Inc.<BR>
15279 Alton Parkway &mdash; Suite 100<BR>
Irvine, CA 92618<BR>
United States<BR>
+1 949-812-6979<BR>
</B>(Name, address, and telephone number, including area code, of agent for service)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies of all communications, including
communications sent to agent for service, should be sent to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></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: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Mark R. Busch <BR>
    Patrick J. Rogers<BR>
    K&amp;L Gates <BR>
    300 S. Tryon St., Suite 1000<BR>
    Charlotte, NC 28202 <BR>
    United States<BR>
    +1 704-331-7400</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Roel Meers<BR>
    Baker McKenzie BV/SRL</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Avenue du Boulevard 21</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1210 Brussels</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Belgium </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+32 2 639 36 11</B></P></TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Approximate date of commencement of proposed sale to the public</B>:
From time to time after the effective date of this registration statement as determined by the registrant.</P>

<P STYLE="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 only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following box.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a registration statement pursuant to General Instruction
I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under
the Securities Act, check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a post-effective amendment to a registration statement
filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule&nbsp;413(b)&nbsp;under
the&nbsp;Securities Act, check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of 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">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</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">If an emerging growth company that prepares its financial statements
in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards&dagger; provided pursuant to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-indent: -6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&dagger;</TD><TD STYLE="text-align: left">The term &ldquo;new
                                            or revised financial accounting standards&rdquo; refers to any update issued by the Financial
                                            Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-indent: -6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Registrant hereby amends this Registration Statement on such
date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically
states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933
or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), shall
determine.&nbsp;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; 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>EXPLANATORY NOTE</B>&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">This Registration Statement of MDxHealth SA contains three prospectuses:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">a
                                            base prospectus which covers the offering, issuance and sale by us of the securities identified
                                            above from time to time in one or more offerings, which together shall have an aggregate
                                            initial offering price not to exceed $200,000,000;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">a
                                            sales agreement prospectus covering the offering, issuance and sale by the Registrant of
                                            up to a maximum aggregate offering price of $50,000,000 (which amount is included in the
                                            $200,000,000 aggregate offering price set forth in the base prospectus) of our ordinary shares
                                            that may be issued and sold under the Sales Agreement, dated April 30, 2024, between us and
                                            TD Securities (USA) LLC (&ldquo;TD Cowen&rdquo;), as sales agent; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">a
                                            secondary offering prospectus which covers the offer and sale by the selling securityholder
                                            described therein of up to 1,867,186 ordinary shares acquired by the selling securityholder
                                            in connection with the closing of the Company&rsquo;s acquisition of Exosome Diagnostics,
                                            Inc. business from Bio-Techne Corporation.</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 base prospectus immediately follows this explanatory note. The
specific terms of any securities to be offered pursuant to the base prospectus will be specified in one or more prospectus supplements
to the base prospectus. The sales agreement prospectus immediately follows the base prospectus and the secondary offering prospectus
follows the sales agreement prospectus. The $50,000,000 ordinary shares that may be offered, issued and sold under the sales agreement
prospectus are included in the $200,000,000 of securities that may be offered, issued and sold by us under the base prospectus. Upon
termination of the Sales Agreement or upon suspension of sales under the sales agreement prospectus, any portion of the $50,000,000 included
in the sales agreement prospectus that is not sold pursuant to the Sales Agreement will be available for sale in other offerings pursuant
to the base prospectus and a corresponding prospectus supplement, and if no ordinary shares are sold under the Sales Agreement, the full
$50,000,000 of securities may be sold in other offerings pursuant to the base prospectus and a corresponding prospectus supplement. The
1,867,186 ordinary shares that may be offered and sold under the secondary offering prospectus are not included in the $200,000,000 of
securities that may be offered, issued and sold by us under the base prospectus.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: Red; margin: 0pt 0">The information in this prospectus is not complete and
may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these securities and is not soliciting offers to buy these securities in any state
where the offer or sale is not permitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subject to completion, dated December 29, 2025</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$200,000,000</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may offer and sell from time to time, in one or more offerings,
up to an aggregate amount of $200,000,000 in ordinary shares of the Company, no par value (the &ldquo;securities&rdquo;). We will provide
specific terms of these securities in supplements to this prospectus. You should read carefully this prospectus, any prospectus supplement
and any free writing prospectus, together with the additional information described under the heading &ldquo;<I>Where You Can Find More
Information</I>,&rdquo; before you invest in our 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">This prospectus may not be used to offer and sell securities unless
accompanied by a prospectus supplement for those securities. We may, from time to time, offer to sell the securities, through public
or private transactions, directly or through underwriters, agents or dealers, on or off the Nasdaq Capital Market, at prevailing market
prices or at privately negotiated prices. If any underwriters, agents or dealers are involved in the sale of any of these securities,
the applicable prospectus supplement will set forth the names of the underwriter, agent or dealer and any applicable fees or commissions.</P>

<P STYLE="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 ordinary shares are listed on the Nasdaq Capital Market under
the symbol &ldquo;MDXH.&rdquo; On December 26, 2025, the latest reported sale price for our ordinary shares was $3.41.</P>

<P STYLE="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 an &ldquo;emerging growth company&rdquo; as defined in the
Jumpstart Our Business Startups Act of 2012 and, as such, have elected to comply with certain reduced public company reporting requirements
for this prospectus and future filings.&nbsp;See &ldquo;Prospectus Summary &mdash; Implications of Being an Emerging Growth Company.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our business and an investment in our securities involve significant
risks. See &ldquo;<I>Risk Factors</I>&rdquo; beginning on&nbsp;page 3 for more information.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt">The date of this prospectus
is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 91%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 8%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_001"><FONT STYLE="font-size: 10pt">About This Prospectus</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">ii</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_002"><FONT STYLE="font-size: 10pt">Prospectus Summary</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_004"><FONT STYLE="font-size: 10pt">Cautionary Statement Regarding Forward-Looking Statements</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_005"><FONT STYLE="font-size: 10pt">Capitalization and Indebtedness</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">39</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_006"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">39</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">40</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_008"><FONT STYLE="font-size: 10pt">Description of Share Capital and Articles of Association</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">41</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_009">Taxation</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">54</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_010"><FONT STYLE="font-size: 10pt">Material Changes</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_011"><FONT STYLE="font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_012"><FONT STYLE="font-size: 10pt">Experts</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_013"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_014"><FONT STYLE="font-size: 10pt">Incorporation of Certain Information by Reference</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">56</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_015"><FONT STYLE="font-size: 10pt">Expenses</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_016"><FONT STYLE="font-size: 10pt">Enforcement of Civil Liabilities</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5<FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_017"><FONT STYLE="font-size: 10pt">Indemnification for Securities Act Liabilities</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5<FONT STYLE="font-size: 10pt">8</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_001"></A>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">This prospectus is part of a registration statement that we filed
with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;), under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), using a &ldquo;shelf&rdquo; registration process. Under this shelf registration process, we may, from time to time, offer
and/or sell any combination of the securities described in this prospectus in one or more offerings, up to an aggregate of $200,000,000.</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">This prospectus provides you with a general description of the ordinary
shares that we may offer. Each time we sell the securities described herein using this prospectus, we will provide you with a supplement
to this prospectus that will contain specific information about the terms of that offering. We may also authorize one or more free writing
prospectuses to be provided to you that may contain material information relating to a particular offering. The prospectus supplement
and any related free writing prospectus may include additional risk factors or other special considerations applicable to those particular
securities. Any prospectus supplement and any related free writing prospectus may also add, update or change information contained in
this prospectus. If there is any inconsistency between the information contained in this prospectus and any prospectus supplement, you
should rely on the information contained in that particular prospectus supplement. You should read both this prospectus and any prospectus
supplement together with additional information described under the heading &ldquo;<I>Where You Can Find Additional Information</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Owning securities may subject you to tax consequences in the United
States. This prospectus or any applicable prospectus supplement may not describe these tax consequences fully. You should read the tax
discussion in any prospectus supplement with respect to a particular offering and consult your own tax advisor with respect to your own
particular circumstances</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 contained in or incorporated
by reference into this prospectus or a prospectus supplement. We have not authorized anyone to provide you with different information.
If anyone provides you with different or inconsistent information, you should not rely on it. The distribution or possession of this
prospectus in or from certain jurisdictions may be restricted by law. This prospectus is not an offer to sell the securities and is not
soliciting an offer to buy the securities in any jurisdiction where the offer or sale is not permitted or where the person making the
offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale. The information contained
in this prospectus and in any applicable prospectus supplement is accurate only as of the date on the front cover of this prospectus
or prospectus supplement, as applicable, and the information incorporated by reference into this prospectus or any prospectus supplement
is accurate only as of the date of the document incorporated by reference, in each case, regardless of the time of delivery of this prospectus
or of any sale of the securities offered hereby. Our business, financial condition, results of operations and prospects may have changed
since such 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">Persons who come into possession of this prospectus in a jurisdiction
outside the United States are required to inform themselves about and to observe any restrictions as to this offering and the distribution
of this prospectus applicable to that jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated or the context otherwise requires, all
references in this prospectus to the terms &ldquo;MDxHealth,&rdquo; the &ldquo;Company,&rdquo; &ldquo;our company,&rdquo; &ldquo;we,&rdquo;
&ldquo;us,&rdquo; and &ldquo;our&rdquo; refer to MDxHealth SA and its wholly owned subsidiaries. In this prospectus, any reference to
any provision of any legislation shall include any amendment, modification, reenactment or extension thereof. Words importing the singular
shall include the plural and vice versa, and words importing the masculine gender shall include the feminine or neutral gender. All references
to &ldquo;shares&rdquo; in this prospectus refer to ordinary shares of MDxHealth SA with no nominal 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">All references in this prospectus to &ldquo;$&rdquo; are to U.S. dollars
and all references to &ldquo;&euro;&rdquo; are to Euros.&nbsp;</P>

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

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

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The following is a summary of what we believe to be the most important
aspects of our business and the offering of our securities under this prospectus. We urge you to read this entire prospectus, including
the more detailed consolidated financial statements, notes to the consolidated financial statements and other information incorporated
by reference from our other filings with the SEC or included in any applicable prospectus supplement. Investing in our securities involves
risks. Therefore, carefully consider the risk factors set forth in any prospectus supplements and in our most recent filings with the
SEC including our Annual Reports on Form 20-F and reports on Form 6-K, as well as other information in this prospectus and any prospectus
supplements and the documents incorporated by reference herein or therein, before purchasing our securities. Each of the risk factors
could adversely affect our business, operating results and financial condition, as well as adversely affect the value of an investment
in our securities. As used in this prospectus, the terms &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us,&rdquo; &ldquo;MDxHealth,&rdquo;
or the &ldquo;Company&rdquo; refer to MDxHealth SA and its subsidiaries, taken as a whole, unless the context otherwise requires it.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About the 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 commercial-stage precision diagnostics company providing
non-invasive, clinically actionable and cost-effective urologic solutions to improve patient care. Our core menu of testing solutions,
ExoDx for Prostate Cancer (&ldquo;ExoDx&rdquo;), Confirm mdx for Prostate Cancer (&ldquo;Confirm mdx&rdquo;), and Genomic Prostate Score
(&ldquo;GPS&rdquo;), provide personalized genomic insights to both physicians and patients navigating the complexities of prostate cancer
diagnosis and treatment. Our other testing solutions address related urologic diseases and conditions that are often managed by the same
specialists who utilize our core prostate cancer tests. Each of our cutting-edge molecular diagnostic technologies provides patient-specific
results enabling tailored approaches that enhance patient well-being while minimizing the need for invasive and unnecessary treatments
and procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">More than 7,000 physicians have ordered over 500,000 mdxhealth tests.
We have established a systematic approach to bring our precision diagnostic solutions to market, centered on proactive engagement, education,
and market expansion aimed at healthcare professionals and their patients. Each of our core tests, ExoDx, Confirm mdx and GPS, have been
included in prostate cancer detection and treatment guidelines published by the National Comprehensive Cancer Network, a non-profit alliance
of the 31 leading cancer centers in the United States, and each core test has also successfully completed formal technical assessment
review for Medicare reimbursement, culminating in positive final local coverage determinations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Building from the foundation of our complementary marketed products,
we are committed to sustained growth, with our core management principles defined by a commitment to focus, commercial execution and
operating discipline throughout our organization. Our dedicated commercial team concentrates on cultivating relationships with major
community urology centers, prioritizing those with significant patient volumes. We foster enduring connections with key physicians and
practice groups who serve populations eligible for our solutions. Our overarching objective is to provide comprehensive support to physicians
utilizing our tests throughout the entire patient journey, from initial diagnosis to advanced prostate cancer management.<B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ExoDx Acquisition</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">On August 5, 2025, we entered into an agreement with Bio-Techne Corporation
(&ldquo;Bio-Techne&rdquo;), to acquire Exosome Diagnostics, Inc., including the ExoDx test, its CLIA-certified clinical laboratory and
related assets. The closing of the acquisition took place on September 15, 2025. Total consideration for the acquisition is up to $15
million, with approximately $5 million in stock paid at closing and, subject to certain conditions, $2.5 million to be paid annually
over the following 4 years, with 50% payable in cash and 50% payable in cash or stock at our discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Implications of Being an Emerging Growth 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">As a company with less than $1.235 billion in revenue during our last
fiscal year, we qualify as an &ldquo;emerging growth company&rdquo; as defined in the Jumpstart Our Business Start-ups Act of 2012, as
amended (the &ldquo;JOBS Act&rdquo;). As an emerging growth company, we may take advantage of specified reduced disclosure and other
requirements that are otherwise applicable generally to public companies. These provisions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">exemption
                                            from the auditor attestation requirement of Section 404 of the Sarbanes-Oxley Act of 2002,
                                            or the Sarbanes-Oxley Act, in the assessment of our internal controls over financial reporting;
                                            and</FONT></TD>
</TR></TABLE>

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            the extent that we no longer qualify as a foreign private issuer, (i) reduced disclosure
                                            obligations regarding executive compensation in our periodic reports and proxy statements
                                            and (ii) exemptions from the requirements of holding a non-binding advisory vote on executive
                                            compensation, including golden parachute compensation.</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">We may take advantage of these exemptions until such time that we
are no longer an emerging growth company. We will cease to be an emerging growth company upon the earliest to occur of (i) the last day
of the fiscal year in which we have more than $1.235 billion in annual revenue; (ii) the date we qualify as a &ldquo;large accelerated
filer&rdquo; with at least $700 million of equity securities held by non-affiliates; (iii) the issuance, in any three year period, by
our company of more than $1.0 billion in non-convertible debt securities held by non-affiliates; and (iv) December 31, 2026.&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"><B>Implications of Being a Foreign Private Issuer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also considered a &ldquo;foreign private issuer&rdquo; under
U.S. securities laws. In our capacity as a foreign private issuer, we are exempt from certain rules under the Exchange Act that impose
certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. In addition,
members of our board of directors and our principal shareholders are exempt from the reporting and &ldquo;short-swing&rdquo; profit recovery
provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of our securities.
Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies
whose securities are registered under the Exchange Act. In addition, we are not required to comply with Regulation FD (Fair Disclosure),
which restricts the selective disclosure of material 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">We may take advantage of these exemptions until such time as we are
no longer a foreign private issuer. We will remain a foreign private issuer until such time that more than 50% of our outstanding voting
securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of the members of the board
of directors are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United&nbsp;States; or (iii) our business
is administered principally in the United States.</P>

<P STYLE="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 taken advantage of certain reduced reporting and other requirements
in this prospectus. Accordingly, the information contained herein may be different from the information you receive from other public
companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate History and 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; background-color: white">We were incorporated on January&nbsp;10,
2003 as a company with limited liability (naamloze vennootschap/soci&eacute;t&eacute; anonyme) incorporated and operating under the laws
of Belgium. We are registered with the legal entities register (Li&egrave;ge) under enterprise number 0479.292.440. We were publicly
listed on Euronext Brussels in June&nbsp;2006 and we had American Depositary Shares (&ldquo;ADS&rdquo;) listed on the Nasdaq Capital
Market in November 2021. In November 2023, we completed a share consolidation of our ordinary shares by means of a 1-for-10 reverse split,
such that following the share consolidation each ADS represented one ordinary share (instead of 10 ordinary shares previously). Following
the share consolidation and also during November 2023, we completed the mandatory exchange of all of our ADSs for one ordinary share
each and subsequently terminated our ADS facility.&nbsp;Following a transition period, the Company de-listed its ordinary shares from
Euronext Brussels and, as of December 18, 2023, our ordinary shares began solely trading on the Nasdaq Capital Market under the symbol
&ldquo;MDXH&rdquo;. In October 2010, the Company&rsquo;s name was changed from OncoMethylome Sciences SA to&nbsp;MDxHealth SA. We have
three directly held, wholly owned subsidiaries: MDxHealth, Inc., a Delaware company incorporated in April 2003, MDxHealth B.V., a Dutch
company incorporated in September 2015, and Exosome Diagnostics, Inc., a Delaware company incorporated in 2008. Our principal executive
office is in Belgium at Zone Industrielle des Hauts-Sarts 4040 Herstal, Belgium and the telephone number is +1 (866) 259-5644. Our agent
for service of process in the United States is MDxHealth, Inc., which is located at 15279 Alton Parkway &mdash; Suite 100, Irvine, CA
92618. MDxHealth, Inc.&rsquo;s telephone number is +1 949-812-6979.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>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">Investing in the securities to be offered pursuant to this prospectus
involves a high degree of risk. You should carefully consider the important factors set forth under the heading &ldquo;<I>Risk Factors</I>&rdquo;
in our most recent Annual Report on Form 20-F filed with the SEC and incorporated herein by reference, which may be amended, supplemented
or superseded from time to time by other reports we file with the SEC in the future, and any risk factors and other information described
in the applicable prospectus supplement or relevant free writing prospectus for such issuance before investing in any securities that
may be offered. For further details, see the sections entitled &ldquo;<I>Incorporation of Certain Information by Reference</I>&rdquo;
and &ldquo;<I>Where You Can Find Additional Information</I>.&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 of the risk factors referred to above could significantly and
negatively affect our business, results of operations or financial condition, which may reduce our ability to pay dividends and lower
the trading price of our securities. The risks referred to above are not the only ones that we face. Additional risks not currently known
by us or risks that we currently deem immaterial may also impair our business and operations. You should only consider investing in our
securities if you can bear the risk of loss of your entire investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Summary of Risk Factors</U></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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            have a history of losses and expect to incur net losses in the future and may never achieve
                                            profitability.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            might require substantial additional funding to continue our operations and to respond to
                                            business needs or take advantage of new business opportunities, which may not be available
                                            on acceptable terms, or at all.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            loan facility contains restrictions that limit our flexibility in operating our business,
                                            and if we fail to comply with the covenants and other obligations under our loan agreement,
                                            the lenders may be able to accelerate amounts owed under the facility and may foreclose upon
                                            the assets securing our obligations.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            may engage in acquisitions that are not successful and which could disrupt our business,
                                            cause dilution to our stockholders and reduce our financial resources.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            operating results could be subject to significant fluctuation, which could increase the volatility
                                            of our stock price and cause losses to our shareholders.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            molecular diagnostics industry is highly competitive and characterized by rapid technological
                                            changes and we may be unable to keep pace with our competitors.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            financial results have been largely dependent on sales of two tests, Confirm mdx and GPS,
                                            and we will need to generate sufficient revenues from these tests and other future solutions
                                            to grow our business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            face uncertainties over the reimbursement of our tests by third party payors.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            business may be adversely affected by global macroeconomic conditions and volatility in the
                                            capital markets.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">If
                                            we are unable to retain intellectual property protection in relation to our tests or if we
                                            are required to expend significant resources to protect our intellectual property position,
                                            our competitive position could be undercut.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            may be subject to substantial costs and liabilities or be prevented from using technologies
                                            incorporated in our tests as a result of litigation or other proceedings relating to patent
                                            rights.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            rely on strategic collaborative and license arrangements with third parties to develop critical
                                            intellectual property. We may not be able to successfully establish and maintain such intellectual
                                            property.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Due
                                            to billing complexities in the diagnostic and laboratory service industry, we may have difficulties
                                            receiving timely payment for the tests we perform, and may face write-offs, disputes with
                                            payors and patients, and long collection cycles.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            face an inherent risk of product liability claims.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failure
                                            to attract or retain key personnel or to secure the support of key scientific collaborators
                                            could materially adversely impact our business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            business and reputation will suffer if we are unable to establish and comply with, stringent
                                            quality standards to assure that the highest level of quality is observed in the performance
                                            of our tests.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            laboratory facilities may become inoperable due to natural or man-made disasters or regulatory
                                            sanctions.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            rely on a limited number of third-party suppliers for services and items used in the production
                                            and operation of our testing solutions, and some of those services and items are supplied
                                            from a single source. Disruption of the supply chain, unavailability of third-party services
                                            required for the performance of the tests, modifications of certain items or failure to achieve
                                            economies of scale could have a material adverse effect on us.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failures
                                            in our information technology, storage systems, or our clinical laboratory equipment could
                                            significantly disrupt our operations and our research and development efforts.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            use of Artificial Intelligence presents new risks and challenges to our business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            expect to make significant investments to research and develop new tests, which may not be
                                            successful.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            research and development efforts will be hindered if we are not able to obtain samples, contract
                                            with third parties for access to samples or complete timely enrollment in future clinical
                                            trials.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failure
                                            to comply with governmental payor regulations could result in us being excluded from participation
                                            in Medicare, Medicaid or other governmental payor programs, which would adversely affect
                                            our business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failure
                                            to comply with federal, state and foreign laboratory licensing and related requirements could
                                            cause us to lose the ability to perform our tests, experience disruptions to our business,
                                            or become subject to administrative or judicial sanctions.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            FDA may change its position with respect to its regulation of the laboratory developed tests
                                            we offer or may seek to offer in the future, causing us to incur substantial costs and time
                                            delays associated with meeting requirements for pre-market clearance or approval or we could
                                            experience decreased demand for or reimbursement of our tests.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Delays
                                            in receipt of, or failure to obtain, required FDA clearances or approvals for our products
                                            in development, or improvements to or expanded indications for our current offerings, could
                                            materially delay or prevent us from commercializing or otherwise adversely impact future
                                            product commercialization.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            expect to rely on third parties to conduct any future studies of our technologies that may
                                            be required by the FDA or other U.S. or foreign regulatory bodies, and those third parties
                                            may not perform satisfactorily.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            conduct business in a heavily regulated industry, and changes in regulations or violations
                                            of regulations may, directly or indirectly, adversely affect our results of operations and
                                            financial condition and harm our business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            business is subject to various complex laws and regulations applicable to providers of clinical
                                            diagnostic products and services.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failure
                                            to comply with privacy, security, and consumer protection laws and regulations could result
                                            in fines, penalties and damage to our reputation and have a material adverse effect on our
                                            business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            employees, independent contractors, consultants, commercial partners, and vendors may engage
                                            in misconduct or other improper activities, including noncompliance with regulatory standards
                                            and requirements.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            operating results could be materially adversely affected by unanticipated changes in tax
                                            laws and regulations, adjustments to our tax provisions, exposure to additional tax liabilities,
                                            or forfeiture of our tax assets.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Certain
                                            of our significant shareholders may have different interests from us and may be able to control
                                            us, including the outcome of shareholder votes.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Holders
                                            of our ordinary shares should be aware that the rights provided to holders of our ordinary
                                            shares under Belgian corporate law and our Articles of Association differ in certain respects
                                            from the rights that you would typically enjoy as a shareholder of a U.S. company under applicable
                                            U.S. federal and state laws.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Concentration
                                            of ownership of our ordinary shares among our existing executive officers, directors and
                                            principal shareholders may prevent holders of our ordinary shares from influencing significant
                                            corporate decisions.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">As
                                            a foreign private issuer and as permitted by the listing requirements of Nasdaq, we rely
                                            on certain home country corporate governance practices rather than the corporate governance
                                            requirements of Nasdaq.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            may lose our foreign private issuer status in the future, which could result in significant
                                            additional costs and expenses.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            incur significant costs as a result of operating as a company that is publicly listed on
                                            Nasdaq, and our management is required to devote substantial time to compliance initiatives.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">If
                                            we fail to implement and maintain effective internal controls over financial reporting, our
                                            ability to produce accurate financial statements on a timely basis could be impaired.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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><U>Risks Related to Our Business and Industry</U></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 a history of losses and expect to incur net losses in
the future and may never achieve profitability.</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 incurred substantial net losses since our inception, and there
can be no assurance that we will achieve profitability. As of December 31, 2024, we had an accumulated deficit of $369.5 million and
for the year ended December&nbsp;31, 2024, we had a net loss of $38.1 million and net cash outflows from operating activities of $18.5
million. We expect our losses to continue as a result of costs relating to ongoing research and development and for increased selling
and marketing costs for existing and planned testing solutions. These losses have had, and will continue to have, an adverse effect on
our working capital, total assets, and stockholders&rsquo; equity. Even if we achieve significant revenues, we may not become profitable,
and even if we achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. Failure
to become and remain consistently profitable could adversely affect the market price of our common stock and could significantly impair
our ability to raise capital or expand our business in accordance with our growth strategy. Historically, we have been able to raise
capital at regular occasions. If we are unable to continue to do this, our ability to operate as a going concern could be seriously compromised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not be able 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 have been prepared on a going
concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We
have a history of operating losses and management expects the Company to continue to incur net losses and have significant cash outflows
for at least the next twelve months. While these conditions, among others, could raise doubt about our ability to continue as a going
concern, these consolidated financial statements have been prepared assuming that the Company will 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"><B><I>We may require substantial additional funding to continue our
operations and to respond to business needs (including repayment of our outstanding debt) or take advantage of new business opportunities,
which may not be available on acceptable terms, or at all.</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 capital outlays and operating expenditures are expected to increase
over the next several years as commercial operations expand. We expect that we may require additional equity or debt funding from time
to time in case of a shortfall in cash inflows from operations or to respond to business needs (including repayment of our outstanding
debt) or take advantage of new business opportunities, which may not be available at acceptable terms, or at all. For more information
about our cash and cash equivalent position or total liquidity position, see also Item 5B. &ldquo;<I>Liquidity and Capital Resources</I>&rdquo;
in our Annual Report on Form 20-F for the fiscal year ended December 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; text-align: justify">Additionally, we have agreed to make material
additional payments in connection with recent acquisitions. In connection with our acquisition in 2025 of Exosome Diagnostics, Inc.,
we agreed to make deferred purchase price payments to Bio-Techne, an aggregate amount of up to $10 million of which remains outstanding.
Pursuant to our acquisition in 2022 of the GPS prostate cancer business of Exact Sciences Corporation (&ldquo;Exact Sciences&rdquo;),
we agreed to pay additional earnout amounts based upon a portion of the reported revenues attributable to the GPS business, an aggregate
amount of up to $54.5 million of which remains outstanding. At our option, a portion of the additional payment amounts can be settled
in cash or through the issuance of shares, subject to certain 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">If additional funds are raised through the sale of equity, convertible
debt or other equity-linked&nbsp;securities, our securityholders&rsquo; ownership will be diluted. Any equity securities issued also
may provide for rights, preferences or privileges senior to those of holders of shares. If additional funds are raised by issuing debt
securities, these debt securities would have rights, preferences and privileges senior to those of shareholders, and the terms of the
debt securities issued could impose significant restrictions on our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If adequate funds are not available, we may have to scale back our
operations or limit our research and development activities, which may cause us to grow at a slower pace, or not at all, and our business
could be adversely affected.</P>

<P STYLE="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>Our credit facility contains restrictions that limit our flexibility
in operating our business, and if we fail to comply with the covenants and other obligations under our credit facility, the lenders may
be able to accelerate amounts owed under the facility and may foreclose upon the assets securing our obligations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May&nbsp;1, 2024, we entered into a $100&nbsp;million Credit Agreement
(the &ldquo;Credit Agreement&rdquo;) with certain funds managed by&nbsp;OrbiMed&nbsp;Advisors LLC (&ldquo;OrbiMed&rdquo;) which Credit
Agreement was amended&nbsp;in July and August&nbsp;2024. The Credit Agreement provides for a five-year&nbsp;senior secured credit facility
in an aggregate principal amount of up to $100&nbsp;million, of which (i)&nbsp;$55&nbsp;million was advanced in May&nbsp;2024, (ii)&nbsp;$25&nbsp;million
was advanced in March 2025, and (iii)&nbsp;$20&nbsp;million will be made available, at our discretion, on or prior to March&nbsp;31,
2026, subject to certain net revenue requirements and other customary conditions. All obligations under the credit agreement are secured
by substantially all of our assets, including intellectual property rights. The Credit Agreement matures on May&nbsp;1, 2029.</P>

<P STYLE="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 subject to a number of affirmative and restrictive covenants
pursuant to the Credit Agreement, which limit or restrict our ability to (subject to certain qualifications and exceptions): create liens
and encumbrances; incur additional indebtedness; merge, dissolve, liquidate or consolidate; make acquisitions, investments, advances
or loans; dispose of or transfer assets; pay dividends or make other payments in respect of their capital stock; amend certain material
documents; redeem or repurchase certain debt; engage in certain transactions with affiliates; enter into certain restrictive agreements;
and engage in certain other activities customary for a senior secured credit facility. In addition, if, for any quarter beginning on
June&nbsp;30, 2025 and until the maturity date of the Credit Agreement, our net revenue does not meet certain minimum amounts, then,
subject to certain cure rights specified in the Credit Agreement, we will be required to repay the outstanding principal amount of the
Credit Agreement in equal monthly installments, together with accrued interest on the principal repaid and a repayment premium and other
fees, until the maturity date of the Credit Agreement. In addition, an event of default will occur if we fail to maintain certain levels
of unrestricted cash and cash equivalents during various time periods, including monthly assessments thereof, initially at a minimum
level of $20&nbsp;million and subsequently reducing to a $5&nbsp;million minimum level following the achievement of certain milestones.</P>

<P STYLE="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 obligations under the Credit Agreement are subject to acceleration
upon the occurrence of an event of default (subject to applicable notice and grace periods). We may also enter into other debt agreements
in the future which may contain similar or more restrictive terms.</P>

<P STYLE="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 ability to remain in compliance with financial covenants contained
in the Credit Agreement, to request additional advances under the Credit Agreement, and to make scheduled payments required under the
Credit Agreement depends on numerous factors, including our financial and operating performance. There can be no assurance that we will
maintain a level of cash reserves or cash flows from operating activities sufficient to remain in compliance with applicable financial
covenants, to qualify for additional advances under the Credit Agreement, and to permit us to pay the principal, premium, if any, and
interest on our existing or future indebtedness. If our cash flows and capital resources prove insufficient, we may be forced to reduce
or delay capital expenditures, sell assets or operations, seek additional capital or restructure or refinance our indebtedness. We cannot
assure you that we would be able to take any of these actions, or that these actions would permit us to remain in compliance with the
Credit Agreement or to meet our scheduled debt service obligations. Failure to comply with the terms and conditions of the Credit Agreement
will (subject to applicable notice and grace periods) result in an event of default, which could result in an acceleration of amounts
due under the Credit Agreement. We may not have sufficient funds or may be unable to arrange for additional financing to repay our indebtedness
or to make any accelerated payments, and&nbsp;OrbiMed&nbsp;could seek to enforce security interests in the collateral securing such indebtedness,
which would harm our business. In addition, if we are unable to timely achieve certain minimum revenue and liquidity targets, we will
be unable to borrow additional funds pursuant to the Credit Agreement, which could negatively impact our ability to fund our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may engage in acquisitions that are not successful and which
could disrupt our business, cause dilution to our stockholders and reduce our financial resources.</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 our acquisition of ExoDx from Bio-techne in September
2025 and our acquisition of our GPS test from Genomic Health, Inc., a subsidiary of Exact Sciences, in August 2022, we may enter into
other transactions in the future to acquire other businesses, products or technologies. We may be unable to realize the anticipated benefits
of the acquisitions or do so within the anticipated timeframe. Any acquisitions may not strengthen our competitive position, and these
transactions may be viewed negatively by customers or investors. We could incur losses resulting from known or unknown liabilities of
the acquired business that are not sufficiently covered by the indemnification we may obtain from the seller. In addition, we may not
be able to successfully integrate the acquired personnel, technologies and operations into our existing business in an effective, timely
and non-disruptive&nbsp;manner. If we are unable to do so, the disruption to our operations could result in additional costs or could
distract management&rsquo;s attention from other initiatives.</P>

<P STYLE="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>Our operating results could be subject to significant fluctuation,
which could increase the volatility of our stock price and cause losses to our shareholders.</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 revenues and results of operations have historically fluctuated
significantly and may do so in the future, depending on a variety of factors, including the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            success in marketing and selling, and changes in demand for, our tests, and the level of
                                            reimbursement and collection obtained for such tests;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">seasonal
                                            variations or non-seasonal events or circumstances affecting healthcare provider recommendations
                                            for our tests and patient compliance with healthcare provider recommendations, including
                                            without limitation, holidays, weather events, and circumstances such as the outbreak of influenza
                                            that may limit patient access to medical practices or institutions for diagnostic tests and
                                            preventive services;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            success in collecting payments from third-party and other payors, patients and collaborative
                                            partners, variation in the timing of these payments and recognition of these payments as
                                            revenues;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            pricing of our tests, including potential changes in the reimbursement rates for claims submitted
                                            to the U.S. Centers for Medicare &amp; Medicaid Services (&ldquo;CMS&rdquo;) or other healthcare
                                            payors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">circumstances
                                            affecting our ability to provide our tests, including weather events, supply shortages, or
                                            regulatory or other circumstances that adversely affect our ability to manufacture our tests
                                            or process tests in our clinical laboratories;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">fluctuations
                                            in the amount and timing of our selling and marketing costs and our ability to manage costs
                                            and expenses and effectively implement our business; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            research and development activities, including the timing, size, complexity, and cost of
                                            clinical studies.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, because the substantial majority of our revenues are
generated by sales to customers without either a written contract, a set price, or a payment due date, the amount of revenue that we
report is based on estimates of future collections that contain uncertainty and require the use of significant judgment by management.
We cannot provide any assurance as to when, if ever, or to what extent, any of the recognized revenues that represent uncollected amounts
will be collected. Shortfalls in actual cash collected, as well as changes to expected collectability, of estimated amounts recognized
as revenue can materially negatively impact operating results in subsequent periods. See &ldquo;<I>Risk Factors &mdash; Due to billing
complexities in the diagnostic and laboratory service industry, we may have difficulties receiving timely payment for the tests we perform,
and may face write-offs, disputes with payors and patients, and long collection cycles</I>.&rdquo; As a result, comparing our operating
results on a period-to-period basis may be difficult due to fluctuations resulting from our revenue estimation process, and such comparisons
may not be meaningful and should not be relied upon as an indication of our future performance. Resulting fluctuations in revenue may
make it difficult in the near term for us, research analysts and investors to accurately forecast our revenue and operating results.</P>

<P STYLE="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 our revenues or operating results fall below the expectations of
investors or public market analysts, the trading price of our common stock could decline substantially.</P>

<P STYLE="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>The molecular diagnostics industry is highly competitive and
characterized by rapid technological changes and we may be unable to keep pace with our competitors.</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 molecular diagnostics field is characterized by rapid technological
changes, frequent new product introductions, changing customer preferences, emerging competition, evolving industry and regulatory compliance
standards, reimbursement uncertainty and price competition. Moreover, the molecular diagnostics field is intensely competitive both in
terms of service and price, and continues to undergo significant consolidation, permitting larger clinical laboratory service providers
to increase cost efficiencies and service levels, resulting in more intense competition.</P>

<P STYLE="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 market for assessing men at risk for prostate cancer diagnosis
or aggressiveness is large. As a result, this market has attracted competitors, some of which possess substantially greater financial,
selling, logistical and laboratory resources, more experience in dealing with third-party&nbsp;payors, and greater market penetration,
purchasing power and marketing budgets, as well as more experience in providing diagnostic services. Some companies and institutions
are developing serum-based&nbsp;tests and diagnostic tests based on the detection of proteins, nucleic acids or the presence of fragments
of mutated genes in the blood that are associated with prostate cancer. These competitors could have technological, financial, reputational,
and market access advantages over 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">Some of our current and potential competitors may have significant
competitive advantages over us, which may make them more attractive to hospitals, clinics, group purchasing organizations and physicians.
See &ldquo;Item 4.B. Business Overview &mdash; Competition&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December
31, 2024, for additional information regarding our competitors and the effects of competition on our business.</P>

<P STYLE="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 be unable to compete effectively against our competitors either
because their products and services are superior or because they are more effective in developing or commercializing competing products
and services. Furthermore, even if we do develop new marketable products or services, our current and future competitors may develop
products and services that are more clinically or commercially attractive than ours, and they may bring those products and services to
market earlier or more effectively than us. If we are unable to compete successfully against current or future competitors, we may be
unable to increase market acceptance for, and sales of, our tests, which could prevent us from increasing or sustaining our revenues
or achieving sustained profitability and could cause the market price of our common stock to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our commercial success will depend on the market acceptance
and adoption of our current and future tests.</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">Healthcare providers typically take a long time to adopt new products,
testing practices and clinical treatments, partly because of perceived liability risks and the uncertainty of third-party&nbsp;coverage
and reimbursement. It is critical to the success of our sales efforts that we educate enough patients, clinicians and administrators
about molecular diagnostics testing, in general, as well as about our testing solutions, and demonstrate their clinical benefits. It
is likely that clinicians may not adopt, and third-party&nbsp;payors may not cover or adequately reimburse for, our tests unless they
determine, based on published peer-reviewed&nbsp;journal articles and the experience of other clinicians, that they provide accurate,
reliable, and cost-effective&nbsp;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">As the healthcare reimbursement system in the United States evolves
to place greater emphasis on comparative effectiveness and outcomes data, we cannot predict whether we will have sufficient data, or
whether the data we have will be presented to the satisfaction of any payors seeking such data, in the process of determining and maintaining
coverage for our diagnostic tests. The administration of clinical and economic utility studies is expensive and demands significant attention
from the management team. There can be no assurance that our clinical studies will be successfully initiated, enrolled or completed.
Also, data collected from these studies may not be positive or consistent with our existing data or may not be statistically significant
or compelling to the medical community. If the results obtained from ongoing or future studies are inconsistent with certain results
obtained from previous studies, adoption of diagnostic services would suffer, and our business would be harmed.</P>

<P STYLE="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 our tests or the technology underlying our current or future tests
do not receive sufficient favorable exposure in peer-reviewed&nbsp;publications, the rate of clinician adoption of our tests and positive
reimbursement coverage decisions for our tests could be negatively affected. See &ldquo;<I>Risk Factors &mdash; We face uncertainties
over the reimbursement of our tests by third party payors</I>.&rdquo; The publication of clinical data in peer-reviewed&nbsp;journals
is a crucial step in commercializing and obtaining reimbursement for diagnostic tests, and our inability to control when, if ever, our
results are published may delay or limit our ability to derive sufficient revenue from any product that is the subject of a study.</P>

<P STYLE="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>Our financial results have been largely dependent on sales of
two tests, Confirm mdx and GPS, and we will need to generate sufficient revenues from these tests and other future solutions to grow
our business.</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">Currently, we rely significantly on the sales of Confirm mdx and GPS
tests in the United States for our revenues, with these tests combined accounting for approximately 82% of total revenues in the nine
months ended September 30, 2025, 80% of total revenue in 2024 and 79% of total revenue in 2023.</P>

<P STYLE="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 diversified our revenue through the commercialization of additional
precision diagnostic test offerings, including our ExoDx and Resolve mdx tests. However, sales of Confirm mdx and GPS are expected to
continue to account for a substantial portion of total revenues for at least the next several years. If reimbursement for our tests were
to be revoked or limited either by CMS or commercial payors, this could have an immediate impact on our revenues. While we do not believe
that revocation of Medicare reimbursement for Confirm mdx or GPS tests is likely, if this were to occur, the impact could be severe.</P>

<P STYLE="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 commercial success of our testing solutions and our ability to
generate sales will depend on several factors, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">acceptance
                                            by the medical community;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            number of patients undergoing a prostate biopsy procedure;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">acceptance,
                                            endorsement and formal policy approval of favorable reimbursement for the test by Medicare
                                            and other third-party payors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to successfully market the tests;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            amount of and nature of competition from other prostate cancer products and procedures;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">maintaining
                                            and defending patent protection for the intellectual property relevant to our products and
                                            services; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to establish and maintain adequate commercial distribution, sales force and laboratory
                                            testing capabilities.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we are unable to increase sales and reimbursement of our current
testing solutions or successfully develop and commercialize other solutions or enhancements, our revenues and our ability to achieve
profitability would be impaired, and the market price of our shares could decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face uncertainties concerning the coverage and reimbursement
of our tests by third-party payors.</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">Successful commercialization of our testing solutions depends, in
large part, on the availability of coverage and adequate reimbursement from government and private payors. Favorable third-party&nbsp;payor
coverage and reimbursement are essential to meeting our immediate objectives and long-term&nbsp;commercial goals. In the United States,
for new diagnostic tests, each private and government payor decides whether to cover the test, the amount it will reimburse clinical
laboratories or other providers for a covered test, and any specific conditions for coverage and reimbursement. Healthcare providers
may be unlikely to order a specific diagnostic test unless an applicable third-party&nbsp;payor offers meaningful reimbursement for the
test. Therefore,&nbsp;adequate coverage and reimbursement is critical to the commercial success of a diagnostic product, and if we are
unable to secure and maintain favorable coverage determinations and reimbursement, this will undermine our ability to earn revenue from
our products.</P>

<P STYLE="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"><I>Medicare</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">Reimbursement for diagnostic tests furnished to Medicare beneficiaries
(typically patients aged 65 or older) is usually based on a fee schedule set by the CMS, a division of the U.S. Department of Health
and Human Services (&ldquo;HHS&rdquo;). As a Medicare-enrolled provider with our primary&nbsp;laboratory based in California, we bill
Noridian Healthcare Solutions (&ldquo;Noridian&rdquo;), the Medicare Administrative Contractor (&ldquo;MAC&rdquo;) for California, and
our Confirm mdx and GPS tests are subject to Noridian&rsquo;s local coverage and reimbursement policies. Noridian participates in the
Molecular Diagnostic Services Program (&ldquo;MolDX&rdquo;), administered by Palmetto GBA, which handles technical assessments for U.S.
laboratories that perform molecular diagnostic testing and issues Medicare local coverage determinations and associated coverage documentation
(&ldquo;LCDs&rdquo;). The Confirm mdx test obtained a positive Medicare LCD under the MolDX program in 2014 and the GPS test obtained
a positive Medicare coverage LCD in 2015, each of which provides coverage for Medicare patients throughout the United States. As a Medicare-enrolled
provider with a secondary&nbsp;laboratory based in Massachusetts, we bill National Government Services, Inc. (&ldquo;NGS&rdquo;), the
MAC covering Massachusetts, for tests that are offered by our Waltham, Massachusetts laboratory, including our recently acquired ExoDx
test, which obtained a positive Medicare coverage LCD in 2018. As a Medicare-enrolled provider with a secondary&nbsp;laboratory based
in Texas, we bill Novitas Solutions (&ldquo;Novitas&rdquo;), the MAC covering Texas, for tests that are offered by our Texas laboratory,
including our Resolve mdx test, claims for which tests are therefore subject to Novitas&rsquo; local coverage and reimbursement policies.
Novitas does not at this time participate in the MolDx program, nor does it in practice issue LCDs for all molecular tests that it may
reimburse. As a result, molecular tests offered by our Texas laboratory may in certain cases be billed to Novitas using industry-standard
coding terms that describe the procedures performed, pursuant to guidance and instructions set forth by the American Medical Association
&ldquo;CPT codebook&rdquo; as well as associated guidance set forth in the Policy Manual for Medicare Services published by the National
Correct Coding Initiative (NCCI). Because of the highly technical nature of interpreting complex and disparate coding policies applicable
to certain of the Company&rsquo;s tests, there can be no assurance that Medicare, or the MACs that determine local Medicare coverage,
will continue to issue or follow positive coverage and reimbursement policies and practices and, if issued or followed, that such policies
or reimbursement practices will be maintained 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">Medicare accounted for approximately 41% of MDxHealth&rsquo;s revenues
in 2024 compared to 39% of MDxHealth&rsquo;s revenues in 2023. See Note 4 in the Notes to Consolidated Financial Statements included
in Part III for further detail.&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"><I>Commercial payors</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">Obtaining coverage and reimbursement by commercial payors is a time-consuming&nbsp;and
costly process, without a guaranteed outcome, since each commercial payor makes its own decision with respect to whether to cover a particular
test and, if so, at what rate to reimburse providers for that test. In addition, several payors and other entities conduct technology
assessments of new medical tests and devices and provide the results of these assessments for informational purposes to other parties.
These assessments may be used by third-party&nbsp;payors and healthcare providers as grounds to deny coverage for a particular test,
or to refuse to use or order a particular test or procedure. Our tests have received initial negative technology assessments from several
of these entities and are likely to receive more negative technology assessments. We continue to work with third-party&nbsp;payors to
obtain coverage and reimbursement&nbsp;for our tests and to appeal coverage denial decisions based on existing and ongoing studies, peer
reviewed publications, and support from physician and patient groups. There are no assurances that commercial payors will continue to
issue positive coverage and reimbursement policies and/or contracts and, if issued, that such policies and/or contracts will be maintained
in the future. If our tests are considered on a policy-wide&nbsp;level by major third-party&nbsp;payors, whether at our request or on
the payor&rsquo;s own initiative, and the payor determines that such tests are ineligible for coverage and reimbursement, our revenue
potential could be adversely impacted.</P>

<P STYLE="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 business may be adversely affected by global macroeconomic
conditions and volatility in the capital markets.</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 growth of our business is, and will continue to be, affected by
changes in the overall global economy. Various macroeconomic factors could adversely affect our business and the results of our operations
and financial condition, including changes in inflation, high interest rates, foreign currency exchange rates, weakness in general economic
conditions and threatened or actual recessions, including those resulting from the current and future conditions in the global financial
markets, shifting political landscapes, and budgeting constraints of governmental entities. Cost inflation, including increases in raw
material prices, labor rates, transportation costs and tariffs, may continue to impact our profitability. Our ability to recover these
cost increases through price increases is significantly limited by the process by which we are reimbursed for our products and services
by government and private payors. In addition, disruptions in the U.S., Europe or other economies, including due to geopolitical conflict
or uncertainty and changing international trade policies, could disrupt global markets, interrupt global supply chains, and have other
potential inflationary or recessionary effects on the global economy.</P>

<P STYLE="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 volatility of the capital markets could also affect the value
of our investments and our ability to liquidate our investments in order to fund our operations. The high interest rate environment and
reduced access to capital markets could also adversely affect the ability of our suppliers, distributors, licensors, collaborators, contract
manufacturers and other commercial partners to remain effective business partners or to remain in business. The loss of a critical business
partner, or a failure to perform by a critical business partner, could have a disruptive effect on our business and could adversely affect
our results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Public health crises, such as the COVID-19 pandemic, have had,
and could in the future have, adverse effects on our business and financial results.</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">Pandemics or disease outbreaks, such as the COVID-19 pandemic, have
created and may continue to create significant volatility, uncertainty and economic disruption in the markets in which we sell or plan
to sell our current or future tests and in which we operate, and may negatively impact business and healthcare activity globally. For
example, in response to the COVID-19 pandemic, governments around the world imposed measures designed to reduce the transmission of COVID-19,
patients postponed visits to healthcare providers, certain healthcare providers temporarily closed their offices or restricted patient
visits, healthcare provider employees became generally unavailable and there were disruptions in the operations of payors, suppliers
and other third parties that are necessary for our tests to be administered. The extent to which fear of exposure to or actual effects
of COVID-19, new variants, disease outbreak, epidemic or a similar widespread health concern impacts our business will depend on future
developments, which are highly uncertain and cannot be predicted with confidence, such as the speed and extent of geographic spread of
the disease, the duration of the outbreak, travel restrictions, the efficacy of vaccination and treatment; impact on the U.S. and international
healthcare systems, the U.S. economy and worldwide economy; the timing, scope and effectiveness of U.S. and international governmental
response; and the impact on the health, well-being and productivity of our employees; and short- and long-term changes in the behaviors
of medical professionals and patients resulting from any such pandemic, outbreak, epidemic or other health concern.&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"><B><U>Risks Related to Our Intellectual Property</U></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>If we are unable to retain intellectual property protection
in relation to our tests or if we are required to expend significant resources to protect our intellectual property position, our competitive
position could be undercut. </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 ability to protect our discoveries, know-how&nbsp;and technologies
affects our ability to compete and to achieve profitability. We rely on a combination of U.S. and foreign patents and patent applications,
copyrights, trademarks and trademark applications, confidentiality or non-disclosure&nbsp;agreements, material transfer agreements, licenses
and consulting agreements to protect our intellectual property rights. We also maintain certain company know-how, algorithms, and technological
innovations designed to provide us with a competitive advantage in the marketplace as trade secrets. As of December 26<SUP>th</SUP>, 2025, we owned or had
exclusive rights to more than eighteen patent families related to our molecular technology and cancer-specific&nbsp;biomarkers. Specifically,
there are 174 granted or pending patent applications in this group comprised of nineteen&nbsp;issued or allowed U.S. patents, six pending
U.S. provisional or non-provisional&nbsp;applications, zero&nbsp;pending international patent applications filed under the Patent Cooperation
Treaty and 147 granted or allowed patents in jurisdictions outside the United States, including Japan, Canada, Israel and the major European
countries. Our issued U.S. patents expire at various times between 2029 and 2042. Of these issued patents, 9 cover intellectual property
used in our Select mdx test, the last of which expires in 2036, 55 cover intellectual property used in our GPS test, the last of which
expires in 2038, and 45 cover intellectual property used in our Exosome test the last of which expires in 2042. When these patents expire
other companies will no longer be prohibited from incorporating the subject intellectual property into competing tests they may seek
to develop.</P>

<P STYLE="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">While we intend to pursue additional and future patent applications,
it is possible that pending patent applications and any future applications may not result in issued patents. Additionally, agency workforce
reductions or turnover could delay or change the outcome of approvals or decisions on which we rely to protect our intellectual property.
Even if patents are issued, third parties may independently develop similar or competing technology that avoids our patents. Third&nbsp;parties
may also assert infringement or other intellectual property claims against us or against our licensors, licensees, suppliers or strategic
partners. Any actions regarding patents could be costly and time-consuming&nbsp;and could divert the attention of management and key
personnel from other areas of our business. Further, we cannot be certain that the steps we have taken will prevent the misappropriation
of our trade secrets and other confidential information as well as the misuse of our patents and other intellectual property, particularly
in foreign countries with no patent protection.</P>

<P STYLE="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 we have licensed and own issued patents in the United States
and foreign countries, we cannot be certain the claims will continue to be considered patentable by the U.S. Patent and Trademark Office
(the &ldquo;USPTO&rdquo;), U.S. courts patent offices and courts in other jurisdictions. The U.S. Supreme Court, other federal courts
and/or the USPTO, may change the standards of patentability and any such changes could have a negative impact on our business. For instance,
the Federal Circuit has recently ruled on several patent cases, such as&nbsp;<I>Univ. of Utah Research Found. v. Ambry Genetics Corp.</I>,&nbsp;774
F.3d 755 (Fed. Cir. 2014)<I>, Ariosa Diagnostics, Inc. v. Sequenom, Inc.</I>,&nbsp;788 F.3d 1371 (Fed. Cir. 2015)<I>, Genetic Tech. Ltd.
v. Merial LLC, </I>818 F.3d 1369 (Fed. Cir. 2016), and&nbsp;<I>Cleveland Clinic Found. v. True Health Diagnostics, </I>859 F.3d 1352
(Fed. Cir. 2017), that some diagnostic method claims are not patent eligible. These decisions have narrowed the scope of patent protection
available in certain circumstances or weakened the rights of patent owners in certain situations. Some aspects of our technology involve
processes that may be subject to this evolving standard and we cannot guarantee that any of our issued or pending process claims will
be patentable as a result of such evolving standards. In addition, this combination of decisions has created uncertainty as to the value
of certain issued patents, in particular in the detection of prostate cancer and other cancers.</P>

<P STYLE="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 be subject to substantial costs and liabilities or be
prevented from using technologies incorporated in our tests as a result of litigation or other proceedings relating to patent rights.</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">Third parties may assert infringement or other intellectual property
claims against us or our licensors, licensees, suppliers or strategic partners. We pursue a patent strategy that we believe provides
us with a competitive advantage in the assessment of prostate cancer and is designed to maximize patent protection against third parties
in the United States and, potentially, in certain foreign countries. In order to protect or enforce our patent rights, we may have to
initiate actions against third parties. Any actions regarding patents could be costly and time-consuming&nbsp;and could divert the attention
of management and key personnel from other areas of our business. Additionally, such actions could result in challenges to the validity
or applicability of our patents. Because the USPTO maintains patent applications in secrecy until a patent application is published or
the patent is issued, we have no way of knowing if others may have filed patent applications covering technologies used by us or our
partners. Additionally, there may be third-party&nbsp;patents, patent applications and other intellectual property relevant our technologies
that may block or compete with our technologies. Even if third-party&nbsp;claims are without merit, defending a lawsuit may result in
substantial expense to us and may divert the attention of management and key personnel. In addition, we cannot provide assurance that
we would prevail in any such suits or that the damages or other remedies, if any, awarded against us would not be substantial. Claims
of intellectual property infringement may require us, or our strategic partners, to enter into royalty or license agreements with third
parties that may not be available on acceptable terms, if at all. These claims may also result in injunctions which could prevent us
from further developing and commercializing services or products containing our technologies, which could in turn adversely affect our
ability to earn revenues from these services or products.&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">Also, patents and patent applications owned by us may become the subject
of post-grant challenges or interference proceedings in the USPTO to determine validity and the priority of invention, which could result
in substantial cost as well as a possible adverse decision as to the validity or priority of invention of the patent or patent application
involved. An adverse decision in an interference proceeding may result in the loss of rights under a patent or patent application subject
to such a proceeding.&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"></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">Ultimately, the potential weakening of our intellectual property position
as a result of the evolution of case law or otherwise may make us more vulnerable to competition. While we are unable to quantify the
impact of this risk given that our patents remain untested in the courts, the impact could be severe if our competitors are able to take
advantage of any weakening of our intellectual property position.</P>

<P STYLE="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 rely on strategic collaborative and license arrangements
with third parties to develop critical intellectual property. We may not be able to successfully establish and maintain such intellectual
property.</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 development and commercialization of our products and services
rely, directly or indirectly, upon strategic collaborations and license agreements with third parties. Our dependence on license, collaboration
and other similar agreements with third parties may subject us to a number of risks. There can be no assurance that any current contractual
arrangements between us and third parties or between our strategic partners and other third parties will be continued on materially similar
terms and will not be breached or terminated early. Any failure to obtain or retain the rights to necessary technologies on acceptable
commercial terms could require us to re-configure&nbsp;our products and services, which could negatively impact their commercial sale
or increase the associated costs, either of which could materially harm our business and adversely affect our future revenues and ability
to achieve sustained profitability.</P>

<P STYLE="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 expect to continue and expand our reliance on collaboration and
license arrangements. Establishing new strategic collaborations and license arrangements is difficult and time-consuming. Discussions
with potential collaborators or licensors may not lead to the establishment of collaborations on favorable terms, if at all. To the extent
we agree to work exclusively with one collaborator in a given area, our opportunities to collaborate with other entities could be limited.
Potential collaborators or licensors may reject collaborations with us based upon their assessment of our financial, regulatory or intellectual
property position or other factors. Even if we successfully establish new collaborations, these relationships may never result in the
successful commercialization of any product or service. In addition, the success of the projects that require collaboration with third
parties will be dependent on the continued success of such collaborators. There is no guarantee that our collaborators will continue
to be successful and, as a result, we may expend considerable time and resources developing products or services that will not ultimately
be commercialized.</P>

<P STYLE="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 patent regulations or standards are modified, such changes
could have a negative impact on our business.</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">From time to time, the U.S. Supreme Court, other federal courts, the
U.S. Congress, or the USPTO may change the standards of patentability and validity of patents within the cancer screening and diagnostics
space, and any such changes could have a negative impact on our business.</P>

<P STYLE="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 have been several cases involving &ldquo;gene patents&rdquo;
and diagnostic claims that have been considered by the U.S. Supreme Court that have affected the legal concept of subject matter eligibility
by seemingly narrowing the scope of the statute defining patentable inventions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, in December 2014 and again in 2019, the USPTO published
revised guidelines for patent examiners to apply when examining process claims that narrow the scope of patentable subject matter. While
these guidelines may be subject to review and modification by the USPTO over time, we cannot assure you that our patent portfolio will
not be negatively impacted by the decisions mentioned above, rulings in other cases, or changes in guidance or procedures issued by the
USPTO.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional substantive changes to patent law, whether new or associated
with the America Invents Act &mdash; which substantially revised the U.S. patent system &mdash; may affect our ability to obtain, enforce
or defend our patents. Accordingly, it is not clear what, if any, impact these substantive changes will ultimately have on the cost of
prosecuting our patent applications, our ability to obtain patents based on our discoveries, and our ability to enforce or defend our
issued patents, all of which could have a material adverse effect on our business.</P>

<P STYLE="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><U>Risks Related to Our Operations</U></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>Due to billing complexities in the diagnostic and laboratory
service industry, we may have difficulties receiving timely payment for the tests we perform, and may face write-offs, disputes with
payors and patients, and long collection cycles.</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">Billing for diagnostic and laboratory services is a complex process.
We bill many different payors including patients, private insurance companies, Medicare, Medicaid, and employer groups, all of which
have different billing requirements.&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">We are often obligated to bill services in the specific manner required
by each particular third-party&nbsp;payor. Failure to comply with these complex billing requirements (including complex federal and state
regulations related to billing government health care programs, <I>e.g.</I>, Medicare and Medicaid)&nbsp;may significantly hinder our
collection and retention efforts, including not only potential write-offs&nbsp;of doubtful accounts and long collection cycles for accounts
receivable, but also the potential disgorgement of previously paid claims based on third-party&nbsp;payor program integrity investigations
into billing discrepancies, fraud, waste and abuse. With CMS&rsquo;s recent implementation of a comprehensive oversight regime that consolidated
program integrity powers into a single Unified Program Integrity Contractor (&ldquo;UPIC&rdquo;), audit and investigatory activity into
potential billing fraud, waste and abuse in the industry has in recent years significantly increased. Responding to requests from a UPIC,
or other auditor, is often time-consuming&nbsp;and requires dedication of internal, and sometimes external, resources. UPICs also have
the authority to implement Medicare payment suspensions during the pendency of an audit, which could significantly impact cash flows,
even where no improper billing is ultimately found to have occurred. Commercial payors may also engage in audit activity, requiring timely
production of medical documentation in support of billed claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may face patient dissatisfaction, complaints or lawsuits, including
to the extent our tests are not fully covered by insurers and patients become responsible for all or part of the price of the test.&nbsp;As
a result, patient demand for our tests could be adversely affected.&nbsp;To the extent patients express dissatisfaction with our billing
practices to their healthcare providers, those healthcare providers may be less likely to prescribe our tests for other patients, and
our business would be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even if payors agree to cover our tests, our billing and collections
process may be complicated by the following and other factors, which may be beyond our control:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">differences
                                            between the list price for our tests and the reimbursement rates of payers;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">complex
                                            and disparate reimbursement rules and requirements;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">disputes
                                            among payors as to which payor is responsible for payment;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">disparity
                                            in coverage among various payors or among various healthcare plans offered by a single payor;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">payor
                                            medical management requirements, including prior authorization requirements;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">differing
                                            information and billing requirements among payors;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">failure
                                            by patients or healthcare providers to provide complete and correct billing information;
                                            and</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">limitations
                                            and requirement for patient billing, including those related to deductibles, co-payments,
                                            and co-insurance originating from contracts with commercial payors.</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">As a result of the above, we may face write-offs of doubtful accounts,
payment suspensions and disgorgement of previously paid claims, disputes with payors and patients, and long collection cycles.</P>

<P STYLE="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, the substantial majority of tests that we perform for
customers are sold without either a written contract, a set price or a payment due date. Generally, the amount of revenue that we report
for these test sales represent estimates of our expected collections, based on factors such as payment history, payer coverage, whether
there is a reimbursement contract between the payer and us, risks of denial or recoupment for patient ineligibility, non-coverage or
error by us or the payor, and any current developments or changes that could impact reimbursement. We cannot provide any assurance as
to when, if ever, or to what extent, any of the recognized revenues that represent uncollected amounts will be collected. We monitor
the estimated amount to be collected at each reporting period based on actual cash collections and other indicia of expected payor behavior
in order to assess whether an adjustment to the estimate is required. Both the estimates and any subsequent adjustments contain uncertainty
and require the use of significant judgment by management. Actual results could differ from those estimates and assumptions.</P>

<P STYLE="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">Third-party payers are increasingly focused on controlling healthcare
costs, and such efforts, including revisions to coverage and reimbursement policies and practices, further complicate our ability to
estimate expected collections and delays our reimbursement of claims. In response to changing and inconsistent payer claims reimbursement
practices, particularly among commercial payers, we continue to actively adapt and refine the types and weighting of factors that are
utilized to estimate and monitor expected collection amounts for tests performed in both current and prior reporting periods. Changes
to estimates are made in the period those adjustments become known. Should the factors underlying our judgments materially change, our
accrued revenue and financial results could be further negatively impacted in future periods.</P>

<P STYLE="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 billing complexities, and the related uncertainty in obtaining
payment for our tests, could negatively affect our revenue and cash flow, our ability to sustain profitability, and the consistency and
comparability of our results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face an inherent risk of product liability claims.</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 marketing, sale and use of our tests could lead to product or
professional liability claims against us if someone were to allege that our tests failed to perform as they were designed, or if someone
were to misinterpret test results or improperly rely on them for clinical decisions. Although we maintain product and professional liability
insurance which is deemed to be appropriate and adequate, it may not fully protect us from the financial impact of defending against
product liability or professional liability claims or any judgments, fines or settlement costs arising out of any such claims. Furthermore,
any product liability lawsuit, with or without merit, could increase our insurance rates or prevent us from securing insurance coverage
in the future. Additionally, any product liability lawsuit could harm our reputation, which could impact our results of operations, or
cause collaboration partners to terminate existing agreements and potential partners to seek alternate partners, any of which could negatively
impact our results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Failure to attract or retain key personnel or to secure the
support of key scientific collaborators could materially adversely impact our business.</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 success in implementing our business strategy depends largely
on the skills, experience, and performance of key members of our executive management team and others in key management positions, including
Michael McGarrity, our Chief Executive Officer. The collective efforts of our executive management team are critical to us as we continue
to develop our technologies, tests, and R&amp;D and sales programs. The loss or incapacity of existing members of our executive management
team could adversely affect our operations. If we were to lose one or more of these key employees, we could experience difficulties in
finding qualified successors, competing effectively, developing our technologies and implementing our business strategy. Our executives
have employment agreements; however, the existence of an employment agreement does not guarantee retention of members of our executive
management team. We do not maintain &ldquo;key person&rdquo; life insurance on any of our employees.</P>

<P STYLE="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 established relationships with leading key opinion leaders
and scientists at important research and academic institutions that we believe are key to establishing tests using our technologies as
a standard of care for cancer assessment and diagnosis. If our collaborators determine that cancer testing using our technologies are
not appropriate options for prostate cancer diagnosis, or superior to available prostate cancer methods, or that alternative technologies
would be more effective in the early diagnosis of prostate cancer, we would encounter significant difficulty establishing tests using
our technologies as a standard of care for prostate cancer diagnosis, which would limit our revenue growth and profitability.</P>

<P STYLE="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 results of operations can be adversely affected by labor
shortages, turnover and labor cost increases.</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">Labor is a significant component of operating our business. A number
of factors may adversely affect the labor force available to us or increase labor costs, including high employment levels, federal unemployment
subsidies, increased wages offered by other employers, vaccine mandates and other government regulations and our responses thereto. As
more employers offer remote work, we may have more difficulty recruiting for jobs that require on-site attendance, such as certain clinical
laboratory and sales roles. Although we have not experienced any material labor shortage to date, we have recently observed an overall
tightening and increasingly competitive labor market. A sustained labor shortage or increased turnover rates within our employee base,
caused by a pandemic or as a result of general macroeconomic factors, could lead to increased costs, such as increased overtime or financial
incentives to meet demand and increased wage rates to attract and retain employees, and could negatively affect our ability to efficiently
operate our clinical laboratories and overall business. If we are unable to hire and retain employees capable of performing at a high-level,
or if mitigation measures we may take to respond to a decrease in labor availability have unintended negative effects, our business could
be adversely affected.</P>

<P STYLE="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">Additionally, the operations of our vendors and partners could also
suffer from labor shortages, turnover and labor cost increases which could result in supply change disruptions and increases in the costs
of the products and services we purchase, each of which could adversely affect our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our business and reputation will suffer if we are unable to
establish and comply with stringent quality standards to assure that the highest level of quality is observed in the performance of our
tests.</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">Inherent risks are involved in providing and marketing cancer tests
and related services. Patients and healthcare providers rely on us to provide accurate clinical and diagnostic information that may be
used to make critical healthcare decisions. As such, users of our testing solutions may have a greater sensitivity to errors than users
of some other types of products and services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Past or future performance or accuracy defects, incomplete or improper
quality and process controls, excessively slow turnaround times, unanticipated uses of our tests or mishandling of samples or test results
(whether by us, patients, healthcare providers, courier delivery services or others) can lead to adverse outcomes for patients and interruptions
to our services. These events could lead to voluntary or legally mandated safety alerts relating to our tests or our laboratory facilities
and could result in the removal of our products and services from the market or the suspension of our laboratories&rsquo; operations.
Insufficient quality controls and any resulting negative outcomes could result in significant costs and litigation, as well as negative
publicity that could reduce demand for our tests and payors&rsquo; willingness to cover our tests. Even if we maintain adequate controls
and procedures, damaging and costly errors may occur.</P>

<P STYLE="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 laboratory facilities may become inoperable due to natural
or man-made disasters or regulatory sanctions.</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 perform testing services in our laboratory facilities
located in Irvine, California, Waltham, Massachusetts, and Plano, Texas. These laboratory facilities could become inoperable due to circumstances
that may be beyond our control, and such inoperability could adversely affect our business and operations. The facilities, equipment
and other business process systems would be costly to replace and could require substantial time to repair or replace. The inability
to perform our tests or the backlog of tests that could develop if any of our facilities become inoperable for even a short period of
time may result in the loss of customers or harm our reputation, and we may be unable to regain those customers or rebuild our reputation
in the future. Although we possess insurance for damage to our property and the disruption of our business, this insurance may not be
sufficient to cover all of our potential losses and may not continue to be available to us on acceptable terms, if at all.</P>

<P STYLE="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 facilities may be damaged or destroyed by natural or man-made&nbsp;disasters,
including earthquakes, wildfires, floods, outbreak of disease, acts of terrorism or other criminal activities and power outages, which
may render it difficult or impossible for us to perform our tests for some period.</P>

<P STYLE="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 facilities may also be rendered inoperable because of regulatory
sanction. In the United States, we are subject to federal and state laws and regulations regarding the operation of clinical laboratories.
Our U.S. laboratory facilities in Irvine, California, Waltham, Massachusetts, and Plano, Texas are certified under the Clinical Laboratory
Improvement Amendments (&ldquo;CLIA&rdquo;). CLIA and the laws of California and certain other states, impose certification requirements
for clinical laboratories, and establish standards for quality assurance and quality control, among other things. Clinical laboratories
are subject to inspection by regulators, and to sanctions for failing to comply with applicable requirements. Sanctions available under
CLIA include prohibiting a laboratory from running tests, requiring a laboratory to implement a corrective action plan, and imposing
civil monetary penalties. Our U.S. laboratory facilities hold certificates of accreditation from CMS to perform high-complexity&nbsp;testing.
To renew these certificates, the facilities are subject to survey and inspection every two years. We also hold a certificate of accreditation
from the College of American Pathologists (&ldquo;CAP&rdquo;), which sets standards that are higher than those contained in the CLIA
regulations. CAP is an independent, non-governmental&nbsp;organization of board-certified&nbsp;pathologists that accredits laboratories
nationwide on a voluntary basis. Sanctions for failure to comply with CAP or CLIA requirements, including proficiency testing violations,
may include suspension, revocation, or limitation of a laboratory&rsquo;s CLIA certificate, which is necessary to conduct business, as
well as the imposition of significant fines or criminal penalties. In addition, our U.S. facilities are subject to regulation under state
laws and regulations governing laboratory licensure. Certain states have enacted state licensure laws that are more stringent than CLIA.
Failure to maintain CLIA certification, CAP accreditation, or required state licenses could have a material adverse effect on the sales
of our tests and results of operations. Many states maintain independent licensure, registration, or certification procedures with which
our U.S. facilities must maintain compliance in order to receive and test samples from that location. Maintaining compliance with the
myriad of governmental requirements is time and resource intensive,&nbsp;and failure to maintain compliance could result in sanctions.</P>

<P STYLE="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">In order to rely on a third party to perform certain of our tests,
we could only use another facility with established state licensure and CLIA accreditation following validation and other required procedures.
We cannot assure you that we would be able to find another CLIA certified facility willing to comply with the required procedures, that
this laboratory would be willing to perform the tests for us on commercially reasonable terms, or that it would be able to meet our quality
or regulatory standards. Alternatively, establishing a redundant facility for certain of our testing would require considerable time
and money to secure adequate space, construct the facility, recruit and train employees, and establish the additional operational and
administrative infrastructure necessary to support this facility. We also may not be able, or it may take considerable time, to replicate
our testing processes or results in a new facility. Additionally, any such new facility would be subject to certification under CLIA
and licensing by several states, including California and New York, which could take a significant amount of time and result in delays
in our ability to resume operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We rely on a limited number of third-party suppliers for services
and items used in the production and operation of our testing solutions, and some of those services and items are supplied from a single
source. Disruption of the supply chain, unavailability of third-party services required for the performance of the tests, modifications
of certain items or failure to achieve economies of scale could have a material adverse effect on us.</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">To provide our testing services, we are required to obtain customized
components and services that are currently available from a limited number of sources. Most of these components and services are sourced
externally from external suppliers. Many of the consumable supplies and reagents used as raw materials in our testing process are procured
from a limited number of suppliers, some of which are single source. In addition, we rely on a limited number of suppliers, or in some
cases a single supplier (for example, for the automation of our deparaffination steps for our Confirm mdx test), for certain services
and equipment with which we provide testing services. If we have to switch to a replacement supplier for any of these items that are
sub-components&nbsp;or for certain services required for the performance of our tests, or if we have to commence our own manufacturing
or testing services to satisfy market demand, we may face delays. For example, in the past, a supplier has delivered critical non-conforming&nbsp;components
that failed our acceptance testing, requiring us to audit the supplier and assist the supplier in improving its internal quality processes.
In addition, third party suppliers may be subject to circumstances which impact their ability to supply, including enforcement action
by regulatory authorities, natural disasters, epidemics, labor disputes, financial difficulties including insolvency, among a variety
of other internal or external factors. Any such supply disruptions could in turn result in service disruptions for an extended period
of time, which could delay completion of our clinical studies or commercialization activities and prevent us from achieving or maintaining
profitability. While we were able to qualify alternative suppliers to address COVID-19&nbsp;related disruptions, in the future alternative
suppliers may be unavailable, may be unwilling to supply, may not have the necessary regulatory approvals, or may not have in place an
adequate quality management systems.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Modifications to a service or items, such as modifications to the
assembly and packaging of items for our testing services supplied to healthcare providers, or inclusions of certain services or items
made by a third-party&nbsp;supplier could require new approvals from the relevant regulatory authorities before the modified service
or item may be used. While we have not experienced any material supply chain disruptions to date, if we were to experience such disruptions
it could have an immediate impact on revenues, and the impact could be material depending on the length of the supply disruption.</P>

<P STYLE="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>Failures in our information technology, storage systems, or
our clinical laboratory equipment could significantly disrupt our operations and our research and development 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">Our ability to execute our business strategy depends, in part, on
the continued and uninterrupted performance of our information technology (&ldquo;IT&rdquo;) systems, which support our operations, including
at our clinical laboratories, and our research and development efforts. We depend on our IT systems to receive and process test orders,
securely store patient health records and deliver the results of our tests. The integrity and protection of our own data, and that of
our customers and employees, is critical to our business. IT systems are vulnerable to damage from a variety of sources, including telecommunications
or network failures, malicious human acts from criminal hackers, hacktivists, state-sponsored intrusions, industrial espionage and employee
malfeasance, breaches due to employee error and natural disasters. Moreover, despite network security and back-up measures, some of our
servers are potentially vulnerable to physical or electronic break-ins, computer viruses, and similar disruptive problems. Cyber-attacks
are becoming more sophisticated and frequent, and in some cases have caused significant harm at other companies.</P>

<P STYLE="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 face four primary risks relative to protecting sensitive and critical
personally identifiable information, intellectual property or other proprietary business information about our customers, payors, recipients
and collaboration partners, including test results: (1) loss of access risk, (2) inappropriate disclosure or access risk, (3) inappropriate
modification risk, and (4) the risk of being unable to identify and audit controls over the first three risks. While we devote significant
resources to protect the security of our IT systems, including the personal data and other information that we receive and store, there
can be no assurance that any security measures will be effective against current or future security threats. We have experienced and
expect to continue to experience attempted cyber-attacks on our IT systems and networks. To date, none of these attempted cyber-attacks
has had a material effect on our operations or financial condition. However, any such breach or interruption could compromise our networks
and the information stored therein could be accessed by unauthorized parties, publicly disclosed, lost or stolen. Despite the precautionary
measures we have taken to prevent unanticipated problems that could affect our IT systems, unauthorized access, loss or disclosure could
also disrupt our operations, including our ability to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">process
                                            tests, provide test results, bill payors or patients;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">process
                                            claims and appeals;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">provide
                                            customer assistance services;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">conduct
                                            research and development activities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">collect,
                                            process and prepare company financial information;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">provide
                                            information about our tests and other patient and healthcare provider education and outreach
                                            efforts through our website; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">manage
                                            the administrative aspects of our business.</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">Any such access, disclosure or other loss of information could result
in legal claims or proceedings, liability under laws that protect the privacy of personal information, such as the Health Insurance Portability
and Accountability Act of 1996 (&ldquo;HIPAA&rdquo;), as amended by the Health Information Technology for Economic and Clinical Health
Act (&ldquo;HITECH&rdquo;), similar U.S. state data protection regulations, the European Union&rsquo;s General Data Protection Regulation
(&ldquo;GDPR&rdquo;), and other regulations, the breach of which could result in significant penalties and damage to our reputation.
In addition, disruptions to our business occurring as a result of system updates and enhancements, such as our efforts to move our precision
oncology tests to our technology and services platform, could have a material adverse effect on our financial condition and operating
results. There can be no assurance that our process of improving existing systems, developing new systems to support our expanding operations,
protecting confidential patient information, and improving service levels will not be delayed or will not give rise to additional systems
issues in the future. Although we carry insurance for this purpose, failure to adequately protect and maintain the integrity of our information
systems and data, including as a result of a security breach, may result in significant losses that exceed our insurance coverage limits
and have a material adverse effect on our financial position, results of operations and cash flows.</P>

<P STYLE="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>The use of Artificial Intelligence presents new risks and challenges
to our business.</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">Artificial Intelligence (&ldquo;AI&rdquo;) is increasingly being used
across the global business landscape, including in the life sciences and healthcare industries. We have already employed certain AI technologies
into our business to enhance our operations, products, technology, and services and expect our use of AI to increase as the technology
rapidly evolves and improves.</P>

<P STYLE="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, AI innovation presents risks and challenges that could impact
our business. AI algorithms may be flawed. Datasets may be insufficient or contain biased information. Ineffective AI development and
deployment practices by us or our commercial partners could result in violations of our confidentiality and privacy obligations or applicable
laws and regulations, jeopardize our intellectual property rights, cause or contribute to unlawful discrimination, result in the misuse
of personally identifiable information, including PHI, or give rise to significant cyber security risks, any of which could have a material
adverse effect on our business, results of operations, and financial condition.</P>

<P STYLE="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 also face increased competition from other companies that are
employing AI and related technologies, some of whom may develop more effective methods than we and any of our commercial partners have,
which could have a material adverse effect on our business, results of operations, or financial condition. In addition, uncertainties
regarding developing legal and regulatory requirements and standards may require significant resources to modify and maintain business
practices to comply with U.S. and foreign laws concerning the use of AI and related technologies, the nature of which cannot be determined
at this time.</P>

<P STYLE="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 expect to make significant investments to research and develop
new tests, which may not be successful.</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 are seeking to improve the performance of our existing testing
solutions and to continue to expand our menu of products and services. For example, in August 2022, we acquired the GPS test from Exact
Sciences and in September 2022, we developed and launched Resolve mdx which is a non-invasive urine test that identifies and quantifies
infectious bacteria and their antibiotics susceptibility to help ensure patients receive the correct diagnosis and treatment as quickly
as possible. In addition, in September 2025 we acquired the ExoDx test from Bio-Techne and we are currently developing an additional
product, Monitor mdx, as a non-invasive test to risk stratifies patients for continued active surveillance versus intervention.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Developing new or improved diagnostic tests is a speculative and risky
endeavor. Candidate products and services that may initially show promise may fail to achieve the desired results in larger clinical
validation&nbsp;studies or may not achieve acceptable levels of clinical accuracy. Results from early studies or trials are not necessarily
predictive of future clinical validation or clinical trial results, and interim results of a validation study or trial are not necessarily
indicative of final results. From time to time, we may publicly disclose then-available&nbsp;data from clinical validation studies before
completion, and the results and related findings and conclusions may be subject to change following the final analysis of the data related
to the particular study. As a result, such data should be viewed with caution until the final data are available. Additionally, such
data from clinical trials are subject to the risk that one or more of the clinical outcomes may materially change as patient enrollment
and/or follow-up&nbsp;continues, and more patient data become available. Significant differences between initial or interim data and
final data from either our clinical validation studies or clinical trials could significantly alter our plans to proceed with additional
studies or trials, and harm our reputation and business prospects. If we determine that any of our current or future development programs
is unlikely to succeed, we may abandon it without any return on our investment into the program. We may need to raise additional capital
to bring any new products or services to market, which may not be available on acceptable terms, if at all.</P>

<P STYLE="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>Our research and development efforts will be hindered if we
are not able to obtain samples, contract with third parties for access to samples or complete timely enrollment in future clinical trials.</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">Access to human sample types, such as blood, tissue, stool, or urine
is necessary for our research and product development. Acquiring samples from individuals with clinical diagnoses or associated clinical
outcomes through purchase or clinical studies is necessary. Lack of available samples can delay development timelines and increase costs
of development. Generally, the agreements under which we gain access to human samples are non-exclusive. Other companies may compete
with us for access. Additionally, the process of negotiating access to samples can be lengthy and it may involve numerous parties and
approval levels to resolve complex issues such as usage rights, institutional review board approval and patient informed consent, privacy
rights, publication rights, intellectual property ownership and research parameters. If we are not able to negotiate access to clinical
samples with research institutions, hospitals, clinical partners, pharmaceutical companies, or companies developing therapeutics on a
timely basis, or at all, or if other laboratories or our competitors secure access to these samples before us, our ability to research,
develop and commercialize future products will be limited or delayed. Finally, we may not be able to conduct or complete clinical trials
on a timely basis if we are not able to enroll sufficient numbers of patients in such trials, and our failure to do so could have an
adverse effect on our research and development and product commercialization efforts.</P>

<P STYLE="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><U>Risks Related to Regulation of Our Business</U></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>Failure to comply with governmental payor regulations could
result in us being excluded from participation in Medicare, Medicaid or other governmental payor programs, which would adversely affect
our business.</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">Failure to comply with applicable Medicare, Medicaid and other governmental
payor rules could result in our exclusion from participation in one or more governmental payor programs, a requirement to return funds
already paid, civil monetary penalties, criminal penalties and/or limitations on the operational function of our laboratories. Additionally,
with the recent implementation by CMS of a comprehensive oversight regime that consolidates program integrity powers into a single UPIC,
audit and investigatory activity into potential billing fraud, waste and abuse in the industry has increased. These changes have adversely
affected and may in the future adversely affect coverage and reimbursement for laboratory services, including the molecular diagnostics
testing services we provide. If we were unable to receive reimbursement under a governmental payor program, this would have a severe
impact on our revenues, given the importance of reimbursement under these programs in our revenue base.</P>

<P STYLE="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>Failure to comply with federal, state and foreign laboratory
licensing and related requirements could cause us to lose the ability to perform our tests, experience disruptions to our business, or
become subject to administrative or judicial sanctions.</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 are subject to CLIA, a federal law that regulates clinical laboratories
that perform testing on specimens derived from humans for the purpose of providing information for the diagnosis, prevention or treatment
of disease. CLIA regulations establish specific standards with respect to personnel qualifications, facility administration, proficiency
testing, quality control, quality assurance and inspections. Any testing subject to CLIA regulation must be performed in a CLIA certified
laboratory. CLIA certification is also required in order for us to be eligible to bill state and federal healthcare programs, as well
as commercial payors, for our tests. In addition, some states, including California and New York, require that we hold licenses or permits
to test samples from patients in those states, even if our laboratory facilities are not located in those states, and as a result we
are also required to maintain standards related to those states&rsquo; licensure requirements to conduct testing in our laboratories.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Failure to comply with applicable clinical laboratory licensure requirements
may result in a range of enforcement actions, including suspension, limitation or revocation of our CLIA certification and/or state licenses,
imposition of a directed plan of action, on-site monitoring, civil monetary penalties, criminal sanctions, inability to receive reimbursement
from Medicare, Medicaid and commercial payors, as well as significant adverse publicity. Any sanction imposed under CLIA, its implementing
regulations, or state or foreign laws or regulations governing clinical laboratory licensure or our failure to renew our CLIA certification,
a state or foreign license or accreditation, could have a material adverse effect on our business, financial condition and results of
operations. Even if we were able to bring our laboratory back into compliance, we could incur significant expenses and potentially lose
revenue in doing so.</P>

<P STYLE="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 FDA may change its position with respect to its regulation
of the laboratory developed tests we offer or may seek to offer in the future, causing us to incur substantial costs and time delays
associated with meeting requirements for pre-market clearance or approval or we could experience decreased demand for or reimbursement
of our tests.</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 current tests are regulated as laboratory developed tests (&ldquo;LDTs&rdquo;)
and we may seek to commercialize future products as LDTs. LDTs are clinical laboratory tests that are developed and validated by a laboratory
for its own use.</P>

<P STYLE="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 FDA historically has taken the position that it has the authority
to regulate such tests as medical devices under the Federal Food, Drug, and Cosmetic Act (the &ldquo;FDCA&rdquo;) but until recently
has for the most part exercised enforcement discretion and has not required clearance, de novo classification, or approval of LDTs prior
to marketing.</P>

<P STYLE="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 May 2024, the FDA issued a final rule (the &ldquo;LDT Rule&rdquo;),
which amended the FDA&rsquo;s regulations to make explicit that LDTs are devices under the FDCA. Along with the final rule, the FDA finalized
a policy under which the FDA would phase out over the course of three years its historical LDT enforcement discretion, as well as its
targeted enforcement discretion policies for certain categories of LDTs. Under the LDT Rule and this policy, (1) from May 2025 to May
2028 various requirements will be phased in including medical device reporting requirements, correction and removal reporting requirements,
registration and listing requirements, labeling requirements, investigational use requirements and quality system requirements, (2) beginning
in November 2027, premarket review requirements will become applicable to high risk (e.g., Class III) LDTs and (3) beginning in May 2028,
premarket review requirements will become applicable to moderate and low risk LDTs. LDTs that were first marketed prior to May 6, 2024
(and have not been significantly modified) (&ldquo;Grandfathered LDTs&rdquo;) and LDTs for unmet medical needs manufactured and performed
by laboratories integrated in a healthcare system, will not be subject to premarket review and most of the quality system requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 31, 2025, the U.S. District Court in the Eastern District
of Texas vacated the LDT rule, holding that LDTs are not subject to FDA regulation as &ldquo;devices&rdquo; under the FDCA. If the government
appeals the decision and it is reversed by an appellate court, implementation and enforcement of the LDT Rule by the FDA may materially
impact our development and commercialization of LDTs, including our current tests as well as future tests we may seek to develop. The
regulatory approval process may involve, among other things, successfully completing additional clinical studies and submitting a pre-market
clearance notice or filing a pre-market approval application with the FDA. Such pre-market clinical testing could delay the commencement
or completion of other clinical testing, significantly increase our test development costs, delay commercialization of any future LDTs,
and interrupt sales of our current LDTs. Many of the factors that may cause or lead to a delay in the commencement or completion of clinical
studies may also ultimately lead to delay or denial of regulatory clearance or approval. If pre-market review is required by the FDA,
there can be no assurance that our LDTs will be cleared or approved on a timely basis, if at all, nor can there be assurance that the
labeling claims cleared or approved by the FDA will be consistent with our current claims or adequate to support continued adoption of
and reimbursement for our LDTs.</P>

<P STYLE="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 the FDA does not appeal the District Court decision vacating the
LDT Rule, or the decision is appealed but is not overturned, the FDA may change its position with respect to its regulation of the laboratory
developed tests we offer or may seek to offer in the future. This may include eliminating any pathway for LDTs to be submitted for FDA
clearance or approval or by defining different requirements that the FDA views to be in line with the District Court decision, causing
us to incur substantial costs and time delays associated with meeting new requirements for pre-market clearance or approval, or causing
us to experience decreased demand for or reimbursement for our tests due to an inability to secure FDA clearance or approval. Congress
may also enact new legislation to regulate laboratory services and the impact of any such legislation is uncertain.</P>

<P STYLE="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>Delays in receipt of, or failure to obtain, required FDA clearances
or approvals for our products in development, or improvements to or expanded indications for our current offerings, could materially
delay or prevent us from commercializing or otherwise adversely impact future product commercialization.</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">Unless otherwise exempted or subject to enforcement discretion, medical
devices, which include diagnostic tests, must receive either FDA regulatory approval or clearance before being marketed in the U.S. Our
tests and tests that we may develop may be deemed medical devices and require FDA clearance or approval. The FDA determines whether a
medical device will require either regulatory approval or clearance based on statutory criteria that include the risk associated with
the device and whether the device is similar to an existing, legally marketed product.&nbsp;The process to obtain either regulatory approval
or clearance is typically costly, time-consuming, and uncertain.&nbsp;The regulatory approval process is generally more challenging than
the clearance process. Even if we design a product that we expect to be eligible for the regulatory clearance process, the FDA may require
that the product undergo the regulatory approval process.&nbsp;There can be no assurance that the FDA will ever permit us to market any
new product that we develop. Even if regulatory approval or clearance is granted, such approval may include significant limitations on
indicated uses, which could materially and adversely affect the prospects of any new medical device.</P>

<P STYLE="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">FDA regulatory approval or clearance is also required for certain
enhancements we may make to future FDA-approved or FDA-cleared tests. FDA approval or clearance may also be required to make changes
to the processes, equipment, reagents, and other consumables used in connection with a test. The FDA&rsquo;s approval pathway can be
time-consuming and costly and there can be no assurance that the FDA will ultimately approve any premarket approval submitted by us in
a timely manner or at all.</P>

<P STYLE="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, the FDA&rsquo;s ability to review and clear or approve
new products or changes to existing products can be affected by a variety of factors, including government budget and funding levels,
statutory, regulatory, and policy changes, the FDA&rsquo;s ability to hire and retain key personnel and accept the payment of user fees,
and other events that may otherwise affect the FDA&rsquo;s ability to perform routine functions. Average review times at the agency have
fluctuated in recent years as a result. In addition, prolonged government shutdowns or global health concerns may prevent or delay the
FDA or other regulatory authorities from conducting, at all or in a timely manner, their regular inspections, reviews, or other regulatory
activities (including pre-submission engagements). Any such delay in the ability of the FDA or other regulatory authorities to timely
review and process our regulatory submissions could have a material adverse effect on our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delays in receipt of, or failure to obtain, clearances or approvals
could materially delay or prevent us from commercializing our products or result in substantial additional costs that could decrease
our profitability. In addition, even if we receive FDA clearance or approval for a new or enhanced product, the FDA may condition, withdraw,
or materially modify its clearance or approval.</P>

<P STYLE="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 expect to rely on third parties to conduct any future studies
of our technologies that may be required by the FDA or other U.S. or foreign regulatory bodies, and those third parties may not perform
satisfactorily.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect to rely on third parties, such as contract research organizations,
medical institutions and clinical investigators to conduct studies of our technologies that may be required by the FDA or other U.S.
or foreign regulatory bodies. Our reliance on these third parties for clinical development activities will reduce our control over these
activities. These third parties may not complete activities on schedule or conduct studies in accordance with regulatory requirements
or our study design. Our reliance on these third parties will not relieve us of our requirement to prepare, and ensure our compliance
with, various procedures required under good clinical practices, even though third-party contract research organizations may prepare
and comply with their own, comparable procedures. If these third parties do not successfully carry out their contractual duties or regulatory
obligations or meet expected deadlines, if the third parties need to be replaced or if the quality or accuracy of the data they obtain
is compromised due to the failure to adhere to our clinical protocols or regulatory requirements or for other reasons, our studies may
be extended, delayed, suspended or terminated, the study data may be invalidated, and we may not be able to obtain a required regulatory
approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We conduct business in a heavily regulated industry, and changes
in, or violations of, applicable regulations may, directly or indirectly, adversely affect our operational results and financial condition,
which could harm our business.</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 business operations and activities may be subject to a range of
local, state, federal, and international healthcare laws and regulations, including investigatory and program integrity audits and other
oversight federal and state health care programs. These laws and regulations currently include, among others:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">CLIA
                                            (which requires laboratories to obtain certification from the federal government) and state
                                            laboratory licensure laws;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Federal
                                            Trade Commission standards regarding advertising and business practices;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">FDA
                                            laws and regulations;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">HIPAA
                                            (which imposes comprehensive federal standards with respect to the privacy and security of
                                            protected health information, and requirements for the use of certain standardized electronic
                                            transactions), and the amendments to HIPAA under HITECH (which strengthened and expanded
                                            HIPAA privacy and security compliance requirements, increased penalties for violators, extended
                                            enforcement authority to state attorneys general and imposed requirements for breach notification);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">state
                                            laws regulating genetic testing and the privacy protection of genetic test results, as well
                                            as state laws protecting the privacy and security of health information and personal data
                                            and mandating reporting of breaches to affected individuals and state regulators;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            federal Anti-Kickback Statute (which prohibits knowingly and willfully offering, paying,
                                            soliciting, receiving, or providing remuneration, directly or indirectly, to induce either
                                            the referral of an individual, or the furnishing, arranging for, or recommending of an item
                                            or service that is reimbursable, in whole or in part, by a federal health care program) and
                                            parallel state anti-kickback laws (which contain similar prohibitions on remuneration between
                                            referral sources, although these state laws are not always limited in application to items
                                            or services reimbursable by federal or state health care programs);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            federal False Claims Act (which imposes liability on any person or entity that, among other
                                            things, knowingly presents, or causes to be presented, a false or fraudulent claim for payment
                                            to the federal government or the improper retention of identified overpayments or other financial
                                            obligations to the federal government) and parallel state false claims acts (which contain
                                            similar prohibition on presenting false or fraudulent claims, although these state may extend
                                            to items or services by any third-party payor, including commercial insurers);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            federal Civil Monetary Penalties Law, which prohibits, among other things, the offering or
                                            transferring of remuneration to a Medicare or state health care program (e.g., Medicaid)
                                            beneficiary if the person knows or should know it is likely to influence the beneficiary&rsquo;s
                                            selection of a particular provider, practitioner, or supplier of services reimbursable by
                                            Medicare or a state health care program, unless an exception applies;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            federal physician self-referral law, commonly known as the &ldquo;Stark Law,&rdquo; which
                                            prohibits a physician from making a referral to an entity for certain &ldquo;designated health
                                            services&rdquo; (&ldquo;DHS&rdquo;) payable by Medicare if the physician, or an immediate
                                            family member of the physician, has a financial relationship with that entity, unless an
                                            exception applies. The Stark Law further prohibits the entity from billing the Medicare program
                                            for DHS furnished pursuant to a prohibited referral. In addition, the Stark Law, through
                                            the addition of section 1903(s) to the Social Security Act, prohibits the federal government
                                            from making federal financial participation payments to state Medicaid programs for DHS furnished
                                            as a result of a referral that would violate the Stark Law if Medicare &ldquo;covered the
                                            service to the same extent and under the same conditions&rdquo; as the state Medicaid Program.
                                            The U.S. Department of Justice (&ldquo;DOJ&rdquo;) and several state agencies have successfully
                                            argued that Section 1903(s) expands the Stark Law to Medicaid-covered claims, even absent
                                            a separate state self-referral law prohibiting the same conduct;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">other
                                            federal and state fraud and abuse laws, including (i) the state anti-kickback laws described
                                            above, (ii) the state physician self-referral laws, and (iii) the state false claims acts
                                            described above;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

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<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Section
                                            216 of the Protecting Access to Medicare Act of 2014, which requires applicable laboratories
                                            to report commercial payor data in a timely and accurate manner beginning in 2017 and every
                                            three years thereafter (and in some cases annually);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

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<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">federal
                                            and state laws that impose reporting and other compliance-related requirements; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">similar
                                            foreign laws and regulations that apply to us in the countries in which we operate.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, in October 2018, the Eliminating Kickbacks in Recovery
Act of 2018 (&ldquo;EKRA&rdquo;), was enacted by the U.S. Congress as part of the Substance Use-Disorder&nbsp;Prevention that Promotes
Opioid Recovery and Treatment for Patients and Communities Act. EKRA is an all-payor&nbsp;anti-kickback&nbsp;law that makes it a criminal
offense to pay any remuneration to induce referrals to, or in exchange for, patients using the services of a recovery home, a substance
use clinical treatment facility, or laboratory. Although it appears that EKRA was intended to reach patient brokering and similar arrangements
to induce patronage of substance use recovery and treatment, the language in EKRA is broadly written. Further, certain of EKRA&rsquo;s
exceptions, such as the exception applicable to relationships with employees that effectively prohibits incentive compensation, are inconsistent
with the federal anti-kickback&nbsp;statute and regulations, which permit payment of employee incentive compensation, a practice that
is common in the industry. Significantly, EKRA permits the DOJ to issue regulations clarifying EKRA&rsquo;s exceptions or adding additional
exceptions, but such regulations have not yet been issued. Laboratory industry stakeholders are reportedly seeking clarification regarding
EKRA&rsquo;s scope and/or amendments to its language.</P>

<P STYLE="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 business practices, in operating U.S. clinical laboratories, may
face heightened scrutiny from U.S. government enforcement agencies such as the DOJ, the HHS Office of Inspector General (&ldquo;OIG&rdquo;),
and CMS. The OIG has issued fraud alerts in recent years that identify certain arrangements between clinical laboratories and referring
physicians as implicating the&nbsp;federal Anti-Kickback&nbsp;Statute. The OIG has stated that it is particularly concerned about these
types of arrangements because the choice of laboratory, as well as the decision to order laboratory tests, typically are made or strongly
influenced by the physician, with little or no input from the patient. Moreover, the provision of payments or other items of value by
a clinical laboratory to a referring physician could be prohibited under the Stark Law, unless the arrangement meets all criteria of
an applicable exception. The government has actively enforced these laws against clinical laboratories in recent years.</P>

<P STYLE="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 U.S. laws and regulations are complex and are subject to interpretation
by the U.S. courts and government agencies. Our failure to comply with such laws and regulations could lead to significant civil or criminal
penalties, exclusion from participation in state and federal health care programs, individual imprisonment, disgorgement of profits,
contractual damages, reputational harm, diminished profits and future earnings, additional reporting or oversight obligations if we become
subject to a corporate integrity agreement or other agreement to resolve allegations of non-compliance&nbsp;with the law, curtailment
or restructuring of our operations, or prohibitions or restrictions on our laboratories&rsquo; ability to provide or receive payment
for our services, any of which could adversely affect our ability to operate our business and pursue our strategy. Even where we are
able to successfully defend against any such claims, any potential audit, enforcement action, or litigation would involve substantial
internal and external resources, detract from our executives&rsquo; day-to-day responsibilities, and result in legal expenditures, all
of which could materially adversely affect our results of operations. While we believe that we are in material compliance with all applicable
laws and regulations, there remains a risk that one or more government agencies could take a contrary position, or that a private party
could file suit under the qui tam provisions of the federal False Claims Act or a similar state law. Such occurrences, regardless of
their outcome, could damage our reputation and adversely affect important business relationships with third parties, including managed
care organizations, and other private third-party&nbsp;payors.</P>

<P STYLE="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 business is subject to various complex laws and regulations
applicable to providers of clinical diagnostic products and services.</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 a provider of clinical diagnostic products and services, we and
our partners are subject to extensive and frequently changing federal, state, local and foreign laws and regulations governing various
aspects of our business. In particular, the clinical laboratory and healthcare industry is subject to significant governmental certification
and licensing regulations, as well as federal, state and foreign laws regarding:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">test
                                            ordering and billing practices;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">marketing,
                                            sales and pricing practices;</FONT></TD>
</TR>
</TABLE>

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

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">health
                                            information privacy and security, including HIPAA and comparable state and foreign laws;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">insurance,
                                            including foreign public reimbursement;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">anti-markup
                                            legislation; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">consumer
                                            protection</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 are also required to comply with FDA regulations, including with
respect to our labeling and promotion activities. In addition, advertising of our tests is subject to regulation by the Federal Trade
Commission, or FTC, and advertising of laboratory services is regulated by certain state laws. Violation of any FDA requirement could
result in enforcement actions, such as seizures, injunctions, civil penalties and criminal prosecutions, and violation of any FTC or
state law requirement could result in injunctions and other associated remedies, all of which could have a material adverse effect on
our business. Most states also have similar regulatory and enforcement authority for medical devices. Additionally, most foreign countries
have authorities comparable to the FDA and processes for obtaining marketing approvals. In particular, the entry into application of
the European Union&rsquo;s In Vitro Diagnostic Device Regulation will impose new requirements and create new compliance risks. Obtaining
and maintaining these approvals, and complying with all laws and regulations, may subject us to similar risks and delays as those we
could experience under FDA, FTC and state regulation. We incur various costs in complying and overseeing compliance with these laws and
regulations. The growth of our business and sales organization, the acquisition of additional businesses or products and services and
our expansion outside of the U.S. may increase the potential of violating these laws, regulations or our internal policies and procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Healthcare policy has been a subject of extensive discussion in the
executive and legislative branches of the federal and many state governments, and healthcare laws and regulations are subject to change.
Development of the existing commercialization strategy for our tests and planned development of products in our pipeline has been based
on existing healthcare policies. We cannot predict what additional changes, if any, will be proposed or adopted or the effect that such
proposals or adoption may have on our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we, or our partners, fail to comply with these laws and regulations,
we could incur significant fines and penalties and our reputation and prospects could suffer. Additionally, any such partners could be
forced to cease offering our products and services in certain jurisdictions, which could materially disrupt our business.</P>

<P STYLE="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>Failure to comply with privacy, security, and consumer protection
laws and regulations could result in fines, penalties and damage to our reputation and have a material adverse effect on our business.</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 are subject to a number of foreign, federal and state laws and
regulations protecting the use, disclosure, and confidentiality of certain patient health and personal information, including patient
records, and restricting the use and disclosure of that protected information, including state breach notification laws, HIPAA, as amended
by HITECH, the European Union&rsquo;s GDPR, and the California Consumer Privacy Act (&ldquo;CCPA&rdquo;), among others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HIPAA extensively regulates the use and disclosure of individually
identifiable health information, known as &ldquo;protected health information,&rdquo; and require covered entities, including health
plans and most health care providers, to implement administrative, physical and technical safeguards to protect the security of such
information. Covered entities must report breaches of unsecured protected health information to affected individuals without unreasonable
delay and notification must also be made to the U.S. Department of Health &amp; Human Services, Office for Civil Rights (the &ldquo;OCR&rdquo;)
and, in certain situations involving large breaches, to the media. Various U.S. state laws and regulations may also require us to notify
affected individuals and state agencies in the event of a data breach involving individually identifiable 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">Violations of the HIPAA privacy and security regulations may result
in criminal and civil penalties. The OCR enforces the regulations and performs compliance audits. In addition to enforcement by OCR,
state attorneys general are authorized to bring civil actions seeking either injunction or damages in response to violations that threaten
the privacy of state residents. We follow and maintain a HIPAA compliance program, which we believe complies with the HIPAA privacy and
security regulations, but there can be no assurance that OCR or other regulators will agree. The HIPAA privacy regulations and security
regulations have and will continue to impose significant costs on us in order to comply with these standards.</P>

<P STYLE="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 also remain subject to state privacy-related laws, such as the
CCPA, that are more restrictive than the privacy regulations issued under HIPAA. These laws vary and could impose additional penalties.</P>

<P STYLE="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 subject to laws and regulations in foreign countries covering
data privacy and other protection of health and employee information that may be more onerous than corresponding U.S. laws, including
in particular the laws of Europe.</P>

<P STYLE="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 instance, the GDPR applies across the European Union and includes,
among other things, a requirement for prompt notice of data breaches to data subjects and supervisory authorities in certain circumstances
and significant fines for non-compliance. The GDPR also requires companies processing personal data of individuals residing in the European
Union to comply with EU privacy and data protection rules, even if we do not have a physical presence in the European Union. Noncompliance
could result in the imposition of fines, penalties, or orders to stop noncompliant activities.</P>

<P STYLE="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 laws and regulations, in addition to similar laws and regulations
being enacted by other states and counties, impose stringent cybersecurity standards and potentially significant non-compliance penalties,
involve the expenditure of significant resources, the investment of significant resources and the investment of significant time and
effort to comply. As these laws and regulations continue develop in the United States and internationally, we may be required to expend
significant time and resources in order to update existing processes or implement additional mechanisms as necessary to ensure compliance
with such cybersecurity laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our employees, independent contractors, consultants, commercial
partners, and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.</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 are exposed to the risk of fraud, misconduct, or other illegal
activity by our employees, independent contractors, consultants, commercial partners, and vendors. Misconduct by these parties could
include intentional, reckless and negligent conduct that fails to: comply with the rules and regulations of the CMS, FDA, and other federal
and state government agencies as well as comparable foreign regulatory authorities; provide true, complete and accurate information to
such regulatory authorities; comply with manufacturing and clinical laboratory standards; comply with healthcare fraud and abuse laws
in the United States and similar foreign fraudulent misconduct laws; or report financial information or data accurately or to disclose
unauthorized activities to us. In particular, research, sales, marketing, education, and other business arrangements in the healthcare
industry are subject to extensive laws designed to prevent fraud, kickbacks, self-dealing, and other abusive practices, as well as off-label&nbsp;product
promotion. These laws and regulations may restrict or prohibit a wide range of pricing, discounting, educating, marketing and promotion,
sales and commission, certain customer incentive programs, and other business arrangements generally. Activities subject to these laws
also involve the improper use of information obtained in the course of participant recruitment for clinical studies, which could result
in regulatory sanctions and cause serious harm to our reputation. We have adopted a code of business conduct and ethics and provide compliance
training to our workforce members upon onboarding and annually thereafter, but it is not always possible to identify and deter misconduct
by employees and third parties, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown
or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure
to be in compliance with such laws. If any such actions are instituted against us, and we are not successful in defending ourselves or
asserting our rights, those actions could have a significant impact on our business, including the imposition of significant fines or
other sanctions. Even if it is later determined after an action is instituted against us that we were not in violation of these laws,
we may be faced with negative publicity, incur significant expenses defending our actions, and have to divert significant management
resources from other matters.</P>

<P STYLE="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>Our operating results could be materially adversely affected
by unanticipated changes in tax laws and regulations, adjustments to our tax provisions, exposure to additional tax liabilities, or forfeiture
of our tax assets.</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 are subject to laws and regulations on tax levies and other charges
or contributions in different countries, including transfer pricing and tax regulations for the compensation of personnel and third parties.
Our tax structure involves several transfers and transfer price determinations between our parent company and our subsidiaries or other
affiliates. Our effective tax rates could be adversely affected by changes in tax laws, treaties and regulations, both internationally
and domestically. An increase of the effective tax rates could have an adverse effect on our business, financial position, results of
operations and cash flows.</P>

<P STYLE="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 net operating loss carry forwards of our corporate subsidiaries
may be unavailable to offset future taxable income because of restrictions under U.S. tax law. As of December&nbsp;31, 2024, consolidated
net tax loss carry forwards amounted to $333.9 million. Our NOLs generated in tax years ending on or prior to December&nbsp;31, 2017
are only permitted to be carried forward for 20 taxable years under applicable U.S. federal tax law, and therefore could expire unused.
We consider that it is highly likely that we will be unable to use at least a portion of these NOLs, in light of our continued losses.
Under tax legislation commonly referred to as the Tax Cuts and Jobs Act (&ldquo;TCJA&rdquo;), as modified by the CARES Act, our federal
NOLs generated in tax years ending after December&nbsp;31, 2017 may be carried forward indefinitely and NOLs arising in taxable years
beginning after December&nbsp;31, 2017 and before January 1, 2021 may be carried back to each of the five taxable years preceding the
tax year of such loss, but NOLs arising in taxable years beginning after December&nbsp;31, 2020 may not be carried back. In addition,
under the TCJA, as modified by the CARES Act, for taxable years beginning after December&nbsp;31, 2020, the deductibility of federal
NOLs generated in taxable years beginning after December&nbsp;31, 2017 is limited to 80% of current year taxable income. It is uncertain
if and to what extent various states will conform to the TCJA, as modified by the CARES 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 addition, under sections 382 and 383 of the Internal Revenue Code
of 1986, as amended, or the Code, if a corporation undergoes an &ldquo;ownership change&rdquo; (generally defined as a cumulative change
in ownership by &ldquo;5-percent&nbsp;shareholders&rdquo; that exceeds 50 percentage points over a rolling three-year&nbsp;period), the
corporation&rsquo;s ability to use its pre-change&nbsp;NOLs and certain other pre-change&nbsp;tax attributes to offset post-change&nbsp;income
and taxes may be limited. Similar rules may apply under state tax laws. Our existing NOLs and other certain tax attributes may be subject
to limitations arising from previous ownership changes. In addition, future changes in our stock ownership, many of which are outside
of our control, could result in an ownership change under Sections 382 and 383 of the Code. We have not conducted any studies to determine
annual limitations, if any, that could result from such changes in the ownership. Our ability to utilize those NOLs and certain other
tax attributes could be limited by an &ldquo;ownership change&rdquo; as described above and consequently, we may not be able to utilize
a material portion of our NOLs and certain other tax attributes, which could have a material adverse effect on our cash flows and results
of operations by effectively increasing our future tax obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also under Belgian tax law, certain restrictions regarding the use
of Belgian tax losses carried forward apply and these losses may also be forfeited upon certain changes of control over Belgian corporate
taxpayers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given that we have historically generated operating losses, any change
in our ability to use NOLs could have a severe impact on us if and when we become profitable. As of December&nbsp;31, 2024, we had an
accumulated deficit of $369.5&nbsp;million and for the year ended December&nbsp;31, 2024, we had a net loss of $38.1 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Ownership of Our Ordinary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The trading price of our ordinary shares may be volatile due
to factors beyond our control, and purchasers of our ordinary shares could incur substantial losses.</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 market price of our ordinary shares may be volatile. The stock
market in general and the market for biotechnology companies in particular have experienced extreme volatility that has often been unrelated
to the operating performance of particular companies. As a result of this volatility, investors may not be able to sell their shares
at or above the price originally paid for the security. The market price for our ordinary shares may be influenced by many factors, including:</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">actual
                                            or anticipated fluctuations in our financial condition and operating results;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            release of new data from our clinical trials;</FONT></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

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<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">actual
                                            or anticipated changes in our growth rate relative to our competitors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">competition
                                            from existing products or new products that may emerge;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">announcements
                                            by us or our competitors of significant acquisitions, strategic partnerships, joint ventures,
                                            collaborations or capital commitments;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">failure
                                            to meet or exceed financial estimates and projections of the investment community or that
                                            we provide to the public;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">issuance
                                            of new or updated research or reports by securities analysts;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">fluctuations
                                            in the valuation of companies perceived by investors to be comparable to us;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">currency
                                            fluctuations;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">additions
                                            or departures of key management or scientific personnel;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">disputes
                                            or other developments related to proprietary rights, including patents, litigation matters
                                            and our ability to obtain patent protection for our technologies;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">changes
                                            to coverage policies or reimbursement levels by commercial third-party payors and government
                                            payors and any announcements relating to coverage policies or reimbursement levels;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">announcement
                                            or expectation of additional debt or equity financing efforts;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">issuances
                                            or sales of ordinary shares by us, our insiders or our other holders; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">general
                                            economic and market 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">These and other market and industry factors may cause the market price
and demand for our ordinary shares to fluctuate substantially, regardless of our actual operating performance, which may limit or prevent
investors from readily selling shares and may otherwise negatively affect the liquidity of the trading market for our ordinary 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"><B><I>Certain of our significant shareholders may have different interests
from us and may be able to control us, including the outcome of shareholder votes.</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 of March 15, 2025, (i) MVM Partners LLP beneficially owned approximately
9.5% of our ordinary shares and has one representative at the board level (Dr. Eric Bednarski), (ii) Bleichroeder LP owned approximately
14.9% of our ordinary shares, and (iii) AWM Investment Company beneficially owned approximately 9.9% of our ordinary shares. In addition,
as long as two of MVM Partners LLP&rsquo;s funds (MVM V LP and MVM GP (No.5) LP) hold in aggregate 5% of our company&rsquo;s outstanding
shares, they are entitled to have one observer at the board level(see Item 7B. &ldquo;<I>Related party transactions &mdash; MVM Subscription
Agreement</I>&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024). As a result, these shareholders
will be able to exercise a significant level of control over all matters requiring stockholder approval, including the election of directors,
amendment of our Articles of Association and approval of certain significant corporate transactions. This control could have the effect
of delaying or preventing a change of control of the Company or changes in management, in each case, which other shareholders might find
favorable, and will make the approval of certain transactions difficult or impossible without the support of these significant shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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>If securities or industry analysts do not publish research or
publish inaccurate or unfavorable research about our business, the price of our ordinary shares and their trading volume could 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">The trading market for our ordinary shares depends in part on the
research and reports that securities or industry analysts publish about us or our business. If no or only limited securities or industry
analysts cover our company, the trading price for our ordinary shares could be negatively impacted. If one or more of the analysts who
cover us downgrades our equity securities or publishes inaccurate or unfavorable research about our business, the price of our ordinary
shares would likely decline. If one or more of these analysts ceases coverage of our company or fails to publish reports on us regularly,
or downgrades our securities, demand for our ordinary shares could decrease, which could cause the price of our ordinary shares or their
trading volume to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We intend to retain all available funds and any future earnings
and, consequently, the ability of holders of our ordinary shares to achieve a return on their investment will depend on appreciation
in the price of our ordinary 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">We have never declared or paid any cash dividends on our ordinary
shares, and we intend to retain all available funds and any future earnings to fund the development and expansion of our business. In
addition, our loan agreement with OrbiMed limits our ability to pay any such dividends. Therefore, holders of our ordinary shares are
not likely to receive any dividends for the foreseeable future and the success of an investment in our ordinary shares will depend upon
any future appreciation in their value. Consequently, investors may need to sell all or part of their holdings of our ordinary shares
after price appreciation, which may never occur, as the only way to realize any future gains on their investment. There is no guarantee
that our ordinary shares will appreciate in value or even maintain the price at which our investors have purchased them. Investors seeking
cash dividends should not purchase our ordinary 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">In addition, if we choose to pay dividends in the future, exchange
rate fluctuations may affect the amount of Euros that we are able to distribute, and the amount in U.S. dollars that our shareholders
receive upon the payment of cash dividends or other distributions we declare and pay in euros, if any. Any dividends will generally be
subject to Belgian withholding tax. These factors could harm the value of our ordinary 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"><B><I>Holders of our ordinary shares should be aware that the rights
provided to holders of our ordinary shares under Belgian corporate law and our Articles of Association differ in certain respects from
the rights that you would typically enjoy as a shareholder of a U.S. company under applicable U.S. federal and state laws.</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 are a Belgian company with limited liability. Our corporate affairs
are governed by our Articles of Association and by the laws governing companies incorporated in Belgium. The rights of shareholders and
the responsibilities of members of our Board of Directors may be different from the rights and obligations of shareholders and boards
of directors in companies governed by the laws of U.S. jurisdictions. In the performance of its duties, our Board is required by Belgian
law to consider the interests of our company, its shareholders, its employees, and other stakeholders. It is possible that some of these
parties will have interests that are different from, or in addition to, the interests of our shareholders. See Item 10B. &ldquo;<I>Memorandum
and Articles of Association</I>&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December 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"><B><I>Concentration of ownership of our ordinary shares among our
existing executive officers, directors and principal shareholders may prevent holders of our ordinary shares from influencing significant
corporate decisions.</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 executive officers, directors, greater than five percent shareholders
and their affiliates beneficially owned approximately 51.7% of our outstanding ordinary shares as of March 15, 2025. Depending on the
level of attendance at our general meetings of shareholders, these shareholders, either alone or voting together as a group, will be
in a position to determine the outcome of decisions taken at any such general meeting. Any shareholder or group of shareholders controlling
more than 50% of the share capital present and voting at our general meetings of shareholders may control any shareholder resolution
requiring a simple majority, including the appointment of Board members, as well as certain decisions relating to our capital structure,
the approval of certain significant corporate transactions and amendments to our Articles of Association. Among other consequences, this
concentration of ownership may prevent or discourage unsolicited acquisition proposals that shareholders may believe are in the best
interest of the Company. Some of these persons or entities may have interests different than those of our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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>Future sales, or the perception of future sales, of a substantial
number of our ordinary shares could adversely affect the price of our ordinary shares, and actual sales of our equity will dilute current
holders of our ordinary 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">Future sales of a substantial number of our ordinary shares, or the
perception that such sales will occur, could cause a decline in the market price of our ordinary shares. Approximately 23.5 million ordinary
shares are held by our directors, executive officers and greater than five percent shareholders. If one or more of these securityholders
sell substantial amounts of ordinary shares in the public market, or the market perceives that such sales may occur, the market price
of our ordinary shares and our ability to raise capital through an issue of equity securities in the future could be adversely affected.</P>

<P STYLE="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 issue ordinary shares in future financings, shareholders
may experience dilution and, as a result, the price of our ordinary shares 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 ordinary shares at a discount
from the trading price of our ordinary shares. As a result, holders of our ordinary shares would experience immediate dilution upon the
issuance of any of our ordinary shares 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, preference shares or shares. If we issue ordinary shares
or other equity or equity-linked&nbsp;securities, holders of our ordinary shares would experience additional dilution and, as a result,
the price of our ordinary shares may decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>It may be difficult for holders of our ordinary shares outside
Belgium to serve process on, or enforce foreign judgments against, us or our directors and senior management.</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 are a Belgian limited liability company. Less than a majority of
the members of our Board of Directors are residents of the United States. All or a substantial portion of the assets of such non-resident&nbsp;persons
and a significant portion of our assets are located outside the United States. As a result, it may not be possible for holders of our
ordinary shares to effect service of process upon such persons or on us or to enforce against them or us a judgment obtained in U.S.
courts. Original actions or actions for the enforcement of judgments of U.S. courts relating to the civil liability provisions of the
federal or state securities laws of the United States are not directly enforceable in Belgium.</P>

<P STYLE="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 United States and Belgium do not currently have a multilateral
or bilateral treaty providing for reciprocal recognition and enforcement of judgments, other than arbitral awards, in civil and commercial
matters. In order for a final judgment for the payment of money rendered by U.S. courts based on civil liability to produce any effect
on Belgian soil, it is accordingly required that this judgment be recognized or be declared enforceable by a Belgian court in accordance
with Articles 22 to 25 of the 2004 Belgian Code of Private International Law. Recognition or enforcement does not imply a review of the
merits of the case and is irrespective of any reciprocity requirement. A U.S. judgment will, however, not be recognized or declared enforceable
in Belgium, unless (in addition to compliance with certain technical provisions) the Belgian courts are satisfied of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            effect of the recognition or enforcement of judgment is not manifestly incompatible with
                                            (Belgian) public order;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment did not violate the rights of the defendant;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment was not rendered in a matter where the parties did not freely dispose of their rights,
                                            with the sole purpose of avoiding the application of the law applicable according to Belgian
                                            international law;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment is not subject to further recourse under U.S. law;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment is not incompatible with a judgment rendered in Belgium or with a prior judgment
                                            rendered abroad that might be recognized in Belgium;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            claim was not filed outside Belgium after a claim was filed in Belgium, if the claim filed
                                            in Belgium relates to the same parties and the same subject and is still pending;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            Belgian courts did not have exclusive jurisdiction to rule on the matter;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            U.S. court did not accept its jurisdiction solely on the basis of the presence of the plaintiff
                                            or the location of goods not directly linked to the dispute in the United States;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment did not concern the deposit or validity of intellectual property rights when the
                                            deposit or registration of those intellectual property rights was requested, done or should
                                            have been done in Belgium pursuant to international treaties;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment did not relate to the validity, operation, dissolution, or liquidation of a legal
                                            entity that has its main seat in Belgium at the time of the petition of the U.S. court;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">if
                                            the judgment relates to the opening, progress or closure of insolvency proceedings, it is
                                            rendered on the basis of the European Regulation on Insolvency Proceedings (EU Regulation
                                            No. 2015/848 of May 20, 2015) or, if not, that (a) a decision in the principal proceedings
                                            is taken by a judge in the state where the most important establishment of the debtor was
                                            located or (b) a decision in territorial proceedings was taken by a judge in the state where
                                            the debtor had another establishment than its most important establishment &ndash; in this
                                            latter case, the recognition or declaration of enforcement of the judgment may only concern
                                            assets located in the territory of the state where the proceedings were opened; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment submitted to the Belgian court is authentic under the laws of the state where the
                                            judgment was issued; in case of a default judgment, it can be shown that under locally applicable
                                            laws the invitation to appear in court was properly served on the defendant; a document can
                                            be produced showing that the judgment is, under the rules of the state where it was issued,
                                            enforceable and was properly served on the defendant..</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 to recognition or enforcement, a judgment by a federal
or state court in the United States against us may also serve as evidence in a similar action in a Belgian court if it meets the conditions
required for the authenticity of judgments according to the law of the state where it was rendered. The findings of a federal or state
court in the United States will not, however, be taken into account to the extent they appear incompatible with Belgian public policy.</P>

<P STYLE="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 the lack of a treaty as described above, U.S. investors may
not be able to enforce against us or members of our Board of Directors or our executive management any judgments obtained in U.S. courts
in civil and commercial matters, including judgments under the U.S. federal securities 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"><B><I>We are an &ldquo;emerging growth company&rdquo; and as a result
of the reduced disclosure and governance requirements applicable to emerging growth companies, our ordinary shares may be less attractive
to investors.</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 are an &ldquo;emerging growth company&rdquo; as defined in the
Jumpstart Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;). For as long as we continue to be an emerging growth company,
we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging
growth companies, including not being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act
of 2002 (the &ldquo;Sarbanes-Oxley&nbsp;Act&rdquo;), exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved. We may take advantage of these exemptions
until we are no longer an emerging growth company. We could be an emerging growth company for up to five&nbsp;years, although circumstances
could cause us to lose that status earlier, including if the aggregate market value of our ordinary shares held by non-affiliates&nbsp;exceeds
$700&nbsp;million as of the end of our second fiscal quarter before that time, in which case we would no longer be an emerging growth
company as of the following December 31st (the last day of our fiscal year). We cannot predict if investors will find our ordinary shares
less attractive because we may rely on these exemptions. If some investors find our ordinary shares less attractive as a result, there
may be a less active trading market for our ordinary shares and the price of our ordinary shares may be more volatile.</P>

<P STYLE="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>As a foreign private issuer and as permitted by the listing
requirements of Nasdaq, we rely on certain home country corporate governance practices rather than the corporate governance requirements
of Nasdaq.</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 qualify as a foreign private issuer and our ordinary shares are
listed on Nasdaq. In accordance with the listing requirements of Nasdaq, we rely on home country governance requirements and certain
exemptions thereunder rather than relying on the corporate governance requirements of Nasdaq. For example, we are exempt from certain
rules under the Exchange Act that regulate disclosure obligations and procedural requirements related to the solicitation of proxies,
consents or authorizations applicable to a security registered under the Exchange Act, including the U.S. proxy rules under Section&nbsp;14
of the Exchange Act. In addition, our officers and directors are exempt from the reporting and &ldquo;short-swing&rdquo; profit recovery
provisions of Section 16 of the Exchange Act and related rules with respect to their purchases and sales of our securities. Moreover,
while we currently publish annual and semi-annual&nbsp;reports on our website and file such financial reports with the SEC, we are not
required to file periodic reports with the SEC as frequently or as promptly as U.S. public companies. Specifically, we are not required
to file quarterly reports on Form 10-Q&nbsp;or current reports on Form 8-K&nbsp;that a domestic company would be required to file under
the Exchange Act. Accordingly, there may be less publicly available information concerning our company than there would be if we were
not a foreign private issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may lose our foreign private issuer status in the future,
which could result in significant additional costs and expenses.</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 a foreign private issuer, we are not required to comply with all
the periodic disclosure and current reporting requirements of the Exchange Act and related rules and regulations. The determination of
foreign private issuer status is made annually on the last business day of our most recently completed second fiscal quarter. Accordingly,
we will next make a determination with respect to our foreign private issuer status on June&nbsp;30, 2026. There is a risk that we will
lose our foreign private issuer status in the future.&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">We would lose our foreign private issuer status if, for instance more
than 50% of our ordinary shares are owned by U.S. residents or persons and more than 50% of our assets are located in the United States
and we continue to fail to meet additional requirements necessary to maintain our foreign private issuer status. The regulatory and compliance
costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly greater than the costs we incur as a foreign private
issuer. If we are not a foreign private issuer, we will be required to file periodic reports and registration statements on U.S. domestic
issuer forms with the SEC, which are more detailed and extensive in certain respects than the forms available to a foreign private issuer.
We would be required under current SEC rules to prepare our financial statements in accordance with U.S. GAAP and modify certain of our
policies to comply with corporate governance practices associated with U.S. domestic issuers. Such conversion and modifications would
involve additional costs. In addition, we may lose our ability to rely upon exemptions from certain corporate governance requirements
on U.S. stock exchanges that are available to foreign private issuers, which could also increase our costs.</P>

<P STYLE="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>U.S. holders of our ordinary shares may suffer adverse tax consequences
if we are characterized as a passive foreign investment company, or PFIC.</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.&nbsp;corporation is a PFIC for U.S. federal
income tax purposes for any taxable year in which (i) 50% or more of value of its assets (based on an average of the quarterly values
of the assets during such taxable year) consists of assets that produce, or are held for the production of, passive income, or (ii)&nbsp;75%
or more of its gross income consists of passive income. A separate determination must be made after the close of each fiscal year as
to whether a non-U.S. corporation is a PFIC for that year. For purposes of the above calculations, a non-U.S.&nbsp;corporation that owns,
directly or indirectly, at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of
the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income
generally includes dividends, interest, investment gains and certain rents and royalties. Cash is generally a passive asset for these
purposes. The value goodwill is generally treated as an active asset if it is associated with business activities that produce active
income.</P>

<P STYLE="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 we are a PFIC for any taxable year during which a U.S. Holder (as
defined under Item 10E. &ldquo;<I>Taxation</I>&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024)
holds our ordinary shares, we will continue to be treated as a PFIC with respect to such U.S. Holder in all succeeding&nbsp;years during
which the U.S. Holder owns our ordinary shares regardless of whether we continue to meet the PFIC test described above, unless the U.S.
Holder makes a specified election once we cease to be a PFIC. If we are classified as a PFIC for any taxable year during which a U.S.
Holder holds our ordinary shares, the U.S. Holder may be subject to adverse tax consequences regardless of whether we continue to qualify
as a PFIC, including ineligibility for any preferred tax rates on capital gains or on actual or deemed dividends, interest charges on
certain taxes treated as deferred, and additional reporting requirements.</P>

<P STYLE="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 the current estimates, and expected future composition, of
our income and the value of our assets, including goodwill, we do not expect to be a PFIC for our current taxable year. However, our
PFIC status for any taxable year is an annual determination that can be made only after the end of that year and will depend on the composition
of our income and assets and the value of our assets from time to time. The determination of whether we are a PFIC is fact-intensive&nbsp;and
the applicable law is subject to varying interpretation. There can be no assurance that the U.S.&nbsp;Internal Revenue Service, or IRS,
will agree with our position or that the IRS will not successfully challenge our position including our classification of certain income
and assets as non-passive&nbsp;or our valuation of our tangible and intangible assets.</P>

<P STYLE="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 U.S. Holder may in certain circumstances mitigate the adverse tax
consequences of the PFIC rules by filing an election to treat the PFIC as a Qualified Electing Fund (&ldquo;QEF&rdquo;) or, if shares
of the PFIC are &ldquo;marketable stock&rdquo; for purposes of the PFIC rules, by making a mark-to-market&nbsp;election with respect
to the shares of the PFIC. However, we do not currently intend to provide the information necessary for U.S. Holders to make a QEF election
if we were treated as a PFIC for any taxable year and prospective investors should assume that a QEF election will not be available.
Furthermore, if a U.S. Holder were to make a mark-to-market&nbsp;election with respect to our ordinary shares, the U.S. Holder would
be required to include annually in its U.S. federal taxable income (taxable at ordinary income rates) an amount reflecting any year end
increase in the value of its ordinary shares. For further discussion of the PFIC rules and the adverse U.S. federal income tax consequences
in the event we are classified as a PFIC, see Item 10E. &ldquo;<I>Taxation</I>&rdquo; in our Annual Report on Form 20-F for the fiscal
year ended December 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">The U.S. federal income tax rules relating to PFICs are very complex.
Current and prospective U.S. Holders are strongly urged to consult their own tax advisors with respect to the impact of PFIC status on
the purchase, ownership and disposition of our ordinary shares, the consequences to them of an investment in a PFIC, any elections available
with respect to our ordinary shares and the IRS information reporting obligations with respect to the purchase, ownership and disposition
of our ordinary shares of a PFIC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If a U.S. Holder is treated as owning at least 10% of our ordinary
share capital, such holder may be subject to adverse U.S. federal income tax consequences.</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 a U.S. Holder (as defined under Item 10E. &ldquo;<I>Taxation</I>&rdquo;
in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024) is treated as owning, directly, indirectly or constructively,
at least 10% of the value or voting power of our share capital, such U.S. Holder may be treated as a &ldquo;U.S. shareholder&rdquo; with
respect to each &ldquo;controlled foreign corporation&rdquo; in our group, if any. Because our group currently includes at least one
U.S. subsidiary, under current law, any of our current non-U.S. subsidiaries and any future newly formed or acquired non-U.S. subsidiaries
will be treated as controlled foreign corporations, regardless of whether we are treated as a controlled foreign corporation. A U.S.
shareholder of a controlled foreign corporation may be required to annually report and include in its U.S. taxable income its pro rata
share of &ldquo;Subpart F income,&rdquo; &ldquo;global intangible low-taxed&nbsp;income&rdquo; and investments in U.S.&nbsp;property
by controlled foreign corporations, regardless of whether we make any distributions. An individual that is a U.S. shareholder with respect
to a controlled foreign corporation generally would not be allowed certain tax deductions or foreign tax credits that would be allowed
to a U.S. shareholder that is a U.S. corporation. Failure to comply with controlled foreign corporation reporting obligations may subject
a U.S. shareholder to significant monetary penalties. We cannot provide any assurances that we will furnish to any U.S. shareholder information
that may be necessary to comply with the reporting and tax paying obligations applicable under the controlled foreign corporation rules
of the Code. U.S. Holders should consult their tax advisors regarding the potential application of these rules to their investment in
our ordinary shares. See Item 10E. &ldquo;<I>Taxation</I>&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December
31, 2024 for a more detailed discussion.</P>

<P STYLE="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 incur significant costs as a result of operating as a company
that is publicly listed on Nasdaq, and our management is required to devote substantial time to compliance initiatives.</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 a company that is publicly listed on Nasdaq, we are subject to
the reporting requirements of the Exchange Act, the Sarbanes-Oxley&nbsp;Act, the Dodd-Frank&nbsp;Wall Street Reform and Consumer Protection
Act, the Nasdaq listing requirements and other applicable securities rules and regulations. Compliance with these rules and regulations
is costly, and will become even more costly after we are no longer an &ldquo;emerging growth company&rdquo; and/or a foreign private
issuer. Further, as Belgian limited liability company listed in the U.S., we are subject to potentially overlapping and disparate multi-jurisdictional
laws and rules that potentially impact the disclosure of information. From time to time, this may result in uncertainty regarding compliance
matters and result in higher costs necessitated by legal analysis of dual legal regimes, ongoing revisions to disclosure and adherence
to heightened governance practices. Moreover, these rules and regulations increase our legal and financial compliance costs and make
some activities more time-consuming&nbsp;and costly. For example, we expect that these rules and regulations may make it more difficult
and more expensive for us to obtain director and officer liability insurance, which in turn could make it more difficult for us to attract
and retain qualified senior management personnel or members for our Board of Directors. These rules and regulations are often subject
to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve
over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance
matters and higher costs necessitated by ongoing revisions to disclosure and governance practices.</P>

<P STYLE="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>As a result of being a U.S. public company, we are subject to
regulatory compliance requirements, including Section 404 of the Sarbanes-Oxley Act (&ldquo;Section 404&rdquo;), and if we fail to maintain
an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud.</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">Pursuant to Section 404, our management is required to assess and
attest to the effectiveness of our internal control over financial reporting in connection with issuing our consolidated financial statements
as of and for each fiscal year. Section 404 also requires an attestation report on the effectiveness of internal control over financial
reporting be provided by our independent registered public accounting firm beginning with our annual report following the date on which
we are no longer an &ldquo;emerging growth company.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The cost of complying with Section 404 significantly increases and
management&rsquo;s attention may be diverted from other business concerns, which could adversely affect our results. We may need to hire
more employees in the future or engage outside consultants to comply with these requirements, which will further increase expenses. If
we fail to comply with the requirements of Section 404 in the required timeframe, we may be subject to sanctions or investigations by
regulatory authorities, including the SEC and Nasdaq. Furthermore, if we are unable to attest to the effectiveness of our internal control
over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, and the market
price of our ordinary shares could decline. Failure to implement or maintain effective internal control over financial reporting could
also restrict our future access to the capital markets and subject each of us, our directors and our officers to both significant monetary
and criminal liability. In addition, changing laws, regulations and standards relating to corporate governance and public disclosure
are creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time consuming.
These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as
a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could
result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance
practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased
general and administrative expense and a diversion of management&rsquo;s time and attention from revenue generating activities to compliance
activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing
bodies due to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us
and our business, financial position, results and prospects may be adversely affected.</P>

<P STYLE="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>If we fail to implement and maintain effective internal controls
over financial reporting, our ability to produce accurate financial statements on a timely basis could be impaired.</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 are subject to reporting obligations under U.S.&nbsp;securities
laws and the Sarbanes-Oxley&nbsp;Act&nbsp;of&nbsp;2002. Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act requires that we include a report
from management on the effectiveness of our internal control over financial reporting in our annual report on Form&nbsp;20-F&nbsp;for
the year ended December&nbsp;31, 2024. If we fail to implement and maintain adequate disclosure controls and procedures, our management
may conclude that our internal control over financial reporting is not effective. This conclusion could adversely impact the market price
of our ordinary shares due to a loss of investor confidence in the reliability of our reporting processes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Undetected material weaknesses in our internal controls could lead
to financial statement restatements and require us to incur remediation costs. To the extent we experience additional future material
weaknesses, investors could lose confidence in the accuracy or completeness of our reported financial information, which could have a
negative effect on the trading price of our ordinary shares. Failure to implement or maintain effective internal control over financial
reporting could also restrict our future access to the capital markets and subject each of us, our directors and our officers to both
significant monetary and criminal liability.</P>

<P STYLE="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 required to perform system and process evaluations and testing
of our internal controls over financial reporting, to allow our management and our independent public registered accounting firm to report
on the effectiveness of our internal control over financial reporting. In addition, our compliance with Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act
will require that we incur substantial accounting expense, expend significant management effort and we may need to hire additional accounting
and financial staff with the appropriate experience and technical accounting knowledge, and compile the system and process documentation
necessary to perform the evaluation needed to comply with Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act. We may not be able to complete
our evaluation, testing and any required remediation in a timely fashion. Any failure to implement required new or improved controls,
or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing
by us conducted in connection with Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act, or any subsequent testing by our independent registered
public accounting firm, may reveal additional deficiencies in our internal controls over financial reporting that are deemed to be material
weaknesses or that may require prospective or retroactive changes to our financial statements or identify other areas for further attention
or improvement. We cannot assure you that there will not be additional material weaknesses or significant deficiencies in our internal
control over financial reporting 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"><B><I>We may be subject to securities litigation, which is expensive
and could divert management&rsquo;s attention.</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 market price of our ordinary shares may be volatile and, in the
past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation.
We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and
divert our management&rsquo;s attention from other business concerns, which could seriously harm our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investors residing in countries other than Belgium may suffer
dilution if they are unable to participate in future preferential subscription rights offerings.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under Belgian law and our constitutional documents, shareholders have
a waivable and cancellable preferential subscription right to subscribe&nbsp;<I>pro&nbsp;rata</I>&nbsp;to their existing shareholdings
to the issuance, against a contribution in cash, of new shares or other securities entitling the holder thereof to new shares, unless
such rights are limited or cancelled by resolution of our general shareholders&rsquo; meeting or, if so authorized by a resolution of
such meeting, our Board of Directors. The exercise of preferential subscription rights by certain shareholders not residing in Belgium
(including those in the United States, Australia, Israel, Canada or Japan as a result of the offering and taking into account the current
shareholding and international network of our current Board of Directors) may be restricted by applicable law, practice or other considerations,
and such shareholders may not be entitled to exercise such rights, unless the rights and shares are registered or qualified for sale
under the relevant legislation or regulatory framework. In particular, we may not be able to establish an exemption from registration
in the United States under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and we are under no obligation
to file a registration statement with respect to any such preferential subscription rights or underlying securities or to endeavor to
have a registration statement declared effective under the Securities Act. Shareholders in jurisdictions outside Belgium who are not
able or not permitted to exercise their preferential subscription rights in the event of a future preferential subscription rights, equity
or other offering may suffer dilution of their shareholdings.</P>

<P STYLE="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>Takeover provisions in the national law of Belgium may make
a takeover difficult.</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">Public takeover bids on our shares and other voting securities, such
as warrants or convertible bonds, if any, are subject to the Belgian Act of April&nbsp;1, 2007 on public takeover bids, as amended and
implemented by the Belgian Royal Decree of April&nbsp;27, 2007, or Royal Decree, and to the supervision by the Belgian Financial Services
and Markets Authority, or FSMA. Public takeover bids must be made for all of our voting securities, as well as for all other securities
that entitle the holders thereof to the subscription to, the acquisition of or the conversion into voting securities. Prior to making
a bid, a bidder must issue and disseminate a prospectus, which must be approved by the FSMA. The bidder must also obtain approval of
the relevant competition authorities, where such approval is legally required for the acquisition of our company. However, as the Company
no longer qualifies a listed company under Belgian law following de-listing from Euronext Brussels in December 2023, the requirement,
provided for by the Belgian Act of April&nbsp;1, 2007, to launch a mandatory bid for all of our outstanding shares and securities giving
access to shares if a person, as a result of its own acquisition or the acquisition by persons acting in concert with it or by persons
acting on their account, directly or indirectly holds more than 30% of the voting securities in a company that has its registered office
in Belgium and of which at least part of the voting securities are traded on a regulated market or on a multilateral trading facility
designated by the Royal Decree no longer applies. This may allow existing shareholders or new investors to acquire significant influence
or control over the Company by acquiring the shares in the market without being required to acquire the other outstanding voting securities,
as well as for all other securities that entitle the holders thereof to the subscription to, the acquisition of or the conversion into
voting 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">There are several provisions of Belgian company law and certain other
provisions of Belgian law, such as merger control, that may apply to us and which may make an unfriendly tender offer, merger, change
in management or other change in control, more difficult. These provisions could discourage potential takeover attempts that third parties
may consider and thus deprive the shareholders of the opportunity to sell their shares at a premium (which is typically offered in the
framework of a takeover bid).</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus contains forward-looking statements. All statements
other than statements of historical facts contained in this prospectus, including statements regarding our strategy, future operations,
future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are
forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can find many
(but not all) of these statements by looking for words such as &ldquo;approximates,&rdquo; &ldquo;believes,&rdquo; &ldquo;hopes,&rdquo;
&ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo;
&ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;may&rdquo; or other similar expressions in this prospectus. The
sections in our periodic reports, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, titled &ldquo;<I>Information
on the Company</I>,&rdquo; and &ldquo;<I>Operating and Financial Review and Prospects</I>,&rdquo; as well as other sections in this prospectus
and the documents or reports incorporated by reference in this prospectus, discuss some of the factors that could contribute to these
differences. These forward-looking statements include, among other things, statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            plans relating to commercializing our tests and related diagnostic products and services
                                            (collectively &ldquo;tests&rdquo;, &ldquo;testing solutions&rdquo; or &ldquo;solutions&rdquo;)
                                            and the rate and degree of market acceptance of our solutions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            size of the market opportunity for our Confirm mdx, ExoDx, Resolve mdx, Monitor mdx and Genomic
                                            Prostate Score (&ldquo;GPS&rdquo;) tests and other tests and solutions we may commercialize
                                            or may develop;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            acceptance of our testing solutions by healthcare providers;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            willingness of health insurance companies and other payers to cover our testing solutions
                                            and adequately reimburse us for such solutions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            plans relating to the further development of testing solutions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">existing
                                            regulations and regulatory developments in the United States, Europe and other jurisdictions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to obtain and maintain regulatory approvals and comply with applicable regulations;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">timing,
                                            progress and results of our research and development programs;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            period over which we estimate our existing cash will be sufficient to fund our future operating
                                            expenses and capital expenditure requirements;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to attract and retain qualified employees and key personnel;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            scope of protection we are able to establish and maintain for intellectual property rights
                                            covering our testing solutions and technology;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to operate our business without infringing the intellectual property rights and proprietary
                                            technology of third parties;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            possibility that the anticipated benefits from our business acquisitions will not be realized
                                            in full or at all or may take longer to realize than expected;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">cost
                                            associated with defending intellectual property infringement, product liability and other
                                            claims;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">uncertainties
                                            associated with global macroeconomic conditions; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">other
                                            risks and uncertainties, including those listed under the caption &ldquo;<I>Risk Factors.</I>&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">These statements reflect our views with respect to future events as
of the date of this prospectus and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should
not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions
only as of the date of this prospectus and, except as required by law, we undertake no obligation to update or review publicly any forward-looking
statements, whether as a result of new information, future events or otherwise after the date of this prospectus. We anticipate that
subsequent events and developments will cause our views to change. You should read this prospectus and the documents referenced in this
prospectus and filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding
that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these
cautionary statements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>CAPITALIZATION AND INDEBTEDNESS</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: left">Our capitalization and indebtedness will be set
forth in a prospectus supplement to this prospectus or in a report on Form 6-K subsequently furnished to the SEC and specifically incorporated
herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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 currently intend to use the net proceeds from the sale of the securities
for general corporate and working capital purposes, including to fund our product development efforts and expansion of our commercialization
activities. Accordingly, our management will have significant discretion and flexibility in applying the net proceeds from the sale of
the securities. Our plans to use the estimated net proceeds from the sale of the securities may change, and if they do, we will update
this information in a prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>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">We may sell the securities offered by this prospectus to one or more
underwriters or dealers for public offering, through agents, directly to one or more purchasers or through a combination of any such
methods of sale. The name of any such underwriters, dealers or agents involved in the offer and sale of the securities, the amounts underwritten
and the nature of its obligation to take the securities will be specified in the applicable prospectus supplement. We reserve the right
to sell the securities directly to investors on our own behalf in those jurisdictions where we are authorized to do so. The sale of the
securities may be effected in one or more transactions (a) on any national or international securities exchange or quotation service
on which the securities may be listed or quoted at the time of sale, (b) in the over-the-counter market, (c) in transactions otherwise
than on such exchanges or in the over-the-counter market or (d) through the writing of options. Each time that we sell securities covered
by this prospectus, we will provide a prospectus supplement or supplements that will describe the method of distribution and set forth
the terms and conditions of the offering of such securities, including the offering price of the securities and the proceeds to us, if
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">We and our agents and underwriters may offer and sell the securities
at a fixed price or prices that may be changed, at market prices prevailing at the time of sale, at prices related to such prevailing
market prices or at negotiated prices. The securities may be offered on an exchange, which will be disclosed in the applicable prospectus
supplement. We may, from time to time, authorize dealers, acting as our agents, to offer and sell the securities upon such terms and
conditions as set forth in the applicable prospectus supplement. We may also sell the securities offered by any applicable prospectus
supplement in &ldquo;at-the-market offerings&rdquo; within the meaning of Rule 415 of the Securities Act of 1933, to or through a market
maker or into an existing trading market, on an exchange or otherwise.</P>

<P STYLE="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 we use underwriters to sell securities, we will enter into an underwriting
agreement with them at the time of the sale to them. In connection with the sale of the securities, underwriters or agents may receive
compensation from us in the form of underwriting fees or commissions and may also receive commissions from purchasers of the securities
for whom they may act as agent. The names of any underwriters, any underwriting compensation paid by us to underwriters or agents in
connection with the offering of the securities, and any concessions or commissions allowed by underwriters to participating dealers,
will be set forth in the applicable prospectus supplement to the extent required by applicable law. Underwriters may sell the securities
to or through dealers, and such dealers may receive compensation in the form of fees, concessions or commissions from the underwriters
or commissions (which may be changed from time to time) from the purchasers for whom they may act as agents. If a dealer is utilized
in the sale of the securities being offered by this prospectus, the securities will be sold to the dealer, as principal. The dealer may
then resell the securities to the public at varying prices to be determined by the dealer at the time of resale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dealers and agents participating in the distribution of the securities
may be deemed to be underwriters, and any fees, discounts and commissions received by them and any profit realized by them on resale
of the securities may be deemed to be underwriting discounts and commissions under the Securities Act. Unless otherwise indicated in
the applicable prospectus supplement, an agent will be acting on a best efforts basis and a dealer will purchase debt securities as a
principal, and may then resell the debt securities at varying prices to be determined by the dealer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;If so indicated in the prospectus supplement, we will authorize
underwriters, dealers or agents to solicit offers by certain specified institutions to purchase offered securities from us at the public
offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a
specified date in the future. Such contracts will be subject to any conditions set forth in the applicable prospectus supplement and
the prospectus supplement will set forth the commission payable for solicitation of such contracts. The underwriters and other persons
soliciting such contracts will have no responsibility for the validity or performance of any such contracts. Offers to purchase the securities
being offered by this prospectus may also be solicited directly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Underwriters, dealers and agents may be entitled, under agreements
entered into with us, to indemnification against and contribution towards certain civil liabilities, including any liabilities under
the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To facilitate the offering of securities, certain persons participating
in the offering may engage in transactions that stabilize, maintain, or otherwise affect the price of the securities. These may include
over-allotment, stabilization, syndicate short covering transactions and penalty bids. Over-allotment involves sales in excess of the
offering size, which creates a short position. Stabilizing transactions involve bids to purchase the underlying security so long as the
stabilizing bids do not exceed a specified maximum. Syndicate short covering transactions involve purchases of securities in the open
market after the distribution has been completed in order to cover syndicate short positions. Penalty bids permit the underwriters to
reclaim selling concessions from dealers when the securities originally sold by the dealers are purchased in covering transactions to
cover syndicate short positions. These transactions may cause the price of the securities sold in an offering to be higher than it would
otherwise be. These transactions, if commenced, may be discontinued by the underwriters at any time.</P>

<P STYLE="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 such time as we may be engaged in a distribution of the securities
covered by this prospectus, we are required to comply with Regulation M promulgated under the Exchange Act. With certain exceptions,
Regulation M precludes us, any affiliated purchasers, and any broker-dealer or other person who participates in such distribution from
bidding for or purchasing, or attempting to induce any person to bid for or purchase, any security which is the subject of the distribution
until the entire distribution is complete. Regulation M also restricts bids or purchases made in order to stabilize the price of a security
in connection with the distribution of that security. All of the foregoing may affect the marketability of our 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">The specific terms of any lock-up provisions in respect of any given
offering will be described in the applicable 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">The underwriters, dealers and agents may engage in transactions with
us, or perform services for us, in the ordinary course of business for which they receive compensation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>DESCRIPTION OF SHARE CAPITAL
AND ARTICLES OF ASSOCIATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Description of Share Capital</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 description of our share capital summarizes certain
provisions of our articles of association and the Belgian Companies and Associations Code. Because this description is a summary, it
may not contain all information important to you. Accordingly, this description is qualified entirely by references to our articles of
association. Copies of our articles of association will be publicly available as an exhibit to the registration statement of which this
prospectus forms a part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following description includes comparisons of certain provisions
of our articles of association and the Belgian Companies and Associations Code applicable to us and the Delaware General Corporation
Law, or the DGCL, the law under which many publicly listed companies in the United States are incorporated. Because such statements are
summaries, they do not address all aspects of Belgian law that may be relevant to us and our shareholders or all aspects of Delaware
law which may differ from Belgian law, and they are not intended to be a complete discussion of the respective rights.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Share Capital and Shares</U></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 share capital is represented by ordinary shares without nominal
value. Our share capital is fully paid-up. Our shares are not separated into classes.</P>

<P STYLE="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 December&nbsp;31, 2024, our share capital amounted to&nbsp;&euro;204,245,492.10,
represented by 49,497,334 fully authorized and subscribed and paid-up&nbsp;shares without nominal value. This number does not include
outstanding warrants issued by us and granted to certain of our directors, employees and non-employees&nbsp;nor any other capital increases
after December&nbsp;31, 2024. Neither we nor any of our subsidiaries holds any of our own shares.&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">Pursuant to the notarized deed received by the notary Stijn Raes,
a resident notary in Ghent, on October 1, 2025, the board of directors increased our share capital by an amount of EUR 3,866,208.91 through
the issuance of 1,867,186 new shares, fully paid up by contribution in kind, issued at a rounded issue price of EUR 2.07 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">On the date of this prospectus, our share capital amounts to &euro;208,111,701.01,
represented by 51,364,520 fully authorized and subscribed and paid-up&nbsp;shares without nominal value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Other Outstanding Securities</U></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">In addition to the shares already outstanding, we have granted subscription
rights (share options or warrants), which upon exercise will lead to an increase in the number 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">On the date of 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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">5,870,128 new shares are issuable upon exercise of outstanding share options issued by us and 799,400 shares available for future grants
under equity plans;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">1,000,000
                                            new shares are issuable upon the exercise of 1,000,000 warrants granted by us to Exact Sciences;
                                            and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">1,243,060
                                            new shares are issuable upon the exercise of 1,243,060 warrants granted by us to affiliates
                                            of OrbiMed.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I>&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"><I><U>History of Securities Issuances</U></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">All shares issued have been fully paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The changes to our actual share capital since January&nbsp;1, 2023
can be summarized as follows:</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="border-bottom: Black 1.5pt solid; font-weight: bold">Date</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Transaction</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Increase<BR> (reduction) of<BR> share&nbsp;capital<BR>
    (in EUR)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number&nbsp;of<BR> shares<BR> issued</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class&nbsp;of<BR> shares&nbsp;issued</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Issue&nbsp;price<BR> per&nbsp;Share<BR>
    (in EUR,<BR> rounded)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Resulting<BR> share&nbsp;capital<BR>
    (in EUR)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Existing<BR> shares</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 11%; text-indent: -10pt; padding-left: 10pt; vertical-align: top">February 7, 2023</TD><TD STYLE="text-align: left; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; text-align: left">Capital Increase in Cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">37,119,524.87</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">100,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 11%">Ordinary&nbsp;Shares</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0.37</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">160,658,690.06</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">262,880,936</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">March 8, 2023</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Capital Increase in Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,812,939.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ordinary Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,471,629.58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">270,380,936</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">October 20, 2023</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Capital Increase in kind</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">831,123.31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ordinary Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,302,752.89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">272,880,936</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">November 13, 2023</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Share Consolidation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,302,752.89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,288,093</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">September 27, 2024</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Capital Increase in Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,858,359.48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ordinary Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.79</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,161,112.37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,288,093</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">October 29, 2024</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Capital Increase in Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,084,379.73</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,209,241</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ordinary Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,245,492.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,497,334</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">October 1, 2025</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Capital Increase in kind</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,866,208.91</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,867,186</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ordinary Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.07</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,111,701.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,364,520</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0">On the date of this prospectus, our share capital amounts to&nbsp;&euro;208,111,701.01, represented by 51,364,520
fully authorized and subscribed and paid-up&nbsp;shares without nominal value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Articles of Association and Other Share Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Corporate Profile</U></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 legal and commercial name is MDxHealth SA. We are a public limited
liability company incorporated in the form of a&nbsp;<I>naamloze vennootschap/soci&eacute;t&eacute; anonyme</I>&nbsp;under Belgian law.
We are registered with the Register of Legal Entities (RPM Li&egrave;ge) under the enterprise number 0479.292.440. Our principal executive
and registered offices are located at CAP Business Center, Zone Industrielle des Hauts-Sarts, Rue d&rsquo;Abhooz&nbsp;31, 4040 Herstal,
Belgium and our telephone number is +1 (866) 259-5644. Our agent for service of process in the United States is MDxHealth, Inc., whose
address is 15279 Alton Parkway, Suite 100, Irvine, CA 92618, United States.</P>

<P STYLE="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 were incorporated in Belgium on January&nbsp;10, 2003 for an unlimited
duration. Our fiscal year ends December 31.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Corporate Purpose</U></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 corporate purpose as set forth in Article 3 of our articles of
association is as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<I>The Company&rsquo;s corporate purpose is to engage in Belgium
and abroad, in its own name and on behalf of third parties, alone or in collaboration with third parties, in the following activities:</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left"><I>All
                                            forms of research and development into or involving biological cells and organisms (including
                                            gene methylation) and chemical compounds, as well as the industrialization and commercialization
                                            of the results thereof;</I></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left"><I>Research
                                            and development into biotechnological or derivative products that could have a market value
                                            in applications related to human and animal healthcare, diagnostics, pharmacogenomics and
                                            therapeutics, based amongst other things on the technology of genetics, genetic engineering
                                            and detection, chemistry and cell biology;</I></TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: justify"><I>Commercialization
                                            of the aforementioned products and application domains;</I></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: justify"><I>Acquisition,
                                            disposal, exploitation, commercialization and management of intellectual property, property
                                            and usage rights, trade marks, patents, drawings, licenses and any other form of know how.</I></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The company is also authorised to engage in all commercial, industrial,
financial and real estate transactions which are directly or indirectly related to or which may be beneficial to the achievement of its
corporate purpose. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>It may , by means of subscription, contribution, merger, collaboration,
financial participation or otherwise, take interests or participate in any company, existing or to be incorporated, undertakings, businesses
and associations in Belgium or abroad.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The company may manage, re-organize or sell these interests and
can also, directly or indirectly, participate in the board of directors, management, control and winding-up of companies, undertakings,
business and associations in which it has an interest or a participation. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The company may provide guarantees and security interests for the
benefit of these companies, undertakings, businesses and associations, act as their agent or representative, and grant advances, credit,
mortgages or other securities.</I>&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Board of Directors</U></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">Belgian law does not specifically regulate the ability of directors
to borrow money from 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">Directors are expected to arrange their personal and business affairs
so as to avoid conflicts of interest with our Company. When the board takes a decision, board members should disregard their personal
interests. They should not use business opportunities intended for the Company for their own benefit.</P>

<P STYLE="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 article 7:96 of the Belgian Companies and Associations
Code, all directors must inform the board of directors and the statutory auditor of the Company of conflicts of interest as they arise
and abstain from voting on the matter involved in accordance with the relevant provisions of the Belgian Companies and Associations Code.</P>

<P STYLE="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 board member should place the Company&rsquo;s interests above
his/her own. The board members have the duty to look after the interests of all shareholders on an equivalent basis. Each board member
should act in accordance with the principles of reasonableness and fairness.</P>

<P STYLE="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 board member should inform the board of any conflict of interests
that could in their opinion affect their capacity of judgement. In particular, at the beginning of each board or committee meeting, board
members should declare whether they have any conflict of interests regarding the items on the agenda.</P>

<P STYLE="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 board member should, in particular, be attentive to conflicts
of interests that may arise between the Company, its board members, its significant or controlling shareholder(s) and other shareholders.
The board members who are proposed by significant or controlling shareholder(s) should ensure that the interests and intentions of these
shareholder(s) are sufficiently clear and communicated to the board in a timely manner.</P>

<P STYLE="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 should act in such a manner that a conflict of interest,
or the appearance of such a conflict, is avoided. In the possible case of a conflict of interest, the board should, under the lead of
its chair, decide which procedure it will follow to protect the interests of the Company and all its shareholders. In the next annual
report, the board should explain why they chose this procedure. However, where there is a substantial conflict of interests, the board
should carefully consider communicating as soon as possible on the procedure followed, the most important considerations and the conclusions.</P>

<P STYLE="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">There are no outstanding loans granted by our Company to any of the
members of the board of directors and members of the executive management, nor are there any guarantees provided by our Company for the
benefit of any of the members of the board of directors and members of the executive 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">None of the members of the board of directors and members of the executive
management has a family relationship with any other of the members of the board of directors and members of the executive 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">The DGCL generally permits transactions involving a Delaware corporation
and an interested director of that corporation if (i) the material facts as to the director&rsquo;s relationship or interest and as to
the transaction are disclosed and a majority of disinterested directors consent, (ii) the material facts are disclosed as to the director&rsquo;s
relationship or interest and a majority of shares entitled to vote thereon consent or (iii) the transaction is fair to the corporation
at the time it is authorized by the board of directors, a committee of the board of directors or the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We rely on a provision in the listing rules of the Nasdaq Stock Market
that allows us to follow Belgian corporate law with respect to certain aspects of corporate governance. This allows us to continue following
certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S.
companies listed on the Nasdaq Capital Market. In particular, the listing rules of the Nasdaq Stock Market require a majority of the
directors of a listed U.S. company to be independent, whereas pursuant to Belgian law, there is no longer a requirement for the Company
to have independent directors since the de-listing from Euronext Brussels in December 2023. The listing rules of the Nasdaq Stock Market
further require that each of the nominating, compensation and audit committees of a listed U.S. company be comprised entirely of independent
directors. However, the Belgian Companies and Associations Code does not require companies that are not listed in the sense of the Belgian
Companies and Associations Code to have an audit committee or a nominating committee. At present, our Audit Committee is composed of
three independent directors out of three members. Our Corporate Governance and Nominating Committee and our Compensation Committee are
each composed of two independent directors out of three members. Our board of directors currently has no plan to change the composition
of our Corporate Governance and Nominating Committee or our Compensation Committee.</P>

<P STYLE="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><U>Form and Transferability of Our Shares</U></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">All our ordinary shares are fully paid and rank&nbsp;<I>pari passu</I>&nbsp;in
all respects with all other existing and outstanding shares of the Company. All of our shares belong to the same class of securities
and are in registered form or in dematerialized form. All of our outstanding shares are fully paid-up&nbsp;and freely transferable, subject
to any contractual restrictions. Belgian company law and our articles of association entitle shareholders to request, in writing and
at their expense, the conversion of their dematerialized shares into registered shares and vice versa. Any costs incurred as a result
of the conversion of shares into another form will be borne by the shareholder. For shareholders who opt for registered shares, the shares
will be recorded in our shareholder register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Currency</U></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 share capital, which is represented by our outstanding ordinary
shares, is denominated in Euros.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Changes to the share capital decided by the shareholders</U></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">In principle, changes to our share capital are decided by our shareholders.
Our general shareholders&rsquo; meeting may at any time decide to increase or reduce the share capital of the Company. Such resolution
must satisfy the quorum and majority requirements that apply to an amendment of the articles of association, as described below under
&ldquo;&mdash;&nbsp;<I>Right to attend and vote at general shareholders&rsquo; meetings</I>&rdquo; and &ldquo;&mdash;&nbsp;<I>Quorum
and majorities.</I>&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Capital increases decided by the board of directors</U></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">Subject to the quorum and majority requirements described below under
subsection &ldquo;&mdash;&nbsp;<I>Right to attend and vote at general shareholders&rsquo; meetings</I>&rdquo; and subsection &ldquo;&mdash;&nbsp;<I>Quorum
and majorities</I>&rdquo;, the general shareholders&rsquo; meeting may authorize our board of directors, within certain limits, to increase
our share capital without any further approval of our shareholders. This is the so-called&nbsp;authorized capital. This authorization
needs to be limited in time (i.e. it can only be granted for a renewable period of maximum five years).</P>

<P STYLE="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">By virtue of the resolution of the extraordinary general shareholders&rsquo;
meeting of the Company held on June 30, 2023, as published by excerpt in the Annexes to the Belgian Official Gazette (Belgisch Staatsblad/Moniteur
belge) on July 7, 2023 under number 23368447, which entered into force on July 7, 2023, the board of directors of the Company has been
granted certain powers to increase our share capital in the framework of the authorized capital. The powers under the authorized capital
have been set out in article 6 of the Company&rsquo;s articles of association. Pursuant to the authorization granted by the extraordinary
general shareholders&rsquo; meeting, the board of directors was authorized to increase the share capital of the Company on one or several
occasions by a maximum aggregate amount of EUR 163,471,629.58 (excluding issue premium, as the case may be). This authorization may be
renewed in accordance with the relevant legal 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">The board of directors may increase the share capital by contributions
in cash or in kind, by capitalization of reserves, whether available or unavailable for distribution, and capitalization of issue premiums,
with or without the issuance of new shares, with or without voting rights, that will have the rights as will be determined by the board
of directors. The board of directors is also authorized to use this authorization for the issuance of convertible bonds or subscription
rights, bonds with subscription rights or other 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">In the event of a capital increase decided by the board of directors
within the framework of the authorized capital, all issue premiums booked, if any, will be accounted for in accordance with the provisions
of the articles of association.</P>

<P STYLE="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 is authorized, when exercising its powers within
the framework of the authorized capital, to restrict or cancel, in the interest of the company, the preferential subscription rights
of the shareholders. This restriction or cancellation of the preferential subscription rights can also be done in favor of members of
the personnel of the Company or of its subsidiaries, or in favor of one or more persons other than members of the personnel of the Company
or of its 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">The board of directors is authorized, with the right of substitution,
to amend the articles of association, after each capital increase that has occurred within the framework of the authorized capital, in
order to bring them in conformity with the new situation of the share capital and the shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">So far, the board of directors has used its powers
under the authorised capital (granted on June 30, 2023) (i) on October 20, 2023 by the issuance of 2,500,000 new shares for an aggregate
amount of EUR&nbsp;831,123.31 (all booked as share capital, without issue premium), (ii) on September 27, 2024 by the issuance of 20,000,000
new shares for an aggregate amount of EUR&nbsp;35,858,359.48 (all booked as share capital, without issue premium), (iii) on October 29,
2024 by the issuance of 2,209,241 new shares for an aggregate amount of EUR&nbsp;4,084,379.73 (all booked as share capital, without issue
premium) an (iv) on October 1, 2025 by the issuance of 1,867,186 new shares for an aggregate amount of EUR 3,866,208.91 (all booked as
share capital, without issue premium). As a result, by virtue of this authorisation, the board of directors is still authorised to increase
the Company&rsquo;s share capital by a total amount of EUR&nbsp;118,831,558.15 (excluding issue premium, 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">For the sake of completeness, on April 30, 2024, the board of directors
also reserved a total amount of EUR 80,000,000.00 to proceed with capital increases within the framework of the authorized capital, subject
to certain conditions. While this amount has not yet been utilized by the board of directors, taking into account a hypothetical capital
increase for the full amount, by virtue of the June 30, 2023 authorisation, the board of directors is still authorised to increase the
Company&rsquo;s share capital by a total amount of EUR&nbsp;38,831,558.15 (excluding issue premium, 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"><I><U>Preferential Subscription Rights</U></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">In the event of a capital increase for cash with the issue of new
shares, or in the event of an issue of convertible bonds or subscription rights, the existing shareholders have a preferential right
to subscribe, pro rata, to the new shares, convertible bonds or subscription rights. These preferential subscription rights are transferable
during the subscription period.</P>

<P STYLE="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 general shareholders&rsquo; meeting may decide to limit or cancel
this preferential subscription right, subject to special reporting requirements. Such decision by the general shareholders&rsquo; meeting
needs to satisfy the same quorum and majority requirements as the decision to increase our share capital.</P>

<P STYLE="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 shareholders may also decide to authorize our board of directors
to limit or cancel the preferential subscription right within the framework of the authorized capital, subject to the terms and conditions
set forth in the Belgian Companies and Associations Code. As mentioned above, our board of directors of the Company has been granted
certain powers to increase our share capital in the framework of the authorized capital and to cancel the statutory preferential subscription
rights of the shareholders (within the meaning of articles 7:191 and 7:193 of the Belgian Companies and Associations Code). The powers
under the authorized capital have been set out in article 6 of the Company&rsquo;s articles of association.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, unless expressly authorized in advance by the general shareholders&rsquo;
meeting, the authorization of the board of directors to increase our share capital through contributions in cash with cancellation or
limitation of the preferential subscription right of the existing shareholders is suspended as of the notification to us by the Belgian
Financial Services and Markets Authority, or the FSMA, of a public takeover bid on our financial instruments. Our general shareholders&rsquo;
meeting did not grant such express authorization to our board of directors. See also &ldquo;&mdash;&nbsp;<I>Capital increases decided
by the board of directors</I>&rdquo; above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the DGCL, shareholders of a Delaware corporation have no pre-emptive&nbsp;rights
to subscribe for additional issues of stock or to any security convertible into such stock unless, and to the extent that, such rights
are expressly provided for in the corporation&rsquo;s certificate of incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Acquisition and Sale of own Shares</U></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 may acquire, pledge and dispose of our own shares, profit certificates
or associated certificates at the conditions provided for by articles 7:215 and following of the Belgian Companies and Associations Code.
These conditions include a prior special shareholders&rsquo; resolution approved by at least 75% of the votes validly cast at a general
shareholders&rsquo; meeting (whereby abstentions are not included in the numerator nor in the denominator) where at least 50% of the
share capital and at least 50% of the profit certificates, if any, are present or represented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, shares can only be acquired with funds that would otherwise
be available for distribution as a dividend to the shareholders and the transaction must relate to fully paid-up&nbsp;shares or associated
certificates. Furthermore, an offer to purchase shares must be made by way of an offer to all shareholders under the same conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, the general shareholders&rsquo; meeting or the articles
of association determine the amount of shares, profit certificates or certificates that can be acquired, the duration of such an authorization
which cannot exceed five years as from the publication of the proposed resolution as well as the minimum and maximum price that the board
of directors can pay for the shares. The prior approval by the shareholders is not required if we purchase the shares to offer them to
our personnel, in which case the shares must be transferred within a period of 12&nbsp;months as from their acquisition.</P>

<P STYLE="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, without prior authorization by the general shareholders&rsquo;
meeting, dispose of the Company&rsquo;s own shares, profit certificates or associated certificates in the limited number of situations
set out in article 7:218 of the Belgian Companies and Associations Code.</P>

<P STYLE="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 annual report, our company does not hold any
own 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">Under the DGCL, a Delaware corporation may purchase or redeem its
own shares, unless the capital of the corporation is impaired or the purchase or redemption would cause an impairment of the capital
of the corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Description of the Rights and Benefits Attached to Our Shares</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Right to attend and vote at general shareholders&rsquo;
meetings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Annual meetings of shareholders</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 annual general shareholders&rsquo; meeting is held at the registered
office of our Company (in Belgium) or at the place determined in the notice convening the general shareholders&rsquo; meeting. The meeting
is held every year on the last Thursday of May at 15:00 p.m. (Belgian time). If this day would be a Belgian public holiday, the annual
general shareholders&rsquo; meeting shall be held on the previous business day. At our annual general shareholders&rsquo; meeting, the
board of directors submits to the shareholders the audited non-consolidated&nbsp;and consolidated annual financial statements and the
reports of the board of directors and of the statutory auditor with respect thereto.</P>

<P STYLE="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 general shareholders&rsquo; meeting then decides on the approval
of the statutory annual financial statements, the proposed allocation of the Company&rsquo;s profit or loss, the release from liability
of the directors and the statutory auditor, and, when applicable, the (re-)appointment or dismissal of the statutory auditor and/or of
all or certain directors. In addition, as relevant, the general shareholders&rsquo; meeting must also decide on the approval of the remuneration
of the directors and statutory auditor for the exercise of their mandate (see also &ldquo;&mdash;&nbsp;<I>Voting rights attached to the
ordinary shares</I>&rdquo; below).<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Special and extraordinary general shareholders&rsquo;
meetings</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 board of directors or the statutory auditor (or the liquidators,
if appropriate) may, whenever the interest of our Company so requires, convene a special or extraordinary general shareholders&rsquo;
meeting. Pursuant to article 7:126 of the Belgian Companies and Associations Code, such general shareholders&rsquo; meeting must also
be convened every time one or more shareholders holding, alone or together, at least 10% of our company&rsquo;s share capital so request.
Shareholders that do not hold at least 10% of our share capital do not have the right to have the general shareholders&rsquo; meeting
convened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the DGCL, special meetings of the shareholders of a Delaware
corporation may be called by such person or persons as may be authorized by the certificate of incorporation or by the bylaws of the
corporation, or if not so designated, as determined by the board of directors. Shareholders generally do not have the right to call meetings
of shareholders, unless that right is granted in the certificate of incorporation or the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Notices convening the general shareholders&rsquo;
meeting</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 notice convening the general shareholders&rsquo; meeting must
state the place, date and hour of the meeting, must include an agenda indicating the items to be discussed and the proposed resolutions,
and must be published at least 15 calendar days prior to the general shareholders&rsquo; meeting in the Belgian Official Gazette (<I>Belgisch
Staatsblad/Moniteur Belge</I>), in a newspaper that is published nation-wide&nbsp;in Belgium, in paper or electronically, and on our
company&rsquo;s website. A publication in a nation-wide&nbsp;newspaper is not needed for annual general shareholders&rsquo; meetings
taking place on the date, hour and place indicated in the articles of association of the Company if the agenda is limited to the treatment
and approval of the financial statements, the annual report of the board of directors, the report of the statutory auditor, and the discharge
from liability of the directors and statutory auditor. See also &ldquo;&mdash;&nbsp;<I>Voting Rights attached to the ordinary shares</I>&rdquo;
below. In addition to this publication, the notice has to be distributed at least 15 calendar days prior to the meeting via the normal
publication means that the Company uses for the publication of press releases. The term of 15 calendar days prior to the general shareholders&rsquo;
meeting for the publication and distribution of the convening notice can be reduced to 10 calendar days for a second meeting if, as the
case may be, the applicable quorum for the meeting is not reached at the first meeting, the date of the second meeting was mentioned
in the notice for the first meeting and no new item is put on the agenda of the second meeting. See also further below under &ldquo;&mdash;&nbsp;<I>Quorum
and majorities.</I>&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">At the same time as its publication, the convening notice must also
be sent to the holders of registered shares, holders of registered convertible bonds, holders of registered subscription rights, holders
of registered certificates issued with the co-operation&nbsp;of the Company (if any), and, as the case may be, to the directors and statutory
auditor of the Company. This communication needs to be made by e-mail&nbsp;unless the addressee has informed the Company that it wishes
to receive the relevant documentation by another equivalent means of communication. If the relevant addressee does not have an e-mail&nbsp;address
or if it did not inform the Company thereof, the relevant documentation will be sent by ordinary mail.</P>

<P STYLE="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">Under the DGCL, unless otherwise provided in the certificate of incorporation
or bylaws, written notice of any meeting of the shareholders of a Delaware corporation must be given to each shareholder entitled to
vote at the meeting not less than ten nor more than sixty days before the date of the meeting and shall specify the place, date, hour
and, in the case of a special meeting, the purpose of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Formalities to attend the general shareholders&rsquo;
meeting</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">All holders of shares, warrants, profit-sharing&nbsp;certificates,
non-voting&nbsp;shares, convertible bonds, subscription rights or other securities issued by our company, as the case may be, and all
holders of certificates issued with the co-operation&nbsp;of our company (if any) can attend the general shareholders&rsquo; meetings
insofar as the law or the articles of association entitles them to do so and, as the case may be, gives them the right to participate
in voting. The articles of association determine the formalities that shareholders need to fulfill to be admitted to the general shareholders&rsquo;
meeting. As the case may be, the formalities for the registration of securities holders, and the notification of our company must be
described in the notice convening the general shareholders&rsquo; meeting.</P>

<P STYLE="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 shall have the ability to determine that the
right to attend the general shareholders&rsquo; meetings and to exercise the voting right at such meetings (as the case may be) is determined
by the registration of the ownership of the securities concerned in the name of the holder of such securities on the third (3rd) business
day prior to the date of the relevant general shareholders&rsquo; meeting (or such other date as shall be set out in the notice convening
the general shareholders&rsquo; meeting, but which cannot be earlier than the 15th calendar date before the relevant general shareholders&rsquo;
meeting), at midnight at the end of such day (Brussels time) (such date and hour being the relevant registration date), by means of the
registration of such securities in the relevant (portion of the split) register book for such securities, or in the accounts of a certified
account holder or relevant settlement institution for the securities concerned.</P>

<P STYLE="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 can make participation to the general shareholders&rsquo;
meetings dependent on a requirement of notification by the securities holders concerned to the Company, or to the person appointed for
this purpose by the Company, on a date to be determined by the board of directors before the date of the scheduled meeting, that such
securities holder intends to attend the meeting, stating the number of securities with which such securities holder wishes to participate.
The manner in which such notification must be made (as the case may be) must be set out in the notice convening the general shareholders&rsquo;
meeting.<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Electronic participation</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 board of directors has the possibility to organize the general
shareholders&rsquo; meeting by means of electronic communication which must (i) allow the Company to verify the capacity and identity
of the shareholders using it; (ii)&nbsp;at least enable (a) the securities holders to directly, simultaneously and continuously follow
the discussions during the meeting and (b) the shareholders to exercise their voting rights on all points on which the general shareholders&rsquo;
meeting is required to take a decision; and (iii) allow the securities holders to actively participate to the deliberations and to ask
questions during the meeting.<B><I>&nbsp;</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 0pt 0.25in"><B><I>Voting by proxy or remote voting</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 shareholder has, subject to compliance with the requirements
set forth above under &ldquo;&mdash;<I>&nbsp;Formalities to attend the general shareholders&rsquo; meeting</I>&rdquo;, the right to attend
a general shareholders&rsquo; meeting and to vote at the general shareholders&rsquo; meeting in person or through a proxy holder, who
need not be a shareholder. The appointment of a proxy holder must be made in accordance with the applicable rules of Belgian law, including
in relation to conflicts of interest and the keeping of a register.</P>

<P STYLE="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 notice convening the meeting may allow shareholders to vote remotely
in relation to the general shareholders&rsquo; meeting, by sending a paper form or, if specifically allowed in the notice convening the
meeting, by sending a form electronically (in which case the form shall be signed by means of an electronic signature in accordance with
applicable Belgian law). These forms shall be made available by our company. The original signed paper form must be received by our company
within the term specified by the articles of association. Voting through the signed electronic form may occur until the last calendar
day before the meeting.</P>

<P STYLE="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 company may also organize a remote vote in relation to the general
shareholders&rsquo; meeting through other electronic communication methods, such as, among others, through one or several websites. Our
company shall specify the practical terms of any such remote vote in the convening notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When votes are cast electronically, an electronic confirmation of
receipt of the votes is sent to the relevant shareholders that cast the vote. After the general shareholders&rsquo; meeting, shareholders
can obtain, at least upon request (which must be made no later than three months after the vote), the confirmation that their votes have
been validly recorded and taken into account by the Company, unless that information is already available 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">&nbsp;Holders of securities who wish to be represented by proxy or
vote remotely must, in any case comply with the formalities to attend the meeting, as explained under &ldquo;&mdash;<I>&nbsp;Formalities
to attend the general shareholders&rsquo; meeting.</I>&rdquo; Holders of shares without voting rights, profit-sharing&nbsp;certificates
without voting rights, convertible bonds, warrants or certificates issued with the cooperation of our company may attend the general
shareholders&rsquo; meeting but only with an advisory vote.<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Voting rights attached to the Ordinary 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">Each shareholder of the Company is entitled to one vote per ordinary
share. Shareholders may vote by proxy, subject to the rules described below in &ldquo;&mdash;<I>&nbsp;Right to attend and vote at general
shareholders&rsquo; meetings</I>&rdquo; and &ldquo;&mdash;<I>&nbsp;Voting by proxy or remote voting.</I>&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">Voting
                                            rights can be mainly suspended in relation to shares:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">which
                                            are not fully paid up, notwithstanding the request thereto of the board of directors of the
                                            Company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">to
                                            which more than one person is entitled or on which more than one person has rights in rem
                                            (zakelijke rechten/droits r&eacute;els) on, except in the event a single representative is
                                            appointed for the exercise of the voting right vis-&agrave;-vis the Company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">which
                                            entitle their holder to voting rights above the threshold of 25% of the total number of voting
                                            rights attached to the outstanding financial instruments of our company on the date of the
                                            relevant general shareholders&rsquo; meeting, in the event that the relevant shareholder
                                            has not notified us at least 20 calendar days prior to the date of the general shareholders&rsquo;
                                            meeting in accordance with the applicable rules of the Belgian Companies and Associations
                                            Code; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">of
                                            which the voting right was suspended by a competent court.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Belgian Companies and Associations Code, the voting
rights attached to shares owned by the Company, or a person acting in its own name but on behalf of the Company, or acquired by a subsidiary
of the Company, as the case may be, are suspended. Generally, the general shareholders&rsquo; meeting has sole authority with respect
to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            approval of the annual financial statements of the Company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            distribution of profits (except interim dividends (see &ldquo;&mdash; Dividends&rdquo; below));</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            appointment and dismissal of the statutory auditor of the Company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            granting of release from liability to the directors and the statutory auditor of the Company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            determination of the remuneration of the directors and of the statutory auditor for the exercise
                                            of their mandate;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            filing of a claim for liability against directors;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            decisions relating to the dissolution, merger and certain other reorganizations of the Company;
                                            and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            approval of amendments to the articles of association.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Quorum and majorities</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, there is no attendance quorum requirement for a general
shareholders&rsquo; meeting and decisions are generally passed with a simple majority of the votes of the shares present or represented.
However, capital increases (other than those decided by the board of directors pursuant to the authorized capital), decisions with respect
to the Company&rsquo;s dissolution, mergers, de-mergers&nbsp;and certain other reorganizations of the Company, amendments to the articles
of association (other than an amendment of the corporate purpose), and certain other matters referred to in the Belgian Companies and
Associations Code do not only require the presence or representation of at least 50% of the share capital of our Company but also a majority
of at least 75% of the votes cast (whereby abstentions are not included in the numerator nor in the denominator). An amendment of our
company&rsquo;s corporate purpose requires the approval of at least 80% of the votes cast at a general shareholders&rsquo; meeting (whereby
abstentions are not included in the numerator nor in the denominator), which can only validly pass such resolution if at least 50% of
the share capital of the Company and at least 50% of the profit certificates, if any, are present or represented. In the event where
the required quorum is not present or represented at the first meeting, a second meeting needs to be convened through a new notice. The
second general shareholders&rsquo; meeting may validly deliberate and decide regardless of the number of shares present or represented.
The special majority requirements, however, remain 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">Under the DGCL, the certificate of incorporation or bylaws of a Delaware
corporation may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than one-third&nbsp;of
shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a
quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Right to ask questions</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">Within the limits of article 7:139 of the Belgian Companies and Associations
Code, security holders have a right to ask questions to the directors in connection with the report of the board of directors or the
items on the agenda of such general shareholders&rsquo; meeting. However, directors may, in the interest of the Company, refuse to answer
questions when the communication of certain information or facts could cause prejudice to the Company or is contrary to the obligations
of confidentiality entered into by them or by the 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">&nbsp;Shareholders can also ask questions to the statutory auditor
in connection with its report. Such questions can be submitted in writing prior to the meeting or can be asked at the meeting. Written
questions to the statutory auditor must be submitted to the Company at the same time. The statutory auditor may, in the interest of the
Company, refuse to answer questions when the communication of certain information or facts could cause prejudice to the Company or is
contrary to its professional secrecy or to obligations of confidentiality entered into by the Company. The statutory auditor has the
right to speak at the general meeting in connection with the performance of its duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written and oral questions will be answered during the meeting concerned
in accordance with applicable law. In addition, in order for written questions to be considered, the shareholders who submitted the written
questions concerned must comply with the formalities to attend the meeting, as explained under &ldquo;&mdash;<I>&nbsp;Formalities to
attend the general shareholders&rsquo; meeting.</I>&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Dividends</U></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">All shares participate equally in the Company&rsquo;s profits (if
any). Pursuant to the Belgian Companies and Associations Code, the shareholders can in principle decide on the distribution of profits
with a simple majority vote at the occasion of the annual general shareholders&rsquo; meeting, based on the most recent statutory audited
financial statements, prepared in accordance with Belgian GAAP and based on a (non-binding) proposal of the Company&rsquo;s board of
directors. The Belgian Companies and Associations Code and the Company&rsquo;s articles of association also authorize the board of directors
to declare interim dividends without shareholder approval. The right to pay such interim dividends is, however, subject to certain legal
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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<P STYLE="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 company&rsquo;s ability to distribute dividends is subject to
availability of sufficient distributable profits as defined under Belgian law on the basis of our stand-alone&nbsp;statutory accounts
prepared in accordance with Belgian GAAP. In particular, dividends can only be distributed if following the declaration and issuance
of the dividends the amount of our net assets on the date of the closing of the last financial year as follows from the statutory non-consolidated&nbsp;financial
statements (i.e. summarized, the amount of the assets as shown in the balance sheet, decreased with provisions and liabilities, all in
accordance with Belgian accounting rules), decreased with, except in exceptional circumstances, to be disclosed and justified in the
notes to the annual accounts, the non-amortized&nbsp;costs of incorporation and extension and non-amortized&nbsp;costs for research and
development, does not fall below the amount of the paid-up&nbsp;capital (or, if higher, the issued capital), increased with the amount
of non-distributable&nbsp;reserves.</P>

<P STYLE="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, pursuant to Belgian law and our articles of association,
the Company must allocate an amount of 5% of our Belgian GAAP annual net profit (<I>nettowinst/b&eacute;n&eacute;fices nets</I>) to a
legal reserve in its stand-alone&nbsp;statutory accounts, until the legal reserve amounts to 10% of our share capital. Our legal reserve
currently does not meet this requirement. Accordingly, 5% of our Belgian GAAP annual net profit during future years will need to be allocated
to the legal reserve, limiting our ability to pay out dividends to our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under our Credit Agreement with OrbiMed, no distributions can be declared
or made without OrbiMed&rsquo;s consent. In addition, further financial restrictions and other limitations may be contained in future
credit agreements. The right to payment of dividends expires five years after the board of directors declared the dividend payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the DGCL, a Delaware corporation may pay dividends out of its
surplus (the excess of net assets over capital), or in case there is no surplus, out of its net profits for either or both of the fiscal
year in which the dividend is declared and the preceding fiscal year (provided that the amount of the capital of the corporation is not
less than the aggregate amount of the capital represented by the issued and outstanding stock of all classes having a preference upon
the distribution of assets). Dividends may be paid in the form of shares, property or cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Appointment of Directors</U></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">Pursuant to the Belgian Companies and Associations Code and the articles
of association, the board of directors must consist of at least three directors. Our Company&rsquo;s Corporate Governance Charter provides
that the board of directors should have a composition appropriate to the Company&rsquo;s purpose, its operations, phase of development,
structure of ownership and other specifics. Pursuant to the Belgian Companies and Associations Code and the articles of association of
the company, the board of directors should be composed of at least three directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Liquidation Rights</U></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 company can only be voluntarily dissolved by a shareholders&rsquo;
resolution passed with a majority of at least 75% of the votes cast at a meeting of shareholders where at least 50% of the share capital
is present or represented. In the event the required quorum is not present or represented at the first meeting, a second meeting needs
to be convened through a new notice. The second meeting of shareholders can validly deliberate and decide regardless of the number of
shares present or represented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the DGCL, unless the board of directors approves the proposal
to dissolve, dissolution of a Delaware corporation must be approved by shareholders holding 100% of the total voting power of the corporation.
Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation&rsquo;s outstanding
shares. The DGCL allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection
with dissolutions initiated by the board.</P>

<P STYLE="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 the dissolution and liquidation of our company, the
assets remaining after payment of all debts and liquidation expenses will be distributed to the holders of our shares, each receiving
a sum on a pro rata basis.</P>

<P STYLE="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">Pursuant to article 7:228 of the Belgian Companies and Associations
Code, if, as a result of losses incurred, the ratio of our company&rsquo;s net assets (determined in accordance with Belgian legal and
accounting rules for non-consolidated&nbsp;financial statements) to share capital is less than 50%, the board of directors must convene
an extraordinary general shareholders&rsquo; meeting within two months as of the date upon which the board of directors discovered or
should have discovered this undercapitalization. At this general shareholders&rsquo; meeting the board of directors needs to propose
either the dissolution of the Company or the continuation of the Company, in which case the board of directors must propose measures
to ensure the Company&rsquo;s continuity. The board of directors must justify its proposals in a special report to the shareholders.
Shareholders representing at least 75% of the votes validly cast at this meeting have the right to dissolve the Company, provided that
at least 50% of our share capital is present or represented at the meeting.</P>

<P STYLE="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, as a result of losses incurred, the ratio of the Company&rsquo;s
net assets to share capital is less than 25%, the same procedure must be followed, it being understood, however, that in that event shareholders
representing 25% of the votes validly cast at the meeting can decide to dissolve the 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">Pursuant to article 7:229 of the Belgian Companies and Associations
Code, if the amount of the Company&rsquo;s net assets has dropped below &euro;61,500 (the minimum amount of share capital of a corporation
with limited liability organised under the laws of Belgium (<I>naamloze vennootschap/soci&eacute;t&eacute; anonyme</I>)), any interested
party is entitled to request the competent court to dissolve the Company. The court can order the dissolution of the Company or grant
a grace period within which the Company is to remedy the 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">If the Company is dissolved for any reason, the liquidation must be
carried out by one or more liquidators appointed by the general shareholders&rsquo; meeting and whose appointment has been ratified by
the enterprise court. Any balance remaining after discharging all debts, liabilities and liquidation costs must first be applied to reimburse,
in cash or in kind, the paid-up&nbsp;capital of the shares not yet reimbursed. Any remaining balance shall be equally distributed amongst
all the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Specific legislation and jurisdiction</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Notification of significant shareholdings</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">Pursuant to Article 7:83 of the Belgian Companies and Associations
Code, a notification to the Company is required by all natural persons and legal persons that directly or indirectly acquire dematerialized
voting securities representing the share capital or not of a limited liability company, at the latest within five working days following
the day of acquisition, of the number of securities it holds, when the voting rights attached to these securities reach 25% or more of
the total voting rights at the time of the transaction requiring notification. This notification is also compulsory within the same period
in case of a transfer of securities when as a result the voting rights fall below the 25% threshold mentioned above.</P>

<P STYLE="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 obligation to disclose significant shareholdings as well as certain
other provisions of Belgian law (e.g.,&nbsp;merger control and authorized capital) that may apply to the Company, may make an unsolicited
tender offer, merger, change in management or other change in control, more difficult. Such provisions could discourage potential takeover
attempts that third parties may consider and that other shareholders may consider to be in their best interest and could adversely affect
the market price of the shares. These provisions may also deprive shareholders of the opportunity to sell their shares at a premium (which
is typically offered in the context of a takeover bid).</P>

<P STYLE="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 U.S. federal securities laws, holders of our ordinary
shares will be required to comply with disclosure requirements relating to their ownership of our securities. Any person that, after
acquiring beneficial ownership of our ordinary shares, is the beneficial owners of more than 5% of our outstanding ordinary shares must
file with the SEC a Schedule 13D or Schedule 13G, as applicable, disclosing the information required by such schedules, including the
number of our ordinary shares that such person has acquired (whether alone or jointly with one or more other persons). In addition, if
any material change occurs in the facts set forth in the report filed on Schedule 13D (including a more than 1% increase or decrease
in the percentage of the total shares beneficially owned), the beneficial owner must promptly file an amendment disclosing such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Public Takeover Bids</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">Public takeover bids for the Company&rsquo;s shares and other securities
giving access to voting rights (such as subscription rights or convertible bonds, if any) are subject to supervision by the FSMA. Any
public takeover bid must be extended to all of the Company&rsquo;s voting securities, as well as all other securities giving access to
voting rights. Prior to making a bid, a bidder must publish a prospectus which has been approved by the FSMA prior to publication.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Belgium has implemented the Thirteenth Company Law Directive (European
Directive 2004/25/EC of 21 April 2004) by the Belgian Act of 1 April 2007 on public takeover bids, as amended, or the Belgian Takeover
Act, and the Belgian Royal Decree of 27 April 2007 on public takeover bids, as amended, or the Belgian Takeover Decree. As the Company
no longer qualifies a listed company under Belgian law since its de-listing from Euronext Brussels in December 2023, the requirement,
provided for by the Belgian Act of April&nbsp;1, 2007, to launch a mandatory bid for all of our outstanding shares and securities giving
access to shares if a person, as a result of its own acquisition or the acquisition by persons acting in concert with it or by persons
acting on their account, directly or indirectly holds more than 30% of the voting securities in a company that has its registered office
in Belgium and of which at least part of the voting securities are traded on a regulated market or on a multilateral trading facility
designated by the Belgian Royal Decree of 27 April 2007 no longer applies. This may allow existing shareholders or new investors to acquire
significant influence or control over the Company by acquiring the shares in the market without being required to acquire the other outstanding
voting securities, as well as for all other securities that entitle the holders thereof to the subscription to the acquisition of or
conversion into voting 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">There are several provisions of Belgian company law and certain other
provisions of Belgian law, such as merger control, that may apply towards the Company and which may create hurdles to an unsolicited
tender offer, merger, change in management or other change in control. These provisions could discourage potential takeover attempts
that other shareholders may consider to be in their best interest and could adversely affect the market price of the shares of the Company.
These provisions may also have the effect of depriving the shareholders of the opportunity to sell their shares at a premium.</P>

<P STYLE="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, pursuant to Belgian company law, the board of directors
of Belgian companies may in certain circumstances, and subject to prior authorization by the shareholders, deter or frustrate public
takeover bids through dilutive issuances of equity securities (pursuant to the &ldquo;authorized capital&rdquo;) or through share buy-backs&nbsp;(i.e.
purchase of own shares). In principle, the authorization of the board of directors to increase the share capital of the Company through
contributions in kind or in cash with cancellation or limitation of the preferential subscription right of the existing shareholders
is suspended as of the notification to the Company by the FSMA of a public takeover bid on the securities of the Company. The general
shareholders&rsquo; meeting can, however, under certain conditions, expressly authorize the board of directors to increase the capital
of the Company in such case by issuing shares in an amount of not more than 10% of the existing shares at the time of such a public takeover
bid. (see also &ldquo;&mdash;&nbsp;<I>Rights attached to the ordinary shares</I>&rdquo;, &ldquo;&mdash;&nbsp;<I>Changes to the share
capital</I>&rdquo; and &ldquo;&mdash;&nbsp;<I>Capital increases decided by the board of directors</I>&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 Company&rsquo;s articles of association do not provide for any
specific protective mechanisms against public takeover bids.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Squeeze-out</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">Pursuant to article 7:82 of the Belgian Companies and Associations
Code or the regulations promulgated thereunder, a person or legal entity, or different persons or legal entities acting alone or in concert,
who own, at least 95% of the securities with voting rights in a limited liability company are entitled to acquire the totality of the
securities with voting rights in that company following a squeeze-out&nbsp;offer. With the exception of the securities for which the
owner has expressly indicated in writing that he does not wish to relinquish them, the securities not offered at the end of the procedure
shall be deemed to have passed automatically to the person making a squeeze-out offer with consignment of the price.<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Limitations on the Right to Own Securities</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither Belgian law nor our articles of association impose any general
limitation on the right of non-residents&nbsp;or foreign persons to hold our securities or exercise voting rights on our securities other
than those limitations that would generally apply to all shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I><U>Exchange Controls
and Limitations Affecting Shareholders</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There are no Belgian
exchange control regulations that impose limitations on our ability to make, or the amount of, cash payments to residents of the United
States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are in principle
under an obligation to report to the National Bank of Belgium certain cross-border&nbsp;payments, transfers of funds, investments and
other transactions in accordance with applicable balance-of-payments&nbsp;statistical reporting obligations. Where a cross-border&nbsp;transaction
is carried out by a Belgian credit institution on our behalf, the credit institution will in certain circumstances be responsible for
the reporting obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I><U>Securities Exercisable for Ordinary
Shares&nbsp;</U></I><U>(<I>Equity Incentives</I>)</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">See&nbsp;<I>&ldquo;Management &mdash; Compensation
of Our Directors and Executives &mdash; Warrant Plans&rdquo;</I>&nbsp;for a description of securities granted by our board of directors
to our directors, members of the executive management team, employees and other service providers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Listing</U></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 ordinary shares are listed on the Nasdaq&nbsp;Capital&nbsp;Market
under the symbol &ldquo;MDXH.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Transfer Agent and Registrar</U></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">The transfer agent and registrar for our ordinary shares is Computershare.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should carefully read the discussion of the material U.S. federal
income and Belgian tax considerations associated with the ownership and disposition of our securities set forth in our Annual Report
on Form&nbsp;20-F for the year ended December&nbsp;31, 2024 under the heading &ldquo;<I>Item 10. Additional Information &ndash; E. Taxation</I>&rdquo;,
incorporated by reference herein, as updated by annual and other reports and documents we file with the SEC after the date of this prospectus
and that are incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>MATERIAL CHANGES</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 described below and in our Annual Report on Form
20-F for the fiscal year ended December 31, 2024, in those portions of our Current Reports on Form 6-K furnished under the Exchange Act
and specifically incorporated by reference herein and as disclosed in this prospectus, no reportable material changes have occurred since
December 31, 2024.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated in an applicable prospectus supplement,
the validity of the securities being offered by this prospectus and other legal matters concerning this offering relating to Belgian
law will be passed upon for us by Baker McKenzie BV/SRL. In addition, certain legal matters in connection with any offering of securities
by this prospectus may be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of the offering
by such underwriters, dealers or agents.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consolidated financial statements of MDxHealth SA at December
31, 2024 and 2023, and for each of the two years in the period ended December 31, 2024, which are incorporated by reference into this
prospectus have been so included in reliance on the report of BDO R&eacute;viseurs d&rsquo;Entreprises SRL, an independent registered
public accounting firm, appearing elsewhere herein and in the registration statement given on the authority of such firm as experts in
accounting and auditing. The registered business address of BDO R&eacute;viseurs d&rsquo;Entreprises SRL is Da Vincilaan 9, 1930 Zaventem,
Belgium.</P>

<P STYLE="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_013"></A>WHERE YOU CAN FIND MORE
INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus, which constitutes a part of the registration statement
on Form F-3, does not contain all of the information contained in the registration statement. The full registration statement may be
obtained from the SEC or us, as provided below. You should read our registration statements and their exhibits and schedules for further
information with respect to us and the securities offered by this prospectus. Statements made in this prospectus concerning the contents
of any contract, agreement or other document are summaries of all material information about the documents summarized, but are not complete
descriptions of all terms of these documents. If we file any of these documents as an exhibit to the registration statement, we refer
you to the copy of the document that has been filed for a complete description of its terms. Each statement in this prospectus relating
to a document filed as an exhibit is qualified in all respects by the filed exhibit.</P>

<P STYLE="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 subject to periodic reporting and other informational requirements
of the Exchange Act as applicable to foreign private issuers. Accordingly, we are required to file reports, including annual reports
on Form 20-F, and other information with the SEC. All information filed with the SEC can be obtained over the internet at the SEC&rsquo;s
website at www.sec.gov.</P>

<P STYLE="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 a foreign private issuer, we are exempt under the Exchange Act
from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors
and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange
Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently
or as promptly as U.S. companies whose securities are registered under the Exchange Act.</P>

<P STYLE="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 a foreign private issuer, we are also exempt from the requirements
of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information
about an issuer before other investors. We are, however, still subject to the anti-fraud and anti-manipulation rules of the SEC, such
as Rule 10b-5 of the Exchange Act. Since many of the disclosure obligations required of us as a foreign private issuer are different
than those required by U.S. domestic reporting companies, our shareholders, potential shareholders and the investing public in general
should not expect to receive information about us in the same amount and at the same time as information is received from, or provided
by, U.S. domestic reporting companies.</P>

<P STYLE="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 maintain a corporate website at www.mdxhealth.com. Information
contained on, or that can be accessed through, our website does not constitute a part of this prospectus and our website address is included
in this prospectus as an inactive textual reference only.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>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
that we file with them. Incorporation by reference allows us to disclose important information to you by referring you to those other
documents. The information incorporated by reference is an important part of this prospectus, and information that we file later with
the SEC will automatically update and supersede this information. We filed a registration statement on Form F-3 under the&nbsp;Securities
Act with the SEC with respect to the securities we may offer pursuant to this prospectus. This prospectus omits certain information contained
in the registration statement, as permitted by the SEC. You should refer to the registration statement, including the exhibits, for further
information about us and the securities we may offer pursuant to this prospectus. Statements in this prospectus regarding the provisions
of certain documents filed with, or incorporated by reference in, the registration statement are not necessarily complete and each statement
is qualified in all respects by that reference. Copies of all or any part of the registration statement, including the documents incorporated
by reference or the exhibits, may be obtained upon payment of the prescribed rates at the offices of the SEC listed above in &ldquo;<I>Where
You Can Find More Information</I>.&rdquo; The documents we are incorporating by reference into this prospectus are:</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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">our Annual Report on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025026226/ea0235301-20f_mdxhealth.htm"><FONT STYLE="font-size: 10pt">Form
    20-F</FONT></A> <FONT STYLE="font-size: 10pt">for the year ended December 31, 2024, filed with the SEC on March 31, 2025;</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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Reports on Form 6-K furnished to the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025039137/ea0240309-6k_mdxhealth.htm"><FONT STYLE="font-size: 10pt">May
    2, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025039819/ea0240978-6k_mdxhealth.htm"><FONT STYLE="font-size: 10pt">May
    6, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025052219/ea0244587-6k_mdxhealth.htm"><FONT STYLE="font-size: 10pt">June
    6, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025061536/ea0248177-6k_mdxhealth.htm"><FONT STYLE="font-size: 10pt">July
    3, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025076840/ea0253386-6k_mdxhealth.htm"><FONT STYLE="font-size: 10pt">August
    14, 2025</FONT></A><FONT STYLE="font-size: 10pt">; 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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the description of our ordinary shares contained in&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1872529/000121390024037806/ea020381901ex2-1_mdx.htm"><FONT STYLE="font-size: 10pt">Exhibit
    2.1</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;to our Annual Report on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1872529/000121390024037806/ea0203819-20f_mdxhealt.htm"><FONT STYLE="font-size: 10pt">Form
    20-F</FONT></A> <FONT STYLE="font-size: 10pt">for the year ended December&nbsp;31, 2023, filed with the SEC on April&nbsp;30, 2024,
    including any amendment or report filed for the purpose of updating such description.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also incorporating by reference all subsequent Annual Reports
on Form 20-F that we file with the SEC and certain reports on Form 6-K that we furnish to the SEC after the date of this prospectus (if
they state that they are incorporated by reference into this prospectus) prior to the termination of this offering. In all cases, you
should rely on the later information over different information included in 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">Unless expressly incorporated by reference, nothing in this prospectus
shall be deemed to incorporate by reference information furnished to, but not filed with, the SEC. Copies of all documents incorporated
by reference in this prospectus, other than exhibits to those documents unless such exhibits are specifically incorporated by reference
in this prospectus, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this prospectus
on the written or oral request of that person made to:</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4040&nbsp;Herstal,&nbsp;Belgium&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">+1 (866) 259-5644</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may also access these documents on our website,&nbsp;<I>www.mdxhealth.com</I>.
The information contained on, or that can be accessed through, our website is not a part of this prospectus. We have included our website
address in this prospectus solely as an inactive textual reference.</P>

<P STYLE="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. We have not authorized anyone to provide you with information different from that contained in this
prospectus or incorporated by reference in 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 offer or solicitation.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is an estimate of the expenses (all of which are to
be paid by us) that we may incur in connection with the securities being registered hereby, other than the SEC registration fee.</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="width: 88%; text-align: left">SEC registration fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">18,591.02</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">FINRA filing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Printing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Miscellaneous expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">These
                                            fees are calculated based on the securities offered and the number of issuances and accordingly
                                            cannot be estimated at this time.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_016"></A>ENFORCEMENT OF CIVIL LIABILITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a corporation organized under the laws of Belgium. Certain
of our directors are citizens and residents of countries other than the United States, and certain of our assets are located outside
of the United States. Accordingly, it may be difficult for investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            obtain jurisdiction over us or our non-U.S. resident officers and directors in U.S. courts
                                            in actions predicated on the civil liability provisions of the U.S. federal securities laws;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            enforce judgments obtained in such actions against us or our non-U.S. resident officers and
                                            directors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            bring an original action in a Belgian court to enforce liabilities based upon the U.S. federal
                                            securities laws against us or our non-U.S. resident officers or directors; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            enforce against us or our directors in non-U.S. courts, including Belgian courts, judgments
                                            of U.S.&nbsp;courts predicated upon the civil liability provisions of the U.S. federal securities
                                            laws.</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 U.S. currently does not have a treaty with Belgium providing for
the reciprocal recognition and enforcement of judgments, other than arbitral awards, in civil and commercial matters. Consequently, a
final judgment rendered by any federal or state court in the United States, whether or not predicated solely upon U.S. federal or state
securities laws, would not automatically be enforceable in Belgium. Actions for the recognition and enforcement of judgments of U.S.
courts are regulated by Articles 22 to 25 of the 2004 Belgian Code of Private International Law. Recognition or enforcement does not
imply a review of the merits of the case and is irrespective of any reciprocity requirement. A U.S. judgment will, however, not be recognized
or declared enforceable in Belgium, unless (in addition to compliance with certain technical provisions) the Belgian courts are satisfied
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            effect of the recognition or enforcement of judgment is not manifestly incompatible with
                                            (Belgian) public order.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment did not violate the rights of the defendant.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment was not rendered in a matter where the parties did not freely dispose of their rights,
                                            with the sole purpose of avoiding the application of the law applicable according to Belgian
                                            international law.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment is not subject to further recourse under U.S. law.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment is not incompatible with a judgment rendered in Belgium or with a prior judgment
                                            rendered abroad that might be recognized in Belgium.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            claim was not filed outside Belgium after a claim was filed in Belgium, if the claim filed
                                            in Belgium relates to the same parties and the same subject and is still pending.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            Belgian courts did not have exclusive jurisdiction to rule on the matter.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            U.S. court did not accept its jurisdiction solely on the basis of either the presence of
                                            the plaintiff or the location of goods not directly linked to the dispute in the United States.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment did not concern the deposit or validity of intellectual property rights when the
                                            deposit or registration of those intellectual property rights was requested, done or should
                                            have been done in Belgium pursuant to international treaties.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment did not relate to the validity, operation, dissolution, or liquidation of a legal
                                            entity that has its main seat in Belgium at the time of the petition of the U.S. court.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">If
                                            the judgment relates to the opening, progress or closure of insolvency proceedings, it is
                                            rendered on the basis of the European Regulation on Insolvency Proceedings (EU Regulation
                                            No. 2015/848 of May 20, 2015) or, if not, that (a) a decision in the principal proceedings
                                            is taken by a judge in the state where the most important establishment of the debtor was
                                            located or (b) a decision in territorial proceedings was taken by a judge in the state where
                                            the debtor had another establishment than its most important establishment &ndash; in this
                                            latter case, the recognition or declaration of enforcement of the judgment may only concern
                                            assets located in the territory of the state where the proceedings were opened.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment submitted to the Belgian court is authentic under the laws of the state where the
                                            judgment was issued; in case of a default judgment, it can be shown that under locally applicable
                                            laws the invitation to appear in court was properly served on the defendant; a document can
                                            be produced showing that the judgment is, under the rules of the state where it was issued,
                                            enforceable and was properly served on the defendant.</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, with regard to the enforcement by legal proceedings of
any claim (including the exequatur of foreign court decisions in Belgium), a registration tax of 3% (to be calculated on the total amount
that a debtor is ordered to pay) is due, if the sum of money that the debtor is ordered to pay by a Belgian court judgment, or by a foreign
court judgment that is either (i) automatically enforceable and registered in Belgium or (ii) rendered enforceable by a Belgian court,
exceeds &euro;12,500. The debtor is liable for the payment of the registration tax. A stamp duty is payable for each second (or more)
original copies of an enforcement judgment rendered by a Belgian court, with a maximum of &euro;1,450.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_017"></A>INDEMNIFICATION FOR SECURITIES
ACT LIABILITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant
has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed
in the 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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_002.jpg" ALT=""></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$200,000,000</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">, 2026</P>

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

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

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

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


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

<P STYLE="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information in this prospectus is not complete and
may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these securities and is not soliciting offers to buy these securities in any state
where the offer or sale is not permitted.</P>

<P STYLE="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"><IMG SRC="image_003.jpg" ALT=""></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to $50,000,000</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have entered into a sales agreement with TD Securities (USA) LLC
(&ldquo;TD Cowen&rdquo;), dated April&nbsp;30, 2024, relating to the sale of our ordinary shares, no par value, offered by this prospectus
(such agreement, the &ldquo;sales agreement&rdquo;). In accordance with the terms of the sales agreement, under this prospectus, we may
offer and sell our ordinary shares having an aggregate offering price of up to $50,000,000 from time to time through TD Cowen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales of our ordinary shares, if any, under this prospectus will be
made by any method permitted that is deemed an &ldquo;at the market offering&rdquo; as defined in Rule&nbsp;415(a)(4)&nbsp;under the
Securities Act&nbsp;of&nbsp;1933, as amended (the &ldquo;Securities Act&rdquo;). TD Cowen is not required to sell any specific number
or dollar amount, but upon acceptance of a placement notice from us and subject to the terms and conditions of the sales agreement, will
act as our sales agent using commercially reasonable efforts consistent with its normal trading and sales practices to sell our ordinary
shares on the terms set forth in such placement notice. There is no arrangement for funds to be received in an escrow, trust or similar
arrangement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Cowen will be entitled to compensation at a commission rate of
3.0% of the gross sales price of any ordinary shares sold under the sales agreement. In connection with the sale of ordinary shares on
our behalf, TD Cowen will be deemed to be an &ldquo;underwriter&rdquo; within the meaning of the Securities Act and the compensation
of TD Cowen will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution
to TD Cowen with respect to certain liabilities, including civil liabilities under the Securities Act. See &ldquo;<I>Plan of Distribution</I>&rdquo;
beginning on page S-43 for additional information regarding the compensation to be paid to TD Cowen.</P>

<P STYLE="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 ordinary shares are listed on the Nasdaq Capital Market under
the symbol &ldquo;MDXH.&rdquo; On December 26, 2025, the latest reported sale price for our ordinary shares was $3.41.</P>

<P STYLE="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 an &ldquo;emerging growth company&rdquo; as defined in the
Jumpstart Our Business Startups Act of 2012 and, as such, have elected to comply with certain reduced public company reporting requirements
for this prospectus and future filings.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investing in our ordinary shares involves risks. These risks are
described under the caption &ldquo;<I>Risk Factors</I>&rdquo; beginning on page S-5 of this prospectus, as well as in the documents incorporated
by reference into this prospectus.</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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: White">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Page</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><A HREF="#s_001">About This Prospectus</A></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; text-indent: -10pt; padding-left: 10pt">S-ii</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><A HREF="#s_002">Prospectus Summary</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><A HREF="#s_003">The Offering</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-3</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><A HREF="#s_004">Cautionary Statement Regarding Forward-Looking
    Statements</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><A HREF="#s_005">Risk Factors</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-5</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><A HREF="#s_006">Use of Proceeds</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-40</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><A HREF="#s_007">Capitalization</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-41</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><A HREF="#s_008">Dilution</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-42</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><A HREF="#s_009">Plan of Distribution</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-43</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><A HREF="#n_001">Taxation</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-44</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><A HREF="#n_002">Material Changes</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-44</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><A HREF="#s_010">Legal Matters</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-44</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><A HREF="#s_011">Experts</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-44</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><A HREF="#s_012">Where You Can Find More Information</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-44</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><A HREF="#s_013">Incorporation of Certain Information by Reference</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-45</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><A HREF="#n_003">Enforcement of Civil Liabilities</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -10pt; padding-left: 10pt">S-46</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s_001"></A>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus is part of a registration statement on Form F-3 that
we filed with the Securities and Exchange Commission, or SEC, utilizing a &ldquo;shelf&rdquo; registration process. Under this shelf
registration process, we may from time to time sell ordinary shares having an aggregate offering price of up to $50.0 million under this
prospectus at prices and on terms to be determined by market conditions at the time of 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">Before buying any of the securities that we are offering, you should
carefully read this prospectus with all of the information incorporated by reference in this prospectus, as well as the additional information
described under the heading &ldquo;<I>Where You Can Find More Information&rdquo; and &ldquo;Incorporation of Certain Information by Reference</I>.&rdquo;
These documents contain important information that you should consider when making your investment decision. We have filed or incorporated
by reference exhibits to the registration statement of which the accompanying prospectus forms a part. You should read the exhibits carefully
for provisions that may be important 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">The information contained in this prospectus or any document incorporated
by reference in this prospectus is accurate only as of their respective dates, regardless of the time of delivery of this prospectus
or the documents incorporated by reference in this prospectus or the sale of any securities. Our business, financial condition, results
of operations and prospects may have changed materially 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">Neither we nor TD Cowen have authorized anyone to provide you with
information that is different from that contained in this prospectus or any free writing prospectus we may authorize to be delivered
or made available to you. Neither we nor TD Cowen take responsibility for, or provide assurance as to the reliability of, any other information
that others may give you. This prospectus does not constitute an offer to sell or the solicitation of an offer to buy any securities
other than the securities described in this prospectus or an offer to sell or the solicitation of an offer to buy such securities in
any circumstances in which such offer or solicitation is unlawful.</P>

<P STYLE="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 investors outside the United&nbsp;States: Neither we nor TD Cowen
have taken any action that would permit the offering or possession or distribution of this prospectus in any jurisdiction where action
for that purpose is required, other than in the United&nbsp;States. Persons outside the United&nbsp;States who come into possession of
this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities described herein
and the distribution of this prospectus outside the United&nbsp;States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus and the information incorporated herein or therein
by reference contains market data, industry statistics and other data that have been obtained or compiled from information made available
by independent third parties. This prospectus and the information incorporated herein or therein by reference include trademarks, service
marks and trade names owned by us or other companies. Solely for convenience, we may refer to our trademarks included or incorporated
by reference in this prospectus or any free writing prospectus without the<SUP>TM</SUP> or<SUP>&reg;</SUP> symbols, but any such references
are not intended to indicate that we will not assert, to the fullest extent permitted under applicable law, our rights to our trademarks
or other intellectual property. All trademarks, service marks and trade names included or incorporated by reference in this prospectus
or any related free writing prospectus are the property of their respective owners.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated or the context otherwise requires, all
references in this prospectus to the terms &ldquo;MDxHealth,&rdquo; the &ldquo;Company,&rdquo; &ldquo;our company,&rdquo; &ldquo;we,&rdquo;
&ldquo;us,&rdquo; and &ldquo;our&rdquo; refer to MDxHealth SA and its wholly owned 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">All references in this prospectus to &ldquo;$&rdquo; are to U.S.&nbsp;dollars
and all references to &ldquo;&euro;&rdquo; are to Euros.</P>

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


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<DIV STYLE="border: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s_002"></A>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>This summary highlights selected information
contained elsewhere in this prospectus and in the documents we incorporate by reference. This summary does not contain all of the information
you should consider before making an investment decision. You should read this entire prospectus and the documents incorporated by reference
in this prospectus carefully, especially the risks of investing in our ordinary shares discussed under &ldquo;Risk Factors&rdquo; beginning
on page S-5 of this prospectus, along with our consolidated financial statements and notes to those consolidated financial statements
and the other information incorporated by reference in this prospectus.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About the 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 commercial-stage precision diagnostics company providing
non-invasive, clinically actionable and cost-effective urologic solutions to improve patient care. Our core menu of testing solutions,
ExoDx for Prostate Cancer (&ldquo;ExoDx&rdquo;), Confirm mdx for Prostate Cancer (&ldquo;Confirm mdx&rdquo;), and Genomic Prostate Score
(&ldquo;GPS&rdquo;), provide personalized genomic insights to both physicians and patients navigating the complexities of prostate cancer
diagnosis and treatment. Our other testing solutions address related urologic diseases and conditions that are often managed by the same
specialists who utilize our core prostate cancer tests. Each of our cutting-edge molecular diagnostic technologies provides patient-specific
results enabling tailored approaches that enhance patient well-being while minimizing the need for invasive and unnecessary treatments
and procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">More than 7,000 physicians have ordered over 500,000 mdxhealth tests.
We have established a systematic approach to bring our precision diagnostic solutions to market, centered on proactive engagement, education,
and market expansion aimed at healthcare professionals and their patients. Each of our core tests, ExoDx, Confirm mdx and GPS, have been
included in prostate cancer detection and treatment guidelines published by the National Comprehensive Cancer Network, a non-profit alliance
of the 31 leading cancer centers in the United States, and each core test has also successfully completed formal technical assessment
review for Medicare reimbursement, culminating in positive final local coverage determinations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Building from the foundation of our complementary marketed products,
we are committed to sustained growth, with our core management principles defined by a commitment to focus, commercial execution and
operating discipline throughout our organization. Our dedicated commercial team concentrates on cultivating relationships with major
community urology centers, prioritizing those with significant patient volumes. We foster enduring connections with key physicians and
practice groups who serve populations eligible for our solutions. Our overarching objective is to provide comprehensive support to physicians
utilizing our tests throughout the entire patient journey, from initial diagnosis to advanced prostate cancer management.<B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ExoDx Acquisition</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">On August 5, 2025, we entered into an agreement with Bio-Techne Corporation
(&ldquo;Bio-Techne&rdquo;), to acquire Exosome Diagnostics, Inc., including the ExoDx test, its CLIA-certified clinical laboratory and
related assets. The closing of the acquisition took place on September 15, 2025. Total consideration for the acquisition is up to $15
million, with approximately $5 million in stock paid at closing and, subject to certain conditions, $2.5 million to be paid annually
over the following 4 years, with 50% payable in cash and 50% payable in cash or stock at our discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Implications of Being an Emerging Growth 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">As a company with less than $1.235 billion in revenue during our last
fiscal year, we qualify as an &ldquo;emerging growth company&rdquo; as defined in the Jumpstart Our Business Start-ups Act of 2012, as
amended (the &ldquo;JOBS Act&rdquo;). As an emerging growth company, we may take advantage of specified reduced disclosure and other
requirements that are otherwise applicable generally to public companies. These provisions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">exemption
                                            from the auditor attestation requirement of Section 404 of the Sarbanes-Oxley Act of 2002,
                                            or the Sarbanes-Oxley Act, in the assessment of our internal controls over financial reporting;
                                            and</FONT></TD>
</TR></TABLE>

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

<P STYLE="margin: 0; text-align: left"></P></DIV>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            the extent that we no longer qualify as a foreign private issuer, (i) reduced disclosure
                                            obligations regarding executive compensation in our periodic reports and proxy statements
                                            and (ii) exemptions from the requirements of holding a non-binding advisory vote on executive
                                            compensation, including golden parachute compensation.</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">We may take advantage of these exemptions until such time that we
are no longer an emerging growth company. We will cease to be an emerging growth company upon the earliest to occur of (i) the last day
of the fiscal year in which we have more than $1.235 billion in annual revenue; (ii) the date we qualify as a &ldquo;large accelerated
filer&rdquo; with at least $700 million of equity securities held by non-affiliates; (iii) the issuance, in any three year period, by
our company of more than $1.0 billion in non-convertible debt securities held by non-affiliates; and (iv) December 31, 2026.&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"><B>Implications of Being a Foreign Private Issuer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also considered a &ldquo;foreign private issuer&rdquo; under
U.S. securities laws. In our capacity as a foreign private issuer, we are exempt from certain rules under the Exchange Act that impose
certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. In addition,
members of our board of directors and our principal shareholders are exempt from the reporting and &ldquo;short-swing&rdquo; profit recovery
provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of our securities.
Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies
whose securities are registered under the Exchange Act. In addition, we are not required to comply with Regulation FD (Fair Disclosure),
which restricts the selective disclosure of material 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">We may take advantage of these exemptions until such time as we are
no longer a foreign private issuer. We will remain a foreign private issuer until such time that more than 50% of our outstanding voting
securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of the members of the board
of directors are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United&nbsp;States; or (iii) our business
is administered principally in the United States.</P>

<P STYLE="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 taken advantage of certain reduced reporting and other requirements
in this prospectus. Accordingly, the information contained herein may be different from the information you receive from other public
companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate History and 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; background-color: white">We were incorporated on January&nbsp;10,
2003 as a company with limited liability (naamloze vennootschap/soci&eacute;t&eacute; anonyme) incorporated and operating under the laws
of Belgium. We are registered with the legal entities register (Li&egrave;ge) under enterprise number 0479.292.440. We were publicly
listed on Euronext Brussels in June&nbsp;2006 and we had American Depositary Shares (&ldquo;ADS&rdquo;) listed on the Nasdaq Capital
Market in November 2021. In November 2023, we completed a share consolidation of our ordinary shares by means of a 1-for-10 reverse split,
such that following the share consolidation each ADS represented one ordinary share (instead of 10 ordinary shares previously). Following
the share consolidation and also during November 2023, we completed the mandatory exchange of all of our ADSs for one ordinary share
each and subsequently terminated our ADS facility.&nbsp;Following a transition period, the Company de-listed its ordinary shares from
Euronext Brussels and, as of December 18, 2023, our ordinary shares began solely trading on the Nasdaq Capital Market under the symbol
&ldquo;MDXH&rdquo;. In October 2010, the Company&rsquo;s name was changed from OncoMethylome Sciences SA to&nbsp;MDxHealth SA. We have
three directly held, wholly owned subsidiaries: MDxHealth, Inc., a Delaware company incorporated in April 2003, MDxHealth B.V., a Dutch
company incorporated in September 2015, and Exosome Diagnostics, Inc., a Delaware company incorporated in 2008. Our principal executive
office is in Belgium at Zone Industrielle des Hauts-Sarts 4040 Herstal, Belgium and the telephone number is +1 (866) 259-5644. Our agent
for service of process in the United States is MDxHealth, Inc., which is located at 15279 Alton Parkway &mdash; Suite 100, Irvine, CA
92618. MDxHealth, Inc.&rsquo;s telephone number is +1 949-812-6979.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s_003"></A>THE OFFERING</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 28%"><FONT STYLE="font-size: 10pt"><B>Ordinary
    Shares Offered by Us</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 70%"><FONT STYLE="font-size: 10pt">Ordinary shares
    having an aggregate offering price of up to $50,000,000</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Plan
    of Distribution</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ldquo;At the market offering&rdquo;
    that may be made from time to time through TD Cowen. See &ldquo;<I>Plan of Distribution</I>&rdquo; on page S-43 of this prospectus.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Use
    of Proceeds</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">We intend to use the net proceeds
    from this offering, if any, for general corporate and working capital purposes, including to fund our product development efforts
    and expansion of our commercialization activities. See &ldquo;<I>Use of Proceeds</I>.&rdquo;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Risk
    Factors</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">You should read the &ldquo;<I>Risk
    Factors</I>&rdquo; section of this prospectus for a discussion of factors to consider carefully before deciding to purchase our ordinary
    shares.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Nasdaq
    Stock Market Symbol</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ldquo;MDXH&rdquo;</FONT></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s_004"></A>CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus contains forward-looking statements. All statements
other than statements of historical facts contained in this prospectus, including statements regarding our strategy, future operations,
future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are
forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can find many
(but not all) of these statements by looking for words such as &ldquo;approximates,&rdquo; &ldquo;believes,&rdquo; &ldquo;hopes,&rdquo;
&ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo;
&ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;may&rdquo; or other similar expressions in this prospectus. The
sections in our periodic reports, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, titled &ldquo;<I>Information
on the Company</I>,&rdquo; and &ldquo;<I>Operating and Financial Review and Prospects</I>,&rdquo; as well as other sections in this prospectus
and the documents or reports incorporated by reference in this prospectus, discuss some of the factors that could contribute to these
differences. These forward-looking statements include, among other things, statements about:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            plans relating to commercializing our tests and related diagnostic products and services
                                            (collectively &ldquo;tests&rdquo;, &ldquo;testing solutions&rdquo; or &ldquo;solutions&rdquo;)
                                            and the rate and degree of market acceptance of our solutions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            size of the market opportunity for our Confirm mdx, ExoDx, Resolve mdx, Monitor mdx and Genomic
                                            Prostate Score (&ldquo;GPS&rdquo;) tests and other tests and solutions we may commercialize
                                            or may develop;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            acceptance of our testing solutions by healthcare providers;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            willingness of health insurance companies and other payers to cover our testing solutions
                                            and adequately reimburse us for such solutions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            plans relating to the further development of testing solutions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">existing
                                            regulations and regulatory developments in the United States, Europe and other jurisdictions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to obtain and maintain regulatory approvals and comply with applicable regulations;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">timing,
                                            progress and results of our research and development programs;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            period over which we estimate our existing cash will be sufficient to fund our future operating
                                            expenses and capital expenditure requirements;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to attract and retain qualified employees and key personnel;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            scope of protection we are able to establish and maintain for intellectual property rights
                                            covering our testing solutions and technology;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to operate our business without infringing the intellectual property rights and proprietary
                                            technology of third parties;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            possibility that the anticipated benefits from our business acquisitions will not be realized
                                            in full or at all or may take longer to realize than expected;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">cost
                                            associated with defending intellectual property infringement, product liability and other
                                            claims;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">uncertainties
                                            associated with global macroeconomic conditions; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">other
                                            risks and uncertainties, including those listed under the caption &ldquo;<I>Risk Factors.</I>&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">These statements reflect our views with respect to future events as
of the date of this prospectus and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should
not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions
only as of the date of this prospectus and, except as required by law, we undertake no obligation to update or review publicly any forward-looking
statements, whether as a result of new information, future events or otherwise after the date of this prospectus. We anticipate that
subsequent events and developments will cause our views to change. You should read this prospectus and the documents incorporated by
reference in this prospectus and filed as exhibits to the registration statement, of which the base prospectus forms a part, completely
and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking
statements by these cautionary statements.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s_005"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investing in the securities to be offered pursuant to this prospectus
involves a high degree of risk. You should carefully consider the important factors set forth under the heading &ldquo;<I>Risk Factors</I>&rdquo;
in our most recent Annual Report on Form 20-F filed with the SEC and incorporated herein by reference, which may be amended, supplemented
or superseded from time to time by other reports we file with the SEC in the future, and any risk factors and other information described
in the applicable prospectus supplement or relevant free writing prospectus for such issuance before investing in any securities that
may be offered. For further details, see the sections entitled &ldquo;<I>Incorporation of Certain Information by Reference</I>&rdquo;
and &ldquo;<I>Where You Can Find Additional Information</I>.&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 of the risk factors referred to above could significantly and
negatively affect our business, results of operations or financial condition, which may reduce our ability to pay dividends and lower
the trading price of our securities. The risks referred to above are not the only ones that we face. Additional risks not currently known
by us or risks that we currently deem immaterial may also impair our business and operations. You should only consider investing in our
securities if you can bear the risk of loss of your entire investment.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">You
                                            may experience immediate and substantial dilution in the book value of your investment.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            actual number of ordinary shares we will sell under the sales agreement and the resulting
                                            gross proceeds is uncertain.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            ordinary shares offered in this offering will be sold in &ldquo;at the market offerings.&rdquo;
                                            Investors who purchase our ordinary shares in this offering at different times will likely
                                            pay different prices.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            will have broad discretion as to the use of the proceeds from this offering, and we may not
                                            use the proceeds effectively.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            have a history of losses and expect to incur net losses in the future and may never achieve
                                            profitability.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            might require substantial additional funding to continue our operations and to respond to
                                            business needs or take advantage of new business opportunities, which may not be available
                                            on acceptable terms, or at all.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            loan facility contains restrictions that limit our flexibility in operating our business,
                                            and if we fail to comply with the covenants and other obligations under our loan agreement,
                                            the lenders may be able to accelerate amounts owed under the facility and may foreclose upon
                                            the assets securing our obligations.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            may engage in acquisitions that are not successful and which could disrupt our business,
                                            cause dilution to our stockholders and reduce our financial resources.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            operating results could be subject to significant fluctuation, which could increase the volatility
                                            of our stock price and cause losses to our shareholders.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            molecular diagnostics industry is highly competitive and characterized by rapid technological
                                            changes and we may be unable to keep pace with our competitors.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            financial results have been largely dependent on sales of two tests, Confirm mdx and GPS,
                                            and we will need to generate sufficient revenues from these tests and other future solutions
                                            to grow our business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We
                                            face uncertainties over the reimbursement of our tests by third party payors.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            business may be adversely affected by global macroeconomic conditions and volatility in the
                                            capital markets.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">If
                                            we are unable to retain intellectual property protection in relation to our tests or if we
                                            are required to expend significant resources to protect our intellectual property position,
                                            our competitive position could be undercut.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            may be subject to substantial costs and liabilities or be prevented from using technologies
                                            incorporated in our tests as a result of litigation or other proceedings relating to patent
                                            rights.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            rely on strategic collaborative and license arrangements with third parties to develop critical
                                            intellectual property. We may not be able to successfully establish and maintain such intellectual
                                            property.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Due
                                            to billing complexities in the diagnostic and laboratory service industry, we may have difficulties
                                            receiving timely payment for the tests we perform, and may face write-offs, disputes with
                                            payors and patients, and long collection cycles.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            face an inherent risk of product liability claims.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failure
                                            to attract or retain key personnel or to secure the support of key scientific collaborators
                                            could materially adversely impact our business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            business and reputation will suffer if we are unable to establish and comply with, stringent
                                            quality standards to assure that the highest level of quality is observed in the performance
                                            of our tests.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            laboratory facilities may become inoperable due to natural or man-made disasters or regulatory
                                            sanctions.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            rely on a limited number of third-party suppliers for services and items used in the production
                                            and operation of our testing solutions, and some of those services and items are supplied
                                            from a single source. Disruption of the supply chain, unavailability of third-party services
                                            required for the performance of the tests, modifications of certain items or failure to achieve
                                            economies of scale could have a material adverse effect on us.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failures
                                            in our information technology, storage systems, or our clinical laboratory equipment could
                                            significantly disrupt our operations and our research and development efforts.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            use of Artificial Intelligence presents new risks and challenges to our business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            expect to make significant investments to research and develop new tests, which may not be
                                            successful.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            research and development efforts will be hindered if we are not able to obtain samples, contract
                                            with third parties for access to samples or complete timely enrollment in future clinical
                                            trials.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failure
                                            to comply with governmental payor regulations could result in us being excluded from participation
                                            in Medicare, Medicaid or other governmental payor programs, which would adversely affect
                                            our business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failure
                                            to comply with federal, state and foreign laboratory licensing and related requirements could
                                            cause us to lose the ability to perform our tests, experience disruptions to our business,
                                            or become subject to administrative or judicial sanctions.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            FDA may change its position with respect to its regulation of the laboratory developed tests
                                            we offer or may seek to offer in the future, causing us to incur substantial costs and time
                                            delays associated with meeting requirements for pre-market clearance or approval or we could
                                            experience decreased demand for or reimbursement of our tests.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Delays
                                            in receipt of, or failure to obtain, required FDA clearances or approvals for our products
                                            in development, or improvements to or expanded indications for our current offerings, could
                                            materially delay or prevent us from commercializing or otherwise adversely impact future
                                            product commercialization.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            expect to rely on third parties to conduct any future studies of our technologies that may
                                            be required by the FDA or other U.S. or foreign regulatory bodies, and those third parties
                                            may not perform satisfactorily.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            conduct business in a heavily regulated industry, and changes in regulations or violations
                                            of regulations may, directly or indirectly, adversely affect our results of operations and
                                            financial condition and harm our business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            business is subject to various complex laws and regulations applicable to providers of clinical
                                            diagnostic products and services.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failure
                                            to comply with privacy, security, and consumer protection laws and regulations could result
                                            in fines, penalties and damage to our reputation and have a material adverse effect on our
                                            business.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            employees, independent contractors, consultants, commercial partners, and vendors may engage
                                            in misconduct or other improper activities, including noncompliance with regulatory standards
                                            and requirements.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            operating results could be materially adversely affected by unanticipated changes in tax
                                            laws and regulations, adjustments to our tax provisions, exposure to additional tax liabilities,
                                            or forfeiture of our tax assets.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Certain
                                            of our significant shareholders may have different interests from us and may be able to control
                                            us, including the outcome of shareholder votes.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Holders
                                            of our ordinary shares should be aware that the rights provided to holders of our ordinary
                                            shares under Belgian corporate law and our Articles of Association differ in certain respects
                                            from the rights that you would typically enjoy as a shareholder of a U.S. company under applicable
                                            U.S. federal and state laws.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Concentration
                                            of ownership of our ordinary shares among our existing executive officers, directors and
                                            principal shareholders may prevent holders of our ordinary shares from influencing significant
                                            corporate decisions.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">As
                                            a foreign private issuer and as permitted by the listing requirements of Nasdaq, we rely
                                            on certain home country corporate governance practices rather than the corporate governance
                                            requirements of Nasdaq.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            may lose our foreign private issuer status in the future, which could result in significant
                                            additional costs and expenses.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            incur significant costs as a result of operating as a company that is publicly listed on
                                            Nasdaq, and our management is required to devote substantial time to compliance initiatives.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">If
                                            we fail to implement and maintain effective internal controls over financial reporting, our
                                            ability to produce accurate financial statements on a timely basis could be impaired.</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>Risks Related to this Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>You may experience immediate and substantial dilution in the
book value of your investment.</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 you purchase our ordinary shares in this offering, you will experience
immediate dilution in an amount equal to the difference between the purchase price per share and our then-net tangible book value per
ordinary share. See &ldquo;<I>Dilution</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The actual number of ordinary shares we will sell under the
sales agreement and the resulting gross proceeds is uncertain.</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 certain limitations in the sales agreement and compliance
with applicable law, we have the discretion to deliver a placement notice to TD Cowen at any time throughout the term of the sales agreement.
The number of ordinary shares that are sold by TD Cowen after we deliver a placement notice will fluctuate based on the market price
of our ordinary shares during the sales period and limits we set in the placement notice. Because the price per share sold will fluctuate
based on the market price of our ordinary shares during the sales period, it is not possible to predict the number of ordinary shares
that will be ultimately sold or the resulting gross proceeds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The ordinary shares offered in this offering will be sold in
&ldquo;at the market offerings.&rdquo; Investors who purchase our ordinary shares in this offering at different times will likely pay
different prices.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors who purchase our ordinary shares in this offering at different
times will likely pay different prices, and so may experience different outcomes in their investment results. We will have discretion,
subject to market demand, to vary the timing, prices and numbers of ordinary shares sold, and subject to certain limitations in the sales
agreement, there is no minimum or maximum sales price. Investors may experience a decline in the value of their ordinary shares and dilution
as a result of sales made at prices lower than the prices they paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We will have broad discretion as to the use of the proceeds
from this offering, and we may not use the proceeds 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 have not designated the amount of net proceeds we will use for
any particular purpose. Accordingly, our management will have broad discretion as to the application of the net proceeds and could use
them for purposes other than those contemplated at the time of this offering. Our shareholders may not agree with the manner in which
our management chooses to allocate and spend the net proceeds. Moreover, our management may use the net proceeds for corporate purposes
that may not increase our profitability or our market value. See &ldquo;<I>Use of Proceeds</I>&rdquo; for a description of our management&rsquo;s
intended use of the proceeds from 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"><B><U>Risks Related to Our Business and Industry</U></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 a history of losses and expect to incur net losses in
the future and may never achieve profitability.</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 incurred substantial net losses since our inception, and there
can be no assurance that we will achieve profitability. As of December 31, 2024, we had an accumulated deficit of $369.5 million and
for the year ended December&nbsp;31, 2024, we had a net loss of $38.1 million and net cash outflows from operating activities of $18.5
million. We expect our losses to continue as a result of costs relating to ongoing research and development and for increased selling
and marketing costs for existing and planned testing solutions. These losses have had, and will continue to have, an adverse effect on
our working capital, total assets, and stockholders&rsquo; equity. Even if we achieve significant revenues, we may not become profitable,
and even if we achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. Failure
to become and remain consistently profitable could adversely affect the market price of our common stock and could significantly impair
our ability to raise capital or expand our business in accordance with our growth strategy. Historically, we have been able to raise
capital at regular occasions. If we are unable to continue to do this, our ability to operate as a going concern could be seriously compromised.</P>

<P STYLE="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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not be able 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 have been prepared on a going
concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We
have a history of operating losses and management expects the Company to continue to incur net losses and have significant cash outflows
for at least the next twelve months. While these conditions, among others, could raise doubt about our ability to continue as a going
concern, these consolidated financial statements have been prepared assuming that the Company will continue as a going concern.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may require substantial additional funding to continue our
operations and to respond to business needs (including repayment of our outstanding debt) or take advantage of new business opportunities,
which may not be available on acceptable terms, or at all.</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 capital outlays and operating expenditures are expected to increase
over the next several years as commercial operations expand. We expect that we may require additional equity or debt funding from time
to time in case of a shortfall in cash inflows from operations or to respond to business needs (including repayment of our outstanding
debt) or take advantage of new business opportunities, which may not be available at acceptable terms, or at all. For more information
about our cash and cash equivalent position or total liquidity position, see also Item 5B. &ldquo;<I>Liquidity and Capital Resources</I>&rdquo;
in our Annual Report on Form 20-F for the fiscal year ended December 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">Additionally, we have agreed to make material additional payments
in connection with recent acquisitions. In connection with our acquisition in 2025 of Exosome Diagnostics, Inc., we agreed to make deferred
purchase price payments to Bio-Techne, an aggregate amount of up to $10 million of which remains outstanding. Pursuant to our acquisition
in 2022 of the GPS prostate cancer business of Exact Sciences Corporation (&ldquo;Exact Sciences&rdquo;), we agreed to pay additional
earnout amounts based upon a portion of the reported revenues attributable to the GPS business, an aggregate amount of up to $54.5 million
of which remains outstanding. At our option, a portion of the additional payment amounts can be settled in cash or through the issuance
of shares, subject to certain 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">If additional funds are raised through the sale of equity, convertible
debt or other equity-linked&nbsp;securities, our securityholders&rsquo; ownership will be diluted. Any equity securities issued also
may provide for rights, preferences or privileges senior to those of holders of shares. If additional funds are raised by issuing debt
securities, these debt securities would have rights, preferences and privileges senior to those of shareholders, and the terms of the
debt securities issued could impose significant restrictions on our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If adequate funds are not available, we may have to scale back our
operations or limit our research and development activities, which may cause us to grow at a slower pace, or not at all, and our business
could be adversely affected.</P>

<P STYLE="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 credit facility contains restrictions that limit our flexibility
in operating our business, and if we fail to comply with the covenants and other obligations under our credit facility, the lenders may
be able to accelerate amounts owed under the facility and may foreclose upon the assets securing our obligations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May&nbsp;1, 2024, we entered into a $100&nbsp;million Credit Agreement
(the &ldquo;Credit Agreement&rdquo;) with certain funds managed by&nbsp;OrbiMed&nbsp;Advisors LLC (&ldquo;OrbiMed&rdquo;) which Credit
Agreement was amended&nbsp;in July and August&nbsp;2024. The Credit Agreement provides for a five-year&nbsp;senior secured credit facility
in an aggregate principal amount of up to $100&nbsp;million, of which (i)&nbsp;$55&nbsp;million was advanced in May&nbsp;2024, (ii)&nbsp;$25&nbsp;million
was advanced in March 2025, and (iii)&nbsp;$20&nbsp;million will be made available, at our discretion, on or prior to March&nbsp;31,
2026, subject to certain net revenue requirements and other customary conditions. All obligations under the credit agreement are secured
by substantially all of our assets, including intellectual property rights. The Credit Agreement matures on May&nbsp;1, 2029.</P>

<P STYLE="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 are subject to a number of affirmative and restrictive covenants
pursuant to the Credit Agreement, which limit or restrict our ability to (subject to certain qualifications and exceptions): create liens
and encumbrances; incur additional indebtedness; merge, dissolve, liquidate or consolidate; make acquisitions, investments, advances
or loans; dispose of or transfer assets; pay dividends or make other payments in respect of their capital stock; amend certain material
documents; redeem or repurchase certain debt; engage in certain transactions with affiliates; enter into certain restrictive agreements;
and engage in certain other activities customary for a senior secured credit facility. In addition, if, for any quarter beginning on
June&nbsp;30, 2025 and until the maturity date of the Credit Agreement, our net revenue does not meet certain minimum amounts, then,
subject to certain cure rights specified in the Credit Agreement, we will be required to repay the outstanding principal amount of the
Credit Agreement in equal monthly installments, together with accrued interest on the principal repaid and a repayment premium and other
fees, until the maturity date of the Credit Agreement. In addition, an event of default will occur if we fail to maintain certain levels
of unrestricted cash and cash equivalents during various time periods, including monthly assessments thereof, initially at a minimum
level of $20&nbsp;million and subsequently reducing to a $5&nbsp;million minimum level following the achievement of certain milestones.</P>

<P STYLE="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 obligations under the Credit Agreement are subject to acceleration
upon the occurrence of an event of default (subject to applicable notice and grace periods). We may also enter into other debt agreements
in the future which may contain similar or more restrictive terms.</P>

<P STYLE="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 ability to remain in compliance with financial covenants contained
in the Credit Agreement, to request additional advances under the Credit Agreement, and to make scheduled payments required under the
Credit Agreement depends on numerous factors, including our financial and operating performance. There can be no assurance that we will
maintain a level of cash reserves or cash flows from operating activities sufficient to remain in compliance with applicable financial
covenants, to qualify for additional advances under the Credit Agreement, and to permit us to pay the principal, premium, if any, and
interest on our existing or future indebtedness. If our cash flows and capital resources prove insufficient, we may be forced to reduce
or delay capital expenditures, sell assets or operations, seek additional capital or restructure or refinance our indebtedness. We cannot
assure you that we would be able to take any of these actions, or that these actions would permit us to remain in compliance with the
Credit Agreement or to meet our scheduled debt service obligations. Failure to comply with the terms and conditions of the Credit Agreement
will (subject to applicable notice and grace periods) result in an event of default, which could result in an acceleration of amounts
due under the Credit Agreement. We may not have sufficient funds or may be unable to arrange for additional financing to repay our indebtedness
or to make any accelerated payments, and&nbsp;OrbiMed&nbsp;could seek to enforce security interests in the collateral securing such indebtedness,
which would harm our business. In addition, if we are unable to timely achieve certain minimum revenue and liquidity targets, we will
be unable to borrow additional funds pursuant to the Credit Agreement, which could negatively impact our ability to fund our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may engage in acquisitions that are not successful and which
could disrupt our business, cause dilution to our stockholders and reduce our financial resources.</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 our acquisition of ExoDx from Bio-techne in September
2025 and our acquisition of our GPS test from Genomic Health, Inc., a subsidiary of Exact Sciences, in August 2022, we may enter into
other transactions in the future to acquire other businesses, products or technologies. We may be unable to realize the anticipated benefits
of the acquisitions or do so within the anticipated timeframe. Any acquisitions may not strengthen our competitive position, and these
transactions may be viewed negatively by customers or investors. We could incur losses resulting from known or unknown liabilities of
the acquired business that are not sufficiently covered by the indemnification we may obtain from the seller. In addition, we may not
be able to successfully integrate the acquired personnel, technologies and operations into our existing business in an effective, timely
and non-disruptive&nbsp;manner. If we are unable to do so, the disruption to our operations could result in additional costs or could
distract management&rsquo;s attention from other initiatives.</P>

<P STYLE="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>Our operating results could be subject to significant fluctuation,
which could increase the volatility of our stock price and cause losses to our shareholders.</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 revenues and results of operations have historically fluctuated
significantly and may do so in the future, depending on a variety of factors, including the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            success in marketing and selling, and changes in demand for, our tests, and the level of
                                            reimbursement and collection obtained for such tests;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">seasonal
                                            variations or non-seasonal events or circumstances affecting healthcare provider recommendations
                                            for our tests and patient compliance with healthcare provider recommendations, including
                                            without limitation, holidays, weather events, and circumstances such as the outbreak of influenza
                                            that may limit patient access to medical practices or institutions for diagnostic tests and
                                            preventive services;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            success in collecting payments from third-party and other payors, patients and collaborative
                                            partners, variation in the timing of these payments and recognition of these payments as
                                            revenues;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            pricing of our tests, including potential changes in the reimbursement rates for claims submitted
                                            to the U.S. Centers for Medicare &amp; Medicaid Services (&ldquo;CMS&rdquo;) or other healthcare
                                            payors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">circumstances
                                            affecting our ability to provide our tests, including weather events, supply shortages, or
                                            regulatory or other circumstances that adversely affect our ability to manufacture our tests
                                            or process tests in our clinical laboratories;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">fluctuations
                                            in the amount and timing of our selling and marketing costs and our ability to manage costs
                                            and expenses and effectively implement our business; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            research and development activities, including the timing, size, complexity, and cost of
                                            clinical studies.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, because the substantial majority of our revenues are
generated by sales to customers without either a written contract, a set price, or a payment due date, the amount of revenue that we
report is based on estimates of future collections that contain uncertainty and require the use of significant judgment by management.
We cannot provide any assurance as to when, if ever, or to what extent, any of the recognized revenues that represent uncollected amounts
will be collected. Shortfalls in actual cash collected, as well as changes to expected collectability, of estimated amounts recognized
as revenue can materially negatively impact operating results in subsequent periods. See &ldquo;<I>Risk Factors &mdash; Due to billing
complexities in the diagnostic and laboratory service industry, we may have difficulties receiving timely payment for the tests we perform,
and may face write-offs, disputes with payors and patients, and long collection cycles</I>.&rdquo; As a result, comparing our operating
results on a period-to-period basis may be difficult due to fluctuations resulting from our revenue estimation process, and such comparisons
may not be meaningful and should not be relied upon as an indication of our future performance. Resulting fluctuations in revenue may
make it difficult in the near term for us, research analysts and investors to accurately forecast our revenue and operating results.</P>

<P STYLE="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 our revenues or operating results fall below the expectations of
investors or public market analysts, the trading price of our common stock could decline substantially.</P>

<P STYLE="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 molecular diagnostics industry is highly competitive and
characterized by rapid technological changes and we may be unable to keep pace with our competitors.</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 molecular diagnostics field is characterized by rapid technological
changes, frequent new product introductions, changing customer preferences, emerging competition, evolving industry and regulatory compliance
standards, reimbursement uncertainty and price competition. Moreover, the molecular diagnostics field is intensely competitive both in
terms of service and price, and continues to undergo significant consolidation, permitting larger clinical laboratory service providers
to increase cost efficiencies and service levels, resulting in more intense competition.</P>

<P STYLE="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 market for assessing men at risk for prostate cancer diagnosis
or aggressiveness is large. As a result, this market has attracted competitors, some of which possess substantially greater financial,
selling, logistical and laboratory resources, more experience in dealing with third-party&nbsp;payors, and greater market penetration,
purchasing power and marketing budgets, as well as more experience in providing diagnostic services. Some companies and institutions
are developing serum-based&nbsp;tests and diagnostic tests based on the detection of proteins, nucleic acids or the presence of fragments
of mutated genes in the blood that are associated with prostate cancer. These competitors could have technological, financial, reputational,
and market access advantages over 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">Some of our current and potential competitors may have significant
competitive advantages over us, which may make them more attractive to hospitals, clinics, group purchasing organizations and physicians.
See &ldquo;Item 4.B. Business Overview &mdash; Competition&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December
31, 2024, for additional information regarding our competitors and the effects of competition on our business.</P>

<P STYLE="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 be unable to compete effectively against our competitors either
because their products and services are superior or because they are more effective in developing or commercializing competing products
and services. Furthermore, even if we do develop new marketable products or services, our current and future competitors may develop
products and services that are more clinically or commercially attractive than ours, and they may bring those products and services to
market earlier or more effectively than us. If we are unable to compete successfully against current or future competitors, we may be
unable to increase market acceptance for, and sales of, our tests, which could prevent us from increasing or sustaining our revenues
or achieving sustained profitability and could cause the market price of our common stock to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our commercial success will depend on the market acceptance
and adoption of our current and future tests.</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">Healthcare providers typically take a long time to adopt new products,
testing practices and clinical treatments, partly because of perceived liability risks and the uncertainty of third-party&nbsp;coverage
and reimbursement. It is critical to the success of our sales efforts that we educate enough patients, clinicians and administrators
about molecular diagnostics testing, in general, as well as about our testing solutions, and demonstrate their clinical benefits. It
is likely that clinicians may not adopt, and third-party&nbsp;payors may not cover or adequately reimburse for, our tests unless they
determine, based on published peer-reviewed&nbsp;journal articles and the experience of other clinicians, that they provide accurate,
reliable, and cost-effective&nbsp;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">As the healthcare reimbursement system in the United States evolves
to place greater emphasis on comparative effectiveness and outcomes data, we cannot predict whether we will have sufficient data, or
whether the data we have will be presented to the satisfaction of any payors seeking such data, in the process of determining and maintaining
coverage for our diagnostic tests. The administration of clinical and economic utility studies is expensive and demands significant attention
from the management team. There can be no assurance that our clinical studies will be successfully initiated, enrolled or completed.
Also, data collected from these studies may not be positive or consistent with our existing data or may not be statistically significant
or compelling to the medical community. If the results obtained from ongoing or future studies are inconsistent with certain results
obtained from previous studies, adoption of diagnostic services would suffer, and our business would be harmed.</P>

<P STYLE="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 our tests or the technology underlying our current or future tests
do not receive sufficient favorable exposure in peer-reviewed&nbsp;publications, the rate of clinician adoption of our tests and positive
reimbursement coverage decisions for our tests could be negatively affected. See &ldquo;<I>Risk Factors &mdash; We face uncertainties
over the reimbursement of our tests by third party payors</I>.&rdquo; The publication of clinical data in peer-reviewed&nbsp;journals
is a crucial step in commercializing and obtaining reimbursement for diagnostic tests, and our inability to control when, if ever, our
results are published may delay or limit our ability to derive sufficient revenue from any product that is the subject of a study.</P>

<P STYLE="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 financial results have been largely dependent on sales of
two tests, Confirm mdx and GPS, and we will need to generate sufficient revenues from these tests and other future solutions to grow
our business.</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">Currently, we rely significantly on the sales of Confirm mdx and GPS
tests in the United States for our revenues, with these tests combined accounting for approximately 82% of total revenues in the nine
months ended September 30, 2025, 80% of total revenue in 2024 and 79% of total revenue in 2023.</P>

<P STYLE="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 have diversified our revenue through the commercialization of additional
precision diagnostic test offerings, including our ExoDx and Resolve mdx tests. However, sales of Confirm mdx and GPS are expected to
continue to account for a substantial portion of total revenues for at least the next several years. If reimbursement for our tests were
to be revoked or limited either by CMS or commercial payors, this could have an immediate impact on our revenues. While we do not believe
that revocation of Medicare reimbursement for Confirm mdx or GPS tests is likely, if this were to occur, the impact could be severe.</P>

<P STYLE="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 commercial success of our testing solutions and our ability to
generate sales will depend on several factors, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">acceptance
                                            by the medical community;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            number of patients undergoing a prostate biopsy procedure;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">acceptance,
                                            endorsement and formal policy approval of favorable reimbursement for the test by Medicare
                                            and other third-party payors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to successfully market the tests;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            amount of and nature of competition from other prostate cancer products and procedures;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">maintaining
                                            and defending patent protection for the intellectual property relevant to our products and
                                            services; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to establish and maintain adequate commercial distribution, sales force and laboratory
                                            testing capabilities.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we are unable to increase sales and reimbursement of our current
testing solutions or successfully develop and commercialize other solutions or enhancements, our revenues and our ability to achieve
profitability would be impaired, and the market price of our shares could decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face uncertainties concerning the coverage and reimbursement
of our tests by third-party payors.</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">Successful commercialization of our testing solutions depends, in
large part, on the availability of coverage and adequate reimbursement from government and private payors. Favorable third-party&nbsp;payor
coverage and reimbursement are essential to meeting our immediate objectives and long-term&nbsp;commercial goals. In the United States,
for new diagnostic tests, each private and government payor decides whether to cover the test, the amount it will reimburse clinical
laboratories or other providers for a covered test, and any specific conditions for coverage and reimbursement. Healthcare providers
may be unlikely to order a specific diagnostic test unless an applicable third-party&nbsp;payor offers meaningful reimbursement for the
test. Therefore,&nbsp;adequate coverage and reimbursement is critical to the commercial success of a diagnostic product, and if we are
unable to secure and maintain favorable coverage determinations and reimbursement, this will undermine our ability to earn revenue from
our products.</P>

<P STYLE="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>Medicare</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">Reimbursement for diagnostic tests furnished to Medicare beneficiaries
(typically patients aged 65 or older) is usually based on a fee schedule set by the CMS, a division of the U.S. Department of Health
and Human Services (&ldquo;HHS&rdquo;). As a Medicare-enrolled provider with our primary&nbsp;laboratory based in California, we bill
Noridian Healthcare Solutions (&ldquo;Noridian&rdquo;), the Medicare Administrative Contractor (&ldquo;MAC&rdquo;) for California, and
our Confirm mdx and GPS tests are subject to Noridian&rsquo;s local coverage and reimbursement policies. Noridian participates in the
Molecular Diagnostic Services Program (&ldquo;MolDX&rdquo;), administered by Palmetto GBA, which handles technical assessments for U.S.
laboratories that perform molecular diagnostic testing and issues Medicare local coverage determinations and associated coverage documentation
(&ldquo;LCDs&rdquo;). The Confirm mdx test obtained a positive Medicare LCD under the MolDX program in 2014 and the GPS test obtained
a positive Medicare coverage LCD in 2015, each of which provides coverage for Medicare patients throughout the United States. As a Medicare-enrolled
provider with a secondary&nbsp;laboratory based in Massachusetts, we bill National Government Services, Inc. (&ldquo;NGS&rdquo;), the
MAC covering Massachusetts, for tests that are offered by our Waltham, Massachusetts laboratory, including our recently acquired ExoDx
test, which obtained a positive Medicare coverage LCD in 2018. As a Medicare-enrolled provider with a secondary&nbsp;laboratory based
in Texas, we bill Novitas Solutions (&ldquo;Novitas&rdquo;), the MAC covering Texas, for tests that are offered by our Texas laboratory,
including our Resolve mdx test, claims for which tests are therefore subject to Novitas&rsquo; local coverage and reimbursement policies.
Novitas does not at this time participate in the MolDx program, nor does it in practice issue LCDs for all molecular tests that it may
reimburse. As a result, molecular tests offered by our Texas laboratory may in certain cases be billed to Novitas using industry-standard
coding terms that describe the procedures performed, pursuant to guidance and instructions set forth by the American Medical Association
&ldquo;CPT codebook&rdquo; as well as associated guidance set forth in the Policy Manual for Medicare Services published by the National
Correct Coding Initiative (NCCI). Because of the highly technical nature of interpreting complex and disparate coding policies applicable
to certain of the Company&rsquo;s tests, there can be no assurance that Medicare, or the MACs that determine local Medicare coverage,
will continue to issue or follow positive coverage and reimbursement policies and practices and, if issued or followed, that such policies
or reimbursement practices will be maintained 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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Medicare accounted for approximately 41% of MDxHealth&rsquo;s revenues
in 2024 compared to 39% of MDxHealth&rsquo;s revenues in 2023. See Note 4 in the Notes to Consolidated Financial Statements included
in Part III for further detail.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><I>Commercial payors</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">Obtaining coverage and reimbursement by commercial payors is a time-consuming&nbsp;and
costly process, without a guaranteed outcome, since each commercial payor makes its own decision with respect to whether to cover a particular
test and, if so, at what rate to reimburse providers for that test. In addition, several payors and other entities conduct technology
assessments of new medical tests and devices and provide the results of these assessments for informational purposes to other parties.
These assessments may be used by third-party&nbsp;payors and healthcare providers as grounds to deny coverage for a particular test,
or to refuse to use or order a particular test or procedure. Our tests have received initial negative technology assessments from several
of these entities and are likely to receive more negative technology assessments. We continue to work with third-party&nbsp;payors to
obtain coverage and reimbursement&nbsp;for our tests and to appeal coverage denial decisions based on existing and ongoing studies, peer
reviewed publications, and support from physician and patient groups. There are no assurances that commercial payors will continue to
issue positive coverage and reimbursement policies and/or contracts and, if issued, that such policies and/or contracts will be maintained
in the future. If our tests are considered on a policy-wide&nbsp;level by major third-party&nbsp;payors, whether at our request or on
the payor&rsquo;s own initiative, and the payor determines that such tests are ineligible for coverage and reimbursement, our revenue
potential could be adversely impacted.</P>

<P STYLE="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 business may be adversely affected by global macroeconomic
conditions and volatility in the capital markets.</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 growth of our business is, and will continue to be, affected by
changes in the overall global economy. Various macroeconomic factors could adversely affect our business and the results of our operations
and financial condition, including changes in inflation, high interest rates, foreign currency exchange rates, weakness in general economic
conditions and threatened or actual recessions, including those resulting from the current and future conditions in the global financial
markets, shifting political landscapes, and budgeting constraints of governmental entities. Cost inflation, including increases in raw
material prices, labor rates, transportation costs and tariffs, may continue to impact our profitability. Our ability to recover these
cost increases through price increases is significantly limited by the process by which we are reimbursed for our products and services
by government and private payors. In addition, disruptions in the U.S., Europe or other economies, including due to geopolitical conflict
or uncertainty and changing international trade policies, could disrupt global markets, interrupt global supply chains, and have other
potential inflationary or recessionary effects on the global economy.</P>

<P STYLE="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 volatility of the capital markets could also affect the value
of our investments and our ability to liquidate our investments in order to fund our operations. The high interest rate environment and
reduced access to capital markets could also adversely affect the ability of our suppliers, distributors, licensors, collaborators, contract
manufacturers and other commercial partners to remain effective business partners or to remain in business. The loss of a critical business
partner, or a failure to perform by a critical business partner, could have a disruptive effect on our business and could adversely affect
our results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Public health crises, such as the COVID-19 pandemic, have had,
and could in the future have, adverse effects on our business and financial results.</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">Pandemics or disease outbreaks, such as the COVID-19 pandemic, have
created and may continue to create significant volatility, uncertainty and economic disruption in the markets in which we sell or plan
to sell our current or future tests and in which we operate, and may negatively impact business and healthcare activity globally. For
example, in response to the COVID-19 pandemic, governments around the world imposed measures designed to reduce the transmission of COVID-19,
patients postponed visits to healthcare providers, certain healthcare providers temporarily closed their offices or restricted patient
visits, healthcare provider employees became generally unavailable and there were disruptions in the operations of payors, suppliers
and other third parties that are necessary for our tests to be administered. The extent to which fear of exposure to or actual effects
of COVID-19, new variants, disease outbreak, epidemic or a similar widespread health concern impacts our business will depend on future
developments, which are highly uncertain and cannot be predicted with confidence, such as the speed and extent of geographic spread of
the disease, the duration of the outbreak, travel restrictions, the efficacy of vaccination and treatment; impact on the U.S. and international
healthcare systems, the U.S. economy and worldwide economy; the timing, scope and effectiveness of U.S. and international governmental
response; and the impact on the health, well-being and productivity of our employees; and short- and long-term changes in the behaviors
of medical professionals and patients resulting from any such pandemic, outbreak, epidemic or other health concern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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><U>Risks Related to Our Intellectual Property</U></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>If we are unable to retain intellectual property protection
in relation to our tests or if we are required to expend significant resources to protect our intellectual property position, our competitive
position could be undercut. </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 ability to protect our discoveries, know-how&nbsp;and technologies
affects our ability to compete and to achieve profitability. We rely on a combination of U.S. and foreign patents and patent applications,
copyrights, trademarks and trademark applications, confidentiality or non-disclosure&nbsp;agreements, material transfer agreements, licenses
and consulting agreements to protect our intellectual property rights. We also maintain certain company know-how, algorithms, and technological
innovations designed to provide us with a competitive advantage in the marketplace as trade secrets. As of December 26<SUP>th</SUP>, 2025, we owned or had
exclusive rights to more than eighteen patent families related to our molecular technology and cancer-specific&nbsp;biomarkers. Specifically,
there are 174 granted or pending patent applications in this group comprised of nineteen&nbsp;issued or allowed U.S. patents, six pending
U.S. provisional or non-provisional&nbsp;applications, zero&nbsp;pending international patent applications filed under the Patent Cooperation
Treaty and 147 granted or allowed patents in jurisdictions outside the United States, including Japan, Canada, Israel and the major European
countries. Our issued U.S. patents expire at various times between 2029 and 2042. Of these issued patents, 9 cover intellectual property
used in our Select mdx test, the last of which expires in 2036, 55 cover intellectual property used in our GPS test, the last of which
expires in 2038, and 45 cover intellectual property used in our Exosome test the last of which expires in 2042. When these patents expire
other companies will no longer be prohibited from incorporating the subject intellectual property into competing tests they may seek
to develop.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we intend to pursue additional and future patent applications,
it is possible that pending patent applications and any future applications may not result in issued patents. Additionally, agency workforce
reductions or turnover could delay or change the outcome of approvals or decisions on which we rely to protect our intellectual property.
Even if patents are issued, third parties may independently develop similar or competing technology that avoids our patents. Third&nbsp;parties
may also assert infringement or other intellectual property claims against us or against our licensors, licensees, suppliers or strategic
partners. Any actions regarding patents could be costly and time-consuming&nbsp;and could divert the attention of management and key
personnel from other areas of our business. Further, we cannot be certain that the steps we have taken will prevent the misappropriation
of our trade secrets and other confidential information as well as the misuse of our patents and other intellectual property, particularly
in foreign countries with no patent protection.</P>

<P STYLE="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">Although we have licensed and own issued patents in the United States
and foreign countries, we cannot be certain the claims will continue to be considered patentable by the U.S. Patent and Trademark Office
(the &ldquo;USPTO&rdquo;), U.S. courts patent offices and courts in other jurisdictions. The U.S. Supreme Court, other federal courts
and/or the USPTO, may change the standards of patentability and any such changes could have a negative impact on our business. For instance,
the Federal Circuit has recently ruled on several patent cases, such as&nbsp;<I>Univ. of Utah Research Found. v. Ambry Genetics Corp.</I>,&nbsp;774
F.3d 755 (Fed. Cir. 2014)<I>, Ariosa Diagnostics, Inc. v. Sequenom, Inc.</I>,&nbsp;788 F.3d 1371 (Fed. Cir. 2015)<I>, Genetic Tech. Ltd.
v. Merial LLC, </I>818 F.3d 1369 (Fed. Cir. 2016), and&nbsp;<I>Cleveland Clinic Found. v. True Health Diagnostics, </I>859 F.3d 1352
(Fed. Cir. 2017), that some diagnostic method claims are not patent eligible. These decisions have narrowed the scope of patent protection
available in certain circumstances or weakened the rights of patent owners in certain situations. Some aspects of our technology involve
processes that may be subject to this evolving standard and we cannot guarantee that any of our issued or pending process claims will
be patentable as a result of such evolving standards. In addition, this combination of decisions has created uncertainty as to the value
of certain issued patents, in particular in the detection of prostate cancer and other cancers.</P>

<P STYLE="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 be subject to substantial costs and liabilities or be
prevented from using technologies incorporated in our tests as a result of litigation or other proceedings relating to patent rights.</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">Third parties may assert infringement or other intellectual property
claims against us or our licensors, licensees, suppliers or strategic partners. We pursue a patent strategy that we believe provides
us with a competitive advantage in the assessment of prostate cancer and is designed to maximize patent protection against third parties
in the United States and, potentially, in certain foreign countries. In order to protect or enforce our patent rights, we may have to
initiate actions against third parties. Any actions regarding patents could be costly and time-consuming&nbsp;and could divert the attention
of management and key personnel from other areas of our business. Additionally, such actions could result in challenges to the validity
or applicability of our patents. Because the USPTO maintains patent applications in secrecy until a patent application is published or
the patent is issued, we have no way of knowing if others may have filed patent applications covering technologies used by us or our
partners. Additionally, there may be third-party&nbsp;patents, patent applications and other intellectual property relevant our technologies
that may block or compete with our technologies. Even if third-party&nbsp;claims are without merit, defending a lawsuit may result in
substantial expense to us and may divert the attention of management and key personnel. In addition, we cannot provide assurance that
we would prevail in any such suits or that the damages or other remedies, if any, awarded against us would not be substantial. Claims
of intellectual property infringement may require us, or our strategic partners, to enter into royalty or license agreements with third
parties that may not be available on acceptable terms, if at all. These claims may also result in injunctions which could prevent us
from further developing and commercializing services or products containing our technologies, which could in turn adversely affect our
ability to earn revenues from these services or products.&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">Also, patents and patent applications owned by us may become the subject
of post-grant challenges or interference proceedings in the USPTO to determine validity and the priority of invention, which could result
in substantial cost as well as a possible adverse decision as to the validity or priority of invention of the patent or patent application
involved. An adverse decision in an interference proceeding may result in the loss of rights under a patent or patent application subject
to such a proceeding.&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">Ultimately, the potential weakening of our intellectual property position
as a result of the evolution of case law or otherwise may make us more vulnerable to competition. While we are unable to quantify the
impact of this risk given that our patents remain untested in the courts, the impact could be severe if our competitors are able to take
advantage of any weakening of our intellectual property position.</P>

<P STYLE="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 rely on strategic collaborative and license arrangements
with third parties to develop critical intellectual property. We may not be able to successfully establish and maintain such intellectual
property.</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 development and commercialization of our products and services
rely, directly or indirectly, upon strategic collaborations and license agreements with third parties. Our dependence on license, collaboration
and other similar agreements with third parties may subject us to a number of risks. There can be no assurance that any current contractual
arrangements between us and third parties or between our strategic partners and other third parties will be continued on materially similar
terms and will not be breached or terminated early. Any failure to obtain or retain the rights to necessary technologies on acceptable
commercial terms could require us to re-configure&nbsp;our products and services, which could negatively impact their commercial sale
or increase the associated costs, either of which could materially harm our business and adversely affect our future revenues and ability
to achieve sustained profitability.</P>

<P STYLE="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 expect to continue and expand our reliance on collaboration and
license arrangements. Establishing new strategic collaborations and license arrangements is difficult and time-consuming. Discussions
with potential collaborators or licensors may not lead to the establishment of collaborations on favorable terms, if at all. To the extent
we agree to work exclusively with one collaborator in a given area, our opportunities to collaborate with other entities could be limited.
Potential collaborators or licensors may reject collaborations with us based upon their assessment of our financial, regulatory or intellectual
property position or other factors. Even if we successfully establish new collaborations, these relationships may never result in the
successful commercialization of any product or service. In addition, the success of the projects that require collaboration with third
parties will be dependent on the continued success of such collaborators. There is no guarantee that our collaborators will continue
to be successful and, as a result, we may expend considerable time and resources developing products or services that will not ultimately
be commercialized.</P>

<P STYLE="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 patent regulations or standards are modified, such changes
could have a negative impact on our business.</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">From time to time, the U.S. Supreme Court, other federal courts, the
U.S. Congress, or the USPTO may change the standards of patentability and validity of patents within the cancer screening and diagnostics
space, and any such changes could have a negative impact on our business.</P>

<P STYLE="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 have been several cases involving &ldquo;gene patents&rdquo;
and diagnostic claims that have been considered by the U.S. Supreme Court that have affected the legal concept of subject matter eligibility
by seemingly narrowing the scope of the statute defining patentable inventions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, in December 2014 and again in 2019, the USPTO published
revised guidelines for patent examiners to apply when examining process claims that narrow the scope of patentable subject matter. While
these guidelines may be subject to review and modification by the USPTO over time, we cannot assure you that our patent portfolio will
not be negatively impacted by the decisions mentioned above, rulings in other cases, or changes in guidance or procedures issued by the
USPTO.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional substantive changes to patent law, whether new or associated
with the America Invents Act &mdash; which substantially revised the U.S. patent system &mdash; may affect our ability to obtain, enforce
or defend our patents. Accordingly, it is not clear what, if any, impact these substantive changes will ultimately have on the cost of
prosecuting our patent applications, our ability to obtain patents based on our discoveries, and our ability to enforce or defend our
issued patents, all of which could have a material adverse effect on our business.</P>

<P STYLE="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><U>Risks Related to Our Operations</U></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>Due to billing complexities in the diagnostic and laboratory
service industry, we may have difficulties receiving timely payment for the tests we perform, and may face write-offs, disputes with
payors and patients, and long collection cycles.</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">Billing for diagnostic and laboratory services is a complex process.
We bill many different payors including patients, private insurance companies, Medicare, Medicaid, and employer groups, all of which
have different billing requirements.&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"></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 are often obligated to bill services in the specific manner required
by each particular third-party&nbsp;payor. Failure to comply with these complex billing requirements (including complex federal and state
regulations related to billing government health care programs, <I>e.g.</I>, Medicare and Medicaid)&nbsp;may significantly hinder our
collection and retention efforts, including not only potential write-offs&nbsp;of doubtful accounts and long collection cycles for accounts
receivable, but also the potential disgorgement of previously paid claims based on third-party&nbsp;payor program integrity investigations
into billing discrepancies, fraud, waste and abuse. With CMS&rsquo;s recent implementation of a comprehensive oversight regime that consolidated
program integrity powers into a single Unified Program Integrity Contractor (&ldquo;UPIC&rdquo;), audit and investigatory activity into
potential billing fraud, waste and abuse in the industry has in recent years significantly increased. Responding to requests from a UPIC,
or other auditor, is often time-consuming&nbsp;and requires dedication of internal, and sometimes external, resources. UPICs also have
the authority to implement Medicare payment suspensions during the pendency of an audit, which could significantly impact cash flows,
even where no improper billing is ultimately found to have occurred. Commercial payors may also engage in audit activity, requiring timely
production of medical documentation in support of billed claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may face patient dissatisfaction, complaints or lawsuits, including
to the extent our tests are not fully covered by insurers and patients become responsible for all or part of the price of the test.&nbsp;As
a result, patient demand for our tests could be adversely affected.&nbsp;To the extent patients express dissatisfaction with our billing
practices to their healthcare providers, those healthcare providers may be less likely to prescribe our tests for other patients, and
our business would be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even if payors agree to cover our tests, our billing and collections
process may be complicated by the following and other factors, which may be beyond our control:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">differences
                                            between the list price for our tests and the reimbursement rates of payers;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">complex
                                            and disparate reimbursement rules and requirements;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">disputes
                                            among payors as to which payor is responsible for payment;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">disparity
                                            in coverage among various payors or among various healthcare plans offered by a single payor;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">payor
                                            medical management requirements, including prior authorization requirements;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">differing
                                            information and billing requirements among payors;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">failure
                                            by patients or healthcare providers to provide complete and correct billing information;
                                            and</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">limitations
                                            and requirement for patient billing, including those related to deductibles, co-payments,
                                            and co-insurance originating from contracts with commercial payors.</FONT></TD>
</TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result of the above, we may face write-offs of doubtful accounts,
payment suspensions and disgorgement of previously paid claims, disputes with payors and patients, and long collection cycles.</P>

<P STYLE="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, the substantial majority of tests that we perform for
customers are sold without either a written contract, a set price or a payment due date. Generally, the amount of revenue that we report
for these test sales represent estimates of our expected collections, based on factors such as payment history, payer coverage, whether
there is a reimbursement contract between the payer and us, risks of denial or recoupment for patient ineligibility, non-coverage or
error by us or the payor, and any current developments or changes that could impact reimbursement. We cannot provide any assurance as
to when, if ever, or to what extent, any of the recognized revenues that represent uncollected amounts will be collected. We monitor
the estimated amount to be collected at each reporting period based on actual cash collections and other indicia of expected payor behavior
in order to assess whether an adjustment to the estimate is required. Both the estimates and any subsequent adjustments contain uncertainty
and require the use of significant judgment by management. Actual results could differ from those estimates and assumptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Third-party payers are increasingly focused on controlling healthcare
costs, and such efforts, including revisions to coverage and reimbursement policies and practices, further complicate our ability to
estimate expected collections and delays our reimbursement of claims. In response to changing and inconsistent payer claims reimbursement
practices, particularly among commercial payers, we continue to actively adapt and refine the types and weighting of factors that are
utilized to estimate and monitor expected collection amounts for tests performed in both current and prior reporting periods. Changes
to estimates are made in the period those adjustments become known. Should the factors underlying our judgments materially change, our
accrued revenue and financial results could be further negatively impacted in future periods.</P>

<P STYLE="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">These billing complexities, and the related uncertainty in obtaining
payment for our tests, could negatively affect our revenue and cash flow, our ability to sustain profitability, and the consistency and
comparability of our results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face an inherent risk of product liability claims.</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 marketing, sale and use of our tests could lead to product or
professional liability claims against us if someone were to allege that our tests failed to perform as they were designed, or if someone
were to misinterpret test results or improperly rely on them for clinical decisions. Although we maintain product and professional liability
insurance which is deemed to be appropriate and adequate, it may not fully protect us from the financial impact of defending against
product liability or professional liability claims or any judgments, fines or settlement costs arising out of any such claims. Furthermore,
any product liability lawsuit, with or without merit, could increase our insurance rates or prevent us from securing insurance coverage
in the future. Additionally, any product liability lawsuit could harm our reputation, which could impact our results of operations, or
cause collaboration partners to terminate existing agreements and potential partners to seek alternate partners, any of which could negatively
impact our results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Failure to attract or retain key personnel or to secure the
support of key scientific collaborators could materially adversely impact our business.</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 success in implementing our business strategy depends largely
on the skills, experience, and performance of key members of our executive management team and others in key management positions, including
Michael McGarrity, our Chief Executive Officer. The collective efforts of our executive management team are critical to us as we continue
to develop our technologies, tests, and R&amp;D and sales programs. The loss or incapacity of existing members of our executive management
team could adversely affect our operations. If we were to lose one or more of these key employees, we could experience difficulties in
finding qualified successors, competing effectively, developing our technologies and implementing our business strategy. Our executives
have employment agreements; however, the existence of an employment agreement does not guarantee retention of members of our executive
management team. We do not maintain &ldquo;key person&rdquo; life insurance on any of our employees.</P>

<P STYLE="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 established relationships with leading key opinion leaders
and scientists at important research and academic institutions that we believe are key to establishing tests using our technologies as
a standard of care for cancer assessment and diagnosis. If our collaborators determine that cancer testing using our technologies are
not appropriate options for prostate cancer diagnosis, or superior to available prostate cancer methods, or that alternative technologies
would be more effective in the early diagnosis of prostate cancer, we would encounter significant difficulty establishing tests using
our technologies as a standard of care for prostate cancer diagnosis, which would limit our revenue growth and profitability.</P>

<P STYLE="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 results of operations can be adversely affected by labor
shortages, turnover and labor cost increases.</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">Labor is a significant component of operating our business. A number
of factors may adversely affect the labor force available to us or increase labor costs, including high employment levels, federal unemployment
subsidies, increased wages offered by other employers, vaccine mandates and other government regulations and our responses thereto. As
more employers offer remote work, we may have more difficulty recruiting for jobs that require on-site attendance, such as certain clinical
laboratory and sales roles. Although we have not experienced any material labor shortage to date, we have recently observed an overall
tightening and increasingly competitive labor market. A sustained labor shortage or increased turnover rates within our employee base,
caused by a pandemic or as a result of general macroeconomic factors, could lead to increased costs, such as increased overtime or financial
incentives to meet demand and increased wage rates to attract and retain employees, and could negatively affect our ability to efficiently
operate our clinical laboratories and overall business. If we are unable to hire and retain employees capable of performing at a high-level,
or if mitigation measures we may take to respond to a decrease in labor availability have unintended negative effects, our business could
be adversely affected.</P>

<P STYLE="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">Additionally, the operations of our vendors and partners could also
suffer from labor shortages, turnover and labor cost increases which could result in supply change disruptions and increases in the costs
of the products and services we purchase, each of which could adversely affect our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our business and reputation will suffer if we are unable to
establish and comply with stringent quality standards to assure that the highest level of quality is observed in the performance of our
tests.</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">Inherent risks are involved in providing and marketing cancer tests
and related services. Patients and healthcare providers rely on us to provide accurate clinical and diagnostic information that may be
used to make critical healthcare decisions. As such, users of our testing solutions may have a greater sensitivity to errors than users
of some other types of products and services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Past or future performance or accuracy defects, incomplete or improper
quality and process controls, excessively slow turnaround times, unanticipated uses of our tests or mishandling of samples or test results
(whether by us, patients, healthcare providers, courier delivery services or others) can lead to adverse outcomes for patients and interruptions
to our services. These events could lead to voluntary or legally mandated safety alerts relating to our tests or our laboratory facilities
and could result in the removal of our products and services from the market or the suspension of our laboratories&rsquo; operations.
Insufficient quality controls and any resulting negative outcomes could result in significant costs and litigation, as well as negative
publicity that could reduce demand for our tests and payors&rsquo; willingness to cover our tests. Even if we maintain adequate controls
and procedures, damaging and costly errors may occur.</P>

<P STYLE="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 laboratory facilities may become inoperable due to natural
or man-made disasters or regulatory sanctions.</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 perform testing services in our laboratory facilities
located in Irvine, California, Waltham, Massachusetts, and Plano, Texas. These laboratory facilities could become inoperable due to circumstances
that may be beyond our control, and such inoperability could adversely affect our business and operations. The facilities, equipment
and other business process systems would be costly to replace and could require substantial time to repair or replace. The inability
to perform our tests or the backlog of tests that could develop if any of our facilities become inoperable for even a short period of
time may result in the loss of customers or harm our reputation, and we may be unable to regain those customers or rebuild our reputation
in the future. Although we possess insurance for damage to our property and the disruption of our business, this insurance may not be
sufficient to cover all of our potential losses and may not continue to be available to us on acceptable terms, if at all.</P>

<P STYLE="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 facilities may be damaged or destroyed by natural or man-made&nbsp;disasters,
including earthquakes, wildfires, floods, outbreak of disease, acts of terrorism or other criminal activities and power outages, which
may render it difficult or impossible for us to perform our tests for some period.</P>

<P STYLE="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 facilities may also be rendered inoperable because of regulatory
sanction. In the United States, we are subject to federal and state laws and regulations regarding the operation of clinical laboratories.
Our U.S. laboratory facilities in Irvine, California, Waltham, Massachusetts, and Plano, Texas are certified under the Clinical Laboratory
Improvement Amendments (&ldquo;CLIA&rdquo;). CLIA and the laws of California and certain other states, impose certification requirements
for clinical laboratories, and establish standards for quality assurance and quality control, among other things. Clinical laboratories
are subject to inspection by regulators, and to sanctions for failing to comply with applicable requirements. Sanctions available under
CLIA include prohibiting a laboratory from running tests, requiring a laboratory to implement a corrective action plan, and imposing
civil monetary penalties. Our U.S. laboratory facilities hold certificates of accreditation from CMS to perform high-complexity&nbsp;testing.
To renew these certificates, the facilities are subject to survey and inspection every two years. We also hold a certificate of accreditation
from the College of American Pathologists (&ldquo;CAP&rdquo;), which sets standards that are higher than those contained in the CLIA
regulations. CAP is an independent, non-governmental&nbsp;organization of board-certified&nbsp;pathologists that accredits laboratories
nationwide on a voluntary basis. Sanctions for failure to comply with CAP or CLIA requirements, including proficiency testing violations,
may include suspension, revocation, or limitation of a laboratory&rsquo;s CLIA certificate, which is necessary to conduct business, as
well as the imposition of significant fines or criminal penalties. In addition, our U.S. facilities are subject to regulation under state
laws and regulations governing laboratory licensure. Certain states have enacted state licensure laws that are more stringent than CLIA.
Failure to maintain CLIA certification, CAP accreditation, or required state licenses could have a material adverse effect on the sales
of our tests and results of operations. Many states maintain independent licensure, registration, or certification procedures with which
our U.S. facilities must maintain compliance in order to receive and test samples from that location. Maintaining compliance with the
myriad of governmental requirements is time and resource intensive,&nbsp;and failure to maintain compliance could result in sanctions.</P>

<P STYLE="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">In order to rely on a third party to perform certain of our tests,
we could only use another facility with established state licensure and CLIA accreditation following validation and other required procedures.
We cannot assure you that we would be able to find another CLIA certified facility willing to comply with the required procedures, that
this laboratory would be willing to perform the tests for us on commercially reasonable terms, or that it would be able to meet our quality
or regulatory standards. Alternatively, establishing a redundant facility for certain of our testing would require considerable time
and money to secure adequate space, construct the facility, recruit and train employees, and establish the additional operational and
administrative infrastructure necessary to support this facility. We also may not be able, or it may take considerable time, to replicate
our testing processes or results in a new facility. Additionally, any such new facility would be subject to certification under CLIA
and licensing by several states, including California and New York, which could take a significant amount of time and result in delays
in our ability to resume operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We rely on a limited number of third-party suppliers for services
and items used in the production and operation of our testing solutions, and some of those services and items are supplied from a single
source. Disruption of the supply chain, unavailability of third-party services required for the performance of the tests, modifications
of certain items or failure to achieve economies of scale could have a material adverse effect on us.</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">To provide our testing services, we are required to obtain customized
components and services that are currently available from a limited number of sources. Most of these components and services are sourced
externally from external suppliers. Many of the consumable supplies and reagents used as raw materials in our testing process are procured
from a limited number of suppliers, some of which are single source. In addition, we rely on a limited number of suppliers, or in some
cases a single supplier (for example, for the automation of our deparaffination steps for our Confirm mdx test), for certain services
and equipment with which we provide testing services. If we have to switch to a replacement supplier for any of these items that are
sub-components&nbsp;or for certain services required for the performance of our tests, or if we have to commence our own manufacturing
or testing services to satisfy market demand, we may face delays. For example, in the past, a supplier has delivered critical non-conforming&nbsp;components
that failed our acceptance testing, requiring us to audit the supplier and assist the supplier in improving its internal quality processes.
In addition, third party suppliers may be subject to circumstances which impact their ability to supply, including enforcement action
by regulatory authorities, natural disasters, epidemics, labor disputes, financial difficulties including insolvency, among a variety
of other internal or external factors. Any such supply disruptions could in turn result in service disruptions for an extended period
of time, which could delay completion of our clinical studies or commercialization activities and prevent us from achieving or maintaining
profitability. While we were able to qualify alternative suppliers to address COVID-19&nbsp;related disruptions, in the future alternative
suppliers may be unavailable, may be unwilling to supply, may not have the necessary regulatory approvals, or may not have in place an
adequate quality management systems.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Modifications to a service or items, such as modifications to the
assembly and packaging of items for our testing services supplied to healthcare providers, or inclusions of certain services or items
made by a third-party&nbsp;supplier could require new approvals from the relevant regulatory authorities before the modified service
or item may be used. While we have not experienced any material supply chain disruptions to date, if we were to experience such disruptions
it could have an immediate impact on revenues, and the impact could be material depending on the length of the supply disruption.</P>

<P STYLE="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>Failures in our information technology, storage systems, or
our clinical laboratory equipment could significantly disrupt our operations and our research and development 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">Our ability to execute our business strategy depends, in part, on
the continued and uninterrupted performance of our information technology (&ldquo;IT&rdquo;) systems, which support our operations, including
at our clinical laboratories, and our research and development efforts. We depend on our IT systems to receive and process test orders,
securely store patient health records and deliver the results of our tests. The integrity and protection of our own data, and that of
our customers and employees, is critical to our business. IT systems are vulnerable to damage from a variety of sources, including telecommunications
or network failures, malicious human acts from criminal hackers, hacktivists, state-sponsored intrusions, industrial espionage and employee
malfeasance, breaches due to employee error and natural disasters. Moreover, despite network security and back-up measures, some of our
servers are potentially vulnerable to physical or electronic break-ins, computer viruses, and similar disruptive problems. Cyber-attacks
are becoming more sophisticated and frequent, and in some cases have caused significant harm at other companies.</P>

<P STYLE="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 face four primary risks relative to protecting sensitive and critical
personally identifiable information, intellectual property or other proprietary business information about our customers, payors, recipients
and collaboration partners, including test results: (1) loss of access risk, (2) inappropriate disclosure or access risk, (3) inappropriate
modification risk, and (4) the risk of being unable to identify and audit controls over the first three risks. While we devote significant
resources to protect the security of our IT systems, including the personal data and other information that we receive and store, there
can be no assurance that any security measures will be effective against current or future security threats. We have experienced and
expect to continue to experience attempted cyber-attacks on our IT systems and networks. To date, none of these attempted cyber-attacks
has had a material effect on our operations or financial condition. However, any such breach or interruption could compromise our networks
and the information stored therein could be accessed by unauthorized parties, publicly disclosed, lost or stolen. Despite the precautionary
measures we have taken to prevent unanticipated problems that could affect our IT systems, unauthorized access, loss or disclosure could
also disrupt our operations, including our ability to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">process
                                            tests, provide test results, bill payors or patients;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">process
                                            claims and appeals;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">provide
                                            customer assistance services;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">conduct
                                            research and development activities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">collect,
                                            process and prepare company financial information;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">provide
                                            information about our tests and other patient and healthcare provider education and outreach
                                            efforts through our website; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">manage
                                            the administrative aspects of our business.</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">Any such access, disclosure or other loss of information could result
in legal claims or proceedings, liability under laws that protect the privacy of personal information, such as the Health Insurance Portability
and Accountability Act of 1996 (&ldquo;HIPAA&rdquo;), as amended by the Health Information Technology for Economic and Clinical Health
Act (&ldquo;HITECH&rdquo;), similar U.S. state data protection regulations, the European Union&rsquo;s General Data Protection Regulation
(&ldquo;GDPR&rdquo;), and other regulations, the breach of which could result in significant penalties and damage to our reputation.
In addition, disruptions to our business occurring as a result of system updates and enhancements, such as our efforts to move our precision
oncology tests to our technology and services platform, could have a material adverse effect on our financial condition and operating
results. There can be no assurance that our process of improving existing systems, developing new systems to support our expanding operations,
protecting confidential patient information, and improving service levels will not be delayed or will not give rise to additional systems
issues in the future. Although we carry insurance for this purpose, failure to adequately protect and maintain the integrity of our information
systems and data, including as a result of a security breach, may result in significant losses that exceed our insurance coverage limits
and have a material adverse effect on our financial position, results of operations and cash flows.</P>

<P STYLE="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 use of Artificial Intelligence presents new risks and challenges
to our business.</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">Artificial Intelligence (&ldquo;AI&rdquo;) is increasingly being used
across the global business landscape, including in the life sciences and healthcare industries. We have already employed certain AI technologies
into our business to enhance our operations, products, technology, and services and expect our use of AI to increase as the technology
rapidly evolves and improves.</P>

<P STYLE="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">However, AI innovation presents risks and challenges that could impact
our business. AI algorithms may be flawed. Datasets may be insufficient or contain biased information. Ineffective AI development and
deployment practices by us or our commercial partners could result in violations of our confidentiality and privacy obligations or applicable
laws and regulations, jeopardize our intellectual property rights, cause or contribute to unlawful discrimination, result in the misuse
of personally identifiable information, including PHI, or give rise to significant cyber security risks, any of which could have a material
adverse effect on our business, results of operations, and financial condition.</P>

<P STYLE="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 also face increased competition from other companies that are
employing AI and related technologies, some of whom may develop more effective methods than we and any of our commercial partners have,
which could have a material adverse effect on our business, results of operations, or financial condition. In addition, uncertainties
regarding developing legal and regulatory requirements and standards may require significant resources to modify and maintain business
practices to comply with U.S. and foreign laws concerning the use of AI and related technologies, the nature of which cannot be determined
at this time.</P>

<P STYLE="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 expect to make significant investments to research and develop
new tests, which may not be successful.</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 are seeking to improve the performance of our existing testing
solutions and to continue to expand our menu of products and services. For example, in August 2022, we acquired the GPS test from Exact
Sciences and in September 2022, we developed and launched Resolve mdx which is a non-invasive urine test that identifies and quantifies
infectious bacteria and their antibiotics susceptibility to help ensure patients receive the correct diagnosis and treatment as quickly
as possible. In addition, in September 2025 we acquired the ExoDx test from Bio-Techne and we are currently developing an additional
product, Monitor mdx, as a non-invasive test to risk stratifies patients for continued active surveillance versus intervention.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Developing new or improved diagnostic tests is a speculative and risky
endeavor. Candidate products and services that may initially show promise may fail to achieve the desired results in larger clinical
validation&nbsp;studies or may not achieve acceptable levels of clinical accuracy. Results from early studies or trials are not necessarily
predictive of future clinical validation or clinical trial results, and interim results of a validation study or trial are not necessarily
indicative of final results. From time to time, we may publicly disclose then-available&nbsp;data from clinical validation studies before
completion, and the results and related findings and conclusions may be subject to change following the final analysis of the data related
to the particular study. As a result, such data should be viewed with caution until the final data are available. Additionally, such
data from clinical trials are subject to the risk that one or more of the clinical outcomes may materially change as patient enrollment
and/or follow-up&nbsp;continues, and more patient data become available. Significant differences between initial or interim data and
final data from either our clinical validation studies or clinical trials could significantly alter our plans to proceed with additional
studies or trials, and harm our reputation and business prospects. If we determine that any of our current or future development programs
is unlikely to succeed, we may abandon it without any return on our investment into the program. We may need to raise additional capital
to bring any new products or services to market, which may not be available on acceptable terms, if at all.</P>

<P STYLE="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 research and development efforts will be hindered if we
are not able to obtain samples, contract with third parties for access to samples or complete timely enrollment in future clinical trials.</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">Access to human sample types, such as blood, tissue, stool, or urine
is necessary for our research and product development. Acquiring samples from individuals with clinical diagnoses or associated clinical
outcomes through purchase or clinical studies is necessary. Lack of available samples can delay development timelines and increase costs
of development. Generally, the agreements under which we gain access to human samples are non-exclusive. Other companies may compete
with us for access. Additionally, the process of negotiating access to samples can be lengthy and it may involve numerous parties and
approval levels to resolve complex issues such as usage rights, institutional review board approval and patient informed consent, privacy
rights, publication rights, intellectual property ownership and research parameters. If we are not able to negotiate access to clinical
samples with research institutions, hospitals, clinical partners, pharmaceutical companies, or companies developing therapeutics on a
timely basis, or at all, or if other laboratories or our competitors secure access to these samples before us, our ability to research,
develop and commercialize future products will be limited or delayed. Finally, we may not be able to conduct or complete clinical trials
on a timely basis if we are not able to enroll sufficient numbers of patients in such trials, and our failure to do so could have an
adverse effect on our research and development and product commercialization efforts.</P>

<P STYLE="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><U>Risks Related to Regulation of Our Business</U></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>Failure to comply with governmental payor regulations could
result in us being excluded from participation in Medicare, Medicaid or other governmental payor programs, which would adversely affect
our business.</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">Failure to comply with applicable Medicare, Medicaid and other governmental
payor rules could result in our exclusion from participation in one or more governmental payor programs, a requirement to return funds
already paid, civil monetary penalties, criminal penalties and/or limitations on the operational function of our laboratories. Additionally,
with the recent implementation by CMS of a comprehensive oversight regime that consolidates program integrity powers into a single UPIC,
audit and investigatory activity into potential billing fraud, waste and abuse in the industry has increased. These changes have adversely
affected and may in the future adversely affect coverage and reimbursement for laboratory services, including the molecular diagnostics
testing services we provide. If we were unable to receive reimbursement under a governmental payor program, this would have a severe
impact on our revenues, given the importance of reimbursement under these programs in our revenue base.</P>

<P STYLE="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>Failure to comply with federal, state and foreign laboratory
licensing and related requirements could cause us to lose the ability to perform our tests, experience disruptions to our business, or
become subject to administrative or judicial sanctions.</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 are subject to CLIA, a federal law that regulates clinical laboratories
that perform testing on specimens derived from humans for the purpose of providing information for the diagnosis, prevention or treatment
of disease. CLIA regulations establish specific standards with respect to personnel qualifications, facility administration, proficiency
testing, quality control, quality assurance and inspections. Any testing subject to CLIA regulation must be performed in a CLIA certified
laboratory. CLIA certification is also required in order for us to be eligible to bill state and federal healthcare programs, as well
as commercial payors, for our tests. In addition, some states, including California and New York, require that we hold licenses or permits
to test samples from patients in those states, even if our laboratory facilities are not located in those states, and as a result we
are also required to maintain standards related to those states&rsquo; licensure requirements to conduct testing in our laboratories.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Failure to comply with applicable clinical laboratory licensure requirements
may result in a range of enforcement actions, including suspension, limitation or revocation of our CLIA certification and/or state licenses,
imposition of a directed plan of action, on-site monitoring, civil monetary penalties, criminal sanctions, inability to receive reimbursement
from Medicare, Medicaid and commercial payors, as well as significant adverse publicity. Any sanction imposed under CLIA, its implementing
regulations, or state or foreign laws or regulations governing clinical laboratory licensure or our failure to renew our CLIA certification,
a state or foreign license or accreditation, could have a material adverse effect on our business, financial condition and results of
operations. Even if we were able to bring our laboratory back into compliance, we could incur significant expenses and potentially lose
revenue in doing so.</P>

<P STYLE="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 FDA may change its position with respect to its regulation
of the laboratory developed tests we offer or may seek to offer in the future, causing us to incur substantial costs and time delays
associated with meeting requirements for pre-market clearance or approval or we could experience decreased demand for or reimbursement
of our tests.</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 current tests are regulated as laboratory developed tests (&ldquo;LDTs&rdquo;)
and we may seek to commercialize future products as LDTs. LDTs are clinical laboratory tests that are developed and validated by a laboratory
for its own use.</P>

<P STYLE="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 FDA historically has taken the position that it has the authority
to regulate such tests as medical devices under the Federal Food, Drug, and Cosmetic Act (the &ldquo;FDCA&rdquo;) but until recently
has for the most part exercised enforcement discretion and has not required clearance, de novo classification, or approval of LDTs prior
to marketing.</P>

<P STYLE="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">In May 2024, the FDA issued a final rule (the &ldquo;LDT Rule&rdquo;),
which amended the FDA&rsquo;s regulations to make explicit that LDTs are devices under the FDCA. Along with the final rule, the FDA finalized
a policy under which the FDA would phase out over the course of three years its historical LDT enforcement discretion, as well as its
targeted enforcement discretion policies for certain categories of LDTs. Under the LDT Rule and this policy, (1) from May 2025 to May
2028 various requirements will be phased in including medical device reporting requirements, correction and removal reporting requirements,
registration and listing requirements, labeling requirements, investigational use requirements and quality system requirements, (2) beginning
in November 2027, premarket review requirements will become applicable to high risk (e.g., Class III) LDTs and (3) beginning in May 2028,
premarket review requirements will become applicable to moderate and low risk LDTs. LDTs that were first marketed prior to May 6, 2024
(and have not been significantly modified) (&ldquo;Grandfathered LDTs&rdquo;) and LDTs for unmet medical needs manufactured and performed
by laboratories integrated in a healthcare system, will not be subject to premarket review and most of the quality system requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 31, 2025, the U.S. District Court in the Eastern District
of Texas vacated the LDT rule, holding that LDTs are not subject to FDA regulation as &ldquo;devices&rdquo; under the FDCA. If the government
appeals the decision and it is reversed by an appellate court, implementation and enforcement of the LDT Rule by the FDA may materially
impact our development and commercialization of LDTs, including our current tests as well as future tests we may seek to develop. The
regulatory approval process may involve, among other things, successfully completing additional clinical studies and submitting a pre-market
clearance notice or filing a pre-market approval application with the FDA. Such pre-market clinical testing could delay the commencement
or completion of other clinical testing, significantly increase our test development costs, delay commercialization of any future LDTs,
and interrupt sales of our current LDTs. Many of the factors that may cause or lead to a delay in the commencement or completion of clinical
studies may also ultimately lead to delay or denial of regulatory clearance or approval. If pre-market review is required by the FDA,
there can be no assurance that our LDTs will be cleared or approved on a timely basis, if at all, nor can there be assurance that the
labeling claims cleared or approved by the FDA will be consistent with our current claims or adequate to support continued adoption of
and reimbursement for our LDTs.</P>

<P STYLE="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 the FDA does not appeal the District Court decision vacating the
LDT Rule, or the decision is appealed but is not overturned, the FDA may change its position with respect to its regulation of the laboratory
developed tests we offer or may seek to offer in the future. This may include eliminating any pathway for LDTs to be submitted for FDA
clearance or approval or by defining different requirements that the FDA views to be in line with the District Court decision, causing
us to incur substantial costs and time delays associated with meeting new requirements for pre-market clearance or approval, or causing
us to experience decreased demand for or reimbursement for our tests due to an inability to secure FDA clearance or approval. Congress
may also enact new legislation to regulate laboratory services and the impact of any such legislation is uncertain.</P>

<P STYLE="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>Delays in receipt of, or failure to obtain, required FDA clearances
or approvals for our products in development, or improvements to or expanded indications for our current offerings, could materially
delay or prevent us from commercializing or otherwise adversely impact future product commercialization.</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">Unless otherwise exempted or subject to enforcement discretion, medical
devices, which include diagnostic tests, must receive either FDA regulatory approval or clearance before being marketed in the U.S. Our
tests and tests that we may develop may be deemed medical devices and require FDA clearance or approval. The FDA determines whether a
medical device will require either regulatory approval or clearance based on statutory criteria that include the risk associated with
the device and whether the device is similar to an existing, legally marketed product.&nbsp;The process to obtain either regulatory approval
or clearance is typically costly, time-consuming, and uncertain.&nbsp;The regulatory approval process is generally more challenging than
the clearance process. Even if we design a product that we expect to be eligible for the regulatory clearance process, the FDA may require
that the product undergo the regulatory approval process.&nbsp;There can be no assurance that the FDA will ever permit us to market any
new product that we develop. Even if regulatory approval or clearance is granted, such approval may include significant limitations on
indicated uses, which could materially and adversely affect the prospects of any new medical device.</P>

<P STYLE="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">FDA regulatory approval or clearance is also required for certain
enhancements we may make to future FDA-approved or FDA-cleared tests. FDA approval or clearance may also be required to make changes
to the processes, equipment, reagents, and other consumables used in connection with a test. The FDA&rsquo;s approval pathway can be
time-consuming and costly and there can be no assurance that the FDA will ultimately approve any premarket approval submitted by us in
a timely manner or at all.</P>

<P STYLE="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, the FDA&rsquo;s ability to review and clear or approve
new products or changes to existing products can be affected by a variety of factors, including government budget and funding levels,
statutory, regulatory, and policy changes, the FDA&rsquo;s ability to hire and retain key personnel and accept the payment of user fees,
and other events that may otherwise affect the FDA&rsquo;s ability to perform routine functions. Average review times at the agency have
fluctuated in recent years as a result. In addition, prolonged government shutdowns or global health concerns may prevent or delay the
FDA or other regulatory authorities from conducting, at all or in a timely manner, their regular inspections, reviews, or other regulatory
activities (including pre-submission engagements). Any such delay in the ability of the FDA or other regulatory authorities to timely
review and process our regulatory submissions could have a material adverse effect on our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delays in receipt of, or failure to obtain, clearances or approvals
could materially delay or prevent us from commercializing our products or result in substantial additional costs that could decrease
our profitability. In addition, even if we receive FDA clearance or approval for a new or enhanced product, the FDA may condition, withdraw,
or materially modify its clearance or approval.</P>

<P STYLE="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 expect to rely on third parties to conduct any future studies
of our technologies that may be required by the FDA or other U.S. or foreign regulatory bodies, and those third parties may not perform
satisfactorily.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect to rely on third parties, such as contract research organizations,
medical institutions and clinical investigators to conduct studies of our technologies that may be required by the FDA or other U.S.
or foreign regulatory bodies. Our reliance on these third parties for clinical development activities will reduce our control over these
activities. These third parties may not complete activities on schedule or conduct studies in accordance with regulatory requirements
or our study design. Our reliance on these third parties will not relieve us of our requirement to prepare, and ensure our compliance
with, various procedures required under good clinical practices, even though third-party contract research organizations may prepare
and comply with their own, comparable procedures. If these third parties do not successfully carry out their contractual duties or regulatory
obligations or meet expected deadlines, if the third parties need to be replaced or if the quality or accuracy of the data they obtain
is compromised due to the failure to adhere to our clinical protocols or regulatory requirements or for other reasons, our studies may
be extended, delayed, suspended or terminated, the study data may be invalidated, and we may not be able to obtain a required regulatory
approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We conduct business in a heavily regulated industry, and changes
in, or violations of, applicable regulations may, directly or indirectly, adversely affect our operational results and financial condition,
which could harm our business.</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 business operations and activities may be subject to a range of
local, state, federal, and international healthcare laws and regulations, including investigatory and program integrity audits and other
oversight federal and state health care programs. These laws and regulations currently include, among others:</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">CLIA
                                            (which requires laboratories to obtain certification from the federal government) and state
                                            laboratory licensure laws;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Federal
                                            Trade Commission standards regarding advertising and business practices;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">FDA
                                            laws and regulations;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">HIPAA
                                            (which imposes comprehensive federal standards with respect to the privacy and security of
                                            protected health information, and requirements for the use of certain standardized electronic
                                            transactions), and the amendments to HIPAA under HITECH (which strengthened and expanded
                                            HIPAA privacy and security compliance requirements, increased penalties for violators, extended
                                            enforcement authority to state attorneys general and imposed requirements for breach notification);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">state
                                            laws regulating genetic testing and the privacy protection of genetic test results, as well
                                            as state laws protecting the privacy and security of health information and personal data
                                            and mandating reporting of breaches to affected individuals and state regulators;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            federal Anti-Kickback Statute (which prohibits knowingly and willfully offering, paying,
                                            soliciting, receiving, or providing remuneration, directly or indirectly, to induce either
                                            the referral of an individual, or the furnishing, arranging for, or recommending of an item
                                            or service that is reimbursable, in whole or in part, by a federal health care program) and
                                            parallel state anti-kickback laws (which contain similar prohibitions on remuneration between
                                            referral sources, although these state laws are not always limited in application to items
                                            or services reimbursable by federal or state health care programs);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            federal False Claims Act (which imposes liability on any person or entity that, among other
                                            things, knowingly presents, or causes to be presented, a false or fraudulent claim for payment
                                            to the federal government or the improper retention of identified overpayments or other financial
                                            obligations to the federal government) and parallel state false claims acts (which contain
                                            similar prohibition on presenting false or fraudulent claims, although these state may extend
                                            to items or services by any third-party payor, including commercial insurers);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            federal Civil Monetary Penalties Law, which prohibits, among other things, the offering or
                                            transferring of remuneration to a Medicare or state health care program (e.g., Medicaid)
                                            beneficiary if the person knows or should know it is likely to influence the beneficiary&rsquo;s
                                            selection of a particular provider, practitioner, or supplier of services reimbursable by
                                            Medicare or a state health care program, unless an exception applies;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            federal physician self-referral law, commonly known as the &ldquo;Stark Law,&rdquo; which
                                            prohibits a physician from making a referral to an entity for certain &ldquo;designated health
                                            services&rdquo; (&ldquo;DHS&rdquo;) payable by Medicare if the physician, or an immediate
                                            family member of the physician, has a financial relationship with that entity, unless an
                                            exception applies. The Stark Law further prohibits the entity from billing the Medicare program
                                            for DHS furnished pursuant to a prohibited referral. In addition, the Stark Law, through
                                            the addition of section 1903(s) to the Social Security Act, prohibits the federal government
                                            from making federal financial participation payments to state Medicaid programs for DHS furnished
                                            as a result of a referral that would violate the Stark Law if Medicare &ldquo;covered the
                                            service to the same extent and under the same conditions&rdquo; as the state Medicaid Program.
                                            The U.S. Department of Justice (&ldquo;DOJ&rdquo;) and several state agencies have successfully
                                            argued that Section 1903(s) expands the Stark Law to Medicaid-covered claims, even absent
                                            a separate state self-referral law prohibiting the same conduct;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">other
                                            federal and state fraud and abuse laws, including (i) the state anti-kickback laws described
                                            above, (ii) the state physician self-referral laws, and (iii) the state false claims acts
                                            described above;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Section
                                            216 of the Protecting Access to Medicare Act of 2014, which requires applicable laboratories
                                            to report commercial payor data in a timely and accurate manner beginning in 2017 and every
                                            three years thereafter (and in some cases annually);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">federal
                                            and state laws that impose reporting and other compliance-related requirements; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">similar
                                            foreign laws and regulations that apply to us in the countries in which we operate.</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">In addition, in October 2018, the Eliminating Kickbacks in Recovery
Act of 2018 (&ldquo;EKRA&rdquo;), was enacted by the U.S. Congress as part of the Substance Use-Disorder&nbsp;Prevention that Promotes
Opioid Recovery and Treatment for Patients and Communities Act. EKRA is an all-payor&nbsp;anti-kickback&nbsp;law that makes it a criminal
offense to pay any remuneration to induce referrals to, or in exchange for, patients using the services of a recovery home, a substance
use clinical treatment facility, or laboratory. Although it appears that EKRA was intended to reach patient brokering and similar arrangements
to induce patronage of substance use recovery and treatment, the language in EKRA is broadly written. Further, certain of EKRA&rsquo;s
exceptions, such as the exception applicable to relationships with employees that effectively prohibits incentive compensation, are inconsistent
with the federal anti-kickback&nbsp;statute and regulations, which permit payment of employee incentive compensation, a practice that
is common in the industry. Significantly, EKRA permits the DOJ to issue regulations clarifying EKRA&rsquo;s exceptions or adding additional
exceptions, but such regulations have not yet been issued. Laboratory industry stakeholders are reportedly seeking clarification regarding
EKRA&rsquo;s scope and/or amendments to its language.</P>

<P STYLE="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 business practices, in operating U.S. clinical laboratories, may
face heightened scrutiny from U.S. government enforcement agencies such as the DOJ, the HHS Office of Inspector General (&ldquo;OIG&rdquo;),
and CMS. The OIG has issued fraud alerts in recent years that identify certain arrangements between clinical laboratories and referring
physicians as implicating the&nbsp;federal Anti-Kickback&nbsp;Statute. The OIG has stated that it is particularly concerned about these
types of arrangements because the choice of laboratory, as well as the decision to order laboratory tests, typically are made or strongly
influenced by the physician, with little or no input from the patient. Moreover, the provision of payments or other items of value by
a clinical laboratory to a referring physician could be prohibited under the Stark Law, unless the arrangement meets all criteria of
an applicable exception. The government has actively enforced these laws against clinical laboratories in recent years.</P>

<P STYLE="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 U.S. laws and regulations are complex and are subject to interpretation
by the U.S. courts and government agencies. Our failure to comply with such laws and regulations could lead to significant civil or criminal
penalties, exclusion from participation in state and federal health care programs, individual imprisonment, disgorgement of profits,
contractual damages, reputational harm, diminished profits and future earnings, additional reporting or oversight obligations if we become
subject to a corporate integrity agreement or other agreement to resolve allegations of non-compliance&nbsp;with the law, curtailment
or restructuring of our operations, or prohibitions or restrictions on our laboratories&rsquo; ability to provide or receive payment
for our services, any of which could adversely affect our ability to operate our business and pursue our strategy. Even where we are
able to successfully defend against any such claims, any potential audit, enforcement action, or litigation would involve substantial
internal and external resources, detract from our executives&rsquo; day-to-day responsibilities, and result in legal expenditures, all
of which could materially adversely affect our results of operations. While we believe that we are in material compliance with all applicable
laws and regulations, there remains a risk that one or more government agencies could take a contrary position, or that a private party
could file suit under the qui tam provisions of the federal False Claims Act or a similar state law. Such occurrences, regardless of
their outcome, could damage our reputation and adversely affect important business relationships with third parties, including managed
care organizations, and other private third-party&nbsp;payors.</P>

<P STYLE="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 business is subject to various complex laws and regulations
applicable to providers of clinical diagnostic products and services.</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 a provider of clinical diagnostic products and services, we and
our partners are subject to extensive and frequently changing federal, state, local and foreign laws and regulations governing various
aspects of our business. In particular, the clinical laboratory and healthcare industry is subject to significant governmental certification
and licensing regulations, as well as federal, state and foreign laws regarding:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">test
                                            ordering and billing practices;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">marketing,
                                            sales and pricing practices;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">health
                                            information privacy and security, including HIPAA and comparable state and foreign laws;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">insurance,
                                            including foreign public reimbursement;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">anti-markup
                                            legislation; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">consumer
                                            protection</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">We are also required to comply with FDA regulations, including with
respect to our labeling and promotion activities. In addition, advertising of our tests is subject to regulation by the Federal Trade
Commission, or FTC, and advertising of laboratory services is regulated by certain state laws. Violation of any FDA requirement could
result in enforcement actions, such as seizures, injunctions, civil penalties and criminal prosecutions, and violation of any FTC or
state law requirement could result in injunctions and other associated remedies, all of which could have a material adverse effect on
our business. Most states also have similar regulatory and enforcement authority for medical devices. Additionally, most foreign countries
have authorities comparable to the FDA and processes for obtaining marketing approvals. In particular, the entry into application of
the European Union&rsquo;s In Vitro Diagnostic Device Regulation will impose new requirements and create new compliance risks. Obtaining
and maintaining these approvals, and complying with all laws and regulations, may subject us to similar risks and delays as those we
could experience under FDA, FTC and state regulation. We incur various costs in complying and overseeing compliance with these laws and
regulations. The growth of our business and sales organization, the acquisition of additional businesses or products and services and
our expansion outside of the U.S. may increase the potential of violating these laws, regulations or our internal policies and procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Healthcare policy has been a subject of extensive discussion in the
executive and legislative branches of the federal and many state governments, and healthcare laws and regulations are subject to change.
Development of the existing commercialization strategy for our tests and planned development of products in our pipeline has been based
on existing healthcare policies. We cannot predict what additional changes, if any, will be proposed or adopted or the effect that such
proposals or adoption may have on our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we, or our partners, fail to comply with these laws and regulations,
we could incur significant fines and penalties and our reputation and prospects could suffer. Additionally, any such partners could be
forced to cease offering our products and services in certain jurisdictions, which could materially disrupt our business.</P>

<P STYLE="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>Failure to comply with privacy, security, and consumer protection
laws and regulations could result in fines, penalties and damage to our reputation and have a material adverse effect on our business.</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 are subject to a number of foreign, federal and state laws and
regulations protecting the use, disclosure, and confidentiality of certain patient health and personal information, including patient
records, and restricting the use and disclosure of that protected information, including state breach notification laws, HIPAA, as amended
by HITECH, the European Union&rsquo;s GDPR, and the California Consumer Privacy Act (&ldquo;CCPA&rdquo;), among others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HIPAA extensively regulates the use and disclosure of individually
identifiable health information, known as &ldquo;protected health information,&rdquo; and require covered entities, including health
plans and most health care providers, to implement administrative, physical and technical safeguards to protect the security of such
information. Covered entities must report breaches of unsecured protected health information to affected individuals without unreasonable
delay and notification must also be made to the U.S. Department of Health &amp; Human Services, Office for Civil Rights (the &ldquo;OCR&rdquo;)
and, in certain situations involving large breaches, to the media. Various U.S. state laws and regulations may also require us to notify
affected individuals and state agencies in the event of a data breach involving individually identifiable 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">Violations of the HIPAA privacy and security regulations may result
in criminal and civil penalties. The OCR enforces the regulations and performs compliance audits. In addition to enforcement by OCR,
state attorneys general are authorized to bring civil actions seeking either injunction or damages in response to violations that threaten
the privacy of state residents. We follow and maintain a HIPAA compliance program, which we believe complies with the HIPAA privacy and
security regulations, but there can be no assurance that OCR or other regulators will agree. The HIPAA privacy regulations and security
regulations have and will continue to impose significant costs on us in order to comply with these standards.</P>

<P STYLE="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 remain subject to state privacy-related laws, such as the
CCPA, that are more restrictive than the privacy regulations issued under HIPAA. These laws vary and could impose additional penalties.</P>

<P STYLE="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 are also subject to laws and regulations in foreign countries covering
data privacy and other protection of health and employee information that may be more onerous than corresponding U.S. laws, including
in particular the laws of Europe.</P>

<P STYLE="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 instance, the GDPR applies across the European Union and includes,
among other things, a requirement for prompt notice of data breaches to data subjects and supervisory authorities in certain circumstances
and significant fines for non-compliance. The GDPR also requires companies processing personal data of individuals residing in the European
Union to comply with EU privacy and data protection rules, even if we do not have a physical presence in the European Union. Noncompliance
could result in the imposition of fines, penalties, or orders to stop noncompliant activities.</P>

<P STYLE="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 laws and regulations, in addition to similar laws and regulations
being enacted by other states and counties, impose stringent cybersecurity standards and potentially significant non-compliance penalties,
involve the expenditure of significant resources, the investment of significant resources and the investment of significant time and
effort to comply. As these laws and regulations continue develop in the United States and internationally, we may be required to expend
significant time and resources in order to update existing processes or implement additional mechanisms as necessary to ensure compliance
with such cybersecurity laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our employees, independent contractors, consultants, commercial
partners, and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.</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 are exposed to the risk of fraud, misconduct, or other illegal
activity by our employees, independent contractors, consultants, commercial partners, and vendors. Misconduct by these parties could
include intentional, reckless and negligent conduct that fails to: comply with the rules and regulations of the CMS, FDA, and other federal
and state government agencies as well as comparable foreign regulatory authorities; provide true, complete and accurate information to
such regulatory authorities; comply with manufacturing and clinical laboratory standards; comply with healthcare fraud and abuse laws
in the United States and similar foreign fraudulent misconduct laws; or report financial information or data accurately or to disclose
unauthorized activities to us. In particular, research, sales, marketing, education, and other business arrangements in the healthcare
industry are subject to extensive laws designed to prevent fraud, kickbacks, self-dealing, and other abusive practices, as well as off-label&nbsp;product
promotion. These laws and regulations may restrict or prohibit a wide range of pricing, discounting, educating, marketing and promotion,
sales and commission, certain customer incentive programs, and other business arrangements generally. Activities subject to these laws
also involve the improper use of information obtained in the course of participant recruitment for clinical studies, which could result
in regulatory sanctions and cause serious harm to our reputation. We have adopted a code of business conduct and ethics and provide compliance
training to our workforce members upon onboarding and annually thereafter, but it is not always possible to identify and deter misconduct
by employees and third parties, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown
or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure
to be in compliance with such laws. If any such actions are instituted against us, and we are not successful in defending ourselves or
asserting our rights, those actions could have a significant impact on our business, including the imposition of significant fines or
other sanctions. Even if it is later determined after an action is instituted against us that we were not in violation of these laws,
we may be faced with negative publicity, incur significant expenses defending our actions, and have to divert significant management
resources from other matters.</P>

<P STYLE="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 operating results could be materially adversely affected
by unanticipated changes in tax laws and regulations, adjustments to our tax provisions, exposure to additional tax liabilities, or forfeiture
of our tax assets.</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 are subject to laws and regulations on tax levies and other charges
or contributions in different countries, including transfer pricing and tax regulations for the compensation of personnel and third parties.
Our tax structure involves several transfers and transfer price determinations between our parent company and our subsidiaries or other
affiliates. Our effective tax rates could be adversely affected by changes in tax laws, treaties and regulations, both internationally
and domestically. An increase of the effective tax rates could have an adverse effect on our business, financial position, results of
operations and cash flows.</P>

<P STYLE="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 net operating loss carry forwards of our corporate subsidiaries
may be unavailable to offset future taxable income because of restrictions under U.S. tax law. As of December&nbsp;31, 2024, consolidated
net tax loss carry forwards amounted to $333.9 million. Our NOLs generated in tax years ending on or prior to December&nbsp;31, 2017
are only permitted to be carried forward for 20 taxable years under applicable U.S. federal tax law, and therefore could expire unused.
We consider that it is highly likely that we will be unable to use at least a portion of these NOLs, in light of our continued losses.
Under tax legislation commonly referred to as the Tax Cuts and Jobs Act (&ldquo;TCJA&rdquo;), as modified by the CARES Act, our federal
NOLs generated in tax years ending after December&nbsp;31, 2017 may be carried forward indefinitely and NOLs arising in taxable years
beginning after December&nbsp;31, 2017 and before January 1, 2021 may be carried back to each of the five taxable years preceding the
tax year of such loss, but NOLs arising in taxable years beginning after December&nbsp;31, 2020 may not be carried back. In addition,
under the TCJA, as modified by the CARES Act, for taxable years beginning after December&nbsp;31, 2020, the deductibility of federal
NOLs generated in taxable years beginning after December&nbsp;31, 2017 is limited to 80% of current year taxable income. It is uncertain
if and to what extent various states will conform to the TCJA, as modified by the CARES 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 addition, under sections 382 and 383 of the Internal Revenue Code
of 1986, as amended, or the Code, if a corporation undergoes an &ldquo;ownership change&rdquo; (generally defined as a cumulative change
in ownership by &ldquo;5-percent&nbsp;shareholders&rdquo; that exceeds 50 percentage points over a rolling three-year&nbsp;period), the
corporation&rsquo;s ability to use its pre-change&nbsp;NOLs and certain other pre-change&nbsp;tax attributes to offset post-change&nbsp;income
and taxes may be limited. Similar rules may apply under state tax laws. Our existing NOLs and other certain tax attributes may be subject
to limitations arising from previous ownership changes. In addition, future changes in our stock ownership, many of which are outside
of our control, could result in an ownership change under Sections 382 and 383 of the Code. We have not conducted any studies to determine
annual limitations, if any, that could result from such changes in the ownership. Our ability to utilize those NOLs and certain other
tax attributes could be limited by an &ldquo;ownership change&rdquo; as described above and consequently, we may not be able to utilize
a material portion of our NOLs and certain other tax attributes, which could have a material adverse effect on our cash flows and results
of operations by effectively increasing our future tax obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also under Belgian tax law, certain restrictions regarding the use
of Belgian tax losses carried forward apply and these losses may also be forfeited upon certain changes of control over Belgian corporate
taxpayers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given that we have historically generated operating losses, any change
in our ability to use NOLs could have a severe impact on us if and when we become profitable. As of December&nbsp;31, 2024, we had an
accumulated deficit of $369.5&nbsp;million and for the year ended December&nbsp;31, 2024, we had a net loss of $38.1 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Ownership of Our Ordinary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The trading price of our ordinary shares may be volatile due
to factors beyond our control, and purchasers of our ordinary shares could incur substantial losses.</I></B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The market price of our ordinary shares may be volatile.
The stock market in general and the market for biotechnology companies in particular have experienced extreme volatility that has often
been unrelated to the operating performance of particular companies. As a result of this volatility, investors may not be able to sell
their shares at or above the price originally paid for the security. The market price for our ordinary shares may be influenced by many
factors, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">actual
                                            or anticipated fluctuations in our financial condition and operating results;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            release of new data from our clinical trials;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">actual
                                            or anticipated changes in our growth rate relative to our competitors;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">competition
                                            from existing products or new products that may emerge;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

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<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">announcements
                                            by us or our competitors of significant acquisitions, strategic partnerships, joint ventures,
                                            collaborations or capital commitments;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">failure
                                            to meet or exceed financial estimates and projections of the investment community or that
                                            we provide to the public;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">issuance
                                            of new or updated research or reports by securities analysts;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">fluctuations
                                            in the valuation of companies perceived by investors to be comparable to us;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">currency
                                            fluctuations;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">additions
                                            or departures of key management or scientific personnel;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">disputes
                                            or other developments related to proprietary rights, including patents, litigation matters
                                            and our ability to obtain patent protection for our technologies;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">changes
                                            to coverage policies or reimbursement levels by commercial third-party payors and government
                                            payors and any announcements relating to coverage policies or reimbursement levels;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">announcement
                                            or expectation of additional debt or equity financing efforts;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">issuances
                                            or sales of ordinary shares by us, our insiders or our other holders; and</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">general
                                            economic and market conditions.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These and other market and industry factors may
cause the market price and demand for our ordinary shares to fluctuate substantially, regardless of our actual operating performance,
which may limit or prevent investors from readily selling shares and may otherwise negatively affect the liquidity of the trading market
for our ordinary 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"><B><I>Certain of our significant shareholders may have different interests
from us and may be able to control us, including the outcome of shareholder votes.</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 of March 15, 2025, (i) MVM Partners LLP beneficially owned approximately
9.5% of our ordinary shares and has one representative at the board level (Dr. Eric Bednarski), (ii) Bleichroeder LP owned approximately
14.9% of our ordinary shares, and (iii) AWM Investment Company beneficially owned approximately 9.9% of our ordinary shares. In addition,
as long as two of MVM Partners LLP&rsquo;s funds (MVM V LP and MVM GP (No.5) LP) hold in aggregate 5% of our company&rsquo;s outstanding
shares, they are entitled to have one observer at the board level (see Item 7B. &ldquo;<I>Related party transactions &mdash; MVM Subscription
Agreement</I>&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024). As a result, these shareholders
will be able to exercise a significant level of control over all matters requiring stockholder approval, including the election of directors,
amendment of our Articles of Association and approval of certain significant corporate transactions. This control could have the effect
of delaying or preventing a change of control of the Company or changes in management, in each case, which other shareholders might find
favorable, and will make the approval of certain transactions difficult or impossible without the support of these significant shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If securities or industry analysts do not publish research or
publish inaccurate or unfavorable research about our business, the price of our ordinary shares and their trading volume could 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">The trading market for our ordinary shares depends in part on the
research and reports that securities or industry analysts publish about us or our business. If no or only limited securities or industry
analysts cover our company, the trading price for our ordinary shares could be negatively impacted. If one or more of the analysts who
cover us downgrades our equity securities or publishes inaccurate or unfavorable research about our business, the price of our ordinary
shares would likely decline. If one or more of these analysts ceases coverage of our company or fails to publish reports on us regularly,
or downgrades our securities, demand for our ordinary shares could decrease, which could cause the price of our ordinary shares or their
trading volume to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 intend to retain all available funds and any future earnings
and, consequently, the ability of holders of our ordinary shares to achieve a return on their investment will depend on appreciation
in the price of our ordinary 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">We have never declared or paid any cash dividends on our ordinary
shares, and we intend to retain all available funds and any future earnings to fund the development and expansion of our business. In
addition, our loan agreement with OrbiMed limits our ability to pay any such dividends. Therefore, holders of our ordinary shares are
not likely to receive any dividends for the foreseeable future and the success of an investment in our ordinary shares will depend upon
any future appreciation in their value. Consequently, investors may need to sell all or part of their holdings of our ordinary shares
after price appreciation, which may never occur, as the only way to realize any future gains on their investment. There is no guarantee
that our ordinary shares will appreciate in value or even maintain the price at which our investors have purchased them. Investors seeking
cash dividends should not purchase our ordinary 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">In addition, if we choose to pay dividends in the future, exchange
rate fluctuations may affect the amount of Euros that we are able to distribute, and the amount in U.S. dollars that our shareholders
receive upon the payment of cash dividends or other distributions we declare and pay in euros, if any. Any dividends will generally be
subject to Belgian withholding tax. These factors could harm the value of our ordinary 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"><B><I>Holders of our ordinary shares should be aware that the rights
provided to holders of our ordinary shares under Belgian corporate law and our Articles of Association differ in certain respects from
the rights that you would typically enjoy as a shareholder of a U.S. company under applicable U.S. federal and state laws.</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 are a Belgian company with limited liability. Our corporate affairs
are governed by our Articles of Association and by the laws governing companies incorporated in Belgium. The rights of shareholders and
the responsibilities of members of our Board of Directors may be different from the rights and obligations of shareholders and boards
of directors in companies governed by the laws of U.S. jurisdictions. In the performance of its duties, our Board is required by Belgian
law to consider the interests of our company, its shareholders, its employees, and other stakeholders. It is possible that some of these
parties will have interests that are different from, or in addition to, the interests of our shareholders. See Item 10B. &ldquo;<I>Memorandum
and Articles of Association</I>&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December 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"><B><I>Concentration of ownership of our ordinary shares among our
existing executive officers, directors and principal shareholders may prevent holders of our ordinary shares from influencing significant
corporate decisions.</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 executive officers, directors, greater than five percent shareholders
and their affiliates beneficially owned approximately 51.7% of our outstanding ordinary shares as of March 15, 2025. Depending on the
level of attendance at our general meetings of shareholders, these shareholders, either alone or voting together as a group, will be
in a position to determine the outcome of decisions taken at any such general meeting. Any shareholder or group of shareholders controlling
more than 50% of the share capital present and voting at our general meetings of shareholders may control any shareholder resolution
requiring a simple majority, including the appointment of Board members, as well as certain decisions relating to our capital structure,
the approval of certain significant corporate transactions and amendments to our Articles of Association. Among other consequences, this
concentration of ownership may prevent or discourage unsolicited acquisition proposals that shareholders may believe are in the best
interest of the Company. Some of these persons or entities may have interests different than those of our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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>Future sales, or the perception of future sales, of a substantial
number of our ordinary shares could adversely affect the price of our ordinary shares, and actual sales of our equity will dilute current
holders of our ordinary 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">Future sales of a substantial number of our ordinary shares, or the
perception that such sales will occur, could cause a decline in the market price of our ordinary shares. Approximately 23.5 million ordinary
shares are held by our directors, executive officers and greater than five percent shareholders. If one or more of these securityholders
sell substantial amounts of ordinary shares in the public market, or the market perceives that such sales may occur, the market price
of our ordinary shares and our ability to raise capital through an issue of equity securities in the future could be adversely affected.</P>

<P STYLE="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 issue ordinary shares in future financings, shareholders
may experience dilution and, as a result, the price of our ordinary shares 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 ordinary shares at a discount
from the trading price of our ordinary shares. As a result, holders of our ordinary shares would experience immediate dilution upon the
issuance of any of our ordinary shares 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, preference shares or shares. If we issue ordinary shares
or other equity or equity-linked&nbsp;securities, holders of our ordinary shares would experience additional dilution and, as a result,
the price of our ordinary shares may decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>It may be difficult for holders of our ordinary shares outside
Belgium to serve process on, or enforce foreign judgments against, us or our directors and senior management.</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 are a Belgian limited liability company. Less than a majority of
the members of our Board of Directors are residents of the United States. All or a substantial portion of the assets of such non-resident&nbsp;persons
and a significant portion of our assets are located outside the United States. As a result, it may not be possible for holders of our
ordinary shares to effect service of process upon such persons or on us or to enforce against them or us a judgment obtained in U.S.
courts. Original actions or actions for the enforcement of judgments of U.S. courts relating to the civil liability provisions of the
federal or state securities laws of the United States are not directly enforceable in Belgium.</P>

<P STYLE="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 United States and Belgium do not currently have a multilateral
or bilateral treaty providing for reciprocal recognition and enforcement of judgments, other than arbitral awards, in civil and commercial
matters. In order for a final judgment for the payment of money rendered by U.S. courts based on civil liability to produce any effect
on Belgian soil, it is accordingly required that this judgment be recognized or be declared enforceable by a Belgian court in accordance
with Articles 22 to 25 of the 2004 Belgian Code of Private International Law. Recognition or enforcement does not imply a review of the
merits of the case and is irrespective of any reciprocity requirement. A U.S. judgment will, however, not be recognized or declared enforceable
in Belgium, unless (in addition to compliance with certain technical provisions) the Belgian courts are satisfied of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            effect of the recognition or enforcement of judgment is not manifestly incompatible with
                                            (Belgian) public order;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment did not violate the rights of the defendant;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment was not rendered in a matter where the parties did not freely dispose of their rights,
                                            with the sole purpose of avoiding the application of the law applicable according to Belgian
                                            international law;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment is not subject to further recourse under U.S. law;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment is not incompatible with a judgment rendered in Belgium or with a prior judgment
                                            rendered abroad that might be recognized in Belgium;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            claim was not filed outside Belgium after a claim was filed in Belgium, if the claim filed
                                            in Belgium relates to the same parties and the same subject and is still pending;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            Belgian courts did not have exclusive jurisdiction to rule on the matter;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            U.S. court did not accept its jurisdiction solely on the basis of the presence of the plaintiff
                                            or the location of goods not directly linked to the dispute in the United States;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment did not concern the deposit or validity of intellectual property rights when the
                                            deposit or registration of those intellectual property rights was requested, done or should
                                            have been done in Belgium pursuant to international treaties;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment did not relate to the validity, operation, dissolution, or liquidation of a legal
                                            entity that has its main seat in Belgium at the time of the petition of the U.S. court;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">if
                                            the judgment relates to the opening, progress or closure of insolvency proceedings, it is
                                            rendered on the basis of the European Regulation on Insolvency Proceedings (EU Regulation
                                            No. 2015/848 of May 20, 2015) or, if not, that (a) a decision in the principal proceedings
                                            is taken by a judge in the state where the most important establishment of the debtor was
                                            located or (b) a decision in territorial proceedings was taken by a judge in the state where
                                            the debtor had another establishment than its most important establishment &ndash; in this
                                            latter case, the recognition or declaration of enforcement of the judgment may only concern
                                            assets located in the territory of the state where the proceedings were opened; and</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment submitted to the Belgian court is authentic under the laws of the state where the
                                            judgment was issued; in case of a default judgment, it can be shown that under locally applicable
                                            laws the invitation to appear in court was properly served on the defendant; a document can
                                            be produced showing that the judgment is, under the rules of the state where it was issued,
                                            enforceable and was properly served on the defendant..</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 to recognition or enforcement, a judgment by a federal
or state court in the United States against us may also serve as evidence in a similar action in a Belgian court if it meets the conditions
required for the authenticity of judgments according to the law of the state where it was rendered. The findings of a federal or state
court in the United States will not, however, be taken into account to the extent they appear incompatible with Belgian public policy.</P>

<P STYLE="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 the lack of a treaty as described above, U.S. investors may
not be able to enforce against us or members of our Board of Directors or our executive management any judgments obtained in U.S. courts
in civil and commercial matters, including judgments under the U.S. federal securities 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"><B><I>We are an &ldquo;emerging growth company&rdquo; and as a result
of the reduced disclosure and governance requirements applicable to emerging growth companies, our ordinary shares may be less attractive
to investors.</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 are an &ldquo;emerging growth company&rdquo; as defined in the
Jumpstart Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;). For as long as we continue to be an emerging growth company,
we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging
growth companies, including not being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act
of 2002 (the &ldquo;Sarbanes-Oxley&nbsp;Act&rdquo;), exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved. We may take advantage of these exemptions
until we are no longer an emerging growth company. We could be an emerging growth company for up to five&nbsp;years, although circumstances
could cause us to lose that status earlier, including if the aggregate market value of our ordinary shares held by non-affiliates&nbsp;exceeds
$700&nbsp;million as of the end of our second fiscal quarter before that time, in which case we would no longer be an emerging growth
company as of the following December 31st (the last day of our fiscal year). We cannot predict if investors will find our ordinary shares
less attractive because we may rely on these exemptions. If some investors find our ordinary shares less attractive as a result, there
may be a less active trading market for our ordinary shares and the price of our ordinary shares may be more volatile.</P>

<P STYLE="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>As a foreign private issuer and as permitted by the listing
requirements of Nasdaq, we rely on certain home country corporate governance practices rather than the corporate governance requirements
of Nasdaq.</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 qualify as a foreign private issuer and our ordinary shares are
listed on Nasdaq. In accordance with the listing requirements of Nasdaq, we rely on home country governance requirements and certain
exemptions thereunder rather than relying on the corporate governance requirements of Nasdaq. For example, we are exempt from certain
rules under the Exchange Act that regulate disclosure obligations and procedural requirements related to the solicitation of proxies,
consents or authorizations applicable to a security registered under the Exchange Act, including the U.S. proxy rules under Section&nbsp;14
of the Exchange Act. In addition, our officers and directors are exempt from the reporting and &ldquo;short-swing&rdquo; profit recovery
provisions of Section 16 of the Exchange Act and related rules with respect to their purchases and sales of our securities. Moreover,
while we currently publish annual and semi-annual&nbsp;reports on our website and file such financial reports with the SEC, we are not
required to file periodic reports with the SEC as frequently or as promptly as U.S. public companies. Specifically, we are not required
to file quarterly reports on Form 10-Q&nbsp;or current reports on Form 8-K&nbsp;that a domestic company would be required to file under
the Exchange Act. Accordingly, there may be less publicly available information concerning our company than there would be if we were
not a foreign private issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may lose our foreign private issuer status in the future,
which could result in significant additional costs and expenses.</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 a foreign private issuer, we are not required to comply with all
the periodic disclosure and current reporting requirements of the Exchange Act and related rules and regulations. The determination of
foreign private issuer status is made annually on the last business day of our most recently completed second fiscal quarter. Accordingly,
we will next make a determination with respect to our foreign private issuer status on June&nbsp;30, 2026. There is a risk that we will
lose our foreign private issuer status in the future.&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">We would lose our foreign private issuer status if, for instance more
than 50% of our ordinary shares are owned by U.S. residents or persons and more than 50% of our assets are located in the United States
and we continue to fail to meet additional requirements necessary to maintain our foreign private issuer status. The regulatory and compliance
costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly greater than the costs we incur as a foreign private
issuer. If we are not a foreign private issuer, we will be required to file periodic reports and registration statements on U.S. domestic
issuer forms with the SEC, which are more detailed and extensive in certain respects than the forms available to a foreign private issuer.
We would be required under current SEC rules to prepare our financial statements in accordance with U.S. GAAP and modify certain of our
policies to comply with corporate governance practices associated with U.S. domestic issuers. Such conversion and modifications would
involve additional costs. In addition, we may lose our ability to rely upon exemptions from certain corporate governance requirements
on U.S. stock exchanges that are available to foreign private issuers, which could also increase our costs.</P>

<P STYLE="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>U.S. holders of our ordinary shares may suffer adverse tax consequences
if we are characterized as a passive foreign investment company, or PFIC.</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.&nbsp;corporation is a PFIC for U.S. federal
income tax purposes for any taxable year in which (i) 50% or more of value of its assets (based on an average of the quarterly values
of the assets during such taxable year) consists of assets that produce, or are held for the production of, passive income, or (ii)&nbsp;75%
or more of its gross income consists of passive income. A separate determination must be made after the close of each fiscal year as
to whether a non-U.S. corporation is a PFIC for that year. For purposes of the above calculations, a non-U.S.&nbsp;corporation that owns,
directly or indirectly, at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of
the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income
generally includes dividends, interest, investment gains and certain rents and royalties. Cash is generally a passive asset for these
purposes. The value goodwill is generally treated as an active asset if it is associated with business activities that produce active
income.</P>

<P STYLE="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 we are a PFIC for any taxable year during which a U.S. Holder (as
defined under Item 10E. &ldquo;<I>Taxation</I>&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024)
holds our ordinary shares, we will continue to be treated as a PFIC with respect to such U.S. Holder in all succeeding&nbsp;years during
which the U.S. Holder owns our ordinary shares regardless of whether we continue to meet the PFIC test described above, unless the U.S.
Holder makes a specified election once we cease to be a PFIC. If we are classified as a PFIC for any taxable year during which a U.S.
Holder holds our ordinary shares, the U.S. Holder may be subject to adverse tax consequences regardless of whether we continue to qualify
as a PFIC, including ineligibility for any preferred tax rates on capital gains or on actual or deemed dividends, interest charges on
certain taxes treated as deferred, and additional reporting requirements.</P>

<P STYLE="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">Based on the current estimates, and expected future composition, of
our income and the value of our assets, including goodwill, we do not expect to be a PFIC for our current taxable year. However, our
PFIC status for any taxable year is an annual determination that can be made only after the end of that year and will depend on the composition
of our income and assets and the value of our assets from time to time. The determination of whether we are a PFIC is fact-intensive&nbsp;and
the applicable law is subject to varying interpretation. There can be no assurance that the U.S.&nbsp;Internal Revenue Service, or IRS,
will agree with our position or that the IRS will not successfully challenge our position including our classification of certain income
and assets as non-passive&nbsp;or our valuation of our tangible and intangible assets.</P>

<P STYLE="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 U.S. Holder may in certain circumstances mitigate the adverse tax
consequences of the PFIC rules by filing an election to treat the PFIC as a Qualified Electing Fund (&ldquo;QEF&rdquo;) or, if shares
of the PFIC are &ldquo;marketable stock&rdquo; for purposes of the PFIC rules, by making a mark-to-market&nbsp;election with respect
to the shares of the PFIC. However, we do not currently intend to provide the information necessary for U.S. Holders to make a QEF election
if we were treated as a PFIC for any taxable year and prospective investors should assume that a QEF election will not be available.
Furthermore, if a U.S. Holder were to make a mark-to-market&nbsp;election with respect to our ordinary shares, the U.S. Holder would
be required to include annually in its U.S. federal taxable income (taxable at ordinary income rates) an amount reflecting any year end
increase in the value of its ordinary shares. For further discussion of the PFIC rules and the adverse U.S. federal income tax consequences
in the event we are classified as a PFIC, see Item 10E. &ldquo;<I>Taxation</I>&rdquo; in our Annual Report on Form 20-F for the fiscal
year ended December 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">The U.S. federal income tax rules relating to PFICs are very complex.
Current and prospective U.S. Holders are strongly urged to consult their own tax advisors with respect to the impact of PFIC status on
the purchase, ownership and disposition of our ordinary shares, the consequences to them of an investment in a PFIC, any elections available
with respect to our ordinary shares and the IRS information reporting obligations with respect to the purchase, ownership and disposition
of our ordinary shares of a PFIC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If a U.S. Holder is treated as owning at least 10% of our ordinary
share capital, such holder may be subject to adverse U.S. federal income tax consequences.</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 a U.S. Holder (as defined below under Item 10E. &ldquo;<I>Taxation</I>&rdquo;
in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024) is treated as owning, directly, indirectly or constructively,
at least 10% of the value or voting power of our share capital, such U.S. Holder may be treated as a &ldquo;U.S. shareholder&rdquo; with
respect to each &ldquo;controlled foreign corporation&rdquo; in our group, if any. Because our group currently includes at least one
U.S. subsidiary, under current law, any of our current non-U.S. subsidiaries and any future newly formed or acquired non-U.S. subsidiaries
will be treated as controlled foreign corporations, regardless of whether we are treated as a controlled foreign corporation. A U.S.
shareholder of a controlled foreign corporation may be required to annually report and include in its U.S. taxable income its pro rata
share of &ldquo;Subpart F income,&rdquo; &ldquo;global intangible low-taxed&nbsp;income&rdquo; and investments in U.S.&nbsp;property
by controlled foreign corporations, regardless of whether we make any distributions. An individual that is a U.S. shareholder with respect
to a controlled foreign corporation generally would not be allowed certain tax deductions or foreign tax credits that would be allowed
to a U.S. shareholder that is a U.S. corporation. Failure to comply with controlled foreign corporation reporting obligations may subject
a U.S. shareholder to significant monetary penalties. We cannot provide any assurances that we will furnish to any U.S. shareholder information
that may be necessary to comply with the reporting and tax paying obligations applicable under the controlled foreign corporation rules
of the Code. U.S. Holders should consult their tax advisors regarding the potential application of these rules to their investment in
our ordinary shares. See Item 10E. &ldquo;<I>Taxation</I>&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December
31, 2024 for a more detailed discussion.</P>

<P STYLE="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 incur significant costs as a result of operating as a company
that is publicly listed on Nasdaq, and our management is required to devote substantial time to compliance initiatives.</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 a company that is publicly listed on Nasdaq, we are subject to
the reporting requirements of the Exchange Act, the Sarbanes-Oxley&nbsp;Act, the Dodd-Frank&nbsp;Wall Street Reform and Consumer Protection
Act, the Nasdaq listing requirements and other applicable securities rules and regulations. Compliance with these rules and regulations
is costly, and will become even more costly after we are no longer an &ldquo;emerging growth company&rdquo; and/or a foreign private
issuer. Further, as Belgian limited liability company listed in the U.S., we are subject to potentially overlapping and disparate multi-jurisdictional
laws and rules that potentially impact the disclosure of information. From time to time, this may result in uncertainty regarding compliance
matters and result in higher costs necessitated by legal analysis of dual legal regimes, ongoing revisions to disclosure and adherence
to heightened governance practices. Moreover, these rules and regulations increase our legal and financial compliance costs and make
some activities more time-consuming&nbsp;and costly. For example, we expect that these rules and regulations may make it more difficult
and more expensive for us to obtain director and officer liability insurance, which in turn could make it more difficult for us to attract
and retain qualified senior management personnel or members for our Board of Directors. These rules and regulations are often subject
to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve
over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance
matters and higher costs necessitated by ongoing revisions to disclosure and governance practices.</P>

<P STYLE="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>As a result of being a U.S. public company, we are subject to
regulatory compliance requirements, including Section 404 of the Sarbanes-Oxley Act (&ldquo;Section 404&rdquo;), and if we fail to maintain
an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud.</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">Pursuant to Section 404, our management is required to assess and
attest to the effectiveness of our internal control over financial reporting in connection with issuing our consolidated financial statements
as of and for each fiscal year. Section 404 also requires an attestation report on the effectiveness of internal control over financial
reporting be provided by our independent registered public accounting firm beginning with our annual report following the date on which
we are no longer an &ldquo;emerging growth company.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The cost of complying with Section 404 significantly increases and
management&rsquo;s attention may be diverted from other business concerns, which could adversely affect our results. We may need to hire
more employees in the future or engage outside consultants to comply with these requirements, which will further increase expenses. If
we fail to comply with the requirements of Section 404 in the required timeframe, we may be subject to sanctions or investigations by
regulatory authorities, including the SEC and Nasdaq. Furthermore, if we are unable to attest to the effectiveness of our internal control
over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, and the market
price of our ordinary shares could decline. Failure to implement or maintain effective internal control over financial reporting could
also restrict our future access to the capital markets and subject each of us, our directors and our officers to both significant monetary
and criminal liability. In addition, changing laws, regulations and standards relating to corporate governance and public disclosure
are creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time consuming.
These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as
a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could
result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance
practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased
general and administrative expense and a diversion of management&rsquo;s time and attention from revenue generating activities to compliance
activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing
bodies due to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us
and our business, financial position, results and prospects may be adversely affected.</P>

<P STYLE="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 fail to implement and maintain effective internal controls
over financial reporting, our ability to produce accurate financial statements on a timely basis could be impaired.</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 are subject to reporting obligations under U.S.&nbsp;securities
laws and the Sarbanes-Oxley&nbsp;Act&nbsp;of&nbsp;2002. Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act requires that we include a report
from management on the effectiveness of our internal control over financial reporting in our annual report on Form&nbsp;20-F&nbsp;for
the year ended December&nbsp;31, 2024. If we fail to implement and maintain adequate disclosure controls and procedures, our management
may conclude that our internal control over financial reporting is not effective. This conclusion could adversely impact the market price
of our ordinary shares due to a loss of investor confidence in the reliability of our reporting processes.</P>

<P STYLE="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">Undetected material weaknesses in our internal controls could lead
to financial statement restatements and require us to incur remediation costs. To the extent we experience additional future material
weaknesses, investors could lose confidence in the accuracy or completeness of our reported financial information, which could have a
negative effect on the trading price of our ordinary shares. Failure to implement or maintain effective internal control over financial
reporting could also restrict our future access to the capital markets and subject each of us, our directors and our officers to both
significant monetary and criminal liability.</P>

<P STYLE="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 required to perform system and process evaluations and testing
of our internal controls over financial reporting, to allow our management and our independent public registered accounting firm to report
on the effectiveness of our internal control over financial reporting. In addition, our compliance with Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act
will require that we incur substantial accounting expense, expend significant management effort and we may need to hire additional accounting
and financial staff with the appropriate experience and technical accounting knowledge, and compile the system and process documentation
necessary to perform the evaluation needed to comply with Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act. We may not be able to complete
our evaluation, testing and any required remediation in a timely fashion. Any failure to implement required new or improved controls,
or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing
by us conducted in connection with Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act, or any subsequent testing by our independent registered
public accounting firm, may reveal additional deficiencies in our internal controls over financial reporting that are deemed to be material
weaknesses or that may require prospective or retroactive changes to our financial statements or identify other areas for further attention
or improvement. We cannot assure you that there will not be additional material weaknesses or significant deficiencies in our internal
control over financial reporting 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"><B><I>We may be subject to securities litigation, which is expensive
and could divert management&rsquo;s attention.</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 market price of our ordinary shares may be volatile and, in the
past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation.
We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and
divert our management&rsquo;s attention from other business concerns, which could seriously harm our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investors residing in countries other than Belgium may suffer
dilution if they are unable to participate in future preferential subscription rights offerings.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under Belgian law and our constitutional documents, shareholders have
a waivable and cancellable preferential subscription right to subscribe&nbsp;<I>pro&nbsp;rata</I>&nbsp;to their existing shareholdings
to the issuance, against a contribution in cash, of new shares or other securities entitling the holder thereof to new shares, unless
such rights are limited or cancelled by resolution of our general shareholders&rsquo; meeting or, if so authorized by a resolution of
such meeting, our Board of Directors. The exercise of preferential subscription rights by certain shareholders not residing in Belgium
(including those in the United States, Australia, Israel, Canada or Japan as a result of the offering and taking into account the current
shareholding and international network of our current Board of Directors) may be restricted by applicable law, practice or other considerations,
and such shareholders may not be entitled to exercise such rights, unless the rights and shares are registered or qualified for sale
under the relevant legislation or regulatory framework. In particular, we may not be able to establish an exemption from registration
in the United States under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and we are under no obligation
to file a registration statement with respect to any such preferential subscription rights or underlying securities or to endeavor to
have a registration statement declared effective under the Securities Act. Shareholders in jurisdictions outside Belgium who are not
able or not permitted to exercise their preferential subscription rights in the event of a future preferential subscription rights, equity
or other offering may suffer dilution of their shareholdings.</P>

<P STYLE="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>Takeover provisions in the national law of Belgium may make
a takeover difficult.</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">Public takeover bids on our shares and other voting securities, such
as warrants or convertible bonds, if any, are subject to the Belgian Act of April&nbsp;1, 2007 on public takeover bids, as amended and
implemented by the Belgian Royal Decree of April&nbsp;27, 2007, or Royal Decree, and to the supervision by the Belgian Financial Services
and Markets Authority, or FSMA. Public takeover bids must be made for all of our voting securities, as well as for all other securities
that entitle the holders thereof to the subscription to, the acquisition of or the conversion into voting securities. Prior to making
a bid, a bidder must issue and disseminate a prospectus, which must be approved by the FSMA. The bidder must also obtain approval of
the relevant competition authorities, where such approval is legally required for the acquisition of our company. However, as the Company
no longer qualifies a listed company under Belgian law following de-listing from Euronext Brussels in December 2023, the requirement,
provided for by the Belgian Act of April&nbsp;1, 2007, to launch a mandatory bid for all of our outstanding shares and securities giving
access to shares if a person, as a result of its own acquisition or the acquisition by persons acting in concert with it or by persons
acting on their account, directly or indirectly holds more than 30% of the voting securities in a company that has its registered office
in Belgium and of which at least part of the voting securities are traded on a regulated market or on a multilateral trading facility
designated by the Royal Decree no longer applies. This may allow existing shareholders or new investors to acquire significant influence
or control over the Company by acquiring the shares in the market without being required to acquire the other outstanding voting securities,
as well as for all other securities that entitle the holders thereof to the subscription to, the acquisition of or the conversion into
voting 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">There are several provisions of Belgian company law and certain other
provisions of Belgian law, such as merger control, that may apply to us and which may make an unfriendly tender offer, merger, change
in management or other change in control, more difficult. These provisions could discourage potential takeover attempts that third parties
may consider and thus deprive the shareholders of the opportunity to sell their shares at a premium (which is typically offered in the
framework of a takeover bid).</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><A NAME="s_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 may offer and sell up to $50,000,000 of our ordinary shares from
time to time through TD Cowen. The amount of proceeds from this offering will depend upon the number of ordinary shares sold and the
market price at which they are sold. There can be no assurance that we will be able to sell any ordinary shares under or fully use the
sales agreement with TD Cowen as a source of financing.</P>

<P STYLE="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 of this offering for general
corporate and working capital purposes, including to fund our product development efforts and expansion of our commercialization activities.</P>

<P STYLE="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 expected use of net proceeds from this offering represents our
current intentions based upon our present plans and business conditions. As of the date of this prospectus, we cannot predict with certainty
all of the particular uses for the net proceeds to be received upon the completion of this offering or the amounts that we will actually
spend on the uses set forth above. The amounts and timing of our actual use of net proceeds will vary depending on numerous factors.
As a result, management will have broad discretion in the application of the net proceeds, and investors will be relying on our judgment
regarding the application of the net proceeds of this offering.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s_007"></A>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below sets forth our cash and cash equivalents and capitalization,
each as of December 31, 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">The following information should be read in conjunction with the consolidated
financial statements and related notes incorporated by reference in this prospectus. You should read this table together with our consolidated
financial statements and related notes, as well as the sections titled &ldquo;<I>Operating and Financial Review and Prospects</I>&rdquo;
in our Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2024 and the other financial information incorporated by
reference in this prospectus. For more details on how you can obtain the documents incorporated by reference in this prospectus, see
&ldquo;<I>Where You Can Find More Information</I>&rdquo; and &ldquo;<I>Incorporation of Certain Information by Reference.</I>&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of<BR>
    December&nbsp;31,<BR>
    2025</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt; width: 88%">Cash and cash equivalents</TD><TD STYLE="padding-bottom: 4pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right; width: 9%">&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="padding-bottom: 4pt; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Capitalization:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Share capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Issuance premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Share-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Translation reserve</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Total equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Loans and borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Long-term</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Short-term</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total loans and borrowings</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total capitalization</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s_008"></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">If you invest in our ordinary shares in this offering, your ownership
interest will be diluted immediately to the extent of the difference between the price per ordinary share you pay in this offering and
the net tangible book value per share 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">Our net tangible book value as of December 31, 2025, was [&#9679;],
or $[&#9679;] per ordinary share, based on [&#9679;] ordinary shares then outstanding. Net tangible book value per ordinary share represents
the amount of our total assets less our total liabilities, excluding goodwill and other intangible assets, divided by the total number
of our ordinary shares outstanding as of December 31, 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">After giving effect to the sale of ordinary shares in the aggregate
amount of $50,000,000 in this offering at an assumed offering price of $[&#9679;] per share, the last reported sale price of the ordinary
shares on The Nasdaq Stock Market on December 31, 2025, and after deducting estimated commissions and offering expenses payable by us,
our net tangible book value at December 31, 2025 would have been $[&#9679;], or $[&#9679;]&nbsp;per ordinary share. This represents an
immediate increase in net tangible book value of $[&#9679;]&nbsp;per ordinary share to existing shareholders and an immediate dilution
of $[&#9679;]&nbsp;per ordinary share to investors in this offering. The following table illustrates this hypothetical per share dilution.
The as adjusted information is illustrative only.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31, 2025</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Per ordinary share</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; width: 76%">Assumed offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 9%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">$</TD><TD STYLE="text-align: right; width: 9%"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Historical net tangible book value per ordinary share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Increase in net tangible book value per
    ordinary share attributable investors participating in the&nbsp;offering</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">As adjusted net tangible book value per
    ordinary share, after giving effect to this the offering</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Dilution in as adjusted net tangible book
    value per ordinary share to new investors participating&nbsp;in the offering</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><FONT STYLE="font-size: 10pt">[&#9679;]</FONT></TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of ordinary shares to be outstanding after this offering
is based on 51,364,520 &nbsp;shares outstanding as of December 31, 2025, and excludes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: left">[&#9679;] ordinary
                                            shares issuable upon the exercise of outstanding warrants granted under our stock option
                                            plans, at a weighted average exercise price of $[&#9679;] per ordinary share ;</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: left">1,000,000
                                            ordinary shares issuable upon the exercise of outstanding warrants issued to Genomic Health,
                                            Inc. at an exercise price of $5.265 per ordinary share;</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: left">1,243,060
                                            ordinary shares issuable upon the exercise of outstanding warrants issued to affiliates of
                                            OrbiMed Advisors LLC (&ldquo;OrbiMed&rdquo;), at an exercise price of $ 2.25 per ordinary
                                            share;</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: left">ordinary
                                            shares we may issue as a portion of earn-out&nbsp;amounts due under the agreement pursuant
                                            to which we acquired the Genomic Prostate Score (formerly Oncotype DX GPS) prostate cancer
                                            business; and</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: left">ordinary
                                            shares we may issue as a portion of consideration due under the agreement pursuant to which
                                            we acquired the Exosome Diagnostics, Inc. business, including the ExoDx test.</TD>
</TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s_009"></A>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">We entered into a sales agreement with TD Cowen dated April&nbsp;30,
2024, under which we may offer and sell our ordinary shares from time to time through TD Cowen, acting as agent and/or principal. Pursuant
to this prospectus , we may offer and sell up to $50,000,000 of our ordinary shares. Sales of our ordinary shares, if any, under this
prospectus will be made by any method that is deemed to be an &ldquo;at the market offering&rdquo; as defined in Rule&nbsp;415(a)(4)&nbsp;under
the Securities Act. Sales pursuant to the sales agreement may be made through an affiliate of TD Cowen.</P>

<P STYLE="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 time we wish to issue and sell ordinary shares under the sales
agreement, we will notify the placement of the number of ordinary shares to be sold, the dates on which such sales are anticipated to
be made, any limitation on the number of ordinary shares to be sold in any one&nbsp;day and any minimum price below which sales may not
be made. Once we have so instructed TD Cowen, unless it declines to accept the terms of such notice, TD Cowen has agreed to use its commercially
reasonable efforts consistent with its normal trading and sales practices to sell such ordinary shares up to the amount specified on
such terms. The obligations of TD Cowen under the sales agreement to sell our ordinary shares are subject to a number of conditions that
we must meet.</P>

<P STYLE="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 settlement of sales of our ordinary shares between us and TD Cowen
is generally anticipated to occur on the first&nbsp;trading day or such earlier&nbsp;day as is industry practice for regular-way trading
following the date on which the sale was made. Sales of our ordinary shares as contemplated in this prospectus will be settled through
the facilities of The Depository Trust Company or by such other means as we and TD Cowen may agree upon. There is no arrangement for
funds to be received in an escrow, trust or similar arrangement.</P>

<P STYLE="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 pay TD Cowen a commission equal to 3.0% of the aggregate gross
proceeds we receive from each sale of our ordinary shares. Because there is no minimum offering amount required as a condition to close
this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. Except
as we and TD Cowen otherwise agree, we will reimburse TD Cowen for the fees and disbursements of its counsel, payable upon execution
of the sales agreement, in an amount not to exceed $150,000, in addition to certain ongoing disbursements of its legal counsel unless
we and TD Cowen otherwise agree.</P>

<P STYLE="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 the total expenses for the offering, excluding any
commissions or expense reimbursement payable to TD Cowen under the terms of the sales agreement, will be approximately $350,000. The
remaining proceeds, after deducting any other transaction fees, will equal our net proceeds from the sale of our ordinary shares 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">TD Cowen will provide written confirmation to us before the open on
Nasdaq on the&nbsp;day following each&nbsp;day on which ordinary shares are sold under the sales agreement. Each confirmation will include
the number of ordinary shares sold on that&nbsp;day, the aggregate gross proceeds of such sales and the proceeds 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">In connection with the sale of ordinary shares on our behalf, TD Cowen
will be deemed to be an &ldquo;underwriter&rdquo; within the meaning of the Securities Act, and the compensation of TD Cowen will be
deemed to be underwriting commissions or discounts. We have agreed to indemnify TD Cowen against certain liabilities, including civil
liabilities under the Securities Act. We have also agreed to contribute to payments TD Cowen may be required to make in respect of such
liabilities.</P>

<P STYLE="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 offering of our ordinary shares pursuant to the sales agreement
will terminate upon the earlier of (i)&nbsp;the sale of all ordinary shares subject to the sales agreement and (ii)&nbsp;the termination
of the sales agreement as permitted therein. This summary of the material provisions of the sales agreement does not purport to be a
complete statement of its terms and conditions. A copy of the sales agreement is filed as an exhibit to a Report on Form&nbsp;6-K filed
under the Exchange&nbsp;Act and incorporated by reference 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">TD Cowen and its affiliates have engaged in, and may in the future
provide various investment banking, commercial banking, financial advisory and other financial services for us and our affiliates, for
which services they have received, or may in the future receive, customary fees and commissions for these transactions. In the course
of its business, TD Cowen may actively trade our securities for its own account or for the accounts of customers, and, accordingly, TD
Cowen may at any time hold long or short positions in such 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">In addition, in the ordinary course of their business activities,
TD Cowen and 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 their own account and for the accounts of their customers. Such investments
and securities activities may involve securities and/or instruments of ours or our affiliates. TD Cowen and its affiliates may also make
investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments
and may 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">A prospectus in electronic format may be made available on a website
maintained by TD Cowen, and TD Cowen may distribute the prospectus and any prospectus supplement electronically. The address of TD Cowen
is TD Securities (USA) LLC, 1 Vanderbilt Avenue, New&nbsp;York, New&nbsp;York 10017.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="n_001"></A>TAXATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should carefully read the discussion of the material U.S. federal
income and Belgian tax considerations associated with the ownership and disposition of our securities set forth in our Annual Report
on Form&nbsp;20-F for the year ended December&nbsp;31, 2024 under the heading &ldquo;<I>Item 10. Additional Information &ndash; E. Taxation</I>&rdquo;,
incorporated by reference herein, as updated by annual and other reports and documents we file with the SEC after the date of this prospectus
and that are incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="n_002"></A>MATERIAL CHANGES</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 described below and in our Annual Report on Form
20-F for the fiscal year ended December 31, 2024, in those portions of our Current Reports on Form 6-K furnished under the Exchange Act
and specifically incorporated by reference herein and as disclosed in this prospectus, no reportable material changes have occurred since
December 31, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s_010"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The validity of the securities being offered
by this prospectus and other legal matters concerning this offering relating to Belgian law will be passed upon for us by Baker McKenzie
BV/SRL .&nbsp;Legal matters in connection with this offering relating to U.S.&nbsp;federal law will be passed upon for us by K&amp;L
Gates, LLP.&nbsp;Certain legal matters concerning this offering will be passed upon for TD Cowen by DLA Piper LLP (US).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s_011"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consolidated financial statements of MDxHealth SA at December
31, 2024 and 2023, and for each of the two years in the period ended December 31, 2024, which are incorporated by reference into this
prospectus have been so included in reliance on the report of BDO R&eacute;viseurs d&rsquo;Entreprises SRL, an independent registered
public accounting firm, appearing elsewhere herein and in the registration statement given on the authority of such firm as experts in
accounting and auditing. The registered business address of BDO R&eacute;viseurs d&rsquo;Entreprises SRL is Da Vincilaan 9, 1930 Zaventem,
Belgium.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s_012"></A>WHERE YOU CAN FIND MORE
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">This prospectus, which constitutes a part of the registration statement
on Form&nbsp;F-3 and does not contain all of the information contained in the registration statement. The full registration statement
may be obtained from the SEC or us, as provided below. You should read our registration statements and their exhibits and schedules for
further information with respect to us and the securities offered by this prospectus. Statements made in this prospectus concerning the
contents of any contract, agreement or other document are summaries of all material information about the documents summarized, but are
not complete descriptions of all terms of these documents. If we file any of these documents as an exhibit to the registration statement,
we refer you to the copy of the document that has been filed for a complete description of its terms. Each statement in this prospectus
relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are subject to periodic reporting and other informational requirements
of the Exchange Act as applicable to foreign private issuers. Accordingly, we are required to file reports, including annual reports
on Form 20-F, and other information with the SEC. All information filed with the SEC can be obtained over the internet at the SEC&rsquo;s
website at www.sec.gov.</P>

<P STYLE="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 a foreign private issuer, we are exempt under the Exchange Act
from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors
and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange
Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently
or as promptly as U.S. companies whose securities are registered under the Exchange Act.</P>

<P STYLE="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 a foreign private issuer, we are also exempt from the requirements
of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information
about an issuer before other investors. We are, however, still subject to the anti-fraud and anti-manipulation rules of the SEC, such
as Rule 10b-5 of the Exchange Act. Since many of the disclosure obligations required of us as a foreign private issuer are different
than those required by U.S. domestic reporting companies, our shareholders, potential shareholders and the investing public in general
should not expect to receive information about us in the same amount and at the same time as information is received from, or provided
by, U.S. domestic reporting companies.</P>

<P STYLE="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 maintain a corporate website at www.mdxhealth.com. Information
contained on, or that can be accessed through, our website does not constitute a part of this prospectus and our website address is included
in this prospectus as an inactive textual reference only.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s_013"></A>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
that we file with them. Incorporation by reference allows us to disclose important information to you by referring you to those other
documents. The information incorporated by reference is an important part of this prospectus, and information that we file later with
the SEC will automatically update and supersede this information. We filed a registration statement on Form F-3 under the&nbsp;Securities
Act with the SEC with respect to the securities we may offer pursuant to this prospectus. This prospectus omits certain information contained
in the registration statement, as permitted by the SEC. You should refer to the registration statement, including the exhibits, for further
information about us and the securities we may offer pursuant to this prospectus. Statements in this prospectus regarding the provisions
of certain documents filed with, or incorporated by reference in, the registration statement are not necessarily complete and each statement
is qualified in all respects by that reference. Copies of all or any part of the registration statement, including the documents incorporated
by reference or the exhibits, may be obtained upon payment of the prescribed rates at the offices of the SEC listed above in &ldquo;<I>Where
You Can Find More Information</I>.&rdquo; The documents we are incorporating by reference into this prospectus are:</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: 0.25in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Annual Report on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025026226/ea0235301-20f_mdxhealth.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 20-F</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the year ended December 31, 2024, filed with the SEC on March 31, 2025;</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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Reports on Form 6-K furnished to the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025039137/ea0240309-6k_mdxhealth.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 2, 2025</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025039819/ea0240978-6k_mdxhealth.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 6, 2025</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025052219/ea0244587-6k_mdxhealth.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 6, 2025</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025061536/ea0248177-6k_mdxhealth.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 3, 2025</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025076840/ea0253386-6k_mdxhealth.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 14, 2025</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">; 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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the description of our ordinary shares contained in&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1872529/000121390024037806/ea020381901ex2-1_mdx.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 2.1</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;to our Annual Report on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1872529/000121390024037806/ea0203819-20f_mdxhealt.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 20-F</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the year ended December&nbsp;31, 2023, filed with the SEC on April&nbsp;30, 2024, including any amendment or report filed for the purpose of updating such description.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also incorporating by reference all subsequent Annual Reports
on Form 20-F that we file with the SEC and certain reports on Form 6-K that we furnish to the SEC after the date of this prospectus (if
they state that they are incorporated by reference into this prospectus) prior to the termination of this offering. In all cases, you
should rely on the later information over different information included in 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">Unless expressly incorporated by reference, nothing in this prospectus
shall be deemed to incorporate by reference information furnished to, but not filed with, the SEC. Copies of all documents incorporated
by reference in this prospectus, other than exhibits to those documents unless such exhibits are specifically incorporated by reference
in this prospectus, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this prospectus
on the written or oral request of that person made to:</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4040&nbsp;Herstal,&nbsp;Belgium&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">+1 (866) 259-5644</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may also access these documents on our website,&nbsp;<I>www.mdxhealth.com</I>.
The information contained on, or that can be accessed through, our website is not a part of this prospectus. We have included our website
address in this prospectus solely as an inactive textual reference.</P>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">You should rely only on information contained in, or incorporated by
reference into, this prospectus. We have not authorized anyone to provide you with information different from that contained in this prospectus
or incorporated by reference in 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 offer or solicitation.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="n_003"></A>ENFORCEMENT OF CIVIL LIABILITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a corporation organized under the laws of Belgium. Certain
of our directors are citizens and residents of countries other than the United States, and certain of our assets are located outside
of the United States. Accordingly, it may be difficult for investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            obtain jurisdiction over us or our non-U.S. resident officers and directors in U.S. courts
                                            in actions predicated on the civil liability provisions of the U.S. federal securities laws;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            enforce judgments obtained in such actions against us or our non-U.S. resident officers and
                                            directors;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            bring an original action in a Belgian court to enforce liabilities based upon the U.S. federal
                                            securities laws against us or our non-U.S. resident officers or directors; and</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            enforce against us or our directors in non-U.S. courts, including Belgian courts, judgments
                                            of U.S.&nbsp;courts predicated upon the civil liability provisions of the U.S. federal securities
                                            laws.</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 U.S. currently does not have a treaty with Belgium providing for
the reciprocal recognition and enforcement of judgments, other than arbitral awards, in civil and commercial matters. Consequently, a
final judgment rendered by any federal or state court in the United States, whether or not predicated solely upon U.S. federal or state
securities laws, would not automatically be enforceable in Belgium. Actions for the recognition and enforcement of judgments of U.S.
courts are regulated by Articles 22 to 25 of the 2004 Belgian Code of Private International Law. Recognition or enforcement does not
imply a review of the merits of the case and is irrespective of any reciprocity requirement. A U.S. judgment will, however, not be recognized
or declared enforceable in Belgium, unless (in addition to compliance with certain technical provisions) the Belgian courts are satisfied
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            effect of the recognition or enforcement of judgment is not manifestly incompatible with
                                            (Belgian) public order.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment did not violate the rights of the defendant.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment was not rendered in a matter where the parties did not freely dispose of their rights,
                                            with the sole purpose of avoiding the application of the law applicable according to Belgian
                                            international law.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment is not subject to further recourse under U.S. law.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment is not incompatible with a judgment rendered in Belgium or with a prior judgment
                                            rendered abroad that might be recognized in Belgium.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            claim was not filed outside Belgium after a claim was filed in Belgium, if the claim filed
                                            in Belgium relates to the same parties and the same subject and is still pending.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            Belgian courts did not have exclusive jurisdiction to rule on the matter.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            U.S. court did not accept its jurisdiction solely on the basis of either the presence of
                                            the plaintiff or the location of goods not directly linked to the dispute in the United States.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment did not concern the deposit or validity of intellectual property rights when the
                                            deposit or registration of those intellectual property rights was requested, done or should
                                            have been done in Belgium pursuant to international treaties.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment did not relate to the validity, operation, dissolution, or liquidation of a legal
                                            entity that has its main seat in Belgium at the time of the petition of the U.S. court.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">If
                                            the judgment relates to the opening, progress or closure of insolvency proceedings, it is
                                            rendered on the basis of the European Regulation on Insolvency Proceedings (EU Regulation
                                            No. 2015/848 of May 20, 2015) or, if not, that (a) a decision in the principal proceedings
                                            is taken by a judge in the state where the most important establishment of the debtor was
                                            located or (b) a decision in territorial proceedings was taken by a judge in the state where
                                            the debtor had another establishment than its most important establishment &ndash; in this
                                            latter case, the recognition or declaration of enforcement of the judgment may only concern
                                            assets located in the territory of the state where the proceedings were opened.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment submitted to the Belgian court is authentic under the laws of the state where the
                                            judgment was issued; in case of a default judgment, it can be shown that under locally applicable
                                            laws the invitation to appear in court was properly served on the defendant; a document can
                                            be produced showing that the judgment is, under the rules of the state where it was issued,
                                            enforceable and was properly served on the defendant.</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, with regard to the enforcement by legal proceedings of
any claim (including the exequatur of foreign court decisions in Belgium), a registration tax of 3% (to be calculated on the total amount
that a debtor is ordered to pay) is due, if the sum of money that the debtor is ordered to pay by a Belgian court judgment, or by a foreign
court judgment that is either (i) automatically enforceable and registered in Belgium or (ii) rendered enforceable by a Belgian court,
exceeds &euro;12,500. The debtor is liable for the payment of the registration tax. A stamp duty is payable for each second (or more)
original copies of an enforcement judgment rendered by a Belgian court, with a maximum of &euro;1,450.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_004.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to $50,000,000</B></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">, 2026</P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="color: Red">The information in this
prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities
and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting offers to buy these
securities in any state where the offer or sale is not permitted.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subject to completion, dated December 29, 2025</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_005.jpg" ALT=""></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1,867,186 Ordinary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus relates to up to 1,867,186 ordinary shares, no nominal
value, of MDxHealth SA (the &ldquo;Company&rdquo;) that the selling securityholder identified in this prospectus may sell from time to
time in one or more transactions in amounts, at prices and on terms that will be determined at the time of the offering. The ordinary
shares being offered for resale (the &ldquo;Resale Shares&rdquo;) were acquired by the selling securityholder in connection with the
closing (the &ldquo;Closing&rdquo;) of the Company&rsquo;s acquisition of the Exosome Diagnostics, Inc. business from Bio-Techne Corporation
(the &ldquo;Acquisition&rdquo;) on September 15, 2025. We issued the ordinary shares to the selling securityholder in a transaction not
involving any public offering. See the section entitled &ldquo;<I>Selling Securityholder</I>&rdquo; 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">Our registration of the Resale Shares covered by this prospectus does
not mean that the selling securityholder will offer or sell any of the Resale Shares. The selling securityholder may, upon due and valid
issuance of the Resale Shares, offer, sell or distribute all or a portion of the Resale Shares publicly or through private transactions
at prevailing market prices or at negotiated prices. We will not receive any of the proceeds from such sales of Resale Shares. We will
bear all costs, expenses and fees in connection with the registration of these securities, including with regard to compliance with state
securities or &ldquo;blue sky&rdquo; laws. The selling securityholder will bear all commissions and discounts, if any, attributable to
their sale of the Resale 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">This prospectus describes the general manner in which, upon due and
valid issuance of the Resale Shares, the Resale Shares may be offered and sold by the selling securityholder. If necessary, the specific
manner in which the Resale Shares may be offered and sold will be described in a supplement to this prospectus. Any such prospectus supplement
may also add, update or change information in this prospectus. We may also authorize one or more free writing prospectuses to be provided
to you in connection with this offering. You should carefully read this prospectus, any applicable prospectus supplement and any related
free writing prospectuses, as well as the documents incorporated by reference or deemed to be incorporated by reference into this prospectus,
carefully before you invest. For additional information on the methods of sale, you should refer to the section entitled &ldquo;<I>Plan
of Distribution</I>&rdquo; 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">Our ordinary shares are listed on the Nasdaq Capital Market under
the symbol &ldquo;MDXH.&rdquo; On December 26, 2025, the latest reported sale price for our ordinary shares was $3.41.</P>

<P STYLE="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 an &ldquo;emerging growth company&rdquo; as defined in the
Jumpstart Our Business Startups Act of 2012 and, as such, have elected to comply with certain reduced public company reporting requirements
for this prospectus and future filings. See &ldquo;Prospectus Summary &mdash; Implications of Being an Emerging Growth Company.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our business and an investment in our securities involve significant
risks. See &ldquo;Risk Factors&rdquo; beginning on page 4 for more 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"><B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2026</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#k_001"><FONT STYLE="font-size: 10pt">About This Prospectus</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">ii</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#k_002"><FONT STYLE="font-size: 10pt">Prospectus Summary</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#n_004">The Offering</A></TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#k_003"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#k_004"><FONT STYLE="font-size: 10pt">Cautionary Statement Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#k_005"><FONT STYLE="font-size: 10pt">Capitalization</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#k_006"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#n_005">Selling Securityholder</A></TD>
    <TD STYLE="text-align: center">41</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#k_007"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#k_008"><FONT STYLE="font-size: 10pt">Description of Share Capital and Other Securities</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#k_009"><FONT STYLE="font-size: 10pt">Taxation</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#k_010"><FONT STYLE="font-size: 10pt">Material Changes</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#k_011"><FONT STYLE="font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#k_012"><FONT STYLE="font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#k_013"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="text-align: center">59</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#k_014"><FONT STYLE="font-size: 10pt">Incorporation of Certain Information by Reference</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#k_015"><FONT STYLE="font-size: 10pt">Expenses</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#k_016"><FONT STYLE="font-size: 10pt">Enforcement of Civil Liabilities</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#k_017"><FONT STYLE="font-size: 10pt">Indemnification for Securities Act Liabilities</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">62</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_001"></A>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">This prospectus is part of a registration statement on Form F-3 that
we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo; or &ldquo;Commission&rdquo;), utilizing a &ldquo;shelf&rdquo;
registration process. Under this shelf process, the selling securityholder may from time to time sell the securities described in this
prospectus in one or more offerings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus provides you with a general description of the securities
the selling securityholder may offer. From time to time, we may provide one or more prospectus supplements that will contain specific
information about the terms of the offering. The prospectus supplement may also add, update or change information contained in this prospectus.
You should read both this prospectus and any applicable prospectus supplement together with additional information described below under
the headings &ldquo;<I>Where You Can Find More Information</I>&rdquo; and &ldquo;<I>Incorporation by Reference</I>.&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">When acquiring any securities discussed in this prospectus, you should
rely on the information provided in this prospectus and any free writing prospectus we may authorize for use in connection with such
offering, including the information incorporated by reference. Neither we, nor the selling securityholder, have authorized anyone to
provide you with different information. You should not assume that the information in this prospectus, any prospectus supplement, any
free writing prospectus we may authorize for use in connection with such offering, or any document incorporated by reference, is truthful
or complete at any date other than the date mentioned on the cover page of those documents. You should also carefully review the section
entitled &ldquo;<I>Risk Factors</I>&rdquo;, which highlights certain risks associated with an investment in our securities, to determine
whether an investment in our securities is appropriate for 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">The selling securityholder is not offering to sell, nor seeking offers
to buy, securities in any jurisdictions where such offers and sales are not permitted. The distribution of this prospectus and any accompanying
prospectus supplement and the offering of securities in certain jurisdictions or to certain persons within such jurisdictions may be
restricted by law. Persons outside the United States who come into possession of this prospectus must inform themselves about and observe
any restrictions relating to the offering of securities and the distribution of this prospectus outside the United States. This prospectus
does not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities offered
by this prospectus by any person in any jurisdiction in which it is unlawful for such person 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">We are a limited liability company (<I>naamloze vennootschap/soci&eacute;t&eacute;
anonyme</I>) incorporated under the laws of Belgium. Certain of our directors and officers named in this prospectus are not citizens
or residents of the United States and a portion of the assets of the directors and officers named in this prospectus and a portion of
our assets are located outside of the United States. As a result, it may not be possible for you to effect service of process within
the United States upon such persons or to enforce against them or against us in U.S. courts judgments predicated upon the civil liability
provisions of the federal securities laws of the United States. There is doubt as to the enforceability in Belgium, either in original
actions or in actions for enforcement of judgments of U.S. courts, of civil liabilities predicated on the U.S. federal securities 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">We are incorporated in Belgium, and a majority of our outstanding
securities are owned by non-U.S. residents. Under the rules of the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;), we are
currently eligible for treatment as a &ldquo;foreign private issuer.&rdquo; As a foreign private issuer, we are not required to file
periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered
under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus and the information incorporated herein or therein
by reference contains market data, industry statistics and other data that have been obtained or compiled from information made available
by independent third parties. This prospectus and the information incorporated herein or therein by reference include trademarks, service
marks and trade names owned by us or other companies. Solely for convenience, we may refer to our trademarks included or incorporated
by reference in this prospectus or any prospectus supplement without the <SUP>TM</SUP> or &reg; symbols, but any such references are
not intended to indicate that we will not assert, to the fullest extent permitted under applicable law, our rights to our trademarks
or other intellectual property. All trademarks, service marks and trade names included or incorporated by reference in this prospectus
or any related prospectus supplement are the property of their respective owners.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated or the context otherwise requires, all
references in this prospectus to the terms &ldquo;MDxHealth,&rdquo; the &ldquo;Company,&rdquo; &ldquo;our company,&rdquo; &ldquo;we,&rdquo;
&ldquo;us,&rdquo; and &ldquo;our&rdquo; refer to MDxHealth SA and its wholly owned 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">All references in this prospectus to &ldquo;$&rdquo; are to U.S. dollars
and all references to &ldquo;&euro;&rdquo; are to Euros.&nbsp;</P>

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




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

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<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%"><P STYLE="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="k_002"></A>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The following is a summary of what we believe to be the most important
aspects of our business and the offering of our securities under this prospectus. We urge you to read this entire prospectus, including
the more detailed consolidated financial statements, notes to the consolidated financial statements and other information incorporated
by reference from our other filings with the SEC or included in any applicable prospectus supplement. Investing in our securities involves
risks. Therefore, carefully consider the risk factors set forth in any prospectus supplements and in our most recent filings with the
SEC including our Annual Reports on Form 20-F and reports on Form 6-K, as well as other information in this prospectus and any prospectus
supplements and the documents incorporated by reference herein or therein, before purchasing our securities. Each of the risk factors
could adversely affect our business, operating results and financial condition, as well as adversely affect the value of an investment
in our securities. As used in this prospectus, the terms &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us,&rdquo; &ldquo;MDxHealth,&rdquo;
or the &ldquo;Company&rdquo; refer to MDxHealth SA and its subsidiaries, taken as a whole, unless the context otherwise requires it.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About the 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 commercial-stage precision diagnostics company providing
non-invasive, clinically actionable and cost-effective urologic solutions to improve patient care. Our core menu of testing solutions,
ExoDx for Prostate Cancer (&ldquo;ExoDx&rdquo;), Confirm mdx for Prostate Cancer (&ldquo;Confirm mdx&rdquo;), and Genomic Prostate Score
(&ldquo;GPS&rdquo;), provide personalized genomic insights to both physicians and patients navigating the complexities of prostate cancer
diagnosis and treatment. Our other testing solutions address related urologic diseases and conditions that are often managed by the same
specialists who utilize our core prostate cancer tests. Each of our cutting-edge molecular diagnostic technologies provides patient-specific
results enabling tailored approaches that enhance patient well-being while minimizing the need for invasive and unnecessary treatments
and procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">More than 7,000 physicians have ordered over 500,000 mdxhealth tests.
We have established a systematic approach to bring our precision diagnostic solutions to market, centered on proactive engagement, education,
and market expansion aimed at healthcare professionals and their patients. Each of our core tests, ExoDx, Confirm mdx and GPS, have been
included in prostate cancer detection and treatment guidelines published by the National Comprehensive Cancer Network, a non-profit alliance
of the 31 leading cancer centers in the United States, and each core test has also successfully completed formal technical assessment
review for Medicare reimbursement, culminating in positive final local coverage determinations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Building from the foundation of our complementary marketed products,
we are committed to sustained growth, with our core management principles defined by a commitment to focus, commercial execution and
operating discipline throughout our organization. Our dedicated commercial team concentrates on cultivating relationships with major
community urology centers, prioritizing those with significant patient volumes. We foster enduring connections with key physicians and
practice groups who serve populations eligible for our solutions. Our overarching objective is to provide comprehensive support to physicians
utilizing our tests throughout the entire patient journey, from initial diagnosis to advanced prostate cancer management.<B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ExoDx Acquisition</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">On August 5, 2025, we entered into an agreement with Bio-Techne Corporation
(&ldquo;Bio-Techne&rdquo;), to acquire Exosome Diagnostics, Inc., including the ExoDx test, its CLIA-certified clinical laboratory and
related assets. The closing of the acquisition took place on September 15, 2025. Total consideration for the acquisition is up to $15
million, with approximately $5 million in stock paid at closing and, subject to certain conditions, $2.5 million to be paid annually
over the following 4 years, with 50% payable in cash and 50% payable in cash or stock at our discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Implications of Being an Emerging Growth 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">As a company with less than $1.235 billion in revenue during our last
fiscal year, we qualify as an &ldquo;emerging growth company&rdquo; as defined in the Jumpstart Our Business Start-ups Act of 2012, as
amended (the &ldquo;JOBS Act&rdquo;). As an emerging growth company, we may take advantage of specified reduced disclosure and other
requirements that are otherwise applicable generally to public companies. These provisions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">exemption
                                            from the auditor attestation requirement of Section 404 of the Sarbanes-Oxley Act of 2002,
                                            or the Sarbanes-Oxley Act, in the assessment of our internal controls over financial reporting;
                                            and</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            the extent that we no longer qualify as a foreign private issuer, (i) reduced disclosure
                                            obligations regarding executive compensation in our periodic reports and proxy statements
                                            and (ii) exemptions from the requirements of holding a non-binding advisory vote on executive
                                            compensation, including golden parachute compensation.</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">We may take advantage of these exemptions until such time that we
are no longer an emerging growth company. We will cease to be an emerging growth company upon the earliest to occur of (i) the last day
of the fiscal year in which we have more than $1.235 billion in annual revenue; (ii) the date we qualify as a &ldquo;large accelerated
filer&rdquo; with at least $700 million of equity securities held by non-affiliates; (iii) the issuance, in any three year period, by
our company of more than $1.0 billion in non-convertible debt securities held by non-affiliates; and (iv) December 31, 2026.&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"></P></DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Implications of Being a Foreign Private Issuer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also considered a &ldquo;foreign private issuer&rdquo; under
U.S. securities laws. In our capacity as a foreign private issuer, we are exempt from certain rules under the Exchange Act that impose
certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. In addition,
members of our board of directors and our principal shareholders are exempt from the reporting and &ldquo;short-swing&rdquo; profit recovery
provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of our securities.
Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies
whose securities are registered under the Exchange Act. In addition, we are not required to comply with Regulation FD (Fair Disclosure),
which restricts the selective disclosure of material 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">We may take advantage of these exemptions until such time as we are
no longer a foreign private issuer. We will remain a foreign private issuer until such time that more than 50% of our outstanding voting
securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of the members of the board
of directors are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United&nbsp;States; or (iii) our business
is administered principally in the United States.</P>

<P STYLE="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 taken advantage of certain reduced reporting and other requirements
in this prospectus. Accordingly, the information contained herein may be different from the information you receive from other public
companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate History and 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; background-color: white">We were incorporated on January&nbsp;10,
2003 as a company with limited liability (naamloze vennootschap/soci&eacute;t&eacute; anonyme) incorporated and operating under the laws
of Belgium. We are registered with the legal entities register (Li&egrave;ge) under enterprise number 0479.292.440. We were publicly
listed on Euronext Brussels in June&nbsp;2006 and we had American Depositary Shares (&ldquo;ADS&rdquo;) listed on the Nasdaq Capital
Market in November 2021. In November 2023, we completed a share consolidation of our ordinary shares by means of a 1-for-10 reverse split,
such that following the share consolidation each ADS represented one ordinary share (instead of 10 ordinary shares previously). Following
the share consolidation and also during November 2023, we completed the mandatory exchange of all of our ADSs for one ordinary share
each and subsequently terminated our ADS facility.&nbsp;Following a transition period, the Company de-listed its ordinary shares from
Euronext Brussels and, as of December 18, 2023, our ordinary shares began solely trading on the Nasdaq Capital Market under the symbol
&ldquo;MDXH&rdquo;. In October 2010, the Company&rsquo;s name was changed from OncoMethylome Sciences SA to&nbsp;MDxHealth SA. We have
three directly held, wholly owned subsidiaries: MDxHealth, Inc., a Delaware company incorporated in April 2003, MDxHealth B.V., a Dutch
company incorporated in September 2015, and Exosome Diagnostics, Inc., a Delaware company incorporated in 2008. Our principal executive
office is in Belgium at Zone Industrielle des Hauts-Sarts 4040 Herstal, Belgium and the telephone number is +1 (866) 259-5644. Our agent
for service of process in the United States is MDxHealth, Inc., which is located at 15279 Alton Parkway &mdash; Suite 100, Irvine, CA
92618. MDxHealth, Inc.&rsquo;s telephone number is +1 949-812-6979.</P>

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




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

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<DIV STYLE="text-align: center; border: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%"><P STYLE="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="n_004"></A>THE OFFERING</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Ordinary Shares Offered by Selling Securityholder</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 74%"><FONT STYLE="font-size: 10pt">Up to 1,867,186 ordinary shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">We will not receive any proceeds from the sale of our ordinary shares by the selling securityholder.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Investing in our ordinary shares involves risks. See &ldquo;<I>Risk Factors</I>&rdquo; and other
    information contained herein or otherwise incorporated by reference herein before deciding to invest in shares of our ordinary shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Nasdaq Stock Market Symbol</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;MDXH.&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></DIV>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_003"></A>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">Investing in the securities to be offered pursuant to this prospectus
involves a high degree of risk. You should carefully consider the important factors set forth under the heading &ldquo;<I>Risk Factors</I>&rdquo;
in our most recent Annual Report on Form 20-F filed with the SEC and incorporated herein by reference, which may be amended, supplemented
or superseded from time to time by other reports we file with the SEC in the future, and any risk factors and other information described
in the applicable prospectus supplement or relevant free writing prospectus for such issuance before investing in any securities that
may be offered. For further details, see the sections entitled &ldquo;<I>Incorporation of Certain Information by Reference</I>&rdquo;
and &ldquo;<I>Where You Can Find Additional Information</I>.&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 of the risk factors referred to above could significantly and
negatively affect our business, results of operations or financial condition, which may reduce our ability to pay dividends and lower
the trading price of our securities. The risks referred to above are not the only ones that we face. Additional risks not currently known
by us or risks that we currently deem immaterial may also impair our business and operations. You should only consider investing in our
securities if you can bear the risk of loss of your entire investment.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">A
                                            sale of a substantial number of shares of common stock by the selling securityholder could
                                            cause the price of our common stock to decline.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            have a history of losses and expect to incur net losses in the future and may never achieve
                                            profitability.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            might require substantial additional funding to continue our operations and to respond to
                                            business needs or take advantage of new business opportunities, which may not be available
                                            on acceptable terms, or at all.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            loan facility contains restrictions that limit our flexibility in operating our business,
                                            and if we fail to comply with the covenants and other obligations under our loan agreement,
                                            the lenders may be able to accelerate amounts owed under the facility and may foreclose upon
                                            the assets securing our obligations.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            may engage in acquisitions that are not successful and which could disrupt our business,
                                            cause dilution to our stockholders and reduce our financial resources.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            operating results could be subject to significant fluctuation, which could increase the volatility
                                            of our stock price and cause losses to our shareholders.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            molecular diagnostics industry is highly competitive and characterized by rapid technological
                                            changes and we may be unable to keep pace with our competitors.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            financial results have been largely dependent on sales of two tests, Confirm mdx and GPS,
                                            and we will need to generate sufficient revenues from these tests and other future solutions
                                            to grow our business.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            face uncertainties over the reimbursement of our tests by third party payors.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            business may be adversely affected by global macroeconomic conditions and volatility in the
                                            capital markets.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">If
                                            we are unable to retain intellectual property protection in relation to our tests or if we
                                            are required to expend significant resources to protect our intellectual property position,
                                            our competitive position could be undercut.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            may be subject to substantial costs and liabilities or be prevented from using technologies
                                            incorporated in our tests as a result of litigation or other proceedings relating to patent
                                            rights.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            rely on strategic collaborative and license arrangements with third parties to develop critical
                                            intellectual property. We may not be able to successfully establish and maintain such intellectual
                                            property.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Due
                                            to billing complexities in the diagnostic and laboratory service industry, we may have difficulties
                                            receiving timely payment for the tests we perform, and may face write-offs, disputes with
                                            payors and patients, and long collection cycles.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            face an inherent risk of product liability claims.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failure
                                            to attract or retain key personnel or to secure the support of key scientific collaborators
                                            could materially adversely impact our business.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            business and reputation will suffer if we are unable to establish and comply with, stringent
                                            quality standards to assure that the highest level of quality is observed in the performance
                                            of our tests.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            laboratory facilities may become inoperable due to natural or man-made disasters or regulatory
                                            sanctions.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            rely on a limited number of third-party suppliers for services and items used in the production
                                            and operation of our testing solutions, and some of those services and items are supplied
                                            from a single source. Disruption of the supply chain, unavailability of third-party services
                                            required for the performance of the tests, modifications of certain items or failure to achieve
                                            economies of scale could have a material adverse effect on us.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failures
                                            in our information technology, storage systems, or our clinical laboratory equipment could
                                            significantly disrupt our operations and our research and development efforts.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            use of Artificial Intelligence presents new risks and challenges to our business.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            expect to make significant investments to research and develop new tests, which may not be
                                            successful.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            research and development efforts will be hindered if we are not able to obtain samples, contract
                                            with third parties for access to samples or complete timely enrollment in future clinical
                                            trials.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failure
                                            to comply with governmental payor regulations could result in us being excluded from participation
                                            in Medicare, Medicaid or other governmental payor programs, which would adversely affect
                                            our business.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failure
                                            to comply with federal, state and foreign laboratory licensing and related requirements could
                                            cause us to lose the ability to perform our tests, experience disruptions to our business,
                                            or become subject to administrative or judicial sanctions.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            FDA may change its position with respect to its regulation of the laboratory developed tests
                                            we offer or may seek to offer in the future, causing us to incur substantial costs and time
                                            delays associated with meeting requirements for pre-market clearance or approval or we could
                                            experience decreased demand for or reimbursement of our tests.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Delays
                                            in receipt of, or failure to obtain, required FDA clearances or approvals for our products
                                            in development, or improvements to or expanded indications for our current offerings, could
                                            materially delay or prevent us from commercializing or otherwise adversely impact future
                                            product commercialization.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            expect to rely on third parties to conduct any future studies of our technologies that may
                                            be required by the FDA or other U.S. or foreign regulatory bodies, and those third parties
                                            may not perform satisfactorily.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            conduct business in a heavily regulated industry, and changes in regulations or violations
                                            of regulations may, directly or indirectly, adversely affect our results of operations and
                                            financial condition and harm our business.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            business is subject to various complex laws and regulations applicable to providers of clinical
                                            diagnostic products and services.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Failure
                                            to comply with privacy, security, and consumer protection laws and regulations could result
                                            in fines, penalties and damage to our reputation and have a material adverse effect on our
                                            business.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            employees, independent contractors, consultants, commercial partners, and vendors may engage
                                            in misconduct or other improper activities, including noncompliance with regulatory standards
                                            and requirements.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Our
                                            operating results could be materially adversely affected by unanticipated changes in tax
                                            laws and regulations, adjustments to our tax provisions, exposure to additional tax liabilities,
                                            or forfeiture of our tax assets.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Certain
                                            of our significant shareholders may have different interests from us and may be able to control
                                            us, including the outcome of shareholder votes.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Holders
                                            of our ordinary shares should be aware that the rights provided to holders of our ordinary
                                            shares under Belgian corporate law and our Articles of Association differ in certain respects
                                            from the rights that you would typically enjoy as a shareholder of a U.S. company under applicable
                                            U.S. federal and state laws.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Concentration
                                            of ownership of our ordinary shares among our existing executive officers, directors and
                                            principal shareholders may prevent holders of our ordinary shares from influencing significant
                                            corporate decisions.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">As
                                            a foreign private issuer and as permitted by the listing requirements of Nasdaq, we rely
                                            on certain home country corporate governance practices rather than the corporate governance
                                            requirements of Nasdaq.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            may lose our foreign private issuer status in the future, which could result in significant
                                            additional costs and expenses.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We
                                            incur significant costs as a result of operating as a company that is publicly listed on
                                            Nasdaq, and our management is required to devote substantial time to compliance initiatives.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">If
                                            we fail to implement and maintain effective internal controls over financial reporting, our
                                            ability to produce accurate financial statements on a timely basis could be impaired.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>A sale of a substantial number of shares of common stock by
the selling securityholder could cause the price of our common stock to decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Resale Shares that may be resold by the selling securityholder
pursuant to this prospectus, if issued, would currently represent a material portion of the total outstanding shares in the Company,
and, following the effectiveness of the registration statement of which this prospectus forms a part, such Resale Shares may be sold
by the selling securityholder in the public market without restriction. If the selling securityholder sells, or the market perceives
that the selling securityholder intends to sell for various reasons, substantial amounts of such Resale Shares in the public market,
the price of our ordinary shares may decline. Additionally, such conditions may make it more difficult for us to sell equity or equity-related
securities in the future at a time and price that we deem reasonable or appropriate.</P>

<P STYLE="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><U>Risks Related to Our Business and Industry</U></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 a history of losses and expect to incur net losses in
the future and may never achieve profitability.</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 incurred substantial net losses since our inception, and there
can be no assurance that we will achieve profitability. As of December 31, 2024, we had an accumulated deficit of $369.5 million and
for the year ended December&nbsp;31, 2024, we had a net loss of $38.1 million and net cash outflows from operating activities of $18.5
million. We expect our losses to continue as a result of costs relating to ongoing research and development and for increased selling
and marketing costs for existing and planned testing solutions. These losses have had, and will continue to have, an adverse effect on
our working capital, total assets, and stockholders&rsquo; equity. Even if we achieve significant revenues, we may not become profitable,
and even if we achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. Failure
to become and remain consistently profitable could adversely affect the market price of our common stock and could significantly impair
our ability to raise capital or expand our business in accordance with our growth strategy. Historically, we have been able to raise
capital at regular occasions. If we are unable to continue to do this, our ability to operate as a going concern could be seriously compromised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not be able 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 have been prepared on a going
concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We
have a history of operating losses and management expects the Company to continue to incur net losses and have significant cash outflows
for at least the next twelve months. While these conditions, among others, could raise doubt about our ability to continue as a going
concern, these consolidated financial statements have been prepared assuming that the Company will continue as a going concern.&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"><B><I>We may require substantial additional funding to continue our
operations and to respond to business needs (including repayment of our outstanding debt) or take advantage of new business opportunities,
which may not be available on acceptable terms, or at all.</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 capital outlays and operating expenditures are expected to increase
over the next several years as commercial operations expand. We expect that we may require additional equity or debt funding from time
to time in case of a shortfall in cash inflows from operations or to respond to business needs (including repayment of our outstanding
debt) or take advantage of new business opportunities, which may not be available at acceptable terms, or at all. For more information
about our cash and cash equivalent position or total liquidity position, see also Item 5B. &ldquo;<I>Liquidity and Capital Resources</I>&rdquo;
in our Annual Report on Form 20-F for the fiscal year ended December 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; text-align: justify">Additionally, we have agreed to make material
additional payments in connection with recent acquisitions. In connection with our acquisition in 2025 of Exosome Diagnostics, Inc.,
we agreed to make deferred purchase price payments to Bio-Techne, an aggregate amount of up to $10 million of which remains outstanding.
Pursuant to our acquisition in 2022 of the GPS prostate cancer business of Exact Sciences Corporation (&ldquo;Exact Sciences&rdquo;),
we agreed to pay additional earnout amounts based upon a portion of the reported revenues attributable to the GPS business, an aggregate
amount of up to $54.5 million of which remains outstanding. At our option, a portion of the additional payment amounts can be settled
in cash or through the issuance of shares, subject to certain 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">If additional funds are raised through the sale of equity, convertible
debt or other equity-linked&nbsp;securities, our securityholders&rsquo; ownership will be diluted. Any equity securities issued also
may provide for rights, preferences or privileges senior to those of holders of shares. If additional funds are raised by issuing debt
securities, these debt securities would have rights, preferences and privileges senior to those of shareholders, and the terms of the
debt securities issued could impose significant restrictions on our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If adequate funds are not available, we may have to scale back our
operations or limit our research and development activities, which may cause us to grow at a slower pace, or not at all, and our business
could be adversely affected.</P>

<P STYLE="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 credit facility contains restrictions that limit our flexibility
in operating our business, and if we fail to comply with the covenants and other obligations under our credit facility, the lenders may
be able to accelerate amounts owed under the facility and may foreclose upon the assets securing our obligations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May&nbsp;1, 2024, we entered into a $100&nbsp;million Credit Agreement
(the &ldquo;Credit Agreement&rdquo;) with certain funds managed by&nbsp;OrbiMed&nbsp;Advisors LLC (&ldquo;OrbiMed&rdquo;) which Credit
Agreement was amended&nbsp;in July and August&nbsp;2024. The Credit Agreement provides for a five-year&nbsp;senior secured credit facility
in an aggregate principal amount of up to $100&nbsp;million, of which (i)&nbsp;$55&nbsp;million was advanced in May&nbsp;2024, (ii)&nbsp;$25&nbsp;million
was advanced in March 2025, and (iii)&nbsp;$20&nbsp;million will be made available, at our discretion, on or prior to March&nbsp;31,
2026, subject to certain net revenue requirements and other customary conditions. All obligations under the credit agreement are secured
by substantially all of our assets, including intellectual property rights. The Credit Agreement matures on May&nbsp;1, 2029.</P>

<P STYLE="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 subject to a number of affirmative and restrictive covenants
pursuant to the Credit Agreement, which limit or restrict our ability to (subject to certain qualifications and exceptions): create liens
and encumbrances; incur additional indebtedness; merge, dissolve, liquidate or consolidate; make acquisitions, investments, advances
or loans; dispose of or transfer assets; pay dividends or make other payments in respect of their capital stock; amend certain material
documents; redeem or repurchase certain debt; engage in certain transactions with affiliates; enter into certain restrictive agreements;
and engage in certain other activities customary for a senior secured credit facility. In addition, if, for any quarter beginning on
June&nbsp;30, 2025 and until the maturity date of the Credit Agreement, our net revenue does not meet certain minimum amounts, then,
subject to certain cure rights specified in the Credit Agreement, we will be required to repay the outstanding principal amount of the
Credit Agreement in equal monthly installments, together with accrued interest on the principal repaid and a repayment premium and other
fees, until the maturity date of the Credit Agreement. In addition, an event of default will occur if we fail to maintain certain levels
of unrestricted cash and cash equivalents during various time periods, including monthly assessments thereof, initially at a minimum
level of $20&nbsp;million and subsequently reducing to a $5&nbsp;million minimum level following the achievement of certain milestones.</P>

<P STYLE="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 obligations under the Credit Agreement are subject to acceleration
upon the occurrence of an event of default (subject to applicable notice and grace periods). We may also enter into other debt agreements
in the future which may contain similar or more restrictive terms.</P>

<P STYLE="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 ability to remain in compliance with financial covenants contained
in the Credit Agreement, to request additional advances under the Credit Agreement, and to make scheduled payments required under the
Credit Agreement depends on numerous factors, including our financial and operating performance. There can be no assurance that we will
maintain a level of cash reserves or cash flows from operating activities sufficient to remain in compliance with applicable financial
covenants, to qualify for additional advances under the Credit Agreement, and to permit us to pay the principal, premium, if any, and
interest on our existing or future indebtedness. If our cash flows and capital resources prove insufficient, we may be forced to reduce
or delay capital expenditures, sell assets or operations, seek additional capital or restructure or refinance our indebtedness. We cannot
assure you that we would be able to take any of these actions, or that these actions would permit us to remain in compliance with the
Credit Agreement or to meet our scheduled debt service obligations. Failure to comply with the terms and conditions of the Credit Agreement
will (subject to applicable notice and grace periods) result in an event of default, which could result in an acceleration of amounts
due under the Credit Agreement. We may not have sufficient funds or may be unable to arrange for additional financing to repay our indebtedness
or to make any accelerated payments, and&nbsp;OrbiMed&nbsp;could seek to enforce security interests in the collateral securing such indebtedness,
which would harm our business. In addition, if we are unable to timely achieve certain minimum revenue and liquidity targets, we will
be unable to borrow additional funds pursuant to the Credit Agreement, which could negatively impact our ability to fund our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may engage in acquisitions that are not successful and which
could disrupt our business, cause dilution to our stockholders and reduce our financial resources.</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 our acquisition of ExoDx from Bio-techne in September
2025 and our acquisition of our GPS test from Genomic Health, Inc., a subsidiary of Exact Sciences, in August 2022, we may enter into
other transactions in the future to acquire other businesses, products or technologies. We may be unable to realize the anticipated benefits
of the acquisitions or do so within the anticipated timeframe. Any acquisitions may not strengthen our competitive position, and these
transactions may be viewed negatively by customers or investors. We could incur losses resulting from known or unknown liabilities of
the acquired business that are not sufficiently covered by the indemnification we may obtain from the seller. In addition, we may not
be able to successfully integrate the acquired personnel, technologies and operations into our existing business in an effective, timely
and non-disruptive&nbsp;manner. If we are unable to do so, the disruption to our operations could result in additional costs or could
distract management&rsquo;s attention from other initiatives.</P>

<P STYLE="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 operating results could be subject to significant fluctuation,
which could increase the volatility of our stock price and cause losses to our shareholders.</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 revenues and results of operations have historically fluctuated
significantly and may do so in the future, depending on a variety of factors, including the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            success in marketing and selling, and changes in demand for, our tests, and the level of
                                            reimbursement and collection obtained for such tests;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">seasonal
                                            variations or non-seasonal events or circumstances affecting healthcare provider recommendations
                                            for our tests and patient compliance with healthcare provider recommendations, including
                                            without limitation, holidays, weather events, and circumstances such as the outbreak of influenza
                                            that may limit patient access to medical practices or institutions for diagnostic tests and
                                            preventive services;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            success in collecting payments from third-party and other payors, patients and collaborative
                                            partners, variation in the timing of these payments and recognition of these payments as
                                            revenues;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            pricing of our tests, including potential changes in the reimbursement rates for claims submitted
                                            to the U.S. Centers for Medicare &amp; Medicaid Services (&ldquo;CMS&rdquo;) or other healthcare
                                            payors;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">circumstances
                                            affecting our ability to provide our tests, including weather events, supply shortages, or
                                            regulatory or other circumstances that adversely affect our ability to manufacture our tests
                                            or process tests in our clinical laboratories;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">fluctuations
                                            in the amount and timing of our selling and marketing costs and our ability to manage costs
                                            and expenses and effectively implement our business; and</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            research and development activities, including the timing, size, complexity, and cost of
                                            clinical studies.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, because the substantial majority of our revenues are
generated by sales to customers without either a written contract, a set price, or a payment due date, the amount of revenue that we
report is based on estimates of future collections that contain uncertainty and require the use of significant judgment by management.
We cannot provide any assurance as to when, if ever, or to what extent, any of the recognized revenues that represent uncollected amounts
will be collected. Shortfalls in actual cash collected, as well as changes to expected collectability, of estimated amounts recognized
as revenue can materially negatively impact operating results in subsequent periods. See &ldquo;<I>Risk Factors &mdash; Due to billing
complexities in the diagnostic and laboratory service industry, we may have difficulties receiving timely payment for the tests we perform,
and may face write-offs, disputes with payors and patients, and long collection cycles</I>.&rdquo; As a result, comparing our operating
results on a period-to-period basis may be difficult due to fluctuations resulting from our revenue estimation process, and such comparisons
may not be meaningful and should not be relied upon as an indication of our future performance. Resulting fluctuations in revenue may
make it difficult in the near term for us, research analysts and investors to accurately forecast our revenue and operating results.</P>

<P STYLE="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 our revenues or operating results fall below the expectations of
investors or public market analysts, the trading price of our common stock could decline substantially.</P>

<P STYLE="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 molecular diagnostics industry is highly competitive and
characterized by rapid technological changes and we may be unable to keep pace with our competitors.</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 molecular diagnostics field is characterized by rapid technological
changes, frequent new product introductions, changing customer preferences, emerging competition, evolving industry and regulatory compliance
standards, reimbursement uncertainty and price competition. Moreover, the molecular diagnostics field is intensely competitive both in
terms of service and price, and continues to undergo significant consolidation, permitting larger clinical laboratory service providers
to increase cost efficiencies and service levels, resulting in more intense competition.</P>

<P STYLE="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 market for assessing men at risk for prostate cancer diagnosis
or aggressiveness is large. As a result, this market has attracted competitors, some of which possess substantially greater financial,
selling, logistical and laboratory resources, more experience in dealing with third-party&nbsp;payors, and greater market penetration,
purchasing power and marketing budgets, as well as more experience in providing diagnostic services. Some companies and institutions
are developing serum-based&nbsp;tests and diagnostic tests based on the detection of proteins, nucleic acids or the presence of fragments
of mutated genes in the blood that are associated with prostate cancer. These competitors could have technological, financial, reputational,
and market access advantages over 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">Some of our current and potential competitors may have significant
competitive advantages over us, which may make them more attractive to hospitals, clinics, group purchasing organizations and physicians.
See &ldquo;Item 4.B. Business Overview &mdash; Competition&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December
31, 2024, for additional information regarding our competitors and the effects of competition on our business.</P>

<P STYLE="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 be unable to compete effectively against our competitors either
because their products and services are superior or because they are more effective in developing or commercializing competing products
and services. Furthermore, even if we do develop new marketable products or services, our current and future competitors may develop
products and services that are more clinically or commercially attractive than ours, and they may bring those products and services to
market earlier or more effectively than us. If we are unable to compete successfully against current or future competitors, we may be
unable to increase market acceptance for, and sales of, our tests, which could prevent us from increasing or sustaining our revenues
or achieving sustained profitability and could cause the market price of our common stock to decline.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our commercial success will depend on the market acceptance
and adoption of our current and future tests.</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">Healthcare providers typically take a long time to adopt new products,
testing practices and clinical treatments, partly because of perceived liability risks and the uncertainty of third-party&nbsp;coverage
and reimbursement. It is critical to the success of our sales efforts that we educate enough patients, clinicians and administrators
about molecular diagnostics testing, in general, as well as about our testing solutions, and demonstrate their clinical benefits. It
is likely that clinicians may not adopt, and third-party&nbsp;payors may not cover or adequately reimburse for, our tests unless they
determine, based on published peer-reviewed&nbsp;journal articles and the experience of other clinicians, that they provide accurate,
reliable, and cost-effective 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">As the healthcare reimbursement system in the United States evolves
to place greater emphasis on comparative effectiveness and outcomes data, we cannot predict whether we will have sufficient data, or
whether the data we have will be presented to the satisfaction of any payors seeking such data, in the process of determining and maintaining
coverage for our diagnostic tests. The administration of clinical and economic utility studies is expensive and demands significant attention
from the management team. There can be no assurance that our clinical studies will be successfully initiated, enrolled or completed.
Also, data collected from these studies may not be positive or consistent with our existing data or may not be statistically significant
or compelling to the medical community. If the results obtained from ongoing or future studies are inconsistent with certain results
obtained from previous studies, adoption of diagnostic services would suffer, and our business would be harmed.</P>

<P STYLE="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 our tests or the technology underlying our current or future tests
do not receive sufficient favorable exposure in peer-reviewed&nbsp;publications, the rate of clinician adoption of our tests and positive
reimbursement coverage decisions for our tests could be negatively affected. See &ldquo;<I>Risk Factors &mdash; We face uncertainties
over the reimbursement of our tests by third party payors</I>.&rdquo; The publication of clinical data in peer-reviewed&nbsp;journals
is a crucial step in commercializing and obtaining reimbursement for diagnostic tests, and our inability to control when, if ever, our
results are published may delay or limit our ability to derive sufficient revenue from any product that is the subject of a study.</P>

<P STYLE="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 financial results have been largely dependent on sales of
two tests, Confirm mdx and GPS, and we will need to generate sufficient revenues from these tests and other future solutions to grow
our business.</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">Currently, we rely significantly on the sales of Confirm mdx and GPS
tests in the United States for our revenues, with these tests combined accounting for approximately 82% of total revenues in the nine
months ended September 30, 2025, 80% of total revenue in 2024 and 79% of total revenue in 2023.</P>

<P STYLE="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 diversified our revenue through the commercialization of additional
precision diagnostic test offerings, including our ExoDx and Resolve mdx tests. However, sales of Confirm mdx and GPS are expected to
continue to account for a substantial portion of total revenues for at least the next several years. If reimbursement for our tests were
to be revoked or limited either by CMS or commercial payors, this could have an immediate impact on our revenues. While we do not believe
that revocation of Medicare reimbursement for Confirm mdx or GPS tests is likely, if this were to occur, the impact could be severe.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The commercial success of our testing solutions
and our ability to generate sales will depend on several factors, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">acceptance
                                            by the medical community;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            number of patients undergoing a prostate biopsy procedure;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">acceptance,
                                            endorsement and formal policy approval of favorable reimbursement for the test by Medicare
                                            and other third-party payors;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to successfully market the tests;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            amount of and nature of competition from other prostate cancer products and procedures;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">maintaining
                                            and defending patent protection for the intellectual property relevant to our products and
                                            services; and</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to establish and maintain adequate commercial distribution, sales force and laboratory
                                            testing capabilities.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; 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 we are unable to increase sales and reimbursement of our current
testing solutions or successfully develop and commercialize other solutions or enhancements, our revenues and our ability to achieve
profitability would be impaired, and the market price of our shares could decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face uncertainties concerning the coverage and reimbursement
of our tests by third-party payors.</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">Successful commercialization of our testing solutions depends, in
large part, on the availability of coverage and adequate reimbursement from government and private payors. Favorable third-party&nbsp;payor
coverage and reimbursement are essential to meeting our immediate objectives and long-term&nbsp;commercial goals. In the United States,
for new diagnostic tests, each private and government payor decides whether to cover the test, the amount it will reimburse clinical
laboratories or other providers for a covered test, and any specific conditions for coverage and reimbursement. Healthcare providers
may be unlikely to order a specific diagnostic test unless an applicable third-party&nbsp;payor offers meaningful reimbursement for the
test. Therefore,&nbsp;adequate coverage and reimbursement is critical to the commercial success of a diagnostic product, and if we are
unable to secure and maintain favorable coverage determinations and reimbursement, this will undermine our ability to earn revenue from
our products.</P>

<P STYLE="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>Medicare</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">Reimbursement for diagnostic tests furnished to Medicare beneficiaries
(typically patients aged 65 or older) is usually based on a fee schedule set by the CMS, a division of the U.S. Department of Health
and Human Services (&ldquo;HHS&rdquo;). As a Medicare-enrolled provider with our primary&nbsp;laboratory based in California, we bill
Noridian Healthcare Solutions (&ldquo;Noridian&rdquo;), the Medicare Administrative Contractor (&ldquo;MAC&rdquo;) for California, and
our Confirm mdx and GPS tests are subject to Noridian&rsquo;s local coverage and reimbursement policies. Noridian participates in the
Molecular Diagnostic Services Program (&ldquo;MolDX&rdquo;), administered by Palmetto GBA, which handles technical assessments for U.S.
laboratories that perform molecular diagnostic testing and issues Medicare local coverage determinations and associated coverage documentation
(&ldquo;LCDs&rdquo;). The Confirm mdx test obtained a positive Medicare LCD under the MolDX program in 2014 and the GPS test obtained
a positive Medicare coverage LCD in 2015, each of which provides coverage for Medicare patients throughout the United States. As a Medicare-enrolled
provider with a secondary&nbsp;laboratory based in Massachusetts, we bill National Government Services, Inc. (&ldquo;NGS&rdquo;), the
MAC covering Massachusetts, for tests that are offered by our Waltham, Massachusetts laboratory, including our recently acquired ExoDx
test, which obtained a positive Medicare coverage LCD in 2018. As a Medicare-enrolled provider with a secondary&nbsp;laboratory based
in Texas, we bill Novitas Solutions (&ldquo;Novitas&rdquo;), the MAC covering Texas, for tests that are offered by our Texas laboratory,
including our Resolve mdx test, claims for which tests are therefore subject to Novitas&rsquo; local coverage and reimbursement policies.
Novitas does not at this time participate in the MolDx program, nor does it in practice issue LCDs for all molecular tests that it may
reimburse. As a result, molecular tests offered by our Texas laboratory may in certain cases be billed to Novitas using industry-standard
coding terms that describe the procedures performed, pursuant to guidance and instructions set forth by the American Medical Association
&ldquo;CPT codebook&rdquo; as well as associated guidance set forth in the Policy Manual for Medicare Services published by the National
Correct Coding Initiative (NCCI). Because of the highly technical nature of interpreting complex and disparate coding policies applicable
to certain of the Company&rsquo;s tests, there can be no assurance that Medicare, or the MACs that determine local Medicare coverage,
will continue to issue or follow positive coverage and reimbursement policies and practices and, if issued or followed, that such policies
or reimbursement practices will be maintained 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">Medicare accounted for approximately 41% of MDxHealth&rsquo;s revenues
in 2024 compared to 39% of MDxHealth&rsquo;s revenues in 2023. See Note 4 in the Notes to Consolidated Financial Statements included
in Part III for further detail.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><I>Commercial payors</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">Obtaining coverage and reimbursement by commercial payors is a time-consuming&nbsp;and
costly process, without a guaranteed outcome, since each commercial payor makes its own decision with respect to whether to cover a particular
test and, if so, at what rate to reimburse providers for that test. In addition, several payors and other entities conduct technology
assessments of new medical tests and devices and provide the results of these assessments for informational purposes to other parties.
These assessments may be used by third-party&nbsp;payors and healthcare providers as grounds to deny coverage for a particular test,
or to refuse to use or order a particular test or procedure. Our tests have received initial negative technology assessments from several
of these entities and are likely to receive more negative technology assessments. We continue to work with third-party&nbsp;payors to
obtain coverage and reimbursement&nbsp;for our tests and to appeal coverage denial decisions based on existing and ongoing studies, peer
reviewed publications, and support from physician and patient groups. There are no assurances that commercial payors will continue to
issue positive coverage and reimbursement policies and/or contracts and, if issued, that such policies and/or contracts will be maintained
in the future. If our tests are considered on a policy-wide&nbsp;level by major third-party&nbsp;payors, whether at our request or on
the payor&rsquo;s own initiative, and the payor determines that such tests are ineligible for coverage and reimbursement, our revenue
potential could be adversely impacted.</P>

<P STYLE="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 business may be adversely affected by global macroeconomic
conditions and volatility in the capital markets.</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 growth of our business is, and will continue to be, affected by
changes in the overall global economy. Various macroeconomic factors could adversely affect our business and the results of our operations
and financial condition, including changes in inflation, high interest rates, foreign currency exchange rates, weakness in general economic
conditions and threatened or actual recessions, including those resulting from the current and future conditions in the global financial
markets, shifting political landscapes, and budgeting constraints of governmental entities. Cost inflation, including increases in raw
material prices, labor rates, transportation costs and tariffs, may continue to impact our profitability. Our ability to recover these
cost increases through price increases is significantly limited by the process by which we are reimbursed for our products and services
by government and private payors. In addition, disruptions in the U.S., Europe or other economies, including due to geopolitical conflict
or uncertainty and changing international trade policies, could disrupt global markets, interrupt global supply chains, and have other
potential inflationary or recessionary effects on the global economy.</P>

<P STYLE="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 volatility of the capital markets could also affect the value
of our investments and our ability to liquidate our investments in order to fund our operations. The high interest rate environment and
reduced access to capital markets could also adversely affect the ability of our suppliers, distributors, licensors, collaborators, contract
manufacturers and other commercial partners to remain effective business partners or to remain in business. The loss of a critical business
partner, or a failure to perform by a critical business partner, could have a disruptive effect on our business and could adversely affect
our results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Public health crises, such as the COVID-19 pandemic, have had,
and could in the future have, adverse effects on our business and financial results.</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">Pandemics or disease outbreaks, such as the COVID-19 pandemic, have
created and may continue to create significant volatility, uncertainty and economic disruption in the markets in which we sell or plan
to sell our current or future tests and in which we operate, and may negatively impact business and healthcare activity globally. For
example, in response to the COVID-19 pandemic, governments around the world imposed measures designed to reduce the transmission of COVID-19,
patients postponed visits to healthcare providers, certain healthcare providers temporarily closed their offices or restricted patient
visits, healthcare provider employees became generally unavailable and there were disruptions in the operations of payors, suppliers
and other third parties that are necessary for our tests to be administered. The extent to which fear of exposure to or actual effects
of COVID-19, new variants, disease outbreak, epidemic or a similar widespread health concern impacts our business will depend on future
developments, which are highly uncertain and cannot be predicted with confidence, such as the speed and extent of geographic spread of
the disease, the duration of the outbreak, travel restrictions, the efficacy of vaccination and treatment; impact on the U.S. and international
healthcare systems, the U.S. economy and worldwide economy; the timing, scope and effectiveness of U.S. and international governmental
response; and the impact on the health, well-being and productivity of our employees; and short- and long-term changes in the behaviors
of medical professionals and patients resulting from any such pandemic, outbreak, epidemic or other health concern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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><U>Risks Related to Our Intellectual Property</U></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>If we are unable to retain intellectual property protection
in relation to our tests or if we are required to expend significant resources to protect our intellectual property position, our competitive
position could be undercut. </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 ability to protect our discoveries, know-how&nbsp;and technologies
affects our ability to compete and to achieve profitability. We rely on a combination of U.S. and foreign patents and patent applications,
copyrights, trademarks and trademark applications, confidentiality or non-disclosure&nbsp;agreements, material transfer agreements, licenses
and consulting agreements to protect our intellectual property rights. We also maintain certain company know-how, algorithms, and technological
innovations designed to provide us with a competitive advantage in the marketplace as trade secrets. As of December 26<SUP>th</SUP>, 2025, we owned or had
exclusive rights to more than eighteen patent families related to our molecular technology and cancer-specific&nbsp;biomarkers. Specifically,
there are 174 granted or pending patent applications in this group comprised of nineteen&nbsp;issued or allowed U.S. patents, six pending
U.S. provisional or non-provisional&nbsp;applications, zero&nbsp;pending international patent applications filed under the Patent Cooperation
Treaty and 147 granted or allowed patents in jurisdictions outside the United States, including Japan, Canada, Israel and the major European
countries. Our issued U.S. patents expire at various times between 2029 and 2042. Of these issued patents, 9 cover intellectual property
used in our Select mdx test, the last of which expires in 2036, 55 cover intellectual property used in our GPS test, the last of which
expires in 2038, and 45 cover intellectual property used in our Exosome test the last of which expires in 2042. When these patents expire
other companies will no longer be prohibited from incorporating the subject intellectual property into competing tests they may seek
to develop.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we intend to pursue additional and future patent applications,
it is possible that pending patent applications and any future applications may not result in issued patents. Additionally, agency workforce
reductions or turnover could delay or change the outcome of approvals or decisions on which we rely to protect our intellectual property.
Even if patents are issued, third parties may independently develop similar or competing technology that avoids our patents. Third&nbsp;parties
may also assert infringement or other intellectual property claims against us or against our licensors, licensees, suppliers or strategic
partners. Any actions regarding patents could be costly and time-consuming&nbsp;and could divert the attention of management and key
personnel from other areas of our business. Further, we cannot be certain that the steps we have taken will prevent the misappropriation
of our trade secrets and other confidential information as well as the misuse of our patents and other intellectual property, particularly
in foreign countries with no patent protection.</P>

<P STYLE="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 we have licensed and own issued patents in the United States
and foreign countries, we cannot be certain the claims will continue to be considered patentable by the U.S. Patent and Trademark Office
(the &ldquo;USPTO&rdquo;), U.S. courts patent offices and courts in other jurisdictions. The U.S. Supreme Court, other federal courts
and/or the USPTO, may change the standards of patentability and any such changes could have a negative impact on our business. For instance,
the Federal Circuit has recently ruled on several patent cases, such as&nbsp;<I>Univ. of Utah Research Found. v. Ambry Genetics Corp.</I>,&nbsp;774
F.3d 755 (Fed. Cir. 2014)<I>, Ariosa Diagnostics, Inc. v. Sequenom, Inc.</I>,&nbsp;788 F.3d 1371 (Fed. Cir. 2015)<I>, Genetic Tech. Ltd.
v. Merial LLC, </I>818 F.3d 1369 (Fed. Cir. 2016), and&nbsp;<I>Cleveland Clinic Found. v. True Health Diagnostics, </I>859 F.3d 1352
(Fed. Cir. 2017), that some diagnostic method claims are not patent eligible. These decisions have narrowed the scope of patent protection
available in certain circumstances or weakened the rights of patent owners in certain situations. Some aspects of our technology involve
processes that may be subject to this evolving standard and we cannot guarantee that any of our issued or pending process claims will
be patentable as a result of such evolving standards. In addition, this combination of decisions has created uncertainty as to the value
of certain issued patents, in particular in the detection of prostate cancer and other cancers.</P>

<P STYLE="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 may be subject to substantial costs and liabilities or be
prevented from using technologies incorporated in our tests as a result of litigation or other proceedings relating to patent rights.</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">Third parties may assert infringement or other intellectual property
claims against us or our licensors, licensees, suppliers or strategic partners. We pursue a patent strategy that we believe provides
us with a competitive advantage in the assessment of prostate cancer and is designed to maximize patent protection against third parties
in the United States and, potentially, in certain foreign countries. In order to protect or enforce our patent rights, we may have to
initiate actions against third parties. Any actions regarding patents could be costly and time-consuming&nbsp;and could divert the attention
of management and key personnel from other areas of our business. Additionally, such actions could result in challenges to the validity
or applicability of our patents. Because the USPTO maintains patent applications in secrecy until a patent application is published or
the patent is issued, we have no way of knowing if others may have filed patent applications covering technologies used by us or our
partners. Additionally, there may be third-party&nbsp;patents, patent applications and other intellectual property relevant our technologies
that may block or compete with our technologies. Even if third-party&nbsp;claims are without merit, defending a lawsuit may result in
substantial expense to us and may divert the attention of management and key personnel. In addition, we cannot provide assurance that
we would prevail in any such suits or that the damages or other remedies, if any, awarded against us would not be substantial. Claims
of intellectual property infringement may require us, or our strategic partners, to enter into royalty or license agreements with third
parties that may not be available on acceptable terms, if at all. These claims may also result in injunctions which could prevent us
from further developing and commercializing services or products containing our technologies, which could in turn adversely affect our
ability to earn revenues from these services or products.&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">Also, patents and patent applications owned by us may become the subject
of post-grant challenges or interference proceedings in the USPTO to determine validity and the priority of invention, which could result
in substantial cost as well as a possible adverse decision as to the validity or priority of invention of the patent or patent application
involved. An adverse decision in an interference proceeding may result in the loss of rights under a patent or patent application subject
to such a proceeding.&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">Ultimately, the potential weakening of our intellectual property position
as a result of the evolution of case law or otherwise may make us more vulnerable to competition. While we are unable to quantify the
impact of this risk given that our patents remain untested in the courts, the impact could be severe if our competitors are able to take
advantage of any weakening of our intellectual property position.</P>

<P STYLE="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 rely on strategic collaborative and license arrangements
with third parties to develop critical intellectual property. We may not be able to successfully establish and maintain such intellectual
property.</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 development and commercialization of our products and services
rely, directly or indirectly, upon strategic collaborations and license agreements with third parties. Our dependence on license, collaboration
and other similar agreements with third parties may subject us to a number of risks. There can be no assurance that any current contractual
arrangements between us and third parties or between our strategic partners and other third parties will be continued on materially similar
terms and will not be breached or terminated early. Any failure to obtain or retain the rights to necessary technologies on acceptable
commercial terms could require us to re-configure&nbsp;our products and services, which could negatively impact their commercial sale
or increase the associated costs, either of which could materially harm our business and adversely affect our future revenues and ability
to achieve sustained profitability.</P>

<P STYLE="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 expect to continue and expand our reliance on collaboration and
license arrangements. Establishing new strategic collaborations and license arrangements is difficult and time-consuming. Discussions
with potential collaborators or licensors may not lead to the establishment of collaborations on favorable terms, if at all. To the extent
we agree to work exclusively with one collaborator in a given area, our opportunities to collaborate with other entities could be limited.
Potential collaborators or licensors may reject collaborations with us based upon their assessment of our financial, regulatory or intellectual
property position or other factors. Even if we successfully establish new collaborations, these relationships may never result in the
successful commercialization of any product or service. In addition, the success of the projects that require collaboration with third
parties will be dependent on the continued success of such collaborators. There is no guarantee that our collaborators will continue
to be successful and, as a result, we may expend considerable time and resources developing products or services that will not ultimately
be commercialized.</P>

<P STYLE="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>If patent regulations or standards are modified, such changes
could have a negative impact on our business.</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">From time to time, the U.S. Supreme Court, other federal courts, the
U.S. Congress, or the USPTO may change the standards of patentability and validity of patents within the cancer screening and diagnostics
space, and any such changes could have a negative impact on our business.</P>

<P STYLE="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 have been several cases involving &ldquo;gene patents&rdquo;
and diagnostic claims that have been considered by the U.S. Supreme Court that have affected the legal concept of subject matter eligibility
by seemingly narrowing the scope of the statute defining patentable inventions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, in December 2014 and again in 2019, the USPTO published
revised guidelines for patent examiners to apply when examining process claims that narrow the scope of patentable subject matter. While
these guidelines may be subject to review and modification by the USPTO over time, we cannot assure you that our patent portfolio will
not be negatively impacted by the decisions mentioned above, rulings in other cases, or changes in guidance or procedures issued by the
USPTO.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional substantive changes to patent law, whether new or associated
with the America Invents Act &mdash; which substantially revised the U.S. patent system &mdash; may affect our ability to obtain, enforce
or defend our patents. Accordingly, it is not clear what, if any, impact these substantive changes will ultimately have on the cost of
prosecuting our patent applications, our ability to obtain patents based on our discoveries, and our ability to enforce or defend our
issued patents, all of which could have a material adverse effect on our business.</P>

<P STYLE="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><U>Risks Related to Our Operations</U></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>Due to billing complexities in the diagnostic and laboratory
service industry, we may have difficulties receiving timely payment for the tests we perform, and may face write-offs, disputes with
payors and patients, and long collection cycles.</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">Billing for diagnostic and laboratory services is a complex process.
We bill many different payors including patients, private insurance companies, Medicare, Medicaid, and employer groups, all of which
have different billing requirements.&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">We are often obligated to bill services in the specific manner required
by each particular third-party&nbsp;payor. Failure to comply with these complex billing requirements (including complex federal and state
regulations related to billing government health care programs, <I>e.g.</I>, Medicare and Medicaid)&nbsp;may significantly hinder our
collection and retention efforts, including not only potential write-offs&nbsp;of doubtful accounts and long collection cycles for accounts
receivable, but also the potential disgorgement of previously paid claims based on third-party&nbsp;payor program integrity investigations
into billing discrepancies, fraud, waste and abuse. With CMS&rsquo;s recent implementation of a comprehensive oversight regime that consolidated
program integrity powers into a single Unified Program Integrity Contractor (&ldquo;UPIC&rdquo;), audit and investigatory activity into
potential billing fraud, waste and abuse in the industry has in recent years significantly increased. Responding to requests from a UPIC,
or other auditor, is often time-consuming&nbsp;and requires dedication of internal, and sometimes external, resources. UPICs also have
the authority to implement Medicare payment suspensions during the pendency of an audit, which could significantly impact cash flows,
even where no improper billing is ultimately found to have occurred. Commercial payors may also engage in audit activity, requiring timely
production of medical documentation in support of billed claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may face patient dissatisfaction, complaints or lawsuits, including
to the extent our tests are not fully covered by insurers and patients become responsible for all or part of the price of the test.&nbsp;As
a result, patient demand for our tests could be adversely affected.&nbsp;To the extent patients express dissatisfaction with our billing
practices to their healthcare providers, those healthcare providers may be less likely to prescribe our tests for other patients, and
our business would be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even if payors agree to cover our tests, our billing and collections
process may be complicated by the following and other factors, which may be beyond our control:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">differences
                                            between the list price for our tests and the reimbursement rates of payers;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">complex
                                            and disparate reimbursement rules and requirements;</FONT></TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">disputes
                                            among payors as to which payor is responsible for payment;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">disparity
                                            in coverage among various payors or among various healthcare plans offered by a single payor;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">payor
                                            medical management requirements, including prior authorization requirements;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">differing
                                            information and billing requirements among payors;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">failure
                                            by patients or healthcare providers to provide complete and correct billing information;
                                            and</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">limitations
                                            and requirement for patient billing, including those related to deductibles, co-payments,
                                            and co-insurance originating from contracts with commercial payors.</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">As a result of the above, we may face write-offs of doubtful accounts,
payment suspensions and disgorgement of previously paid claims, disputes with payors and patients, and long collection cycles.</P>

<P STYLE="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, the substantial majority of tests that we perform for
customers are sold without either a written contract, a set price or a payment due date. Generally, the amount of revenue that we report
for these test sales represent estimates of our expected collections, based on factors such as payment history, payer coverage, whether
there is a reimbursement contract between the payer and us, risks of denial or recoupment for patient ineligibility, non-coverage or
error by us or the payor, and any current developments or changes that could impact reimbursement. We cannot provide any assurance as
to when, if ever, or to what extent, any of the recognized revenues that represent uncollected amounts will be collected. We monitor
the estimated amount to be collected at each reporting period based on actual cash collections and other indicia of expected payor behavior
in order to assess whether an adjustment to the estimate is required. Both the estimates and any subsequent adjustments contain uncertainty
and require the use of significant judgment by management. Actual results could differ from those estimates and assumptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Third-party payers are increasingly focused on controlling healthcare
costs, and such efforts, including revisions to coverage and reimbursement policies and practices, further complicate our ability to
estimate expected collections and delays our reimbursement of claims. In response to changing and inconsistent payer claims reimbursement
practices, particularly among commercial payers, we continue to actively adapt and refine the types and weighting of factors that are
utilized to estimate and monitor expected collection amounts for tests performed in both current and prior reporting periods. Changes
to estimates are made in the period those adjustments become known. Should the factors underlying our judgments materially change, our
accrued revenue and financial results could be further negatively impacted in future periods.</P>

<P STYLE="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 billing complexities, and the related uncertainty in obtaining
payment for our tests, could negatively affect our revenue and cash flow, our ability to sustain profitability, and the consistency and
comparability of our results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face an inherent risk of product liability claims.</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 marketing, sale and use of our tests could lead to product or
professional liability claims against us if someone were to allege that our tests failed to perform as they were designed, or if someone
were to misinterpret test results or improperly rely on them for clinical decisions. Although we maintain product and professional liability
insurance which is deemed to be appropriate and adequate, it may not fully protect us from the financial impact of defending against
product liability or professional liability claims or any judgments, fines or settlement costs arising out of any such claims. Furthermore,
any product liability lawsuit, with or without merit, could increase our insurance rates or prevent us from securing insurance coverage
in the future. Additionally, any product liability lawsuit could harm our reputation, which could impact our results of operations, or
cause collaboration partners to terminate existing agreements and potential partners to seek alternate partners, any of which could negatively
impact our results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Failure to attract or retain key personnel or to secure the
support of key scientific collaborators could materially adversely impact our business.</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 success in implementing our business strategy depends largely
on the skills, experience, and performance of key members of our executive management team and others in key management positions, including
Michael McGarrity, our Chief Executive Officer. The collective efforts of our executive management team are critical to us as we continue
to develop our technologies, tests, and R&amp;D and sales programs. The loss or incapacity of existing members of our executive management
team could adversely affect our operations. If we were to lose one or more of these key employees, we could experience difficulties in
finding qualified successors, competing effectively, developing our technologies and implementing our business strategy. Our executives
have employment agreements; however, the existence of an employment agreement does not guarantee retention of members of our executive
management team. We do not maintain &ldquo;key person&rdquo; life insurance on any of our employees.</P>

<P STYLE="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 have established relationships with leading key opinion leaders
and scientists at important research and academic institutions that we believe are key to establishing tests using our technologies as
a standard of care for cancer assessment and diagnosis. If our collaborators determine that cancer testing using our technologies are
not appropriate options for prostate cancer diagnosis, or superior to available prostate cancer methods, or that alternative technologies
would be more effective in the early diagnosis of prostate cancer, we would encounter significant difficulty establishing tests using
our technologies as a standard of care for prostate cancer diagnosis, which would limit our revenue growth and profitability.</P>

<P STYLE="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 results of operations can be adversely affected by labor
shortages, turnover and labor cost increases.</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">Labor is a significant component of operating our business. A number
of factors may adversely affect the labor force available to us or increase labor costs, including high employment levels, federal unemployment
subsidies, increased wages offered by other employers, vaccine mandates and other government regulations and our responses thereto. As
more employers offer remote work, we may have more difficulty recruiting for jobs that require on-site attendance, such as certain clinical
laboratory and sales roles. Although we have not experienced any material labor shortage to date, we have recently observed an overall
tightening and increasingly competitive labor market. A sustained labor shortage or increased turnover rates within our employee base,
caused by a pandemic or as a result of general macroeconomic factors, could lead to increased costs, such as increased overtime or financial
incentives to meet demand and increased wage rates to attract and retain employees, and could negatively affect our ability to efficiently
operate our clinical laboratories and overall business. If we are unable to hire and retain employees capable of performing at a high-level,
or if mitigation measures we may take to respond to a decrease in labor availability have unintended negative effects, our business could
be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, the operations of our vendors and partners could also
suffer from labor shortages, turnover and labor cost increases which could result in supply change disruptions and increases in the costs
of the products and services we purchase, each of which could adversely affect our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our business and reputation will suffer if we are unable to
establish and comply with stringent quality standards to assure that the highest level of quality is observed in the performance of our
tests.</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">Inherent risks are involved in providing and marketing cancer tests
and related services. Patients and healthcare providers rely on us to provide accurate clinical and diagnostic information that may be
used to make critical healthcare decisions. As such, users of our testing solutions may have a greater sensitivity to errors than users
of some other types of products and services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Past or future performance or accuracy defects, incomplete or improper
quality and process controls, excessively slow turnaround times, unanticipated uses of our tests or mishandling of samples or test results
(whether by us, patients, healthcare providers, courier delivery services or others) can lead to adverse outcomes for patients and interruptions
to our services. These events could lead to voluntary or legally mandated safety alerts relating to our tests or our laboratory facilities
and could result in the removal of our products and services from the market or the suspension of our laboratories&rsquo; operations.
Insufficient quality controls and any resulting negative outcomes could result in significant costs and litigation, as well as negative
publicity that could reduce demand for our tests and payors&rsquo; willingness to cover our tests. Even if we maintain adequate controls
and procedures, damaging and costly errors may occur.</P>

<P STYLE="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>Our laboratory facilities may become inoperable due to natural
or man-made disasters or regulatory sanctions.</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 perform testing services in our laboratory facilities
located in Irvine, California, Waltham, Massachusetts, and Plano, Texas. These laboratory facilities could become inoperable due to circumstances
that may be beyond our control, and such inoperability could adversely affect our business and operations. The facilities, equipment
and other business process systems would be costly to replace and could require substantial time to repair or replace. The inability
to perform our tests or the backlog of tests that could develop if any of our facilities become inoperable for even a short period of
time may result in the loss of customers or harm our reputation, and we may be unable to regain those customers or rebuild our reputation
in the future. Although we possess insurance for damage to our property and the disruption of our business, this insurance may not be
sufficient to cover all of our potential losses and may not continue to be available to us on acceptable terms, if at all.</P>

<P STYLE="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 facilities may be damaged or destroyed by natural or man-made&nbsp;disasters,
including earthquakes, wildfires, floods, outbreak of disease, acts of terrorism or other criminal activities and power outages, which
may render it difficult or impossible for us to perform our tests for some period.</P>

<P STYLE="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 facilities may also be rendered inoperable because of regulatory
sanction. In the United States, we are subject to federal and state laws and regulations regarding the operation of clinical laboratories.
Our U.S. laboratory facilities in Irvine, California, Waltham, Massachusetts, and Plano, Texas are certified under the Clinical Laboratory
Improvement Amendments (&ldquo;CLIA&rdquo;). CLIA and the laws of California and certain other states, impose certification requirements
for clinical laboratories, and establish standards for quality assurance and quality control, among other things. Clinical laboratories
are subject to inspection by regulators, and to sanctions for failing to comply with applicable requirements. Sanctions available under
CLIA include prohibiting a laboratory from running tests, requiring a laboratory to implement a corrective action plan, and imposing
civil monetary penalties. Our U.S. laboratory facilities hold certificates of accreditation from CMS to perform high-complexity&nbsp;testing.
To renew these certificates, the facilities are subject to survey and inspection every two years. We also hold a certificate of accreditation
from the College of American Pathologists (&ldquo;CAP&rdquo;), which sets standards that are higher than those contained in the CLIA
regulations. CAP is an independent, non-governmental&nbsp;organization of board-certified&nbsp;pathologists that accredits laboratories
nationwide on a voluntary basis. Sanctions for failure to comply with CAP or CLIA requirements, including proficiency testing violations,
may include suspension, revocation, or limitation of a laboratory&rsquo;s CLIA certificate, which is necessary to conduct business, as
well as the imposition of significant fines or criminal penalties. In addition, our U.S. facilities are subject to regulation under state
laws and regulations governing laboratory licensure. Certain states have enacted state licensure laws that are more stringent than CLIA.
Failure to maintain CLIA certification, CAP accreditation, or required state licenses could have a material adverse effect on the sales
of our tests and results of operations. Many states maintain independent licensure, registration, or certification procedures with which
our U.S. facilities must maintain compliance in order to receive and test samples from that location. Maintaining compliance with the
myriad of governmental requirements is time and resource intensive,&nbsp;and failure to maintain compliance could result in sanctions.</P>

<P STYLE="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 order to rely on a third party to perform certain of our tests,
we could only use another facility with established state licensure and CLIA accreditation following validation and other required procedures.
We cannot assure you that we would be able to find another CLIA certified facility willing to comply with the required procedures, that
this laboratory would be willing to perform the tests for us on commercially reasonable terms, or that it would be able to meet our quality
or regulatory standards. Alternatively, establishing a redundant facility for certain of our testing would require considerable time
and money to secure adequate space, construct the facility, recruit and train employees, and establish the additional operational and
administrative infrastructure necessary to support this facility. We also may not be able, or it may take considerable time, to replicate
our testing processes or results in a new facility. Additionally, any such new facility would be subject to certification under CLIA
and licensing by several states, including California and New York, which could take a significant amount of time and result in delays
in our ability to resume operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 rely on a limited number of third-party suppliers for services
and items used in the production and operation of our testing solutions, and some of those services and items are supplied from a single
source. Disruption of the supply chain, unavailability of third-party services required for the performance of the tests, modifications
of certain items or failure to achieve economies of scale could have a material adverse effect on us.</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">To provide our testing services, we are required to obtain customized
components and services that are currently available from a limited number of sources. Most of these components and services are sourced
externally from external suppliers. Many of the consumable supplies and reagents used as raw materials in our testing process are procured
from a limited number of suppliers, some of which are single source. In addition, we rely on a limited number of suppliers, or in some
cases a single supplier (for example, for the automation of our deparaffination steps for our Confirm mdx test), for certain services
and equipment with which we provide testing services. If we have to switch to a replacement supplier for any of these items that are
sub-components&nbsp;or for certain services required for the performance of our tests, or if we have to commence our own manufacturing
or testing services to satisfy market demand, we may face delays. For example, in the past, a supplier has delivered critical non-conforming
components that failed our acceptance testing, requiring us to audit the supplier and assist the supplier in improving its internal quality
processes. In addition, third party suppliers may be subject to circumstances which impact their ability to supply, including enforcement
action by regulatory authorities, natural disasters, epidemics, labor disputes, financial difficulties including insolvency, among a
variety of other internal or external factors. Any such supply disruptions could in turn result in service disruptions for an extended
period of time, which could delay completion of our clinical studies or commercialization activities and prevent us from achieving or
maintaining profitability. While we were able to qualify alternative suppliers to address COVID-19&nbsp;related disruptions, in the future
alternative suppliers may be unavailable, may be unwilling to supply, may not have the necessary regulatory approvals, or may not have
in place an adequate quality management systems.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Modifications to a service or items, such as modifications to the
assembly and packaging of items for our testing services supplied to healthcare providers, or inclusions of certain services or items
made by a third-party&nbsp;supplier could require new approvals from the relevant regulatory authorities before the modified service
or item may be used. While we have not experienced any material supply chain disruptions to date, if we were to experience such disruptions
it could have an immediate impact on revenues, and the impact could be material depending on the length of the supply disruption.</P>

<P STYLE="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>Failures in our information technology, storage systems, or
our clinical laboratory equipment could significantly disrupt our operations and our research and development 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">Our ability to execute our business strategy depends, in part, on
the continued and uninterrupted performance of our information technology (&ldquo;IT&rdquo;) systems, which support our operations, including
at our clinical laboratories, and our research and development efforts. We depend on our IT systems to receive and process test orders,
securely store patient health records and deliver the results of our tests. The integrity and protection of our own data, and that of
our customers and employees, is critical to our business. IT systems are vulnerable to damage from a variety of sources, including telecommunications
or network failures, malicious human acts from criminal hackers, hacktivists, state-sponsored intrusions, industrial espionage and employee
malfeasance, breaches due to employee error and natural disasters. Moreover, despite network security and back-up measures, some of our
servers are potentially vulnerable to physical or electronic break-ins, computer viruses, and similar disruptive problems. Cyber-attacks
are becoming more sophisticated and frequent, and in some cases have caused significant harm at other companies.</P>

<P STYLE="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 face four primary risks relative to protecting sensitive and critical
personally identifiable information, intellectual property or other proprietary business information about our customers, payors, recipients
and collaboration partners, including test results: (1) loss of access risk, (2) inappropriate disclosure or access risk, (3) inappropriate
modification risk, and (4) the risk of being unable to identify and audit controls over the first three risks. While we devote significant
resources to protect the security of our IT systems, including the personal data and other information that we receive and store, there
can be no assurance that any security measures will be effective against current or future security threats. We have experienced and
expect to continue to experience attempted cyber-attacks on our IT systems and networks. To date, none of these attempted cyber-attacks
has had a material effect on our operations or financial condition. However, any such breach or interruption could compromise our networks
and the information stored therein could be accessed by unauthorized parties, publicly disclosed, lost or stolen. Despite the precautionary
measures we have taken to prevent unanticipated problems that could affect our IT systems, unauthorized access, loss or disclosure could
also disrupt our operations, including our ability to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">process
                                            tests, provide test results, bill payors or patients;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">process
                                            claims and appeals;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">provide
                                            customer assistance services;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">conduct
                                            research and development activities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">collect,
                                            process and prepare company financial information;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">provide
                                            information about our tests and other patient and healthcare provider education and outreach
                                            efforts through our website; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">manage
                                            the administrative aspects of our business.</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">Any such access, disclosure or other loss of information could result
in legal claims or proceedings, liability under laws that protect the privacy of personal information, such as the Health Insurance Portability
and Accountability Act of 1996 (&ldquo;HIPAA&rdquo;), as amended by the Health Information Technology for Economic and Clinical Health
Act (&ldquo;HITECH&rdquo;), similar U.S. state data protection regulations, the European Union&rsquo;s General Data Protection Regulation
(&ldquo;GDPR&rdquo;), and other regulations, the breach of which could result in significant penalties and damage to our reputation.
In addition, disruptions to our business occurring as a result of system updates and enhancements, such as our efforts to move our precision
oncology tests to our technology and services platform, could have a material adverse effect on our financial condition and operating
results. There can be no assurance that our process of improving existing systems, developing new systems to support our expanding operations,
protecting confidential patient information, and improving service levels will not be delayed or will not give rise to additional systems
issues in the future. Although we carry insurance for this purpose, failure to adequately protect and maintain the integrity of our information
systems and data, including as a result of a security breach, may result in significant losses that exceed our insurance coverage limits
and have a material adverse effect on our financial position, results of operations and cash flows.</P>

<P STYLE="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 use of Artificial Intelligence presents new risks and challenges
to our business.</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">Artificial Intelligence (&ldquo;AI&rdquo;) is increasingly being used
across the global business landscape, including in the life sciences and healthcare industries. We have already employed certain AI technologies
into our business to enhance our operations, products, technology, and services and expect our use of AI to increase as the technology
rapidly evolves and improves.</P>

<P STYLE="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, AI innovation presents risks and challenges that could impact
our business. AI algorithms may be flawed. Datasets may be insufficient or contain biased information. Ineffective AI development and
deployment practices by us or our commercial partners could result in violations of our confidentiality and privacy obligations or applicable
laws and regulations, jeopardize our intellectual property rights, cause or contribute to unlawful discrimination, result in the misuse
of personally identifiable information, including PHI, or give rise to significant cyber security risks, any of which could have a material
adverse effect on our business, results of operations, and financial condition.</P>

<P STYLE="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 also face increased competition from other companies that are
employing AI and related technologies, some of whom may develop more effective methods than we and any of our commercial partners have,
which could have a material adverse effect on our business, results of operations, or financial condition. In addition, uncertainties
regarding developing legal and regulatory requirements and standards may require significant resources to modify and maintain business
practices to comply with U.S. and foreign laws concerning the use of AI and related technologies, the nature of which cannot be determined
at this time.</P>

<P STYLE="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 expect to make significant investments to research and develop
new tests, which may not be successful.</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 are seeking to improve the performance of our existing testing
solutions and to continue to expand our menu of products and services. For example, in August 2022, we acquired the GPS test from Exact
Sciences and in September 2022, we developed and launched Resolve mdx which is a non-invasive urine test that identifies and quantifies
infectious bacteria and their antibiotics susceptibility to help ensure patients receive the correct diagnosis and treatment as quickly
as possible. In addition, in September 2025 we acquired the ExoDx test from Bio-Techne and we are currently developing an additional
product, Monitor mdx, as a non-invasive test to risk stratifies patients for continued active surveillance versus intervention.</P>

<P STYLE="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">Developing new or improved diagnostic tests is a speculative and risky
endeavor. Candidate products and services that may initially show promise may fail to achieve the desired results in larger clinical
validation&nbsp;studies or may not achieve acceptable levels of clinical accuracy. Results from early studies or trials are not necessarily
predictive of future clinical validation or clinical trial results, and interim results of a validation study or trial are not necessarily
indicative of final results. From time to time, we may publicly disclose then-available&nbsp;data from clinical validation studies before
completion, and the results and related findings and conclusions may be subject to change following the final analysis of the data related
to the particular study. As a result, such data should be viewed with caution until the final data are available. Additionally, such
data from clinical trials are subject to the risk that one or more of the clinical outcomes may materially change as patient enrollment
and/or follow-up&nbsp;continues, and more patient data become available. Significant differences between initial or interim data and
final data from either our clinical validation studies or clinical trials could significantly alter our plans to proceed with additional
studies or trials, and harm our reputation and business prospects. If we determine that any of our current or future development programs
is unlikely to succeed, we may abandon it without any return on our investment into the program. We may need to raise additional capital
to bring any new products or services to market, which may not be available on acceptable terms, if at all.</P>

<P STYLE="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 research and development efforts will be hindered if we
are not able to obtain samples, contract with third parties for access to samples or complete timely enrollment in future clinical trials.</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">Access to human sample types, such as blood, tissue, stool, or urine
is necessary for our research and product development. Acquiring samples from individuals with clinical diagnoses or associated clinical
outcomes through purchase or clinical studies is necessary. Lack of available samples can delay development timelines and increase costs
of development. Generally, the agreements under which we gain access to human samples are non-exclusive. Other companies may compete
with us for access. Additionally, the process of negotiating access to samples can be lengthy and it may involve numerous parties and
approval levels to resolve complex issues such as usage rights, institutional review board approval and patient informed consent, privacy
rights, publication rights, intellectual property ownership and research parameters. If we are not able to negotiate access to clinical
samples with research institutions, hospitals, clinical partners, pharmaceutical companies, or companies developing therapeutics on a
timely basis, or at all, or if other laboratories or our competitors secure access to these samples before us, our ability to research,
develop and commercialize future products will be limited or delayed. Finally, we may not be able to conduct or complete clinical trials
on a timely basis if we are not able to enroll sufficient numbers of patients in such trials, and our failure to do so could have an
adverse effect on our research and development and product commercialization efforts.</P>

<P STYLE="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><U>Risks Related to Regulation of Our Business</U></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>Failure to comply with governmental payor regulations could
result in us being excluded from participation in Medicare, Medicaid or other governmental payor programs, which would adversely affect
our business.</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">Failure to comply with applicable Medicare, Medicaid and other governmental
payor rules could result in our exclusion from participation in one or more governmental payor programs, a requirement to return funds
already paid, civil monetary penalties, criminal penalties and/or limitations on the operational function of our laboratories. Additionally,
with the recent implementation by CMS of a comprehensive oversight regime that consolidates program integrity powers into a single UPIC,
audit and investigatory activity into potential billing fraud, waste and abuse in the industry has increased. These changes have adversely
affected and may in the future adversely affect coverage and reimbursement for laboratory services, including the molecular diagnostics
testing services we provide. If we were unable to receive reimbursement under a governmental payor program, this would have a severe
impact on our revenues, given the importance of reimbursement under these programs in our revenue base.</P>

<P STYLE="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>Failure to comply with federal, state and foreign laboratory
licensing and related requirements could cause us to lose the ability to perform our tests, experience disruptions to our business, or
become subject to administrative or judicial sanctions.</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 are subject to CLIA, a federal law that regulates clinical laboratories
that perform testing on specimens derived from humans for the purpose of providing information for the diagnosis, prevention or treatment
of disease. CLIA regulations establish specific standards with respect to personnel qualifications, facility administration, proficiency
testing, quality control, quality assurance and inspections. Any testing subject to CLIA regulation must be performed in a CLIA certified
laboratory. CLIA certification is also required in order for us to be eligible to bill state and federal healthcare programs, as well
as commercial payors, for our tests. In addition, some states, including California and New York, require that we hold licenses or permits
to test samples from patients in those states, even if our laboratory facilities are not located in those states, and as a result we
are also required to maintain standards related to those states&rsquo; licensure requirements to conduct testing in our laboratories.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Failure to comply with applicable clinical laboratory licensure requirements
may result in a range of enforcement actions, including suspension, limitation or revocation of our CLIA certification and/or state licenses,
imposition of a directed plan of action, on-site monitoring, civil monetary penalties, criminal sanctions, inability to receive reimbursement
from Medicare, Medicaid and commercial payors, as well as significant adverse publicity. Any sanction imposed under CLIA, its implementing
regulations, or state or foreign laws or regulations governing clinical laboratory licensure or our failure to renew our CLIA certification,
a state or foreign license or accreditation, could have a material adverse effect on our business, financial condition and results of
operations. Even if we were able to bring our laboratory back into compliance, we could incur significant expenses and potentially lose
revenue in doing so.</P>

<P STYLE="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 FDA may change its position with respect to its regulation
of the laboratory developed tests we offer or may seek to offer in the future, causing us to incur substantial costs and time delays
associated with meeting requirements for pre-market clearance or approval or we could experience decreased demand for or reimbursement
of our tests.</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 current tests are regulated as laboratory developed tests (&ldquo;LDTs&rdquo;)
and we may seek to commercialize future products as LDTs. LDTs are clinical laboratory tests that are developed and validated by a laboratory
for its own use.</P>

<P STYLE="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 FDA historically has taken the position that it has the authority
to regulate such tests as medical devices under the Federal Food, Drug, and Cosmetic Act (the &ldquo;FDCA&rdquo;) but until recently
has for the most part exercised enforcement discretion and has not required clearance, de novo classification, or approval of LDTs prior
to marketing.</P>

<P STYLE="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 May 2024, the FDA issued a final rule (the &ldquo;LDT Rule&rdquo;),
which amended the FDA&rsquo;s regulations to make explicit that LDTs are devices under the FDCA. Along with the final rule, the FDA finalized
a policy under which the FDA would phase out over the course of three years its historical LDT enforcement discretion, as well as its
targeted enforcement discretion policies for certain categories of LDTs. Under the LDT Rule and this policy, (1) from May 2025 to May
2028 various requirements will be phased in including medical device reporting requirements, correction and removal reporting requirements,
registration and listing requirements, labeling requirements, investigational use requirements and quality system requirements, (2) beginning
in November 2027, premarket review requirements will become applicable to high risk (e.g., Class III) LDTs and (3) beginning in May 2028,
premarket review requirements will become applicable to moderate and low risk LDTs. LDTs that were first marketed prior to May 6, 2024
(and have not been significantly modified) (&ldquo;Grandfathered LDTs&rdquo;) and LDTs for unmet medical needs manufactured and performed
by laboratories integrated in a healthcare system, will not be subject to premarket review and most of the quality system requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 31, 2025, the U.S. District Court in the Eastern District
of Texas vacated the LDT rule, holding that LDTs are not subject to FDA regulation as &ldquo;devices&rdquo; under the FDCA. If the government
appeals the decision and it is reversed by an appellate court, implementation and enforcement of the LDT Rule by the FDA may materially
impact our development and commercialization of LDTs, including our current tests as well as future tests we may seek to develop. The
regulatory approval process may involve, among other things, successfully completing additional clinical studies and submitting a pre-market
clearance notice or filing a pre-market approval application with the FDA. Such pre-market clinical testing could delay the commencement
or completion of other clinical testing, significantly increase our test development costs, delay commercialization of any future LDTs,
and interrupt sales of our current LDTs. Many of the factors that may cause or lead to a delay in the commencement or completion of clinical
studies may also ultimately lead to delay or denial of regulatory clearance or approval. If pre-market review is required by the FDA,
there can be no assurance that our LDTs will be cleared or approved on a timely basis, if at all, nor can there be assurance that the
labeling claims cleared or approved by the FDA will be consistent with our current claims or adequate to support continued adoption of
and reimbursement for our LDTs.</P>

<P STYLE="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 the FDA does not appeal the District Court decision vacating the
LDT Rule, or the decision is appealed but is not overturned, the FDA may change its position with respect to its regulation of the laboratory
developed tests we offer or may seek to offer in the future. This may include eliminating any pathway for LDTs to be submitted for FDA
clearance or approval or by defining different requirements that the FDA views to be in line with the District Court decision, causing
us to incur substantial costs and time delays associated with meeting new requirements for pre-market clearance or approval, or causing
us to experience decreased demand for or reimbursement for our tests due to an inability to secure FDA clearance or approval. Congress
may also enact new legislation to regulate laboratory services and the impact of any such legislation is uncertain.</P>

<P STYLE="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>Delays in receipt of, or failure to obtain, required FDA clearances
or approvals for our products in development, or improvements to or expanded indications for our current offerings, could materially
delay or prevent us from commercializing or otherwise adversely impact future product commercialization.</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">Unless otherwise exempted or subject to enforcement discretion, medical
devices, which include diagnostic tests, must receive either FDA regulatory approval or clearance before being marketed in the U.S. Our
tests and tests that we may develop may be deemed medical devices and require FDA clearance or approval. The FDA determines whether a
medical device will require either regulatory approval or clearance based on statutory criteria that include the risk associated with
the device and whether the device is similar to an existing, legally marketed product.&nbsp;The process to obtain either regulatory approval
or clearance is typically costly, time-consuming, and uncertain.&nbsp;The regulatory approval process is generally more challenging than
the clearance process. Even if we design a product that we expect to be eligible for the regulatory clearance process, the FDA may require
that the product undergo the regulatory approval process.&nbsp;There can be no assurance that the FDA will ever permit us to market any
new product that we develop. Even if regulatory approval or clearance is granted, such approval may include significant limitations on
indicated uses, which could materially and adversely affect the prospects of any new medical device.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FDA regulatory approval or clearance is also required for certain
enhancements we may make to future FDA-approved or FDA-cleared tests. FDA approval or clearance may also be required to make changes
to the processes, equipment, reagents, and other consumables used in connection with a test. The FDA&rsquo;s approval pathway can be
time-consuming and costly and there can be no assurance that the FDA will ultimately approve any premarket approval submitted by us in
a timely manner or at all.</P>

<P STYLE="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, the FDA&rsquo;s ability to review and clear or approve
new products or changes to existing products can be affected by a variety of factors, including government budget and funding levels,
statutory, regulatory, and policy changes, the FDA&rsquo;s ability to hire and retain key personnel and accept the payment of user fees,
and other events that may otherwise affect the FDA&rsquo;s ability to perform routine functions. Average review times at the agency have
fluctuated in recent years as a result. In addition, prolonged government shutdowns or global health concerns may prevent or delay the
FDA or other regulatory authorities from conducting, at all or in a timely manner, their regular inspections, reviews, or other regulatory
activities (including pre-submission engagements). Any such delay in the ability of the FDA or other regulatory authorities to timely
review and process our regulatory submissions could have a material adverse effect on our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delays in receipt of, or failure to obtain, clearances or approvals
could materially delay or prevent us from commercializing our products or result in substantial additional costs that could decrease
our profitability. In addition, even if we receive FDA clearance or approval for a new or enhanced product, the FDA may condition, withdraw,
or materially modify its clearance or approval.</P>

<P STYLE="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 expect to rely on third parties to conduct any future studies
of our technologies that may be required by the FDA or other U.S. or foreign regulatory bodies, and those third parties may not perform
satisfactorily.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect to rely on third parties, such as contract research organizations,
medical institutions and clinical investigators to conduct studies of our technologies that may be required by the FDA or other U.S.
or foreign regulatory bodies. Our reliance on these third parties for clinical development activities will reduce our control over these
activities. These third parties may not complete activities on schedule or conduct studies in accordance with regulatory requirements
or our study design. Our reliance on these third parties will not relieve us of our requirement to prepare, and ensure our compliance
with, various procedures required under good clinical practices, even though third-party contract research organizations may prepare
and comply with their own, comparable procedures. If these third parties do not successfully carry out their contractual duties or regulatory
obligations or meet expected deadlines, if the third parties need to be replaced or if the quality or accuracy of the data they obtain
is compromised due to the failure to adhere to our clinical protocols or regulatory requirements or for other reasons, our studies may
be extended, delayed, suspended or terminated, the study data may be invalidated, and we may not be able to obtain a required regulatory
approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We conduct business in a heavily regulated industry, and changes
in, or violations of, applicable regulations may, directly or indirectly, adversely affect our operational results and financial condition,
which could harm our business.</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 business operations and activities may be subject to a range of
local, state, federal, and international healthcare laws and regulations, including investigatory and program integrity audits and other
oversight federal and state health care programs. These laws and regulations currently include, among others:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">CLIA
                                            (which requires laboratories to obtain certification from the federal government) and state
                                            laboratory licensure laws;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Federal
                                            Trade Commission standards regarding advertising and business practices;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">FDA
                                            laws and regulations;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">HIPAA
                                            (which imposes comprehensive federal standards with respect to the privacy and security of
                                            protected health information, and requirements for the use of certain standardized electronic
                                            transactions), and the amendments to HIPAA under HITECH (which strengthened and expanded
                                            HIPAA privacy and security compliance requirements, increased penalties for violators, extended
                                            enforcement authority to state attorneys general and imposed requirements for breach notification);</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">state
                                            laws regulating genetic testing and the privacy protection of genetic test results, as well
                                            as state laws protecting the privacy and security of health information and personal data
                                            and mandating reporting of breaches to affected individuals and state regulators;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            federal Anti-Kickback Statute (which prohibits knowingly and willfully offering, paying,
                                            soliciting, receiving, or providing remuneration, directly or indirectly, to induce either
                                            the referral of an individual, or the furnishing, arranging for, or recommending of an item
                                            or service that is reimbursable, in whole or in part, by a federal health care program) and
                                            parallel state anti-kickback laws (which contain similar prohibitions on remuneration between
                                            referral sources, although these state laws are not always limited in application to items
                                            or services reimbursable by federal or state health care programs);</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            federal False Claims Act (which imposes liability on any person or entity that, among other
                                            things, knowingly presents, or causes to be presented, a false or fraudulent claim for payment
                                            to the federal government or the improper retention of identified overpayments or other financial
                                            obligations to the federal government) and parallel state false claims acts (which contain
                                            similar prohibition on presenting false or fraudulent claims, although these state may extend
                                            to items or services by any third-party payor, including commercial insurers);</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            federal Civil Monetary Penalties Law, which prohibits, among other things, the offering or
                                            transferring of remuneration to a Medicare or state health care program (e.g., Medicaid)
                                            beneficiary if the person knows or should know it is likely to influence the beneficiary&rsquo;s
                                            selection of a particular provider, practitioner, or supplier of services reimbursable by
                                            Medicare or a state health care program, unless an exception applies;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            federal physician self-referral law, commonly known as the &ldquo;Stark Law,&rdquo; which
                                            prohibits a physician from making a referral to an entity for certain &ldquo;designated health
                                            services&rdquo; (&ldquo;DHS&rdquo;) payable by Medicare if the physician, or an immediate
                                            family member of the physician, has a financial relationship with that entity, unless an
                                            exception applies. The Stark Law further prohibits the entity from billing the Medicare program
                                            for DHS furnished pursuant to a prohibited referral. In addition, the Stark Law, through
                                            the addition of section 1903(s) to the Social Security Act, prohibits the federal government
                                            from making federal financial participation payments to state Medicaid programs for DHS furnished
                                            as a result of a referral that would violate the Stark Law if Medicare &ldquo;covered the
                                            service to the same extent and under the same conditions&rdquo; as the state Medicaid Program.
                                            The U.S. Department of Justice (&ldquo;DOJ&rdquo;) and several state agencies have successfully
                                            argued that Section 1903(s) expands the Stark Law to Medicaid-covered claims, even absent
                                            a separate state self-referral law prohibiting the same conduct;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">other
                                            federal and state fraud and abuse laws, including (i) the state anti-kickback laws described
                                            above, (ii) the state physician self-referral laws, and (iii) the state false claims acts
                                            described above;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Section
                                            216 of the Protecting Access to Medicare Act of 2014, which requires applicable laboratories
                                            to report commercial payor data in a timely and accurate manner beginning in 2017 and every
                                            three years thereafter (and in some cases annually);</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">federal
                                            and state laws that impose reporting and other compliance-related requirements; and</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">similar
                                            foreign laws and regulations that apply to us in the countries in which we operate.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, in October 2018, the Eliminating Kickbacks in Recovery
Act of 2018 (&ldquo;EKRA&rdquo;), was enacted by the U.S. Congress as part of the Substance Use-Disorder&nbsp;Prevention that Promotes
Opioid Recovery and Treatment for Patients and Communities Act. EKRA is an all-payor&nbsp;anti-kickback&nbsp;law that makes it a criminal
offense to pay any remuneration to induce referrals to, or in exchange for, patients using the services of a recovery home, a substance
use clinical treatment facility, or laboratory. Although it appears that EKRA was intended to reach patient brokering and similar arrangements
to induce patronage of substance use recovery and treatment, the language in EKRA is broadly written. Further, certain of EKRA&rsquo;s
exceptions, such as the exception applicable to relationships with employees that effectively prohibits incentive compensation, are inconsistent
with the federal anti-kickback&nbsp;statute and regulations, which permit payment of employee incentive compensation, a practice that
is common in the industry. Significantly, EKRA permits the DOJ to issue regulations clarifying EKRA&rsquo;s exceptions or adding additional
exceptions, but such regulations have not yet been issued. Laboratory industry stakeholders are reportedly seeking clarification regarding
EKRA&rsquo;s scope and/or amendments to its language.</P>

<P STYLE="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 business practices, in operating U.S. clinical laboratories, may
face heightened scrutiny from U.S. government enforcement agencies such as the DOJ, the HHS Office of Inspector General (&ldquo;OIG&rdquo;),
and CMS. The OIG has issued fraud alerts in recent years that identify certain arrangements between clinical laboratories and referring
physicians as implicating the&nbsp;federal Anti-Kickback&nbsp;Statute. The OIG has stated that it is particularly concerned about these
types of arrangements because the choice of laboratory, as well as the decision to order laboratory tests, typically are made or strongly
influenced by the physician, with little or no input from the patient. Moreover, the provision of payments or other items of value by
a clinical laboratory to a referring physician could be prohibited under the Stark Law, unless the arrangement meets all criteria of
an applicable exception. The government has actively enforced these laws against clinical laboratories in recent years.</P>

<P STYLE="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 U.S. laws and regulations are complex and are subject to interpretation
by the U.S. courts and government agencies. Our failure to comply with such laws and regulations could lead to significant civil or criminal
penalties, exclusion from participation in state and federal health care programs, individual imprisonment, disgorgement of profits,
contractual damages, reputational harm, diminished profits and future earnings, additional reporting or oversight obligations if we become
subject to a corporate integrity agreement or other agreement to resolve allegations of non-compliance&nbsp;with the law, curtailment
or restructuring of our operations, or prohibitions or restrictions on our laboratories&rsquo; ability to provide or receive payment
for our services, any of which could adversely affect our ability to operate our business and pursue our strategy. Even where we are
able to successfully defend against any such claims, any potential audit, enforcement action, or litigation would involve substantial
internal and external resources, detract from our executives&rsquo; day-to-day responsibilities, and result in legal expenditures, all
of which could materially adversely affect our results of operations. While we believe that we are in material compliance with all applicable
laws and regulations, there remains a risk that one or more government agencies could take a contrary position, or that a private party
could file suit under the qui tam provisions of the federal False Claims Act or a similar state law. Such occurrences, regardless of
their outcome, could damage our reputation and adversely affect important business relationships with third parties, including managed
care organizations, and other private third-party&nbsp;payors.</P>

<P STYLE="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>Our business is subject to various complex laws and regulations
applicable to providers of clinical diagnostic products and services.</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 a provider of clinical diagnostic products and services, we and
our partners are subject to extensive and frequently changing federal, state, local and foreign laws and regulations governing various
aspects of our business. In particular, the clinical laboratory and healthcare industry is subject to significant governmental certification
and licensing regulations, as well as federal, state and foreign laws regarding:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">test
                                            ordering and billing practices;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">marketing,
                                            sales and pricing practices;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">health
                                            information privacy and security, including HIPAA and comparable state and foreign laws;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">insurance,
                                            including foreign public reimbursement;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">anti-markup
                                            legislation; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">consumer
                                            protection</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 are also required to comply with FDA regulations, including with
respect to our labeling and promotion activities. In addition, advertising of our tests is subject to regulation by the Federal Trade
Commission, or FTC, and advertising of laboratory services is regulated by certain state laws. Violation of any FDA requirement could
result in enforcement actions, such as seizures, injunctions, civil penalties and criminal prosecutions, and violation of any FTC or
state law requirement could result in injunctions and other associated remedies, all of which could have a material adverse effect on
our business. Most states also have similar regulatory and enforcement authority for medical devices. Additionally, most foreign countries
have authorities comparable to the FDA and processes for obtaining marketing approvals. In particular, the entry into application of
the European Union&rsquo;s In Vitro Diagnostic Device Regulation will impose new requirements and create new compliance risks. Obtaining
and maintaining these approvals, and complying with all laws and regulations, may subject us to similar risks and delays as those we
could experience under FDA, FTC and state regulation. We incur various costs in complying and overseeing compliance with these laws and
regulations. The growth of our business and sales organization, the acquisition of additional businesses or products and services and
our expansion outside of the U.S. may increase the potential of violating these laws, regulations or our internal policies and procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Healthcare policy has been a subject of extensive discussion in the
executive and legislative branches of the federal and many state governments, and healthcare laws and regulations are subject to change.
Development of the existing commercialization strategy for our tests and planned development of products in our pipeline has been based
on existing healthcare policies. We cannot predict what additional changes, if any, will be proposed or adopted or the effect that such
proposals or adoption may have on our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 we, or our partners, fail to comply with these laws and regulations,
we could incur significant fines and penalties and our reputation and prospects could suffer. Additionally, any such partners could be
forced to cease offering our products and services in certain jurisdictions, which could materially disrupt our business.</P>

<P STYLE="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>Failure to comply with privacy, security, and consumer protection
laws and regulations could result in fines, penalties and damage to our reputation and have a material adverse effect on our business.</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 are subject to a number of foreign, federal and state laws and
regulations protecting the use, disclosure, and confidentiality of certain patient health and personal information, including patient
records, and restricting the use and disclosure of that protected information, including state breach notification laws, HIPAA, as amended
by HITECH, the European Union&rsquo;s GDPR, and the California Consumer Privacy Act (&ldquo;CCPA&rdquo;), among others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HIPAA extensively regulates the use and disclosure of individually
identifiable health information, known as &ldquo;protected health information,&rdquo; and require covered entities, including health
plans and most health care providers, to implement administrative, physical and technical safeguards to protect the security of such
information. Covered entities must report breaches of unsecured protected health information to affected individuals without unreasonable
delay and notification must also be made to the U.S. Department of Health &amp; Human Services, Office for Civil Rights (the &ldquo;OCR&rdquo;)
and, in certain situations involving large breaches, to the media. Various U.S. state laws and regulations may also require us to notify
affected individuals and state agencies in the event of a data breach involving individually identifiable 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">Violations of the HIPAA privacy and security regulations may result
in criminal and civil penalties. The OCR enforces the regulations and performs compliance audits. In addition to enforcement by OCR,
state attorneys general are authorized to bring civil actions seeking either injunction or damages in response to violations that threaten
the privacy of state residents. We follow and maintain a HIPAA compliance program, which we believe complies with the HIPAA privacy and
security regulations, but there can be no assurance that OCR or other regulators will agree. The HIPAA privacy regulations and security
regulations have and will continue to impose significant costs on us in order to comply with these standards.</P>

<P STYLE="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 remain subject to state privacy-related laws, such as the
CCPA, that are more restrictive than the privacy regulations issued under HIPAA. These laws vary and could impose additional penalties.</P>

<P STYLE="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 subject to laws and regulations in foreign countries covering
data privacy and other protection of health and employee information that may be more onerous than corresponding U.S. laws, including
in particular the laws of Europe.</P>

<P STYLE="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 instance, the GDPR applies across the European Union and includes,
among other things, a requirement for prompt notice of data breaches to data subjects and supervisory authorities in certain circumstances
and significant fines for non-compliance. The GDPR also requires companies processing personal data of individuals residing in the European
Union to comply with EU privacy and data protection rules, even if we do not have a physical presence in the European Union. Noncompliance
could result in the imposition of fines, penalties, or orders to stop noncompliant activities.</P>

<P STYLE="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 laws and regulations, in addition to similar laws and regulations
being enacted by other states and counties, impose stringent cybersecurity standards and potentially significant non-compliance penalties,
involve the expenditure of significant resources, the investment of significant resources and the investment of significant time and
effort to comply. As these laws and regulations continue develop in the United States and internationally, we may be required to expend
significant time and resources in order to update existing processes or implement additional mechanisms as necessary to ensure compliance
with such cybersecurity laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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>Our employees, independent contractors, consultants, commercial
partners, and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.</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 are exposed to the risk of fraud, misconduct, or other illegal
activity by our employees, independent contractors, consultants, commercial partners, and vendors. Misconduct by these parties could
include intentional, reckless and negligent conduct that fails to: comply with the rules and regulations of the CMS, FDA, and other federal
and state government agencies as well as comparable foreign regulatory authorities; provide true, complete and accurate information to
such regulatory authorities; comply with manufacturing and clinical laboratory standards; comply with healthcare fraud and abuse laws
in the United States and similar foreign fraudulent misconduct laws; or report financial information or data accurately or to disclose
unauthorized activities to us. In particular, research, sales, marketing, education, and other business arrangements in the healthcare
industry are subject to extensive laws designed to prevent fraud, kickbacks, self-dealing, and other abusive practices, as well as off-label&nbsp;product
promotion. These laws and regulations may restrict or prohibit a wide range of pricing, discounting, educating, marketing and promotion,
sales and commission, certain customer incentive programs, and other business arrangements generally. Activities subject to these laws
also involve the improper use of information obtained in the course of participant recruitment for clinical studies, which could result
in regulatory sanctions and cause serious harm to our reputation. We have adopted a code of business conduct and ethics and provide compliance
training to our workforce members upon onboarding and annually thereafter, but it is not always possible to identify and deter misconduct
by employees and third parties, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown
or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure
to be in compliance with such laws. If any such actions are instituted against us, and we are not successful in defending ourselves or
asserting our rights, those actions could have a significant impact on our business, including the imposition of significant fines or
other sanctions. Even if it is later determined after an action is instituted against us that we were not in violation of these laws,
we may be faced with negative publicity, incur significant expenses defending our actions, and have to divert significant management
resources from other matters.</P>

<P STYLE="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 operating results could be materially adversely affected
by unanticipated changes in tax laws and regulations, adjustments to our tax provisions, exposure to additional tax liabilities, or forfeiture
of our tax assets.</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 are subject to laws and regulations on tax levies and other charges
or contributions in different countries, including transfer pricing and tax regulations for the compensation of personnel and third parties.
Our tax structure involves several transfers and transfer price determinations between our parent company and our subsidiaries or other
affiliates. Our effective tax rates could be adversely affected by changes in tax laws, treaties and regulations, both internationally
and domestically. An increase of the effective tax rates could have an adverse effect on our business, financial position, results of
operations and cash flows.</P>

<P STYLE="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 net operating loss carry forwards of our corporate subsidiaries
may be unavailable to offset future taxable income because of restrictions under U.S. tax law. As of December&nbsp;31, 2024, consolidated
net tax loss carry forwards amounted to $333.9 million. Our NOLs generated in tax years ending on or prior to December&nbsp;31, 2017
are only permitted to be carried forward for 20 taxable years under applicable U.S. federal tax law, and therefore could expire unused.
We consider that it is highly likely that we will be unable to use at least a portion of these NOLs, in light of our continued losses.
Under tax legislation commonly referred to as the Tax Cuts and Jobs Act (&ldquo;TCJA&rdquo;), as modified by the CARES Act, our federal
NOLs generated in tax years ending after December&nbsp;31, 2017 may be carried forward indefinitely and NOLs arising in taxable years
beginning after December&nbsp;31, 2017 and before January 1, 2021 may be carried back to each of the five taxable years preceding the
tax year of such loss, but NOLs arising in taxable years beginning after December&nbsp;31, 2020 may not be carried back. In addition,
under the TCJA, as modified by the CARES Act, for taxable years beginning after December&nbsp;31, 2020, the deductibility of federal
NOLs generated in taxable years beginning after December&nbsp;31, 2017 is limited to 80% of current year taxable income. It is uncertain
if and to what extent various states will conform to the TCJA, as modified by the CARES 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 addition, under sections 382 and 383 of the Internal Revenue Code
of 1986, as amended, or the Code, if a corporation undergoes an &ldquo;ownership change&rdquo; (generally defined as a cumulative change
in ownership by &ldquo;5-percent&nbsp;shareholders&rdquo; that exceeds 50 percentage points over a rolling three-year&nbsp;period), the
corporation&rsquo;s ability to use its pre-change&nbsp;NOLs and certain other pre-change&nbsp;tax attributes to offset post-change&nbsp;income
and taxes may be limited. Similar rules may apply under state tax laws. Our existing NOLs and other certain tax attributes may be subject
to limitations arising from previous ownership changes. In addition, future changes in our stock ownership, many of which are outside
of our control, could result in an ownership change under Sections 382 and 383 of the Code. We have not conducted any studies to determine
annual limitations, if any, that could result from such changes in the ownership. Our ability to utilize those NOLs and certain other
tax attributes could be limited by an &ldquo;ownership change&rdquo; as described above and consequently, we may not be able to utilize
a material portion of our NOLs and certain other tax attributes, which could have a material adverse effect on our cash flows and results
of operations by effectively increasing our future tax obligations.</P>

<P STYLE="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">Also under Belgian tax law, certain restrictions regarding the use
of Belgian tax losses carried forward apply and these losses may also be forfeited upon certain changes of control over Belgian corporate
taxpayers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given that we have historically generated operating losses, any change
in our ability to use NOLs could have a severe impact on us if and when we become profitable. As of December&nbsp;31, 2024, we had an
accumulated deficit of $369.5&nbsp;million and for the year ended December&nbsp;31, 2024, we had a net loss of $38.1 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Ownership of Our Ordinary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The trading price of our ordinary shares may be volatile due
to factors beyond our control, and purchasers of our ordinary shares could incur substantial losses.</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 market price of our ordinary shares may be volatile. The stock
market in general and the market for biotechnology companies in particular have experienced extreme volatility that has often been unrelated
to the operating performance of particular companies. As a result of this volatility, investors may not be able to sell their shares
at or above the price originally paid for the security. The market price for our ordinary shares may be influenced by many factors, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">actual
                                            or anticipated fluctuations in our financial condition and operating results;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            release of new data from our clinical trials;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">actual
                                            or anticipated changes in our growth rate relative to our competitors;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">competition
                                            from existing products or new products that may emerge;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">announcements
                                            by us or our competitors of significant acquisitions, strategic partnerships, joint ventures,
                                            collaborations or capital commitments;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">failure
                                            to meet or exceed financial estimates and projections of the investment community or that
                                            we provide to the public;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">issuance
                                            of new or updated research or reports by securities analysts;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">fluctuations
                                            in the valuation of companies perceived by investors to be comparable to us;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">currency
                                            fluctuations;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">additions
                                            or departures of key management or scientific personnel;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">disputes
                                            or other developments related to proprietary rights, including patents, litigation matters
                                            and our ability to obtain patent protection for our technologies;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">changes
                                            to coverage policies or reimbursement levels by commercial third-party payors and government
                                            payors and any announcements relating to coverage policies or reimbursement levels;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">announcement
                                            or expectation of additional debt or equity financing efforts;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">issuances
                                            or sales of ordinary shares by us, our insiders or our other holders; and</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">general
                                            economic and market 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"></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">These and other market and industry factors may cause the market price
and demand for our ordinary shares to fluctuate substantially, regardless of our actual operating performance, which may limit or prevent
investors from readily selling shares and may otherwise negatively affect the liquidity of the trading market for our ordinary 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"><B><I>Certain of our significant shareholders may have different interests
from us and may be able to control us, including the outcome of shareholder votes.</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 of March 15, 2025, (i) MVM Partners LLP beneficially owned approximately
9.5% of our ordinary shares and has one representative at the board level (Dr. Eric Bednarski), (ii) Bleichroeder LP owned approximately
14.9% of our ordinary shares, and (iii) AWM Investment Company beneficially owned approximately 9.9% of our ordinary shares. In addition,
as long as two of MVM Partners LLP&rsquo;s funds (MVM V LP and MVM GP (No.5) LP) hold in aggregate 5% of our company&rsquo;s outstanding
shares, they are entitled to have one observer at the board level (see Item 7B. &ldquo;<I>Related party transactions &mdash; MVM Subscription
Agreement</I>&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024). As a result, these shareholders
will be able to exercise a significant level of control over all matters requiring stockholder approval, including the election of directors,
amendment of our Articles of Association and approval of certain significant corporate transactions. This control could have the effect
of delaying or preventing a change of control of the Company or changes in management, in each case, which other shareholders might find
favorable, and will make the approval of certain transactions difficult or impossible without the support of these significant shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If securities or industry analysts do not publish research or
publish inaccurate or unfavorable research about our business, the price of our ordinary shares and their trading volume could 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">The trading market for our ordinary shares depends in part on the
research and reports that securities or industry analysts publish about us or our business. If no or only limited securities or industry
analysts cover our company, the trading price for our ordinary shares could be negatively impacted. If one or more of the analysts who
cover us downgrades our equity securities or publishes inaccurate or unfavorable research about our business, the price of our ordinary
shares would likely decline. If one or more of these analysts ceases coverage of our company or fails to publish reports on us regularly,
or downgrades our securities, demand for our ordinary shares could decrease, which could cause the price of our ordinary shares or their
trading volume to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We intend to retain all available funds and any future earnings
and, consequently, the ability of holders of our ordinary shares to achieve a return on their investment will depend on appreciation
in the price of our ordinary 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">We have never declared or paid any cash dividends on our ordinary
shares, and we intend to retain all available funds and any future earnings to fund the development and expansion of our business. In
addition, our loan agreement with OrbiMed limits our ability to pay any such dividends. Therefore, holders of our ordinary shares are
not likely to receive any dividends for the foreseeable future and the success of an investment in our ordinary shares will depend upon
any future appreciation in their value. Consequently, investors may need to sell all or part of their holdings of our ordinary shares
after price appreciation, which may never occur, as the only way to realize any future gains on their investment. There is no guarantee
that our ordinary shares will appreciate in value or even maintain the price at which our investors have purchased them. Investors seeking
cash dividends should not purchase our ordinary 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">In addition, if we choose to pay dividends in the future, exchange
rate fluctuations may affect the amount of Euros that we are able to distribute, and the amount in U.S. dollars that our shareholders
receive upon the payment of cash dividends or other distributions we declare and pay in euros, if any. Any dividends will generally be
subject to Belgian withholding tax. These factors could harm the value of our ordinary 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>Holders of our ordinary shares should be aware that the rights
provided to holders of our ordinary shares under Belgian corporate law and our Articles of Association differ in certain respects from
the rights that you would typically enjoy as a shareholder of a U.S. company under applicable U.S. federal and state laws.</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 are a Belgian company with limited liability. Our corporate affairs
are governed by our Articles of Association and by the laws governing companies incorporated in Belgium. The rights of shareholders and
the responsibilities of members of our Board of Directors may be different from the rights and obligations of shareholders and boards
of directors in companies governed by the laws of U.S. jurisdictions. In the performance of its duties, our Board is required by Belgian
law to consider the interests of our company, its shareholders, its employees, and other stakeholders. It is possible that some of these
parties will have interests that are different from, or in addition to, the interests of our shareholders. See Item 10B. &ldquo;<I>Memorandum
and Articles of Association</I>&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December 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"><B><I>Concentration of ownership of our ordinary shares among our
existing executive officers, directors and principal shareholders may prevent holders of our ordinary shares from influencing significant
corporate decisions.</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 executive officers, directors, greater than five percent shareholders
and their affiliates beneficially owned approximately 51.7% of our outstanding ordinary shares as of March 15, 2025. Depending on the
level of attendance at our general meetings of shareholders, these shareholders, either alone or voting together as a group, will be
in a position to determine the outcome of decisions taken at any such general meeting. Any shareholder or group of shareholders controlling
more than 50% of the share capital present and voting at our general meetings of shareholders may control any shareholder resolution
requiring a simple majority, including the appointment of Board members, as well as certain decisions relating to our capital structure,
the approval of certain significant corporate transactions and amendments to our Articles of Association. Among other consequences, this
concentration of ownership may prevent or discourage unsolicited acquisition proposals that shareholders may believe are in the best
interest of the Company. Some of these persons or entities may have interests different than those of our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future sales, or the perception of future sales, of a substantial
number of our ordinary shares could adversely affect the price of our ordinary shares, and actual sales of our equity will dilute current
holders of our ordinary 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">Future sales of a substantial number of our ordinary shares, or the
perception that such sales will occur, could cause a decline in the market price of our ordinary shares. Approximately 23.5 million ordinary
shares are held by our directors, executive officers and greater than five percent shareholders. If one or more of these securityholders
sell substantial amounts of ordinary shares in the public market, or the market perceives that such sales may occur, the market price
of our ordinary shares and our ability to raise capital through an issue of equity securities in the future could be adversely affected.</P>

<P STYLE="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 issue ordinary shares in future financings, shareholders
may experience dilution and, as a result, the price of our ordinary shares 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 ordinary shares at a discount
from the trading price of our ordinary shares. As a result, holders of our ordinary shares would experience immediate dilution upon the
issuance of any of our ordinary shares 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, preference shares or shares. If we issue ordinary shares
or other equity or equity-linked&nbsp;securities, holders of our ordinary shares would experience additional dilution and, as a result,
the price of our ordinary shares may decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>It may be difficult for holders of our ordinary shares outside
Belgium to serve process on, or enforce foreign judgments against, us or our directors and senior management.</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 are a Belgian limited liability company. Less than a majority of
the members of our Board of Directors are residents of the United States. All or a substantial portion of the assets of such non-resident&nbsp;persons
and a significant portion of our assets are located outside the United States. As a result, it may not be possible for holders of our
ordinary shares to effect service of process upon such persons or on us or to enforce against them or us a judgment obtained in U.S.
courts. Original actions or actions for the enforcement of judgments of U.S. courts relating to the civil liability provisions of the
federal or state securities laws of the United States are not directly enforceable in Belgium.</P>

<P STYLE="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 United States and Belgium do not currently have a multilateral
or bilateral treaty providing for reciprocal recognition and enforcement of judgments, other than arbitral awards, in civil and commercial
matters. In order for a final judgment for the payment of money rendered by U.S. courts based on civil liability to produce any effect
on Belgian soil, it is accordingly required that this judgment be recognized or be declared enforceable by a Belgian court in accordance
with Articles 22 to 25 of the 2004 Belgian Code of Private International Law. Recognition or enforcement does not imply a review of the
merits of the case and is irrespective of any reciprocity requirement. A U.S. judgment will, however, not be recognized or declared enforceable
in Belgium, unless (in addition to compliance with certain technical provisions) the Belgian courts are satisfied of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            effect of the recognition or enforcement of judgment is not manifestly incompatible with
                                            (Belgian) public order;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment did not violate the rights of the defendant;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment was not rendered in a matter where the parties did not freely dispose of their rights,
                                            with the sole purpose of avoiding the application of the law applicable according to Belgian
                                            international law;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment is not subject to further recourse under U.S. law;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment is not incompatible with a judgment rendered in Belgium or with a prior judgment
                                            rendered abroad that might be recognized in Belgium;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            claim was not filed outside Belgium after a claim was filed in Belgium, if the claim filed
                                            in Belgium relates to the same parties and the same subject and is still pending;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            Belgian courts did not have exclusive jurisdiction to rule on the matter;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            U.S. court did not accept its jurisdiction solely on the basis of the presence of the plaintiff
                                            or the location of goods not directly linked to the dispute in the United States;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment did not concern the deposit or validity of intellectual property rights when the
                                            deposit or registration of those intellectual property rights was requested, done or should
                                            have been done in Belgium pursuant to international treaties;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment did not relate to the validity, operation, dissolution, or liquidation of a legal
                                            entity that has its main seat in Belgium at the time of the petition of the U.S. court;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">if
                                            the judgment relates to the opening, progress or closure of insolvency proceedings, it is
                                            rendered on the basis of the European Regulation on Insolvency Proceedings (EU Regulation
                                            No. 2015/848 of May 20, 2015) or, if not, that (a) a decision in the principal proceedings
                                            is taken by a judge in the state where the most important establishment of the debtor was
                                            located or (b) a decision in territorial proceedings was taken by a judge in the state where
                                            the debtor had another establishment than its most important establishment &ndash; in this
                                            latter case, the recognition or declaration of enforcement of the judgment may only concern
                                            assets located in the territory of the state where the proceedings were opened; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            judgment submitted to the Belgian court is authentic under the laws of the state where the
                                            judgment was issued; in case of a default judgment, it can be shown that under locally applicable
                                            laws the invitation to appear in court was properly served on the defendant; a document can
                                            be produced showing that the judgment is, under the rules of the state where it was issued,
                                            enforceable and was properly served on the defendant..</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="text-indent: 0.25in; 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 recognition or enforcement, a judgment by a federal
or state court in the United States against us may also serve as evidence in a similar action in a Belgian court if it meets the conditions
required for the authenticity of judgments according to the law of the state where it was rendered. The findings of a federal or state
court in the United States will not, however, be taken into account to the extent they appear incompatible with Belgian public policy.</P>

<P STYLE="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 the lack of a treaty as described above, U.S. investors may
not be able to enforce against us or members of our Board of Directors or our executive management any judgments obtained in U.S. courts
in civil and commercial matters, including judgments under the U.S. federal securities 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"><B><I>We are an &ldquo;emerging growth company&rdquo; and as a result
of the reduced disclosure and governance requirements applicable to emerging growth companies, our ordinary shares may be less attractive
to investors.</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 are an &ldquo;emerging growth company&rdquo; as defined in the
Jumpstart Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;). For as long as we continue to be an emerging growth company,
we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging
growth companies, including not being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act
of 2002 (the &ldquo;Sarbanes-Oxley&nbsp;Act&rdquo;), exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved. We may take advantage of these exemptions
until we are no longer an emerging growth company. We could be an emerging growth company for up to five&nbsp;years, although circumstances
could cause us to lose that status earlier, including if the aggregate market value of our ordinary shares held by non-affiliates&nbsp;exceeds
$700&nbsp;million as of the end of our second fiscal quarter before that time, in which case we would no longer be an emerging growth
company as of the following December 31st (the last day of our fiscal year). We cannot predict if investors will find our ordinary shares
less attractive because we may rely on these exemptions. If some investors find our ordinary shares less attractive as a result, there
may be a less active trading market for our ordinary shares and the price of our ordinary shares may be more volatile.</P>

<P STYLE="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>As a foreign private issuer and as permitted by the listing
requirements of Nasdaq, we rely on certain home country corporate governance practices rather than the corporate governance requirements
of Nasdaq.</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 qualify as a foreign private issuer and our ordinary shares are
listed on Nasdaq. In accordance with the listing requirements of Nasdaq, we rely on home country governance requirements and certain
exemptions thereunder rather than relying on the corporate governance requirements of Nasdaq. For example, we are exempt from certain
rules under the Exchange Act that regulate disclosure obligations and procedural requirements related to the solicitation of proxies,
consents or authorizations applicable to a security registered under the Exchange Act, including the U.S. proxy rules under Section&nbsp;14
of the Exchange Act. In addition, our officers and directors are exempt from the reporting and &ldquo;short-swing&rdquo; profit recovery
provisions of Section 16 of the Exchange Act and related rules with respect to their purchases and sales of our securities. Moreover,
while we currently publish annual and semi-annual&nbsp;reports on our website and file such financial reports with the SEC, we are not
required to file periodic reports with the SEC as frequently or as promptly as U.S. public companies. Specifically, we are not required
to file quarterly reports on Form 10-Q&nbsp;or current reports on Form 8-K&nbsp;that a domestic company would be required to file under
the Exchange Act. Accordingly, there may be less publicly available information concerning our company than there would be if we were
not a foreign private issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may lose our foreign private issuer status in the future,
which could result in significant additional costs and expenses.</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 a foreign private issuer, we are not required to comply with all
the periodic disclosure and current reporting requirements of the Exchange Act and related rules and regulations. The determination of
foreign private issuer status is made annually on the last business day of our most recently completed second fiscal quarter. Accordingly,
we will next make a determination with respect to our foreign private issuer status on June&nbsp;30, 2026. There is a risk that we will
lose our foreign private issuer status in the future.&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"></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 would lose our foreign private issuer status if, for instance more
than 50% of our ordinary shares are owned by U.S. residents or persons and more than 50% of our assets are located in the United States
and we continue to fail to meet additional requirements necessary to maintain our foreign private issuer status. The regulatory and compliance
costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly greater than the costs we incur as a foreign private
issuer. If we are not a foreign private issuer, we will be required to file periodic reports and registration statements on U.S. domestic
issuer forms with the SEC, which are more detailed and extensive in certain respects than the forms available to a foreign private issuer.
We would be required under current SEC rules to prepare our financial statements in accordance with U.S. GAAP and modify certain of our
policies to comply with corporate governance practices associated with U.S. domestic issuers. Such conversion and modifications would
involve additional costs. In addition, we may lose our ability to rely upon exemptions from certain corporate governance requirements
on U.S. stock exchanges that are available to foreign private issuers, which could also increase our costs.</P>

<P STYLE="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>U.S. holders of our ordinary shares may suffer adverse tax consequences
if we are characterized as a passive foreign investment company, or PFIC.</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.&nbsp;corporation is a PFIC for U.S. federal
income tax purposes for any taxable year in which (i) 50% or more of value of its assets (based on an average of the quarterly values
of the assets during such taxable year) consists of assets that produce, or are held for the production of, passive income, or (ii)&nbsp;75%
or more of its gross income consists of passive income. A separate determination must be made after the close of each fiscal year as
to whether a non-U.S. corporation is a PFIC for that year. For purposes of the above calculations, a non-U.S.&nbsp;corporation that owns,
directly or indirectly, at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of
the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income
generally includes dividends, interest, investment gains and certain rents and royalties. Cash is generally a passive asset for these
purposes. The value goodwill is generally treated as an active asset if it is associated with business activities that produce active
income.</P>

<P STYLE="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 we are a PFIC for any taxable year during which a U.S. Holder (as
defined under Item 10E. &ldquo;<I>Taxation</I>&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024)
holds our ordinary shares, we will continue to be treated as a PFIC with respect to such U.S. Holder in all succeeding&nbsp;years during
which the U.S. Holder owns our ordinary shares regardless of whether we continue to meet the PFIC test described above, unless the U.S.
Holder makes a specified election once we cease to be a PFIC. If we are classified as a PFIC for any taxable year during which a U.S.
Holder holds our ordinary shares, the U.S. Holder may be subject to adverse tax consequences regardless of whether we continue to qualify
as a PFIC, including ineligibility for any preferred tax rates on capital gains or on actual or deemed dividends, interest charges on
certain taxes treated as deferred, and additional reporting requirements.</P>

<P STYLE="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 the current estimates, and expected future composition, of
our income and the value of our assets, including goodwill, we do not expect to be a PFIC for our current taxable year. However, our
PFIC status for any taxable year is an annual determination that can be made only after the end of that year and will depend on the composition
of our income and assets and the value of our assets from time to time. The determination of whether we are a PFIC is fact-intensive&nbsp;and
the applicable law is subject to varying interpretation. There can be no assurance that the U.S.&nbsp;Internal Revenue Service, or IRS,
will agree with our position or that the IRS will not successfully challenge our position including our classification of certain income
and assets as non-passive&nbsp;or our valuation of our tangible and intangible assets.</P>

<P STYLE="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 U.S. Holder may in certain circumstances mitigate the adverse tax
consequences of the PFIC rules by filing an election to treat the PFIC as a Qualified Electing Fund (&ldquo;QEF&rdquo;) or, if shares
of the PFIC are &ldquo;marketable stock&rdquo; for purposes of the PFIC rules, by making a mark-to-market&nbsp;election with respect
to the shares of the PFIC. However, we do not currently intend to provide the information necessary for U.S. Holders to make a QEF election
if we were treated as a PFIC for any taxable year and prospective investors should assume that a QEF election will not be available.
Furthermore, if a U.S. Holder were to make a mark-to-market&nbsp;election with respect to our ordinary shares, the U.S. Holder would
be required to include annually in its U.S. federal taxable income (taxable at ordinary income rates) an amount reflecting any year end
increase in the value of its ordinary shares. For further discussion of the PFIC rules and the adverse U.S. federal income tax consequences
in the event we are classified as a PFIC, see Item 10E. &ldquo;<I>Taxation</I>&rdquo; in our Annual Report on Form 20-F for the fiscal
year ended December 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">The U.S. federal income tax rules relating to PFICs are very complex.
Current and prospective U.S. Holders are strongly urged to consult their own tax advisors with respect to the impact of PFIC status on
the purchase, ownership and disposition of our ordinary shares, the consequences to them of an investment in a PFIC, any elections available
with respect to our ordinary shares and the IRS information reporting obligations with respect to the purchase, ownership and disposition
of our ordinary shares of a PFIC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If a U.S. Holder is treated as owning at least 10% of our ordinary
share capital, such holder may be subject to adverse U.S. federal income tax consequences.</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 a U.S. Holder (as defined below under Item 10E. &ldquo;<I>Taxation</I>&rdquo;
in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024) is treated as owning, directly, indirectly or constructively,
at least 10% of the value or voting power of our share capital, such U.S. Holder may be treated as a &ldquo;U.S. shareholder&rdquo; with
respect to each &ldquo;controlled foreign corporation&rdquo; in our group, if any. Because our group currently includes at least one
U.S. subsidiary, under current law, any of our current non-U.S. subsidiaries and any future newly formed or acquired non-U.S. subsidiaries
will be treated as controlled foreign corporations, regardless of whether we are treated as a controlled foreign corporation. A U.S.
shareholder of a controlled foreign corporation may be required to annually report and include in its U.S. taxable income its pro rata
share of &ldquo;Subpart F income,&rdquo; &ldquo;global intangible low-taxed&nbsp;income&rdquo; and investments in U.S.&nbsp;property
by controlled foreign corporations, regardless of whether we make any distributions. An individual that is a U.S. shareholder with respect
to a controlled foreign corporation generally would not be allowed certain tax deductions or foreign tax credits that would be allowed
to a U.S. shareholder that is a U.S. corporation. Failure to comply with controlled foreign corporation reporting obligations may subject
a U.S. shareholder to significant monetary penalties. We cannot provide any assurances that we will furnish to any U.S. shareholder information
that may be necessary to comply with the reporting and tax paying obligations applicable under the controlled foreign corporation rules
of the Code. U.S. Holders should consult their tax advisors regarding the potential application of these rules to their investment in
our ordinary shares. See Item 10E. &ldquo;<I>Taxation</I>&rdquo; in our Annual Report on Form 20-F for the fiscal year ended December
31, 2024 for a more detailed discussion.</P>

<P STYLE="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 incur significant costs as a result of operating as a company
that is publicly listed on Nasdaq, and our management is required to devote substantial time to compliance initiatives.</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 a company that is publicly listed on Nasdaq, we are subject to
the reporting requirements of the Exchange Act, the Sarbanes-Oxley&nbsp;Act, the Dodd-Frank&nbsp;Wall Street Reform and Consumer Protection
Act, the Nasdaq listing requirements and other applicable securities rules and regulations. Compliance with these rules and regulations
is costly, and will become even more costly after we are no longer an &ldquo;emerging growth company&rdquo; and/or a foreign private
issuer. Further, as Belgian limited liability company listed in the U.S., we are subject to potentially overlapping and disparate multi-jurisdictional
laws and rules that potentially impact the disclosure of information. From time to time, this may result in uncertainty regarding compliance
matters and result in higher costs necessitated by legal analysis of dual legal regimes, ongoing revisions to disclosure and adherence
to heightened governance practices. Moreover, these rules and regulations increase our legal and financial compliance costs and make
some activities more time-consuming&nbsp;and costly. For example, we expect that these rules and regulations may make it more difficult
and more expensive for us to obtain director and officer liability insurance, which in turn could make it more difficult for us to attract
and retain qualified senior management personnel or members for our Board of Directors. These rules and regulations are often subject
to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve
over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance
matters and higher costs necessitated by ongoing revisions to disclosure and governance practices.</P>

<P STYLE="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>As a result of being a U.S. public company, we are subject to
regulatory compliance requirements, including Section 404 of the Sarbanes-Oxley Act (&ldquo;Section 404&rdquo;), and if we fail to maintain
an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud.</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">Pursuant to Section 404, our management is required to assess and
attest to the effectiveness of our internal control over financial reporting in connection with issuing our consolidated financial statements
as of and for each fiscal year. Section 404 also requires an attestation report on the effectiveness of internal control over financial
reporting be provided by our independent registered public accounting firm beginning with our annual report following the date on which
we are no longer an &ldquo;emerging growth company.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The cost of complying with Section 404 significantly increases and
management&rsquo;s attention may be diverted from other business concerns, which could adversely affect our results. We may need to hire
more employees in the future or engage outside consultants to comply with these requirements, which will further increase expenses. If
we fail to comply with the requirements of Section 404 in the required timeframe, we may be subject to sanctions or investigations by
regulatory authorities, including the SEC and Nasdaq. Furthermore, if we are unable to attest to the effectiveness of our internal control
over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, and the market
price of our ordinary shares could decline. Failure to implement or maintain effective internal control over financial reporting could
also restrict our future access to the capital markets and subject each of us, our directors and our officers to both significant monetary
and criminal liability. In addition, changing laws, regulations and standards relating to corporate governance and public disclosure
are creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time consuming.
These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as
a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could
result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance
practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased
general and administrative expense and a diversion of management&rsquo;s time and attention from revenue generating activities to compliance
activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing
bodies due to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us
and our business, financial position, results and prospects may be adversely affected.</P>

<P STYLE="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 fail to implement and maintain effective internal controls
over financial reporting, our ability to produce accurate financial statements on a timely basis could be impaired.</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 are subject to reporting obligations under U.S.&nbsp;securities
laws and the Sarbanes-Oxley&nbsp;Act&nbsp;of&nbsp;2002. Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act requires that we include a report
from management on the effectiveness of our internal control over financial reporting in our annual report on Form&nbsp;20-F&nbsp;for
the year ended December&nbsp;31, 2024. If we fail to implement and maintain adequate disclosure controls and procedures, our management
may conclude that our internal control over financial reporting is not effective. This conclusion could adversely impact the market price
of our ordinary shares due to a loss of investor confidence in the reliability of our reporting processes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Undetected material weaknesses in our internal controls could lead
to financial statement restatements and require us to incur remediation costs. To the extent we experience additional future material
weaknesses, investors could lose confidence in the accuracy or completeness of our reported financial information, which could have a
negative effect on the trading price of our ordinary shares. Failure to implement or maintain effective internal control over financial
reporting could also restrict our future access to the capital markets and subject each of us, our directors and our officers to both
significant monetary and criminal liability.</P>

<P STYLE="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 required to perform system and process evaluations and testing
of our internal controls over financial reporting, to allow our management and our independent public registered accounting firm to report
on the effectiveness of our internal control over financial reporting. In addition, our compliance with Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act
will require that we incur substantial accounting expense, expend significant management effort and we may need to hire additional accounting
and financial staff with the appropriate experience and technical accounting knowledge, and compile the system and process documentation
necessary to perform the evaluation needed to comply with Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act. We may not be able to complete
our evaluation, testing and any required remediation in a timely fashion. Any failure to implement required new or improved controls,
or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing
by us conducted in connection with Section&nbsp;404 of the Sarbanes-Oxley&nbsp;Act, or any subsequent testing by our independent registered
public accounting firm, may reveal additional deficiencies in our internal controls over financial reporting that are deemed to be material
weaknesses or that may require prospective or retroactive changes to our financial statements or identify other areas for further attention
or improvement. We cannot assure you that there will not be additional material weaknesses or significant deficiencies in our internal
control over financial reporting 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"></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 may be subject to securities litigation, which is expensive
and could divert management&rsquo;s attention.</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 market price of our ordinary shares may be volatile and, in the
past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation.
We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and
divert our management&rsquo;s attention from other business concerns, which could seriously harm our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investors residing in countries other than Belgium may suffer
dilution if they are unable to participate in future preferential subscription rights offerings.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under Belgian law and our constitutional documents, shareholders have
a waivable and cancellable preferential subscription right to subscribe&nbsp;<I>pro&nbsp;rata</I>&nbsp;to their existing shareholdings
to the issuance, against a contribution in cash, of new shares or other securities entitling the holder thereof to new shares, unless
such rights are limited or cancelled by resolution of our general shareholders&rsquo; meeting or, if so authorized by a resolution of
such meeting, our Board of Directors. The exercise of preferential subscription rights by certain shareholders not residing in Belgium
(including those in the United States, Australia, Israel, Canada or Japan as a result of the offering and taking into account the current
shareholding and international network of our current Board of Directors) may be restricted by applicable law, practice or other considerations,
and such shareholders may not be entitled to exercise such rights, unless the rights and shares are registered or qualified for sale
under the relevant legislation or regulatory framework. In particular, we may not be able to establish an exemption from registration
in the United States under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and we are under no obligation
to file a registration statement with respect to any such preferential subscription rights or underlying securities or to endeavor to
have a registration statement declared effective under the Securities Act. Shareholders in jurisdictions outside Belgium who are not
able or not permitted to exercise their preferential subscription rights in the event of a future preferential subscription rights, equity
or other offering may suffer dilution of their shareholdings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Takeover provisions in the national law of Belgium may make
a takeover difficult.</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">Public takeover bids on our shares and other voting securities, such
as warrants or convertible bonds, if any, are subject to the Belgian Act of April&nbsp;1, 2007 on public takeover bids, as amended and
implemented by the Belgian Royal Decree of April&nbsp;27, 2007, or Royal Decree, and to the supervision by the Belgian Financial Services
and Markets Authority, or FSMA. Public takeover bids must be made for all of our voting securities, as well as for all other securities
that entitle the holders thereof to the subscription to, the acquisition of or the conversion into voting securities. Prior to making
a bid, a bidder must issue and disseminate a prospectus, which must be approved by the FSMA. The bidder must also obtain approval of
the relevant competition authorities, where such approval is legally required for the acquisition of our company. However, as the Company
no longer qualifies a listed company under Belgian law following de-listing from Euronext Brussels in December 2023, the requirement,
provided for by the Belgian Act of April&nbsp;1, 2007, to launch a mandatory bid for all of our outstanding shares and securities giving
access to shares if a person, as a result of its own acquisition or the acquisition by persons acting in concert with it or by persons
acting on their account, directly or indirectly holds more than 30% of the voting securities in a company that has its registered office
in Belgium and of which at least part of the voting securities are traded on a regulated market or on a multilateral trading facility
designated by the Royal Decree no longer applies. This may allow existing shareholders or new investors to acquire significant influence
or control over the Company by acquiring the shares in the market without being required to acquire the other outstanding voting securities,
as well as for all other securities that entitle the holders thereof to the subscription to, the acquisition of or the conversion into
voting 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">There are several provisions of Belgian company law and certain other
provisions of Belgian law, such as merger control, that may apply to us and which may make an unfriendly tender offer, merger, change
in management or other change in control, more difficult. These provisions could discourage potential takeover attempts that third parties
may consider and thus deprive the shareholders of the opportunity to sell their shares at a premium (which is typically offered in the
framework of a takeover bid).</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_004"></A>CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus contains forward-looking statements. All statements
other than statements of historical facts contained in this prospectus, including statements regarding our strategy, future operations,
future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are
forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can find many
(but not all) of these statements by looking for words such as &ldquo;approximates,&rdquo; &ldquo;believes,&rdquo; &ldquo;hopes,&rdquo;
&ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo;
&ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;may&rdquo; or other similar expressions in this prospectus. The
sections in our periodic reports, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, titled &ldquo;<I>Information
on the Company</I>,&rdquo; and &ldquo;<I>Operating and Financial Review and Prospects</I>,&rdquo; as well as other sections in this prospectus
and the documents or reports incorporated by reference in this prospectus, discuss some of the factors that could contribute to these
differences. These forward-looking statements include, among other things, statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            plans relating to commercializing our tests and related diagnostic products and services
                                            (collectively &ldquo;tests&rdquo;, &ldquo;testing solutions&rdquo; or &ldquo;solutions&rdquo;)
                                            and the rate and degree of market acceptance of our solutions;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            size of the market opportunity for our Confirm mdx, ExoDx, Resolve mdx, Monitor mdx and Genomic
                                            Prostate Score (&ldquo;GPS&rdquo;) tests and other tests and solutions we may commercialize
                                            or may develop;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            acceptance of our testing solutions by healthcare providers;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            willingness of health insurance companies and other payers to cover our testing solutions
                                            and adequately reimburse us for such solutions;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            plans relating to the further development of testing solutions;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">existing
                                            regulations and regulatory developments in the United States, Europe and other jurisdictions;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to obtain and maintain regulatory approvals and comply with applicable regulations;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">timing,
                                            progress and results of our research and development programs;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            period over which we estimate our existing cash will be sufficient to fund our future operating
                                            expenses and capital expenditure requirements;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to attract and retain qualified employees and key personnel;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            scope of protection we are able to establish and maintain for intellectual property rights
                                            covering our testing solutions and technology;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to operate our business without infringing the intellectual property rights and proprietary
                                            technology of third parties;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            possibility that the anticipated benefits from our business acquisitions will not be realized
                                            in full or at all or may take longer to realize than expected;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">cost
                                            associated with defending intellectual property infringement, product liability and other
                                            claims;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">uncertainties
                                            associated with global macroeconomic conditions; and</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.6pt; text-indent: -18.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">other
                                            risks and uncertainties, including those listed under the caption &ldquo;<I>Risk Factors.</I>&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">These statements reflect our views with respect to future events as
of the date of this prospectus and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should
not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions
only as of the date of this prospectus and, except as required by law, we undertake no obligation to update or review publicly any forward-looking
statements, whether as a result of new information, future events or otherwise after the date of this prospectus. We anticipate that
subsequent events and developments will cause our views to change. You should read this prospectus and the documents referenced in this
prospectus and filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding
that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these
cautionary statements.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_005"></A>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below sets forth our cash and cash equivalents and capitalization,
each as of December 31, 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">The following information should be read in conjunction with the consolidated
financial statements and related notes incorporated by reference in this prospectus. You should read this table together with our consolidated
financial statements and related notes, as well as the sections titled &ldquo;<I>Operating and Financial Review and Prospects</I>&rdquo;
in our Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2024 and the other financial information incorporated by
reference in this prospectus. For more details on how you can obtain the documents incorporated by reference in this prospectus, see
&ldquo;<I>Where You Can Find More Information</I>&rdquo; and &ldquo;<I>Incorporation of Certain Information by Reference.</I>&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of<BR>
    December&nbsp;31,<BR>
    2025</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt; width: 88%">Cash and cash equivalents</TD><TD STYLE="padding-bottom: 4pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right; width: 9%">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">[_]</FONT></TD><TD STYLE="padding-bottom: 4pt; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Capitalization:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Share capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[_]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Issuance premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[_]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[_]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Share-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[_]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Translation reserve</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">[_]</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Total equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[_]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Loans and borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Long-term</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[_]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Short-term</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">[_]</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total loans and borrowings</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">[_]</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total capitalization</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><FONT STYLE="font-size: 10pt">[_]</FONT></TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_006"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We are not selling any securities under this
prospectus and we will not receive any proceeds from the sale of the Resale Shares covered hereby. The net proceeds from the sale by
the selling securityholder of the Resale Shares offered by this prospectus will be received by the selling securityholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The selling securityholder will pay any underwriting
discounts and commissions and expenses incurred by the selling securityholder for brokerage, accounting, tax or legal services or any
other expenses incurred by the selling securityholder in disposing of any of the Resale Shares. We will bear the costs, fees and expenses
incurred in effecting the registration of the Resale Shares covered by this prospectus, including all registration and filing fees, Nasdaq
listing fees and fees and expenses of our counsel, and our independent registered public accounting firm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="n_005"></A>SELLING SECURITYHOLDER</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 ordinary shares being offered by the selling securityholder are
those received by the selling securityholder in connection with the Closing of the Acquisition. We are registering the ordinary shares
in order to permit the selling securityholder to offer the ordinary shares for resale from time to time, upon their issuance. Except
for the ownership indicated in the table below or as otherwise described in the footnotes to the table, the selling securityholder has
not had any material relationship with us within the past three years.</P>

<P STYLE="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 table below lists the selling securityholder and other information
regarding the beneficial ownership of the selling securityholder. The second column lists the number of ordinary shares beneficially
owned by the selling securityholder, based on its ownership of the ordinary shares as of December 31, 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">The third column lists the ordinary shares being offered by this prospectus
by the selling securityholder.</P>

<P STYLE="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 fourth column assumes the sale of all of the ordinary shares offered
by the selling securityholder pursuant to this prospectus.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The selling securityholder has sole voting and investment power with
respect to all of the ordinary shares beneficially owned by them unless otherwise indicated.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Name of Selling Securityholder</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<BR> Ordinary<BR> Shares<BR>
    Beneficially<BR> Owned Prior to<BR> Offering (1)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maximum Number&nbsp;of<BR>
    Ordinary<BR>
    Shares<BR> to be Sold Pursuant <BR> to this Prospectus</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<BR> Ordinary Shares<BR>
    Beneficially Owned<BR> After Offering</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage of <BR> Ordinary<BR> Shares
    Owned <BR> After Offering</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Bio-Techne Corporation (2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,867,186</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,867,186</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Beneficial
                                            ownership is determined in accordance with the rules of the SEC and generally includes voting
                                            or investment power with respect to securities. Ordinary shares underlying options or warrants
                                            currently exercisable, or exercisable within 60 days of December 31, 2025, are deemed outstanding
                                            for purposes of computing the beneficial ownership of the person holding such options or
                                            warrants but are not deemed outstanding for computing the beneficial ownership of any other
                                            person. Except where we had knowledge of such ownership, the number presented in this column
                                            may not include shares held in street name or through other entities over which the selling
                                            securityholder has voting and dispositive power. Includes ordinary shares issuable upon exercise
                                            in full of the Warrants.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Ownership
                                            amounts and percentages do not include ordinary shares issuable at the Company&rsquo;s discretion
                                            as additional consideration pursuant to the Equity Purchase Agreement, dated August 5, 2025,
                                            by and between the Company and Bio-Techne Corporation. The business address of Bio-Techne
                                            Corporation 614 McKinley Place N.E., Minneapolis, MN 55413.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_007"></A>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">We are registering the ordinary shares of MDxHealth SA, no nominal
value per share, which we refer to herein as &ldquo;Resale Shares,&rdquo; issued to the selling securityholder to permit the sale, transfer
or other disposition of the Resale Shares by the selling securityholder or its donees, pledgees, transferees or other successors-in-interest
from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling securityholder
of the Resale Shares. We will bear all fees and expenses incident to our obligation to register the Resale 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 selling securityholder may sell all or a portion of such issued
Resale Shares beneficially owned by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers
or agents. If the Resale Shares are sold through underwriters or broker-dealers, the selling securityholder will be responsible for underwriting
discounts or commissions (it being understood that the selling securityholder shall not be deemed to be underwriters solely as a result
of their participation in this offering) or agent&rsquo;s commissions. The Resale Shares may be sold on any national securities exchange
or quotation service on which the securities may be listed or quoted at the time of sale, in the over-the-counter market or in transactions
otherwise than on these exchanges or systems or in the over-the-counter market and in one or more transactions at fixed prices, at prevailing
market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be
effected in transactions, which may involve crosses or block transactions. The selling securityholder may use any one or more of the
following methods when selling Resale Shares:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">ordinary
                                            brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">block
                                            trades in which the broker-dealer will attempt to sell the Resale Shares as agent but may
                                            position and resell a portion of the block as principal to facilitate the transaction;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            or through underwriters or purchases by a broker-dealer as principal and resale by the broker-dealer
                                            for its account;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">an
                                            exchange distribution in accordance with the rules of the applicable exchange;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">privately
                                            negotiated transactions;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">settlement
                                            of short sales entered into after the effective date of the registration statement of which
                                            this prospectus is a part;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">broker-dealers
                                            may agree with the selling securityholder to sell a specified number of such Resale Shares
                                            at a stipulated price per Resale Share;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">through
                                            the writing or settlement of options or other hedging transactions, whether such options
                                            are listed on an options exchange or otherwise;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">a
                                            combination of any such methods of sale; and</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">any
                                            other method permitted pursuant to applicable law.</FONT></TD>
</TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The selling securityholder also may resell all or a portion of the
Resale Shares in open market transactions in reliance upon Rule 144 under the Securities Act, as amended, or the Securities Act, as permitted
by that rule, or Section 4(a)(1) under the Securities Act, if available, rather than under this prospectus, provided that they meet the
criteria and conform to the requirements of those 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">Broker-dealers engaged by the selling securityholder may arrange for
other broker-dealers to participate in sales. If the selling securityholder effects such transactions by selling Resale Shares to or
through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts,
concessions or commissions from the selling securityholder or commissions from purchasers of the Resale Shares for whom they may act
as agent or to whom they may sell as principal. Such commissions will be in amounts to be negotiated, but, except as set forth in a supplement
to this Prospectus, in the case of an agency transaction will not be in excess of a customary brokerage commission in compliance with
FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2121.01.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with sales of the Resale Shares or otherwise, the selling
securityholder may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short
sales of the Resale Shares in the course of hedging in positions they assume. The selling securityholder may also sell Resale Shares
short and if such short sale takes place after the date that this Registration Statement is declared effective by the Commission, the
selling securityholder may deliver Resale Shares covered by this prospectus to close out short positions and to return borrowed Resale
Shares in connection with such short sales. The selling securityholder may also loan or pledge Resale Shares to broker-dealers that in
turn may sell such Resale Shares, to the extent permitted by applicable law. The selling securityholder may also enter into option or
other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require
the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). Notwithstanding
the foregoing, the selling securityholder has been advised that it may not use Resale Shares the resale of which has been registered
on this registration statement to cover short sales of our ordinary shares made prior to the date the registration statement, of which
this prospectus forms a part, has been declared effective by the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The selling securityholder may, from time to time, pledge or grant
a security interest in some or all of the Resale Shares owned by them and, if they default in the performance of their secured obligations,
the pledgees or secured parties may offer and sell the Resale Shares from time to time pursuant to this prospectus or any amendment to
this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933, amending, if necessary, the list of
selling securityholders to include the pledgee, transferee or other successors in interest as selling securityholders under this prospectus.
The selling securityholder may also transfer and donate the Resale Shares in other circumstances in which case the transferees, donees,
pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The selling securityholder and any broker-dealer or agents participating
in the distribution of the Resale Shares may be deemed to be &ldquo;underwriters&rdquo; within the meaning of Section 2(11) of the Securities
Act in connection with such sales. In such event, any commissions paid, or any discounts or concessions allowed to, any such broker-dealer
or agent and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under
the Securities Act. Selling securityholders who are &ldquo;underwriters&rdquo; within the meaning of Section 2(11) of the Securities
Act will be subject to the applicable prospectus delivery requirements of the Securities Act including Rule 172 thereunder and may be
subject to certain statutory liabilities of, including but not limited to, Sections 11, 12 and 17 of the Securities Act and Rule 10b-5
under the Securities Exchange Act of 1934, as amended, or the Exchange 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">The selling securityholder has informed the Company that it is not
a registered broker-dealer and does not have any written or oral agreement or understanding, directly or indirectly, with any person
to distribute the Resale Shares. Upon the Company being notified in writing by a selling securityholder that any material arrangement
has been entered into with a broker-dealer for the sale of ordinary shares through a block trade, special offering, exchange distribution
or secondary distribution or a purchase by a broker or dealer, a supplement to this prospectus will be filed, if required, pursuant to
Rule 424(b) under the Securities Act, disclosing (i) the name of each such selling securityholder and of the participating broker-dealer(s),
(ii) the number of Resale Shares involved, (iii) the price at which such the Resale Shares were sold, (iv) the commissions paid or discounts
or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any investigation to
verify the information set out or incorporated by reference in this prospectus, and (vi) other facts material to the transaction. In
no event shall any broker-dealer receive fees, commissions and markups, which, in the aggregate, would exceed eight percent (8.0%).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the securities laws of some U.S. states, the Resale Shares may
be sold in such states only through registered or licensed brokers or dealers. In addition, in some U.S. states the Resale Shares may
not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification
is available and is complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There can be no assurance that any selling securityholder will sell
any or all of the Resale Shares registered pursuant to the shelf 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">The selling securityholder and any other person participating in such
distribution will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including, without
limitation, to the extent applicable, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the
Resale Shares by the selling securityholder and any other participating person. To the extent applicable, Regulation M may also restrict
the ability of any person engaged in the distribution of the Resale Shares to engage in market-making activities with respect to the
Resale Shares. All of the foregoing may affect the marketability of the Resale Shares and the ability of any person or entity to engage
in market-making activities with respect to the Resale 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">We will pay all expenses of the registration of the Resale Shares,
including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities or &ldquo;blue
sky&rdquo; laws; provided, however, that the selling securityholder will pay all underwriting discounts and selling commissions, if any.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_008"></A>DESCRIPTION OF SHARE CAPITAL
AND OTHER SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Description of Share Capital</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 description of our share capital summarizes certain
provisions of our articles of association and the Belgian Companies and Associations Code. Because this description is a summary, it
may not contain all information important to you. Accordingly, this description is qualified entirely by references to our articles of
association. Copies of our articles of association will be publicly available as an exhibit to the registration statement of which this
prospectus forms a part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following description includes comparisons of certain provisions
of our articles of association and the Belgian Companies and Associations Code applicable to us and the Delaware General Corporation
Law, or the DGCL, the law under which many publicly listed companies in the United States are incorporated. Because such statements are
summaries, they do not address all aspects of Belgian law that may be relevant to us and our shareholders or all aspects of Delaware
law which may differ from Belgian law, and they are not intended to be a complete discussion of the respective rights.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Share Capital and Shares</U></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 share capital is represented by ordinary shares without nominal
value. Our share capital is fully paid-up. Our shares are not separated into classes.</P>

<P STYLE="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 December&nbsp;31, 2024, our share capital amounted to&nbsp;&euro;204,245,492.10,
represented by 49,497,334 fully authorized and subscribed and paid-up&nbsp;shares without nominal value. This number does not include
outstanding warrants issued by us and granted to certain of our directors, employees and non-employees&nbsp;nor any other capital increases
after December&nbsp;31, 2024. Neither we nor any of our subsidiaries holds any of our own shares.&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">Pursuant to the notarized deed received by the notary Stijn Raes,
a resident notary in Ghent, on October 1, 2025, the board of directors increased the our share capital by an amount of EUR 3,866,208.91
through the issuance of 1,867,186 new shares, fully paid up by contribution in kind, issued at a rounded issue price of EUR 2.07 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">On the date of this prospectus, our share capital amounts to &euro;208,111,701.01,
represented by 51,364,520 fully authorized and subscribed and paid-up&nbsp;shares without nominal value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Other Outstanding Securities</U></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">In addition to the shares already outstanding, we have granted subscription
rights (share options or warrants), which upon exercise will lead to an increase in the number 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">On the date of 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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">5,870,128 new shares are issuable upon exercise of outstanding share options issued by us and 799,400 shares available for future grants
under equity plans;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">1,000,000
                                            new shares are issuable upon the exercise of 1,000,000 warrants granted by us to Exact Sciences;
                                            and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">1,243,060
                                            new shares are issuable upon the exercise of 1,243,060 warrants granted by us to affiliates
                                            of OrbiMed.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>History of Securities Issuances</U></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">All shares issued have been fully paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The changes to our actual share capital since January&nbsp;1, 2023
can be summarized as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: bottom">Date</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transaction</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Increase<BR> (reduction) of<BR> share&nbsp;capital<BR> (in EUR)</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number&nbsp;of<BR> shares<BR> issued</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class&nbsp;of<BR> shares&nbsp;issued</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Issue&nbsp;price<BR> per&nbsp;Share<BR> (in EUR,<BR> rounded)</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Resulting<BR> share&nbsp;capital<BR> (in EUR)</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Existing<BR> shares</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 11%; text-indent: -10pt; padding-left: 10pt; vertical-align: top">February&nbsp;7,&nbsp;2023</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: left; text-indent: -10pt; padding-left: 10pt">Capital Increase in Cash</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">37,119,524.87</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">100,000,000</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 11%">Ordinary&nbsp;Shares</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">0.37</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">160,658,690.06</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">262,880,936</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">March 8, 2023</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Capital Increase in Cash</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">2,812,939.52</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">7,500,000</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ordinary Shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">0.37</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">163,471,629.58</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">270,380,936</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">October 20, 2023</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Capital Increase in kind</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">831,123.31</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">2,500,000</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ordinary Shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">0.33</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">164,302,752.89</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">272,880,936</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">November 13, 2023</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Share Consolidation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">N/A</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">164,302,752.89</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">27,288,093</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">September&nbsp;27,&nbsp;2024</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Capital Increase in Cash</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">35,858,359.48</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">20,000,000</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ordinary Shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1.79</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">200,161,112.37</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">47,288,093</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">October 29, 2024</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Capital Increase in Cash</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">4,084,379.73</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">2,209,241</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ordinary Shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1.84</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">204,245,492.10</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">49,497,334</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">October 1, 2025</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Capital Increase in kind</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">3,866,208.91</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,867,186</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ordinary Shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">2.07</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">208,111,701.01</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">51,364,520</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the date of this prospectus, our share capital amounts to&nbsp;&euro;208,111,701.01,
represented by 51,364,520 fully authorized and subscribed and paid-up&nbsp;shares without nominal value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Articles of Association and Other Share Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Corporate Profile</U></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 legal and commercial name is MDxHealth SA. We are a public limited
liability company incorporated in the form of a&nbsp;<I>naamloze vennootschap/soci&eacute;t&eacute; anonyme</I>&nbsp;under Belgian law.
We are registered with the Register of Legal Entities (RPM Li&egrave;ge) under the enterprise number 0479.292.440. Our principal executive
and registered offices are located at CAP Business Center, Zone Industrielle des Hauts-Sarts, Rue d&rsquo;Abhooz&nbsp;31, 4040 Herstal,
Belgium and our telephone number is +1 (866) 259-5644. Our agent for service of process in the United States is MDxHealth, Inc., whose
address is 15279 Alton Parkway, Suite 100, Irvine, CA 92618, United States.</P>

<P STYLE="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 were incorporated in Belgium on January&nbsp;10, 2003 for an unlimited
duration. Our fiscal year ends December 31.</P>

<P STYLE="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"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Corporate Purpose</U></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 corporate purpose as set forth in Article 3 of our articles of
association is as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<I>The Company&rsquo;s corporate purpose is to engage in Belgium
and abroad, in its own name and on behalf of third parties, alone or in collaboration with third parties, in the following activities:</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left"><I>All
                                            forms of research and development into or involving biological cells and organisms (including
                                            gene methylation) and chemical compounds, as well as the industrialization and commercialization
                                            of the results thereof;</I></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left"><I>Research
                                            and development into biotechnological or derivative products that could have a market value
                                            in applications related to human and animal healthcare, diagnostics, pharmacogenomics and
                                            therapeutics, based amongst other things on the technology of genetics, genetic engineering
                                            and detection, chemistry and cell biology;</I></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left"><I>Commercialization
                                            of the aforementioned products and application domains;</I></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left"><I>Acquisition,
                                            disposal, exploitation, commercialization and management of intellectual property, property
                                            and usage rights, trade marks, patents, drawings, licenses and any other form of know how.</I></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The company is also authorised to engage in all commercial, industrial,
financial and real estate transactions which are directly or indirectly related to or which may be beneficial to the achievement of its
corporate purpose. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>It may, by means of subscription, contribution, merger, collaboration,
financial participation or otherwise, take interests or participate in any company, existing or to be incorporated, undertakings, businesses
and associations in Belgium or abroad.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The company may manage, re-organize or sell these interests and
can also, directly or indirectly, participate in the board of directors, management, control and winding-up of companies, undertakings,
business and associations in which it has an interest or a participation. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The company may provide guarantees and security interests for the
benefit of these companies, undertakings, businesses and associations, act as their agent or representative, and grant advances, credit,
mortgages or other securities.</I>&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Board of Directors</U></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">Belgian law does not specifically regulate the ability of directors
to borrow money from 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">Directors are expected to arrange their personal and business affairs
so as to avoid conflicts of interest with our Company. When the board takes a decision, board members should disregard their personal
interests. They should not use business opportunities intended for the Company for their own benefit.</P>

<P STYLE="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 article 7:96 of the Belgian Companies and Associations
Code, all directors must inform the board of directors and the statutory auditor of the Company of conflicts of interest as they arise
and abstain from voting on the matter involved in accordance with the relevant provisions of the Belgian Companies and Associations Code.</P>

<P STYLE="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 board member should place the Company&rsquo;s interests above
his/her own. The board members have the duty to look after the interests of all shareholders on an equivalent basis. Each board member
should act in accordance with the principles of reasonableness and fairness.</P>

<P STYLE="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 board member should inform the board of any conflict of interests
that could in their opinion affect their capacity of judgement. In particular, at the beginning of each board or committee meeting, board
members should declare whether they have any conflict of interests regarding the items on the agenda.</P>

<P STYLE="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 board member should, in particular, be attentive to conflicts
of interests that may arise between the Company, its board members, its significant or controlling shareholder(s) and other shareholders.
The board members who are proposed by significant or controlling shareholder(s) should ensure that the interests and intentions of these
shareholder(s) are sufficiently clear and communicated to the board in a timely manner.</P>

<P STYLE="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 board should act in such a manner that a conflict of interest,
or the appearance of such a conflict, is avoided. In the possible case of a conflict of interest, the board should, under the lead of
its chair, decide which procedure it will follow to protect the interests of the Company and all its shareholders. In the next annual
report, the board should explain why they chose this procedure. However, where there is a substantial conflict of interests, the board
should carefully consider communicating as soon as possible on the procedure followed, the most important considerations and the conclusions.</P>

<P STYLE="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 are no outstanding loans granted by our Company to any of the
members of the board of directors and members of the executive management, nor are there any guarantees provided by our Company for the
benefit of any of the members of the board of directors and members of the executive 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">None of the members of the board of directors and members of the executive
management has a family relationship with any other of the members of the board of directors and members of the executive 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">The DGCL generally permits transactions involving a Delaware corporation
and an interested director of that corporation if (i) the material facts as to the director&rsquo;s relationship or interest and as to
the transaction are disclosed and a majority of disinterested directors consent, (ii) the material facts are disclosed as to the director&rsquo;s
relationship or interest and a majority of shares entitled to vote thereon consent or (iii) the transaction is fair to the corporation
at the time it is authorized by the board of directors, a committee of the board of directors or the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We rely on a provision in the listing rules of the Nasdaq Stock Market
that allows us to follow Belgian corporate law with respect to certain aspects of corporate governance. This allows us to continue following
certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S.
companies listed on the Nasdaq Capital Market. In particular, the listing rules of the Nasdaq Stock Market require a majority of the
directors of a listed U.S. company to be independent, whereas pursuant to Belgian law, there is no longer a requirement for the Company
to have independent directors since the de-listing from Euronext Brussels in December 2023. The listing rules of the Nasdaq Stock Market
further require that each of the nominating, compensation and audit committees of a listed U.S. company be comprised entirely of independent
directors. However, the Belgian Companies and Associations Code does not require companies that are not listed in the sense of the Belgian
Companies and Associations Code to have an audit committee or a nominating committee. At present, our Audit Committee is composed of
three independent directors out of three members. Our Corporate Governance and Nominating Committee and our Compensation Committee are
each composed of two independent directors out of three members. Our board of directors currently has no plan to change the composition
of our Corporate Governance and Nominating Committee or our Compensation Committee.</P>

<P STYLE="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><U>Form and Transferability of Our Shares</U></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">All our ordinary shares are fully paid and rank&nbsp;<I>pari passu</I>&nbsp;in
all respects with all other existing and outstanding shares of the Company. All of our shares belong to the same class of securities
and are in registered form or in dematerialized form. All of our outstanding shares are fully paid-up&nbsp;and freely transferable, subject
to any contractual restrictions. Belgian company law and our articles of association entitle shareholders to request, in writing and
at their expense, the conversion of their dematerialized shares into registered shares and vice versa. Any costs incurred as a result
of the conversion of shares into another form will be borne by the shareholder. For shareholders who opt for registered shares, the shares
will be recorded in our shareholder register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Currency</U></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 share capital, which is represented by our outstanding ordinary
shares, is denominated in Euros.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Changes to the share capital decided by the shareholders</U></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">In principle, changes to our share capital are decided by our shareholders.
Our general shareholders&rsquo; meeting may at any time decide to increase or reduce the share capital of the Company. Such resolution
must satisfy the quorum and majority requirements that apply to an amendment of the articles of association, as described below under
&ldquo;&mdash;&nbsp;<I>Right to attend and vote at general shareholders&rsquo; meetings</I>&rdquo; and &ldquo;&mdash;&nbsp;<I>Quorum
and majorities.</I>&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"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Capital increases decided by the board of directors</U></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">Subject to the quorum and majority requirements described below under
subsection &ldquo;&mdash;&nbsp;<I>Right to attend and vote at general shareholders&rsquo; meetings</I>&rdquo; and subsection &ldquo;&mdash;&nbsp;<I>Quorum
and majorities</I>&rdquo;, the general shareholders&rsquo; meeting may authorize our board of directors, within certain limits, to increase
our share capital without any further approval of our shareholders. This is the so-called&nbsp;authorized capital. This authorization
needs to be limited in time (i.e. it can only be granted for a renewable period of maximum five years).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By virtue of the resolution of the extraordinary general shareholders&rsquo;
meeting of the Company held on June 30, 2023, as published by excerpt in the Annexes to the Belgian Official Gazette (Belgisch Staatsblad/Moniteur
belge) on July 7, 2023 under number 23368447, which entered into force on July 7, 2023, the board of directors of the Company has been
granted certain powers to increase our share capital in the framework of the authorized capital. The powers under the authorized capital
have been set out in article 6 of the Company&rsquo;s articles of association. Pursuant to the authorization granted by the extraordinary
general shareholders&rsquo; meeting, the board of directors was authorized to increase the share capital of the Company on one or several
occasions by a maximum aggregate amount of EUR 163,471,629.58 (excluding issue premium, as the case may be). This authorization may be
renewed in accordance with the relevant legal 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">The board of directors may increase the share capital by contributions
in cash or in kind, by capitalization of reserves, whether available or unavailable for distribution, and capitalization of issue premiums,
with or without the issuance of new shares, with or without voting rights, that will have the rights as will be determined by the board
of directors. The board of directors is also authorized to use this authorization for the issuance of convertible bonds or subscription
rights, bonds with subscription rights or other 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">In the event of a capital increase decided by the board of directors
within the framework of the authorized capital, all issue premiums booked, if any, will be accounted for in accordance with the provisions
of the articles of association.</P>

<P STYLE="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 is authorized, when exercising its powers within
the framework of the authorized capital, to restrict or cancel, in the interest of the company, the preferential subscription rights
of the shareholders. This restriction or cancellation of the preferential subscription rights can also be done in favor of members of
the personnel of the Company or of its subsidiaries, or in favor of one or more persons other than members of the personnel of the Company
or of its 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">The board of directors is authorized, with the right of substitution,
to amend the articles of association, after each capital increase that has occurred within the framework of the authorized capital, in
order to bring them in conformity with the new situation of the share capital and the shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">So far, the board of directors has used its powers
under the authorised capital (granted on June 30, 2023) (i) on October 20, 2023 by the issuance of 2,500,000 new shares for an aggregate
amount of EUR&nbsp;831,123.31 (all booked as share capital, without issue premium), (ii) on September 27, 2024 by the issuance of 20,000,000
new shares for an aggregate amount of EUR&nbsp;35,858,359.48 (all booked as share capital, without issue premium), (iii) on October 29,
2024 by the issuance of 2,209,241 new shares for an aggregate amount of EUR&nbsp;4,084,379.73 (all booked as share capital, without issue
premium) an (iv) on October 1, 2025 by the issuance of 1,867,186 new shares for an aggregate amount of EUR 3,866,208.91 (all booked as
share capital, without issue premium). As a result, by virtue of this authorisation, the board of directors is still authorised to increase
the Company&rsquo;s share capital by a total amount of EUR&nbsp;118,831,558.15 (excluding issue premium, 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">For the sake of completeness, on April 30, 2024, the board of directors
also reserved a total amount of EUR 80,000,000.00 to proceed with capital increases within the framework of the authorized capital, subject
to certain conditions. While this amount has not yet been utilized by the board of directors, taking into account a hypothetical capital
increase for the full amount, by virtue of the June 30, 2023 authorisation, the board of directors is still authorised to increase the
Company&rsquo;s share capital by a total amount of EUR&nbsp;38,831,558.15 (excluding issue premium, 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"><I><U>Preferential Subscription Rights</U></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">In the event of a capital increase for cash with the issue of new
shares, or in the event of an issue of convertible bonds or subscription rights, the existing shareholders have a preferential right
to subscribe, pro rata, to the new shares, convertible bonds or subscription rights. These preferential subscription rights are transferable
during the subscription period.</P>

<P STYLE="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 general shareholders&rsquo; meeting may decide to limit or cancel
this preferential subscription right, subject to special reporting requirements. Such decision by the general shareholders&rsquo; meeting
needs to satisfy the same quorum and majority requirements as the decision to increase our share capital.</P>

<P STYLE="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 shareholders may also decide to authorize our board of directors
to limit or cancel the preferential subscription right within the framework of the authorized capital, subject to the terms and conditions
set forth in the Belgian Companies and Associations Code. As mentioned above, our board of directors of the Company has been granted
certain powers to increase our share capital in the framework of the authorized capital and to cancel the statutory preferential subscription
rights of the shareholders (within the meaning of articles 7:191 and 7:193 of the Belgian Companies and Associations Code). The powers
under the authorized capital have been set out in article 6 of the Company&rsquo;s articles of association.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, unless expressly authorized in advance by the general shareholders&rsquo;
meeting, the authorization of the board of directors to increase our share capital through contributions in cash with cancellation or
limitation of the preferential subscription right of the existing shareholders is suspended as of the notification to us by the Belgian
Financial Services and Markets Authority, or the FSMA, of a public takeover bid on our financial instruments. Our general shareholders&rsquo;
meeting did not grant such express authorization to our board of directors. See also &ldquo;&mdash;&nbsp;<I>Capital increases decided
by the board of directors</I>&rdquo; above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the DGCL, shareholders of a Delaware corporation have no pre-emptive&nbsp;rights
to subscribe for additional issues of stock or to any security convertible into such stock unless, and to the extent that, such rights
are expressly provided for in the corporation&rsquo;s certificate of incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;<U>Acquisition and Sale of own Shares</U></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 may acquire, pledge and dispose of our own shares, profit certificates
or associated certificates at the conditions provided for by articles 7:215 and following of the Belgian Companies and Associations Code.
These conditions include a prior special shareholders&rsquo; resolution approved by at least 75% of the votes validly cast at a general
shareholders&rsquo; meeting (whereby abstentions are not included in the numerator nor in the denominator) where at least 50% of the
share capital and at least 50% of the profit certificates, if any, are present or represented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, shares can only be acquired with funds that would otherwise
be available for distribution as a dividend to the shareholders and the transaction must relate to fully paid-up&nbsp;shares or associated
certificates. Furthermore, an offer to purchase shares must be made by way of an offer to all shareholders under the same conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, the general shareholders&rsquo; meeting or the articles
of association determine the amount of shares, profit certificates or certificates that can be acquired, the duration of such an authorization
which cannot exceed five years as from the publication of the proposed resolution as well as the minimum and maximum price that the board
of directors can pay for the shares. The prior approval by the shareholders is not required if we purchase the shares to offer them to
our personnel, in which case the shares must be transferred within a period of 12&nbsp;months as from their acquisition.</P>

<P STYLE="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, without prior authorization by the general shareholders&rsquo;
meeting, dispose of the Company&rsquo;s own shares, profit certificates or associated certificates in the limited number of situations
set out in article 7:218 of the Belgian Companies and Associations Code.</P>

<P STYLE="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">As of the date of this annual report, our company does not hold any
own 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">Under the DGCL, a Delaware corporation may purchase or redeem its
own shares, unless the capital of the corporation is impaired or the purchase or redemption would cause an impairment of the capital
of the corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;<U>Description of the Rights and Benefits Attached to Our
Shares</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Right to attend and vote at general shareholders&rsquo;
meetings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Annual meetings of shareholders</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 annual general shareholders&rsquo; meeting is held at the registered
office of our Company (in Belgium) or at the place determined in the notice convening the general shareholders&rsquo; meeting. The meeting
is held every year on the last Thursday of May at 15:00 p.m. (Belgian time). If this day would be a Belgian public holiday, the annual
general shareholders&rsquo; meeting shall be held on the previous business day. At our annual general shareholders&rsquo; meeting, the
board of directors submits to the shareholders the audited non-consolidated&nbsp;and consolidated annual financial statements and the
reports of the board of directors and of the statutory auditor with respect thereto.</P>

<P STYLE="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 general shareholders&rsquo; meeting then decides on the approval
of the statutory annual financial statements, the proposed allocation of the Company&rsquo;s profit or loss, the release from liability
of the directors and the statutory auditor, and, when applicable, the (re-)appointment or dismissal of the statutory auditor and/or of
all or certain directors. In addition, as relevant, the general shareholders&rsquo; meeting must also decide on the approval of the remuneration
of the directors and statutory auditor for the exercise of their mandate (see also &ldquo;&mdash;&nbsp;<I>Voting rights attached to the
ordinary shares</I>&rdquo; below).<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Special and extraordinary general shareholders&rsquo;
meetings</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 board of directors or the statutory auditor (or the liquidators,
if appropriate) may, whenever the interest of our Company so requires, convene a special or extraordinary general shareholders&rsquo;
meeting. Pursuant to article 7:126 of the Belgian Companies and Associations Code, such general shareholders&rsquo; meeting must also
be convened every time one or more shareholders holding, alone or together, at least 10% of our company&rsquo;s share capital so request.
Shareholders that do not hold at least 10% of our share capital do not have the right to have the general shareholders&rsquo; meeting
convened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the DGCL, special meetings of the shareholders of a Delaware
corporation may be called by such person or persons as may be authorized by the certificate of incorporation or by the bylaws of the
corporation, or if not so designated, as determined by the board of directors. Shareholders generally do not have the right to call meetings
of shareholders, unless that right is granted in the certificate of incorporation or the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Notices convening the general shareholders&rsquo;
meeting</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 notice convening the general shareholders&rsquo; meeting must
state the place, date and hour of the meeting, must include an agenda indicating the items to be discussed and the proposed resolutions,
and must be published at least 15 calendar days prior to the general shareholders&rsquo; meeting in the Belgian Official Gazette (<I>Belgisch
Staatsblad/Moniteur Belge</I>), in a newspaper that is published nation-wide&nbsp;in Belgium, in paper or electronically, and on our
company&rsquo;s website. A publication in a nation-wide&nbsp;newspaper is not needed for annual general shareholders&rsquo; meetings
taking place on the date, hour and place indicated in the articles of association of the Company if the agenda is limited to the treatment
and approval of the financial statements, the annual report of the board of directors, the report of the statutory auditor, and the discharge
from liability of the directors and statutory auditor. See also &ldquo;&mdash;&nbsp;<I>Voting Rights attached to the ordinary shares</I>&rdquo;
below. In addition to this publication, the notice has to be distributed at least 15 calendar days prior to the meeting via the normal
publication means that the Company uses for the publication of press releases. The term of 15 calendar days prior to the general shareholders&rsquo;
meeting for the publication and distribution of the convening notice can be reduced to 10 calendar days for a second meeting if, as the
case may be, the applicable quorum for the meeting is not reached at the first meeting, the date of the second meeting was mentioned
in the notice for the first meeting and no new item is put on the agenda of the second meeting. See also further below under &ldquo;&mdash;&nbsp;<I>Quorum
and majorities.</I>&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">At the same time as its publication, the convening notice must also
be sent to the holders of registered shares, holders of registered convertible bonds, holders of registered subscription rights, holders
of registered certificates issued with the co-operation&nbsp;of the Company (if any), and, as the case may be, to the directors and statutory
auditor of the Company. This communication needs to be made by e-mail&nbsp;unless the addressee has informed the Company that it wishes
to receive the relevant documentation by another equivalent means of communication. If the relevant addressee does not have an e-mail&nbsp;address
or if it did not inform the Company thereof, the relevant documentation will be sent by ordinary mail.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the DGCL, unless otherwise provided in the certificate of incorporation
or bylaws, written notice of any meeting of the shareholders of a Delaware corporation must be given to each shareholder entitled to
vote at the meeting not less than ten nor more than sixty days before the date of the meeting and shall specify the place, date, hour
and, in the case of a special meeting, the purpose of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Formalities to attend the general shareholders&rsquo;
meeting</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">All holders of shares, warrants, profit-sharing&nbsp;certificates,
non-voting&nbsp;shares, convertible bonds, subscription rights or other securities issued by our company, as the case may be, and all
holders of certificates issued with the co-operation&nbsp;of our company (if any) can attend the general shareholders&rsquo; meetings
insofar as the law or the articles of association entitles them to do so and, as the case may be, gives them the right to participate
in voting. The articles of association determine the formalities that shareholders need to fulfill to be admitted to the general shareholders&rsquo;
meeting. As the case may be, the formalities for the registration of securities holders, and the notification of our company must be
described in the notice convening the general shareholders&rsquo; meeting.</P>

<P STYLE="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 shall have the ability to determine that the
right to attend the general shareholders&rsquo; meetings and to exercise the voting right at such meetings (as the case may be) is determined
by the registration of the ownership of the securities concerned in the name of the holder of such securities on the third (3rd) business
day prior to the date of the relevant general shareholders&rsquo; meeting (or such other date as shall be set out in the notice convening
the general shareholders&rsquo; meeting, but which cannot be earlier than the 15th calendar date before the relevant general shareholders&rsquo;
meeting), at midnight at the end of such day (Brussels time) (such date and hour being the relevant registration date), by means of the
registration of such securities in the relevant (portion of the split) register book for such securities, or in the accounts of a certified
account holder or relevant settlement institution for the securities concerned.</P>

<P STYLE="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 can make participation to the general shareholders&rsquo;
meetings dependent on a requirement of notification by the securities holders concerned to the Company, or to the person appointed for
this purpose by the Company, on a date to be determined by the board of directors before the date of the scheduled meeting, that such
securities holder intends to attend the meeting, stating the number of securities with which such securities holder wishes to participate.
The manner in which such notification must be made (as the case may be) must be set out in the notice convening the general shareholders&rsquo;
meeting.<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Electronic participation</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 board of directors has the possibility to organize the general
shareholders&rsquo; meeting by means of electronic communication which must (i) allow the Company to verify the capacity and identity
of the shareholders using it; (ii)&nbsp;at least enable (a) the securities holders to directly, simultaneously and continuously follow
the discussions during the meeting and (b) the shareholders to exercise their voting rights on all points on which the general shareholders&rsquo;
meeting is required to take a decision; and (iii) allow the securities holders to actively participate to the deliberations and to ask
questions during the meeting.<B><I>&nbsp;</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"></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 0pt 0.25in"><B><I>Voting by proxy or remote voting</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 shareholder has, subject to compliance with the requirements
set forth above under &ldquo;&mdash;<I>&nbsp;Formalities to attend the general shareholders&rsquo; meeting</I>&rdquo;, the right to attend
a general shareholders&rsquo; meeting and to vote at the general shareholders&rsquo; meeting in person or through a proxy holder, who
need not be a shareholder. The appointment of a proxy holder must be made in accordance with the applicable rules of Belgian law, including
in relation to conflicts of interest and the keeping of a register.</P>

<P STYLE="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 notice convening the meeting may allow shareholders to vote remotely
in relation to the general shareholders&rsquo; meeting, by sending a paper form or, if specifically allowed in the notice convening the
meeting, by sending a form electronically (in which case the form shall be signed by means of an electronic signature in accordance with
applicable Belgian law). These forms shall be made available by our company. The original signed paper form must be received by our company
within the term specified by the articles of association. Voting through the signed electronic form may occur until the last calendar
day before the meeting.</P>

<P STYLE="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 company may also organize a remote vote in relation to the general
shareholders&rsquo; meeting through other electronic communication methods, such as, among others, through one or several websites. Our
company shall specify the practical terms of any such remote vote in the convening notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When votes are cast electronically, an electronic confirmation of
receipt of the votes is sent to the relevant shareholders that cast the vote. After the general shareholders&rsquo; meeting, shareholders
can obtain, at least upon request (which must be made no later than three months after the vote), the confirmation that their votes have
been validly recorded and taken into account by the Company, unless that information is already available 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">Holders of securities who wish to be represented by proxy or vote
remotely must, in any case comply with the formalities to attend the meeting, as explained under &ldquo;&mdash;<I>&nbsp;Formalities to
attend the general shareholders&rsquo; meeting.</I>&rdquo; Holders of shares without voting rights, profit-sharing&nbsp;certificates
without voting rights, convertible bonds, warrants or certificates issued with the cooperation of our company may attend the general
shareholders&rsquo; meeting but only with an advisory vote.<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Voting rights attached to the Ordinary 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">Each shareholder of the Company is entitled to one vote per ordinary
share. Shareholders may vote by proxy, subject to the rules described below in &ldquo;&mdash;<I>&nbsp;Right to attend and vote at general
shareholders&rsquo; meetings</I>&rdquo; and &ldquo;&mdash;<I>&nbsp;Voting by proxy or remote voting.</I>&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">Voting
                                            rights can be mainly suspended in relation to shares:</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">which
                                            are not fully paid up, notwithstanding the request thereto of the board of directors of the
                                            Company;</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">to
                                            which more than one person is entitled or on which more than one person has rights in rem
                                            (zakelijke rechten/droits r&eacute;els) on, except in the event a single representative is
                                            appointed for the exercise of the voting right vis-&agrave;-vis the Company;</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">which
                                            entitle their holder to voting rights above the threshold of 25% of the total number of voting
                                            rights attached to the outstanding financial instruments of our company on the date of the
                                            relevant general shareholders&rsquo; meeting, in the event that the relevant shareholder
                                            has not notified us at least 20 calendar days prior to the date of the general shareholders&rsquo;
                                            meeting in accordance with the applicable rules of the Belgian Companies and Associations
                                            Code; or</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">of
                                            which the voting right was suspended by a competent court.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Belgian Companies and Associations Code, the voting
rights attached to shares owned by the Company, or a person acting in its own name but on behalf of the Company, or acquired by a subsidiary
of the Company, as the case may be, are suspended. Generally, the general shareholders&rsquo; meeting has sole authority with respect
to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            approval of the annual financial statements of the Company;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            distribution of profits (except interim dividends (see &ldquo;&mdash; Dividends&rdquo; below));</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            appointment and dismissal of directors of the Company;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            appointment and dismissal of the statutory auditor of the Company;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            granting of release from liability to the directors and the statutory auditor of the Company;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD STYLE="text-align: left">the
                                            determination of the remuneration of the directors and of the statutory auditor for the exercise
                                            of their mandate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD>the filing
                                            of a claim for liability against directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD>the decisions
                                            relating to the dissolution, merger and certain other reorganizations of the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman">&#9679;</FONT></TD><TD>the approval
                                            of amendments to the articles of association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Quorum and majorities</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, there is no attendance quorum requirement for a general
shareholders&rsquo; meeting and decisions are generally passed with a simple majority of the votes of the shares present or represented.
However, capital increases (other than those decided by the board of directors pursuant to the authorized capital), decisions with respect
to the Company&rsquo;s dissolution, mergers, de-mergers&nbsp;and certain other reorganizations of the Company, amendments to the articles
of association (other than an amendment of the corporate purpose), and certain other matters referred to in the Belgian Companies and
Associations Code do not only require the presence or representation of at least 50% of the share capital of our Company but also a majority
of at least 75% of the votes cast (whereby abstentions are not included in the numerator nor in the denominator). An amendment of our
company&rsquo;s corporate purpose requires the approval of at least 80% of the votes cast at a general shareholders&rsquo; meeting (whereby
abstentions are not included in the numerator nor in the denominator), which can only validly pass such resolution if at least 50% of
the share capital of the Company and at least 50% of the profit certificates, if any, are present or represented. In the event where
the required quorum is not present or represented at the first meeting, a second meeting needs to be convened through a new notice. The
second general shareholders&rsquo; meeting may validly deliberate and decide regardless of the number of shares present or represented.
The special majority requirements, however, remain 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">Under the DGCL, the certificate of incorporation or bylaws of a Delaware
corporation may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than one-third&nbsp;of
shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a
quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Right to ask questions</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">Within the limits of article 7:139 of the Belgian Companies and Associations
Code, security holders have a right to ask questions to the directors in connection with the report of the board of directors or the
items on the agenda of such general shareholders&rsquo; meeting. However, directors may, in the interest of the Company, refuse to answer
questions when the communication of certain information or facts could cause prejudice to the Company or is contrary to the obligations
of confidentiality entered into by them or by the 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">Shareholders can also ask questions to the statutory auditor in connection
with its report. Such questions can be submitted in writing prior to the meeting or can be asked at the meeting. Written questions to
the statutory auditor must be submitted to the Company at the same time. The statutory auditor may, in the interest of the Company, refuse
to answer questions when the communication of certain information or facts could cause prejudice to the Company or is contrary to its
professional secrecy or to obligations of confidentiality entered into by the Company. The statutory auditor has the right to speak at
the general meeting in connection with the performance of its duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written and oral questions will be answered during the meeting concerned
in accordance with applicable law. In addition, in order for written questions to be considered, the shareholders who submitted the written
questions concerned must comply with the formalities to attend the meeting, as explained under &ldquo;&mdash;<I>&nbsp;Formalities to
attend the general shareholders&rsquo; meeting.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></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"><I><U>Dividends</U></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">All shares participate equally in the Company&rsquo;s profits (if
any). Pursuant to the Belgian Companies and Associations Code, the shareholders can in principle decide on the distribution of profits
with a simple majority vote at the occasion of the annual general shareholders&rsquo; meeting, based on the most recent statutory audited
financial statements, prepared in accordance with Belgian GAAP and based on a (non-binding) proposal of the Company&rsquo;s board of
directors. The Belgian Companies and Associations Code and the Company&rsquo;s articles of association also authorize the board of directors
to declare interim dividends without shareholder approval. The right to pay such interim dividends is, however, subject to certain legal
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">Our company&rsquo;s ability to distribute dividends is subject to
availability of sufficient distributable profits as defined under Belgian law on the basis of our stand-alone&nbsp;statutory accounts
prepared in accordance with Belgian GAAP. In particular, dividends can only be distributed if following the declaration and issuance
of the dividends the amount of our net assets on the date of the closing of the last financial year as follows from the statutory non-consolidated&nbsp;financial
statements (i.e. summarized, the amount of the assets as shown in the balance sheet, decreased with provisions and liabilities, all in
accordance with Belgian accounting rules), decreased with, except in exceptional circumstances, to be disclosed and justified in the
notes to the annual accounts, the non-amortized&nbsp;costs of incorporation and extension and non-amortized&nbsp;costs for research and
development, does not fall below the amount of the paid-up&nbsp;capital (or, if higher, the issued capital), increased with the amount
of non-distributable&nbsp;reserves.</P>

<P STYLE="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, pursuant to Belgian law and our articles of association,
the Company must allocate an amount of 5% of our Belgian GAAP annual net profit (<I>nettowinst/b&eacute;n&eacute;fices nets</I>) to a
legal reserve in its stand-alone&nbsp;statutory accounts, until the legal reserve amounts to 10% of our share capital. Our legal reserve
currently does not meet this requirement. Accordingly, 5% of our Belgian GAAP annual net profit during future years will need to be allocated
to the legal reserve, limiting our ability to pay out dividends to our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under our Credit Agreement with OrbiMed, no distributions can be declared
or made without OrbiMed&rsquo;s consent. In addition, further financial restrictions and other limitations may be contained in future
credit agreements. The right to payment of dividends expires five years after the board of directors declared the dividend payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the DGCL, a Delaware corporation may pay dividends out of its
surplus (the excess of net assets over capital), or in case there is no surplus, out of its net profits for either or both of the fiscal
year in which the dividend is declared and the preceding fiscal year (provided that the amount of the capital of the corporation is not
less than the aggregate amount of the capital represented by the issued and outstanding stock of all classes having a preference upon
the distribution of assets). Dividends may be paid in the form of shares, property or cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Appointment of Directors</U></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">Pursuant to the Belgian Companies and Associations Code and the articles
of association, the board of directors must consist of at least three directors. Our Company&rsquo;s Corporate Governance Charter provides
that the board of directors should have a composition appropriate to the Company&rsquo;s purpose, its operations, phase of development,
structure of ownership and other specifics. Pursuant to the Belgian Companies and Associations Code and the articles of association of
the company, the board of directors should be composed of at least three directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Liquidation Rights</U></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 company can only be voluntarily dissolved by a shareholders&rsquo;
resolution passed with a majority of at least 75% of the votes cast at a meeting of shareholders where at least 50% of the share capital
is present or represented. In the event the required quorum is not present or represented at the first meeting, a second meeting needs
to be convened through a new notice. The second meeting of shareholders can validly deliberate and decide regardless of the number of
shares present or represented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the DGCL, unless the board of directors approves the proposal
to dissolve, dissolution of a Delaware corporation must be approved by shareholders holding 100% of the total voting power of the corporation.
Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation&rsquo;s outstanding
shares. The DGCL allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection
with dissolutions initiated by the board.</P>

<P STYLE="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">In the event of the dissolution and liquidation of our company, the
assets remaining after payment of all debts and liquidation expenses will be distributed to the holders of our shares, each receiving
a sum on a pro rata basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to article 7:228 of the Belgian Companies and Associations
Code, if, as a result of losses incurred, the ratio of our company&rsquo;s net assets (determined in accordance with Belgian legal and
accounting rules for non-consolidated&nbsp;financial statements) to share capital is less than 50%, the board of directors must convene
an extraordinary general shareholders&rsquo; meeting within two months as of the date upon which the board of directors discovered or
should have discovered this undercapitalization. At this general shareholders&rsquo; meeting the board of directors needs to propose
either the dissolution of the Company or the continuation of the Company, in which case the board of directors must propose measures
to ensure the Company&rsquo;s continuity. The board of directors must justify its proposals in a special report to the shareholders.
Shareholders representing at least 75% of the votes validly cast at this meeting have the right to dissolve the Company, provided that
at least 50% of our share capital is present or represented at the meeting.</P>

<P STYLE="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, as a result of losses incurred, the ratio of the Company&rsquo;s
net assets to share capital is less than 25%, the same procedure must be followed, it being understood, however, that in that event shareholders
representing 25% of the votes validly cast at the meeting can decide to dissolve the 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">Pursuant to article 7:229 of the Belgian Companies and Associations
Code, if the amount of the Company&rsquo;s net assets has dropped below &euro;61,500 (the minimum amount of share capital of a corporation
with limited liability organised under the laws of Belgium (<I>naamloze vennootschap/soci&eacute;t&eacute; anonyme</I>)), any interested
party is entitled to request the competent court to dissolve the Company. The court can order the dissolution of the Company or grant
a grace period within which the Company is to remedy the 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">If the Company is dissolved for any reason, the liquidation must be
carried out by one or more liquidators appointed by the general shareholders&rsquo; meeting and whose appointment has been ratified by
the enterprise court. Any balance remaining after discharging all debts, liabilities and liquidation costs must first be applied to reimburse,
in cash or in kind, the paid-up&nbsp;capital of the shares not yet reimbursed. Any remaining balance shall be equally distributed amongst
all the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Specific legislation and jurisdiction</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Notification of significant shareholdings</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">Pursuant to Article 7:83 of the Belgian Companies and Associations
Code, a notification to the Company is required by all natural persons and legal persons that directly or indirectly acquire dematerialized
voting securities representing the share capital or not of a limited liability company, at the latest within five working days following
the day of acquisition, of the number of securities it holds, when the voting rights attached to these securities reach 25% or more of
the total voting rights at the time of the transaction requiring notification. This notification is also compulsory within the same period
in case of a transfer of securities when as a result the voting rights fall below the 25% threshold mentioned above.</P>

<P STYLE="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 obligation to disclose significant shareholdings as well as certain
other provisions of Belgian law (e.g.,&nbsp;merger control and authorized capital) that may apply to the Company, may make an unsolicited
tender offer, merger, change in management or other change in control, more difficult. Such provisions could discourage potential takeover
attempts that third parties may consider and that other shareholders may consider to be in their best interest and could adversely affect
the market price of the shares. These provisions may also deprive shareholders of the opportunity to sell their shares at a premium (which
is typically offered in the context of a takeover bid).</P>

<P STYLE="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 U.S. federal securities laws, holders of our ordinary
shares will be required to comply with disclosure requirements relating to their ownership of our securities. Any person that, after
acquiring beneficial ownership of our ordinary shares, is the beneficial owners of more than 5% of our outstanding ordinary shares must
file with the SEC a Schedule 13D or Schedule 13G, as applicable, disclosing the information required by such schedules, including the
number of our ordinary shares that such person has acquired (whether alone or jointly with one or more other persons). In addition, if
any material change occurs in the facts set forth in the report filed on Schedule 13D (including a more than 1% increase or decrease
in the percentage of the total shares beneficially owned), the beneficial owner must promptly file an amendment disclosing such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Public Takeover Bids</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">Public takeover bids for the Company&rsquo;s shares and other securities
giving access to voting rights (such as subscription rights or convertible bonds, if any) are subject to supervision by the FSMA. Any
public takeover bid must be extended to all of the Company&rsquo;s voting securities, as well as all other securities giving access to
voting rights. Prior to making a bid, a bidder must publish a prospectus which has been approved by the FSMA prior to publication.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Belgium has implemented the Thirteenth Company Law Directive (European
Directive 2004/25/EC of 21 April 2004) by the Belgian Act of 1 April 2007 on public takeover bids, as amended, or the Belgian Takeover
Act, and the Belgian Royal Decree of 27 April 2007 on public takeover bids, as amended, or the Belgian Takeover Decree. As the Company
no longer qualifies a listed company under Belgian law since its de-listing from Euronext Brussels in December 2023, the requirement,
provided for by the Belgian Act of April&nbsp;1, 2007, to launch a mandatory bid for all of our outstanding shares and securities giving
access to shares if a person, as a result of its own acquisition or the acquisition by persons acting in concert with it or by persons
acting on their account, directly or indirectly holds more than 30% of the voting securities in a company that has its registered office
in Belgium and of which at least part of the voting securities are traded on a regulated market or on a multilateral trading facility
designated by the Belgian Royal Decree of 27 April 2007 no longer applies. This may allow existing shareholders or new investors to acquire
significant influence or control over the Company by acquiring the shares in the market without being required to acquire the other outstanding
voting securities, as well as for all other securities that entitle the holders thereof to the subscription to the acquisition of or
conversion into voting 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">There are several provisions of Belgian company law and certain other
provisions of Belgian law, such as merger control, that may apply towards the Company and which may create hurdles to an unsolicited
tender offer, merger, change in management or other change in control. These provisions could discourage potential takeover attempts
that other shareholders may consider to be in their best interest and could adversely affect the market price of the shares of the Company.
These provisions may also have the effect of depriving the shareholders of the opportunity to sell their shares at a premium.</P>

<P STYLE="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, pursuant to Belgian company law, the board of directors
of Belgian companies may in certain circumstances, and subject to prior authorization by the shareholders, deter or frustrate public
takeover bids through dilutive issuances of equity securities (pursuant to the &ldquo;authorized capital&rdquo;) or through share buy-backs&nbsp;(i.e.
purchase of own shares). In principle, the authorization of the board of directors to increase the share capital of the Company through
contributions in kind or in cash with cancellation or limitation of the preferential subscription right of the existing shareholders
is suspended as of the notification to the Company by the FSMA of a public takeover bid on the securities of the Company. The general
shareholders&rsquo; meeting can, however, under certain conditions, expressly authorize the board of directors to increase the capital
of the Company in such case by issuing shares in an amount of not more than 10% of the existing shares at the time of such a public takeover
bid. (see also &ldquo;&mdash;&nbsp;<I>Rights attached to the ordinary shares</I>&rdquo;, &ldquo;&mdash;&nbsp;<I>Changes to the share
capital</I>&rdquo; and &ldquo;&mdash;&nbsp;<I>Capital increases decided by the board of directors</I>&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 Company&rsquo;s articles of association do not provide for any
specific protective mechanisms against public takeover bids.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Squeeze-out</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">Pursuant to article 7:82 of the Belgian Companies and Associations
Code or the regulations promulgated thereunder, a person or legal entity, or different persons or legal entities acting alone or in concert,
who own, at least 95% of the securities with voting rights in a limited liability company are entitled to acquire the totality of the
securities with voting rights in that company following a squeeze-out&nbsp;offer. With the exception of the securities for which the
owner has expressly indicated in writing that he does not wish to relinquish them, the securities not offered at the end of the procedure
shall be deemed to have passed automatically to the person making a squeeze-out offer with consignment of the price.<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Limitations on the Right to Own Securities</I></B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither Belgian law nor our articles of association
impose any general limitation on the right of non-residents&nbsp;or foreign persons to hold our securities or exercise voting rights
on our securities other than those limitations that would generally apply to all shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><I><U>Exchange Controls
and Limitations Affecting Shareholders</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">There are no Belgian exchange
control regulations that impose limitations on our ability to make, or the amount of, cash payments to residents of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">We are in principle under
an obligation to report to the National Bank of Belgium certain cross-border&nbsp;payments, transfers of funds, investments and other
transactions in accordance with applicable balance-of-payments&nbsp;statistical reporting obligations. Where a cross-border&nbsp;transaction
is carried out by a Belgian credit institution on our behalf, the credit institution will in certain circumstances be responsible for
the reporting obligations.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I><U>Securities Exercisable
for Ordinary Shares&nbsp;</U></I><U>(<I>Equity Incentives</I>)</U></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">See&nbsp;<I>&ldquo;Management
&mdash; Compensation of Our Directors and Executives &mdash; Warrant Plans&rdquo;</I>&nbsp;for a description of securities granted by
our board of directors to our directors, members of the executive management team, employees and other service providers.</P>

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

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

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our ordinary shares are listed on the Nasdaq&nbsp;Capital&nbsp;Market
under the symbol &ldquo;MDXH.&rdquo;</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Transfer Agent and Registrar</U></I></P>

<P STYLE="text-align: left; 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 our ordinary shares is Computershare.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_009"></A>TAXATION</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 carefully read the discussion of the material U.S. federal
income and Belgian tax considerations associated with the ownership and disposition of our securities set forth in our Annual Report
on Form&nbsp;20-F for the year ended December&nbsp;31, 2024 under the heading &ldquo;<I>Item 10. Additional Information &ndash; E. Taxation</I>&rdquo;,
incorporated by reference herein, as updated by annual and other reports and documents we file with the SEC after the date of this prospectus
and that are incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_010"></A>MATERIAL CHANGES</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 described below and in our Annual Report on Form
20-F for the fiscal year ended December 31, 2024, in those portions of our Current Reports on Form 6-K furnished under the Exchange Act
and specifically incorporated by reference herein and as disclosed in this prospectus, no reportable material changes have occurred since
December 31, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_011"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated in an applicable prospectus supplement,
the validity of the securities being offered by this prospectus and other legal matters concerning this offering relating to Belgian
law will be passed upon for us by Baker McKenzie BV/SRL. In addition, certain legal matters in connection with any offering of securities
by this prospectus may be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of the offering
by such underwriters, dealers or agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_012"></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 MDxHealth SA at December
31, 2024 and 2023, and for each of the two years in the period ended December 31, 2024, which are incorporated by reference into this
prospectus have been so included in reliance on the report of BDO R&eacute;viseurs d&rsquo;Entreprises SRL, an independent registered
public accounting firm, appearing elsewhere herein and in the registration statement given on the authority of such firm as experts in
accounting and auditing. The registered business address of BDO R&eacute;viseurs d&rsquo;Entreprises SRL is Da Vincilaan 9, 1930 Zaventem,
Belgium.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_013"></A>WHERE YOU CAN FIND MORE
INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus, which constitutes a part of the registration statement
on Form F-3, does not contain all of the information contained in the registration statement. The full registration statement may be
obtained from the SEC or us, as provided below. You should read our registration statements and their exhibits and schedules for further
information with respect to us and the securities offered by this prospectus. Statements made in this prospectus concerning the contents
of any contract, agreement or other document are summaries of all material information about the documents summarized, but are not complete
descriptions of all terms of these documents. If we file any of these documents as an exhibit to the registration statement, we refer
you to the copy of the document that has been filed for a complete description of its terms. Each statement in this prospectus relating
to a document filed as an exhibit is qualified in all respects by the filed exhibit.</P>

<P STYLE="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 subject to periodic reporting and other informational requirements
of the Exchange Act as applicable to foreign private issuers. Accordingly, we are required to file reports, including annual reports
on Form 20-F, and other information with the SEC. All information filed with the SEC can be obtained over the internet at the SEC&rsquo;s
website at www.sec.gov.</P>

<P STYLE="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 a foreign private issuer, we are exempt under the Exchange Act
from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors
and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange
Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently
or as promptly as U.S. companies whose securities are registered under the Exchange Act.</P>

<P STYLE="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 a foreign private issuer, we are also exempt from the requirements
of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information
about an issuer before other investors. We are, however, still subject to the anti-fraud and anti-manipulation rules of the SEC, such
as Rule 10b-5 of the Exchange Act. Since many of the disclosure obligations required of us as a foreign private issuer are different
than those required by U.S. domestic reporting companies, our shareholders, potential shareholders and the investing public in general
should not expect to receive information about us in the same amount and at the same time as information is received from, or provided
by, U.S. domestic reporting companies.</P>

<P STYLE="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 maintain a corporate website at www.mdxhealth.com. Information
contained on, or that can be accessed through, our website does not constitute a part of this prospectus and our website address is included
in this prospectus as an inactive textual reference only.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_014"></A>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
that we file with them. Incorporation by reference allows us to disclose important information to you by referring you to those other
documents. The information incorporated by reference is an important part of this prospectus, and information that we file later with
the SEC will automatically update and supersede this information. We filed a registration statement on Form F-3 under the&nbsp;Securities
Act with the SEC with respect to the securities we may offer pursuant to this prospectus. This prospectus omits certain information contained
in the registration statement, as permitted by the SEC. You should refer to the registration statement, including the exhibits, for further
information about us and the securities we may offer pursuant to this prospectus. Statements in this prospectus regarding the provisions
of certain documents filed with, or incorporated by reference in, the registration statement are not necessarily complete and each statement
is qualified in all respects by that reference. Copies of all or any part of the registration statement, including the documents incorporated
by reference or the exhibits, may be obtained upon payment of the prescribed rates at the offices of the SEC listed above in &ldquo;<I>Where
You Can Find More Information</I>.&rdquo; The documents we are incorporating by reference into this prospectus are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            Annual Report on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025026226/ea0235301-20f_mdxhealth.htm"><FONT STYLE="font-size: 10pt">Form
                                            20-F</FONT></A> <FONT STYLE="font-size: 10pt">for the year ended December 31, 2024, filed
                                            with the SEC on March 31, 2025;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">our
                                            Reports on Form 6-K furnished to the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025039137/ea0240309-6k_mdxhealth.htm"><FONT STYLE="font-size: 10pt">May
                                            2, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025039819/ea0240978-6k_mdxhealth.htm"><FONT STYLE="font-size: 10pt">May
                                            6, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025052219/ea0244587-6k_mdxhealth.htm"><FONT STYLE="font-size: 10pt">June
                                            6, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025061536/ea0248177-6k_mdxhealth.htm"><FONT STYLE="font-size: 10pt">July
                                            3, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390025076840/ea0253386-6k_mdxhealth.htm"><FONT STYLE="font-size: 10pt">August
                                            14, 2025</FONT></A><FONT STYLE="font-size: 10pt">; and</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">the
                                            description of our ordinary shares contained in&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1872529/000121390024037806/ea020381901ex2-1_mdx.htm"><FONT STYLE="font-size: 10pt">Exhibit
                                            2.1</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;to our Annual Report on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1872529/000121390024037806/ea0203819-20f_mdxhealt.htm"><FONT STYLE="font-size: 10pt">Form
                                            20-F</FONT></A> <FONT STYLE="font-size: 10pt">for the year ended December&nbsp;31, 2023, filed
                                            with the SEC on April&nbsp;30, 2024, including any amendment or report filed for the purpose
                                            of updating such description.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also incorporating by reference all subsequent Annual Reports
on Form 20-F that we file with the SEC and certain reports on Form 6-K that we furnish to the SEC after the date of this prospectus (if
they state that they are incorporated by reference into this prospectus) prior to the termination of this offering. In all cases, you
should rely on the later information over different information included in 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">Unless expressly incorporated by reference, nothing in this prospectus
shall be deemed to incorporate by reference information furnished to, but not filed with, the SEC. Copies of all documents incorporated
by reference in this prospectus, other than exhibits to those documents unless such exhibits are specifically incorporated by reference
in this prospectus, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this prospectus
on the written or oral request of that person made to:</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4040&nbsp;Herstal,&nbsp;Belgium&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">+1 (866) 259-5644&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">You may also access these documents on our website,&nbsp;<I>www.mdxhealth.com</I>.
The information contained on, or that can be accessed through, our website is not a part of this prospectus. We have included our website
address in this prospectus solely as an inactive textual reference.</P>

<P STYLE="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. We have not authorized anyone to provide you with information different from that contained in this
prospectus or incorporated by reference in 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 offer or solicitation.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_015"></A>EXPENSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is an estimate of the expenses (all of which are to
be paid by us) that we may incur in connection with the securities being registered hereby, other than the SEC registration fee.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 88%">SEC registration fee</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">$</TD>
    <TD STYLE="text-align: right; width: 9%">814.83</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">FINRA filing fee</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(1</TD>
    <TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Legal fees and expenses</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(1</TD>
    <TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(1</TD>
    <TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Printing expenses</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(1</TD>
    <TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Miscellaneous expenses</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(1</TD>
    <TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right">(1</TD>
    <TD STYLE="text-align: left">)</TD></TR>
  </TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">These
                                            fees are calculated based on the securities offered and the number of issuances and accordingly
                                            cannot be estimated at this time.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_016"></A>ENFORCEMENT OF CIVIL LIABILITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a corporation organized under the laws of Belgium. Certain
of our directors are citizens and residents of countries other than the United States, and certain of our assets are located outside
of the United States. Accordingly, it may be difficult for investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            obtain jurisdiction over us or our non-U.S. resident officers and directors in U.S. courts
                                            in actions predicated on the civil liability provisions of the U.S. federal securities laws;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            enforce judgments obtained in such actions against us or our non-U.S. resident officers and
                                            directors;</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            bring an original action in a Belgian court to enforce liabilities based upon the U.S. federal
                                            securities laws against us or our non-U.S. resident officers or directors; and</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">to
                                            enforce against us or our directors in non-U.S. courts, including Belgian courts, judgments
                                            of U.S.&nbsp;courts predicated upon the civil liability provisions of the U.S. federal securities
                                            laws.</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 U.S. currently does not have a treaty with Belgium providing for
the reciprocal recognition and enforcement of judgments, other than arbitral awards, in civil and commercial matters. Consequently, a
final judgment rendered by any federal or state court in the United States, whether or not predicated solely upon U.S. federal or state
securities laws, would not automatically be enforceable in Belgium. Actions for the recognition and enforcement of judgments of U.S.
courts are regulated by Articles 22 to 25 of the 2004 Belgian Code of Private International Law. Recognition or enforcement does not
imply a review of the merits of the case and is irrespective of any reciprocity requirement. A U.S. judgment will, however, not be recognized
or declared enforceable in Belgium, unless (in addition to compliance with certain technical provisions) the Belgian courts are satisfied
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            effect of the recognition or enforcement of judgment is not manifestly incompatible with
                                            (Belgian) public order.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment did not violate the rights of the defendant.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment was not rendered in a matter where the parties did not freely dispose of their rights,
                                            with the sole purpose of avoiding the application of the law applicable according to Belgian
                                            international law.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment is not subject to further recourse under U.S. law.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"></P>

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment is not incompatible with a judgment rendered in Belgium or with a prior judgment
                                            rendered abroad that might be recognized in Belgium.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            claim was not filed outside Belgium after a claim was filed in Belgium, if the claim filed
                                            in Belgium relates to the same parties and the same subject and is still pending.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            Belgian courts did not have exclusive jurisdiction to rule on the matter.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            U.S. court did not accept its jurisdiction solely on the basis of either the presence of
                                            the plaintiff or the location of goods not directly linked to the dispute in the United States.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment did not concern the deposit or validity of intellectual property rights when the
                                            deposit or registration of those intellectual property rights was requested, done or should
                                            have been done in Belgium pursuant to international treaties.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment did not relate to the validity, operation, dissolution, or liquidation of a legal
                                            entity that has its main seat in Belgium at the time of the petition of the U.S. court.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">If
                                            the judgment relates to the opening, progress or closure of insolvency proceedings, it is
                                            rendered on the basis of the European Regulation on Insolvency Proceedings (EU Regulation
                                            No. 2015/848 of May 20, 2015) or, if not, that (a) a decision in the principal proceedings
                                            is taken by a judge in the state where the most important establishment of the debtor was
                                            located or (b) a decision in territorial proceedings was taken by a judge in the state where
                                            the debtor had another establishment than its most important establishment &ndash; in this
                                            latter case, the recognition or declaration of enforcement of the judgment may only concern
                                            assets located in the territory of the state where the proceedings were opened.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The
                                            judgment submitted to the Belgian court is authentic under the laws of the state where the
                                            judgment was issued; in case of a default judgment, it can be shown that under locally applicable
                                            laws the invitation to appear in court was properly served on the defendant; a document can
                                            be produced showing that the judgment is, under the rules of the state where it was issued,
                                            enforceable and was properly served on the defendant.</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, with regard to the enforcement by legal proceedings of
any claim (including the exequatur of foreign court decisions in Belgium), a registration tax of 3% (to be calculated on the total amount
that a debtor is ordered to pay) is due, if the sum of money that the debtor is ordered to pay by a Belgian court judgment, or by a foreign
court judgment that is either (i) automatically enforceable and registered in Belgium or (ii) rendered enforceable by a Belgian court,
exceeds &euro;12,500. The debtor is liable for the payment of the registration tax. A stamp duty is payable for each second (or more)
original copies of an enforcement judgment rendered by a Belgian court, with a maximum of &euro;1,450.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_017"></A>INDEMNIFICATION FOR SECURITIES
ACT LIABILITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant
has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed
in the Act and is therefore unenforceable.</P>

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


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1,867,186 Ordinary Shares</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">, 2026</P>

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

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

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


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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>PART II - INFORMATION
NOT REQUIRED IN PROSPECTUS</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. Indemnification of Directors and Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under Belgian law, the directors of a company may be liable for damages
to our company in case of improper performance of their duties. Our directors may be liable to our company and to third parties for infringement
of our articles of association or Belgian company law. Under certain circumstances, directors may be criminally liable. We maintain liability
insurance for the benefit of our directors and members of our executive management team.</P>

<P STYLE="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 maintain liability insurance for our directors and officers, including
insurance against liability under the Securities Act of 1933, as amended, and have entered into agreements with our directors and executive
officers to provide contractual indemnification. With certain exceptions and subject to limitations on indemnification under Belgian
law, these agreements will provide for indemnification for damages and expenses including, among other things, attorneys&rsquo; fees,
judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding arising out of his or her actions
in that capacity.</P>

<P STYLE="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 agreements may discourage shareholders from bringing a lawsuit
against our directors and executive officers for breach of their fiduciary duty. These provisions also may have the effect of reducing
the likelihood of derivative litigation against directors and executive officers, even though such an action, if successful, might otherwise
benefit us and our shareholders. Furthermore, a shareholder&rsquo;s investment may be adversely affected to the extent we pay the costs
of settlement and damage awards against directors and officers pursuant to these insurance agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain of our non-employee directors may, through their relationships
with their employers or partnerships, be insured and/or indemnified against certain liabilities in their capacity as members of our board
of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant
has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed
in the Act and is therefore unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9. Exhibits</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following exhibits have been filed as part
of this registration statement:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">1.1*</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1872529/000121390024038160/ea020490401ex1-1_mdxhealth.htm"><FONT STYLE="font-size: 10pt">Sales
    Agreement, dated April 30, 2024, between the Company and Cowen and Company, LLC (incorporated by reference to Exhibit 1.1 to the
    Registrant&rsquo;s Report on Form 6-K (No. 001-40996) filed with the Commission on May 1, 2024)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390024091717/ea021905701ex3-1_mdxhealth.htm"><FONT STYLE="font-size: 10pt">Articles
    of Association of MDxHealth SA (English Translation) (incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Report on
    Form 6-K (No. 001-40996) filed with the Commission on October 29, 2024)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1872529/000121390021052578/ff12021ex3-2_mdxhealthsa.htm"><FONT STYLE="font-size: 10pt">Corporate
    Governance Charter of MDxHealth SA (English Translation) (incorporated by reference to Exhibit 3.2 to the Registrant&rsquo;s Registration
    Statement on Form F-1 (No. 333-260213) filed with the Commission on October 13, 2021)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">5.1**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Baker McKenzie BV/SRL</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">5.2**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Baker McKenzie BV/SRL</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">5.3**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Baker McKenzie BV/SRL</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ea027082201ex23-1_mdxhealth.htm">Consent of BDO R&eacute;viseurs d&rsquo;Entreprises SRL, Independent Registered Public Accounting Firm</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Baker McKenzie BV/SRL (included in Exhibit 5.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="#poa_001"><FONT STYLE="font-size: 10pt">Power of Attorney (included on the signature page of this registration statement)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">107</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ea027082201ex-fee_mdxhealth.htm">Filing Fee Table</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">To
                                            be subsequently filed, if applicable, by an amendment to this registration statement or by
                                            a Report on Form 6-K</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">To
                                            be filed by amendment to this registration statement</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 10. Undertakings</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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: left">The undersigned registrant
                                            hereby undertakes:</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">To file,
                                            during any period in which offers or sales are being made, a post-effective amendment to
                                            this registration statement:</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: left">To
                                            include any prospectus required by Section 10(a)(3) of the Securities Act of 1933&#894;</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: left">To
                                            reflect in the prospectus any facts or events arising after the effective date of the registration
                                            statement (or the most recent post-effective amendment thereof) which, individually or in
                                            the aggregate, represent a fundamental change in the information set forth in the registration
                                            statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                            offered (if the total dollar value of securities offered would not exceed that which was
                                            registered) and any deviation from the low or high end of the estimated maximum offering
                                            range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
                                            424(b) if, in the aggregate, the changes in volume and price represent no more than a 20
                                            percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation
                                            of Filing Fee&rdquo; table in the effective registration statement&#894; and</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">To include any material
                                            information with respect to the plan of distribution not previously disclosed in the registration
                                            statement or any material change to such information in the registration statement&#894;
                                            <I>provided, however</I>, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section
                                            do not apply if the registration statement is on Form S-1, Form S-3, Form SF-3, or Form F-3
                                            and the information required to be included in a post-effective amendment by those paragraphs
                                            is contained in reports filed with or furnished to the Commission by the registrant pursuant
                                            to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated
                                            by reference in the registration statement, or is contained in a form of prospectus filed
                                            pursuant to Rule 424(b) that is part of the registration statement.</TD>
</TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">That,
                                            for the purpose of determining any liability under the Securities Act of 1933, each such
                                            post-effective amendment shall be deemed to be a new registration statement relating to the
                                            securities offered therein, and the offering of such securities at that time shall be deemed
                                            to be the initial bona fide offering thereof.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: left">To remove
                                            from registration by means of a post-effective amendment any of the securities being registered
                                            which remain unsold at the termination of the offering.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: left">To file
                                            a post-effective amendment to the registration statement to include any financial statements
                                            required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous
                                            offering. Financial statements and information otherwise required by Section 10(a)(3) of
                                            the Securities Act of 1933 need not be furnished, provided, that the registrant includes
                                            in the prospectus, by means of a post-effective amendment, financial statements required
                                            pursuant to this paragraph (a)(4) and other information necessary to ensure that all other
                                            information in the prospectus is at least as current as the date of those financial statements.
                                            Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective
                                            amendment need not be filed to include financial statements and information required by Section
                                            10(a)(3) of the Securities Act of 1933 or Item 8.A of Form 20-F if such financial statements
                                            and information are contained in periodic reports filed with or furnished to the Commission
                                            by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act
                                            of 1934 that are incorporated by reference in the Form F-3.</TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(6)</TD><TD STYLE="text-align: left">That, for the purpose of
                                            determining liability of the registrant under the Securities Act of 1933 to any purchaser
                                            in the initial distribution of the securities, the undersigned registrant undertakes that
                                            in a primary offering of securities of the undersigned registrant pursuant to this registration
                                            statement, regardless of the underwriting method used to sell the securities to the purchaser,
                                            if the securities are offered or sold to such purchaser by means of any of the following
                                            communications, the undersigned registrant will be a seller to the purchaser and will be
                                            considered to offer or sell such securities to such purchaser:</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: left">Any
                                            preliminary prospectus or prospectus of the undersigned registrant relating to the offering
                                            required to be filed pursuant to Rule 424&#894;</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: left">Any
                                            free writing prospectus relating to the offering prepared by or on behalf of the undersigned
                                            registrant or used or referred to by the undersigned registrant&#894;</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: left">The
                                            portion of any other free writing prospectus relating to the offering containing material
                                            information about the undersigned registrant or its securities provided by or on behalf of
                                            the undersigned registrant&#894; and</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(iv)</TD><TD STYLE="text-align: left">Any
                                            other communication that is an offer in the offering made by the undersigned registrant to
                                            the purchaser.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: left">The undersigned
                                            registrant hereby undertakes that, for purposes of determining any liability under the Securities
                                            Act of 1933, each filing of the registrant&rsquo;s annual report pursuant to Section 13(a)
                                            or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an
                                            employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange
                                            Act of 1934) that is incorporated by reference in the registration statement shall be deemed
                                            to be a new registration statement relating to the securities offered therein, and the offering
                                            of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: left">Insofar
                                            as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
                                            to directors, officers and controlling persons of the registrant pursuant to the foregoing
                                            provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
                                            and Exchange Commission such indemnification is against public policy as expressed in the
                                            Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification
                                            against such liabilities (other than the payment by the registrant of expenses incurred or
                                            paid by a director, officer or controlling person of the registrant in the successful defense
                                            of any action, suit or proceeding) is asserted by such director, officer or controlling person
                                            in connection with the securities being registered, the registrant will, unless in the opinion
                                            of its counsel the matter has been settled by controlling precedent, submit to a court of
                                            appropriate jurisdiction the question whether such indemnification by it is against public
                                            policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication
                                            of such issue.</TD>
</TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="poa_001"></A>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Irvine,
California, on December 29, 2025.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>MDxHealth SA</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Michael McGarrity</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Michael McGarrity</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 315pt; text-align: justify; text-indent: -45pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each person whose signature appears below constitutes and appoints
Michael McGarrity and Joseph Sollee, and each of them, his or her true and lawful attorneys-in-fact and agents, each of whom may act
alone, with full powers of substitution and resubstitution, for and in his or her name, place and stead, in any and all capacities, to
(i) act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to
this Registration Statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant
to Rule 462(b) under the Securities Act of 1933, as amended, together with all schedules and exhibits thereto, (ii) act on, sign and
file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (iii)
act on and file any supplement to any prospectus included in this Registration Statement or any such amendment or any subsequent registration
statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and (iv) take any and all actions which may be
necessary or appropriate to be done, as fully for all intents and purposes as he or she might or could do in person, hereby approving,
ratifying and confirming all that such agent, proxy and attorney-in-fact or any of his or her substitutes may lawfully do or cause to
be done by virtue thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed by the following persons in the capacities and on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="width: 60%; text-align: justify"><FONT STYLE="font-size: 10pt">December 29, 2025</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Michael McGarrity</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Michael McGarrity<BR>
    Chief Executive Officer and Director<BR>
    (Principal Executive Officer)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 29, 2025</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Scott McMahan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Scott McMahan<BR>
    Vice President of Finance and <BR>
    Interim Chief Financial Officer <BR>
    (Principal Financial and Accounting Officer)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 29, 2025</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Koen Hoffman</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Koen Hoffman<BR>
    (acting through Ahok BV) <BR>
    Chairman of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 29, 2025</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Dr. Sanford Jay Siegel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dr. Sanford Jay Siegel<BR>
    (acting through Qaly-Co S&agrave;rl) <BR>
    Director</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 29, 2025</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Hilde Windels</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Hilde Windels<BR>
    (acting through Hilde Windels BV) <BR>
    Director</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 29, 2025</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Michael Holder</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Michael Holder</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 29, 2025</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Dr. Eric Bednarski</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dr. Eric Bednarski <BR>
    Director</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 29, 2025</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Donnie (Don) M. Hardison</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Donnie (Don) M. Hardison<BR>
    Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE OF AUTHORIZED US REPRESENTATIVE OF
REGISTRANT</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act
of 1933, as amended, the undersigned, the duly authorized representative in the United States of MDxHealth SA, has signed this registration
statement on Form F-3&nbsp;on&nbsp;December 29, 2025.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>MDxHealth, Inc</B>.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Michael McGarrity</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Michael McGarrity</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>ea027082201ex23-1_mdxhealth.htm
<DESCRIPTION>CONSENT OF BDO REVISEURS D'ENTREPRISES SRL, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><BR>
Exhibit 23.1</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>Consent of Independent Registered Public Accounting
Firm</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">MDxHealth SA</P>

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

<P STYLE="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 consent to the reference to our firm under the caption &ldquo;Experts&rdquo;
and to the use of our report dated March 31, 2025 relating to the consolidated financial statements of MDxHealth SA, which appear in MDxHealth
SA&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2024, as filed with SEC on March 31, 2025, in the Registration Statement
(Form F-3) and the related Prospectus of MDxHealth SA to be filed on or about December 29, 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">BDO R&eacute;viseurs d&rsquo;Entreprises SRL</P>

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

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

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    <TD STYLE="width: 60%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Bert Kegels</FONT></TD>
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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">Zaventem, Belgium</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 29, 2025</P>

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<TYPE>EX-FILING FEES
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td style="width: 1%">&#160;</td>
  <td style="width: 11%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 12%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 3%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 4%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 3%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="border-top: Black 1pt solid; width: 1%">&#160;</td>
  <td style="border-top: Black 1pt solid; width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="border-top: Black 1pt solid; width: 1%">&#160;</td>
  <td style="border-top: Black 1pt solid; width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td></tr>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td></tr>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td></tr>
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<p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt">__________________________________________<br/>
Offering Note(s)</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
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  <td style="text-align: justify"><ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="c_offering_1" id="fee_036">The amount to be registered consists of up to $200,000,000.00 of an indeterminate amount of ordinary shares. In addition, pursuant to Rule 416 under the Securities Act of 1933, as amended, or the Securities Act, the shares being registered hereunder include such indeterminate number of ordinary shares as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends or similar transactions.<br/><br/>The proposed maximum aggregate offering price per unit will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is not specified as to each class of security.<br/><br/>Estimated solely for purposes of computing the registration fee pursuant to Rule 457(o) under the Securities Act. In no event will the aggregate offering price of all securities sold by the registrant from time to time pursuant to this registration statement exceed $200,000,000.00. No separate consideration will be received for ordinary shares.</ix:nonNumeric></td></tr>
  </table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
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  <td style="text-align: justify"><ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="c_offering_2" id="fee_037">Pursuant to Rule 416(a) under the Securities Act, this registration statement shall also cover an indeterminate number of shares that may be issued and resold resulting from stock splits, stock dividends or similar transactions.<br/><br/>Calculated in accordance with Rule 457(c) under the Securities Act solely for the purpose of calculating the registration fee, which is based on the average of the high and low market prices of the shares of common stock of the Registrant as reported on the Nasdaq Capital Market on December 19, 2025</ix:nonNumeric></td></tr>
  </table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
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  <td style="text-align: justify"><ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="c_offering_3" id="fee_038">The Registrant previously filed a Registration Statement Form F-3 (File No. 333-268885) filed on December 19, 2022 (the &#8220;Prior Registration Statement&#8221;), which was declared effective on December 30, 2022 that registered $150,000,000 of securities to be offered by the Registrant from time to time. Pursuant to Rule 415(a)(6) under the Securities Act, this Registration Statement includes $65,380,000 of unsold securities (the &#8220;Unsold Securities&#8221;) that were previously registered on the Prior Registration Statement. In connection with the registration of the Unsold Securities on the Prior Registration Statement, the Registrant paid a filing fee of $7,204.88 (calculated at the filing fee rate in effect at the time of the filing of the Prior Registration Statement). The Registrant is not required to pay any additional fee with respect to the Unsold Securities being included in this Registration Statement in reliance on Rule 415(a)(6), because such Unsold Securities (and associated fees) are being moved from the Prior Registration Statement to this Registration Statement. Accordingly, the Amount of Registration Fee in the table above reflects only the registration fee attributable to the $134,620,000 of new securities registered on this Registration Statement. The registration fee previously paid by the Registrant relating to the Unsold Securities included on this Registration Statement will continue to be applied to such Unsold Securities. During the grace period afforded by Rule 415(a)(5) under the Securities Act, the Registrant may continue to offer and sell under the Prior Registration Statement the Unsold Securities being registered hereunder. To the extent that, after the filing date hereof and prior to the effectiveness of this Registration Statement, the Registrant sells any such Unsold Securities pursuant to the Prior Registration Statement, the Registrant will identify in a pre-effective amendment to this Registration Statement the updated amount of Unsold Securities from the Prior Registration Statement to be included in this Registration Statement pursuant to Rule 415(a)(6). Pursuant to Rule 415(a)(6), the offering of the Unsold Securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration Statement.</ix:nonNumeric></td></tr>
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<DOCUMENT>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Dec. 26, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001872529<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">MDxHealth SA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">F-3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">F-3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings<br></strong></div></th>
<th class="th">
<div>Dec. 26, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=1', window );">Offering: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Unallocated (Universal) Shelf<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 134,620,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 18,591.02<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">The amount to be registered consists of up to $200,000,000.00 of an indeterminate amount of ordinary shares. In addition, pursuant to Rule 416 under the Securities Act of 1933, as amended, or the Securities Act, the shares being registered hereunder include such indeterminate number of ordinary shares as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends or similar transactions.<br/><br/>The proposed maximum aggregate offering price per unit will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is not specified as to each class of security.<br/><br/>Estimated solely for purposes of computing the registration fee pursuant to Rule 457(o) under the Securities Act. In no event will the aggregate offering price of all securities sold by the registrant from time to time pursuant to this registration statement exceed $200,000,000.00. No separate consideration will be received for ordinary shares.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=2', window );">Offering: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesOthrRuleFlg', window );">Other Rule</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Ordinary shares, no par value per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">1,867,186<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">3.16<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 5,900,308.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 814.83<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Pursuant to Rule 416(a) under the Securities Act, this registration statement shall also cover an indeterminate number of shares that may be issued and resold resulting from stock splits, stock dividends or similar transactions.<br/><br/>Calculated in accordance with Rule 457(c) under the Securities Act solely for the purpose of calculating the registration fee, which is based on the average of the high and low market prices of the shares of common stock of the Registrant as reported on the Nasdaq Capital Market on December 19, 2025<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=3', window );">Offering: 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule415a6Flg', window );">Rule 415(a)(6)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Unallocated (Universal) Shelf<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 65,380,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CfwdFormTp', window );">Carry Forward Form Type</a></td>
<td class="text">F-3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CfwdPrrFileNb', window );">Carry Forward File Number</a></td>
<td class="text">333-268885<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CfwdPrrFctvDt', window );">Carry Forward Initial Effective Date</a></td>
<td class="text">Dec. 30,  2022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CfwdPrevslyPdFee', window );">Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</a></td>
<td class="nump">$ 7,204.88<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">The Registrant previously filed a Registration Statement Form F-3 (File No. 333-268885) filed on December 19, 2022 (the &#8220;Prior Registration Statement&#8221;), which was declared effective on December 30, 2022 that registered $150,000,000 of securities to be offered by the Registrant from time to time. Pursuant to Rule 415(a)(6) under the Securities Act, this Registration Statement includes $65,380,000 of unsold securities (the &#8220;Unsold Securities&#8221;) that were previously registered on the Prior Registration Statement. In connection with the registration of the Unsold Securities on the Prior Registration Statement, the Registrant paid a filing fee of $7,204.88 (calculated at the filing fee rate in effect at the time of the filing of the Prior Registration Statement). The Registrant is not required to pay any additional fee with respect to the Unsold Securities being included in this Registration Statement in reliance on Rule 415(a)(6), because such Unsold Securities (and associated fees) are being moved from the Prior Registration Statement to this Registration Statement. Accordingly, the Amount of Registration Fee in the table above reflects only the registration fee attributable to the $134,620,000 of new securities registered on this Registration Statement. The registration fee previously paid by the Registrant relating to the Unsold Securities included on this Registration Statement will continue to be applied to such Unsold Securities. During the grace period afforded by Rule 415(a)(5) under the Securities Act, the Registrant may continue to offer and sell under the Prior Registration Statement the Unsold Securities being registered hereunder. To the extent that, after the filing date hereof and prior to the effectiveness of this Registration Statement, the Registrant sells any such Unsold Securities pursuant to the Prior Registration Statement, the Registrant will identify in a pre-effective amendment to this Registration Statement the updated amount of Unsold Securities from the Prior Registration Statement to be included in this Registration Statement pursuant to Rule 415(a)(6). Pursuant to Rule 415(a)(6), the offering of the Unsold Securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration Statement.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of securities being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CfwdFormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Form Type of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6). This should be an EDGAR submission type (S-3, S-3/A, S-3ASR, etc.), which means there is a fixed set of possible responses. Note that while the XBRL response should be an EDGAR submission type, the human-readable Ex. 107 could include a simpler label (e.g., "Form S-3" in the human-readable and "S-3ASR" in the XBRL).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 415<br> -Subsection a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CfwdFormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:formTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CfwdPrevslyPdFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fee previously paid in connection with the securities being brought forward from the prior shelf registration statement on which unsold securities are carried forward under 415(a)(6).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 415<br> -Subsection a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CfwdPrevslyPdFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CfwdPrrFctvDt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The initial effective date of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 415<br> -Subsection a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CfwdPrrFctvDt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CfwdPrrFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The EDGAR File Number of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6). If the prior registration statement has a Securities Act File Number and an Investment Company Act File Number, the Securities Act File Number should be used.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 415<br> -Subsection a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CfwdPrrFileNb</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesOthrRuleFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using a rule other than 457(a), 457(o), or 457(f) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesOthrRuleFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxOfferingPricPerScty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum offering price per share/unit being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxOfferingPricPerScty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal4lItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 415<br> -Subsection a<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using Rule 457(o) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection o<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Dec. 26, 2025 </div>
<div>USD ($)</div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 19,405.85<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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    <ffd:Rule457oFlg contextRef="c_offering_1" id="fee_011">true</ffd:Rule457oFlg>
    <ffd:MaxAggtOfferingPric
      contextRef="c_offering_1"
      decimals="INF"
      id="fee_012"
      unitRef="USD">134620000.00</ffd:MaxAggtOfferingPric>
    <ffd:FeeRate
      contextRef="c_offering_1"
      decimals="INF"
      id="fee_013"
      unitRef="pure">0.0001381</ffd:FeeRate>
    <ffd:FeeAmt
      contextRef="c_offering_1"
      decimals="INF"
      id="fee_014"
      unitRef="USD">18591.02</ffd:FeeAmt>
    <ffd:PrevslyPdFlg contextRef="c_offering_2" id="fee_015">false</ffd:PrevslyPdFlg>
    <ffd:OfferingSctyTp contextRef="c_offering_2" id="fee_016">Equity</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="c_offering_2" id="fee_017">Ordinary shares, no par value per share</ffd:OfferingSctyTitl>
    <ffd:FeesOthrRuleFlg contextRef="c_offering_2" id="fee_018">true</ffd:FeesOthrRuleFlg>
    <ffd:AmtSctiesRegd
      contextRef="c_offering_2"
      decimals="0"
      id="fee_019"
      unitRef="shares">1867186</ffd:AmtSctiesRegd>
    <ffd:MaxOfferingPricPerScty
      contextRef="c_offering_2"
      decimals="INF"
      id="fee_020"
      unitRef="USD">3.16</ffd:MaxOfferingPricPerScty>
    <ffd:MaxAggtOfferingPric
      contextRef="c_offering_2"
      decimals="INF"
      id="fee_021"
      unitRef="USD">5900308.00</ffd:MaxAggtOfferingPric>
    <ffd:FeeRate
      contextRef="c_offering_2"
      decimals="INF"
      id="fee_022"
      unitRef="pure">0.0001381</ffd:FeeRate>
    <ffd:FeeAmt
      contextRef="c_offering_2"
      decimals="INF"
      id="fee_023"
      unitRef="USD">814.83</ffd:FeeAmt>
    <ffd:OfferingSctyTp contextRef="c_offering_3" id="fee_024">Unallocated (Universal) Shelf</ffd:OfferingSctyTp>
    <ffd:Rule415a6Flg contextRef="c_offering_3" id="fee_025">true</ffd:Rule415a6Flg>
    <ffd:MaxAggtOfferingPric
      contextRef="c_offering_3"
      decimals="INF"
      id="fee_026"
      unitRef="USD">65380000.00</ffd:MaxAggtOfferingPric>
    <ffd:CfwdFormTp contextRef="c_offering_3" id="fee_027">F-3</ffd:CfwdFormTp>
    <ffd:CfwdPrrFileNb contextRef="c_offering_3" id="fee_028">333-268885</ffd:CfwdPrrFileNb>
    <ffd:CfwdPrrFctvDt contextRef="c_offering_3" id="fee_029">2022-12-30</ffd:CfwdPrrFctvDt>
    <ffd:CfwdPrevslyPdFee
      contextRef="c_offering_3"
      decimals="INF"
      id="fee_030"
      unitRef="USD">7204.88</ffd:CfwdPrevslyPdFee>
    <ffd:TtlOfferingAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_031"
      unitRef="USD">205900308.00</ffd:TtlOfferingAmt>
    <ffd:TtlFeeAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_032"
      unitRef="USD">19405.85</ffd:TtlFeeAmt>
    <ffd:TtlPrevslyPdAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_033"
      unitRef="USD">0.00</ffd:TtlPrevslyPdAmt>
    <ffd:TtlOffsetAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_034"
      unitRef="USD">0.00</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_035"
      unitRef="USD">19405.85</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="c_offering_1" id="fee_036">The amount to be registered consists of up to $200,000,000.00 of an indeterminate amount of ordinary shares. In addition, pursuant to Rule 416 under the Securities Act of 1933, as amended, or the Securities Act, the shares being registered hereunder include such indeterminate number of ordinary shares as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends or similar transactions.&lt;br/&gt;&lt;br/&gt;The proposed maximum aggregate offering price per unit will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is not specified as to each class of security.&lt;br/&gt;&lt;br/&gt;Estimated solely for purposes of computing the registration fee pursuant to Rule 457(o) under the Securities Act. In no event will the aggregate offering price of all securities sold by the registrant from time to time pursuant to this registration statement exceed $200,000,000.00. No separate consideration will be received for ordinary shares.</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_2" id="fee_037">Pursuant to Rule 416(a) under the Securities Act, this registration statement shall also cover an indeterminate number of shares that may be issued and resold resulting from stock splits, stock dividends or similar transactions.&lt;br/&gt;&lt;br/&gt;Calculated in accordance with Rule 457(c) under the Securities Act solely for the purpose of calculating the registration fee, which is based on the average of the high and low market prices of the shares of common stock of the Registrant as reported on the Nasdaq Capital Market on December 19, 2025</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_3" id="fee_038">The Registrant previously filed a Registration Statement Form F-3 (File No. 333-268885) filed on December 19, 2022 (the &#x201c;Prior Registration Statement&#x201d;), which was declared effective on December 30, 2022 that registered $150,000,000 of securities to be offered by the Registrant from time to time. Pursuant to Rule 415(a)(6) under the Securities Act, this Registration Statement includes $65,380,000 of unsold securities (the &#x201c;Unsold Securities&#x201d;) that were previously registered on the Prior Registration Statement. In connection with the registration of the Unsold Securities on the Prior Registration Statement, the Registrant paid a filing fee of $7,204.88 (calculated at the filing fee rate in effect at the time of the filing of the Prior Registration Statement). The Registrant is not required to pay any additional fee with respect to the Unsold Securities being included in this Registration Statement in reliance on Rule 415(a)(6), because such Unsold Securities (and associated fees) are being moved from the Prior Registration Statement to this Registration Statement. Accordingly, the Amount of Registration Fee in the table above reflects only the registration fee attributable to the $134,620,000 of new securities registered on this Registration Statement. The registration fee previously paid by the Registrant relating to the Unsold Securities included on this Registration Statement will continue to be applied to such Unsold Securities. During the grace period afforded by Rule 415(a)(5) under the Securities Act, the Registrant may continue to offer and sell under the Prior Registration Statement the Unsold Securities being registered hereunder. To the extent that, after the filing date hereof and prior to the effectiveness of this Registration Statement, the Registrant sells any such Unsold Securities pursuant to the Prior Registration Statement, the Registrant will identify in a pre-effective amendment to this Registration Statement the updated amount of Unsold Securities from the Prior Registration Statement to be included in this Registration Statement pursuant to Rule 415(a)(6). Pursuant to Rule 415(a)(6), the offering of the Unsold Securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration Statement.</ffd:OfferingNote>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
